TradeWell is an offshore cryptocurrency broker that claims to operate from Bulgaria. It offers CFDs for a wide range of cryptocurrencies on an unproven web-based trading platform. It offers five different trading accounts with suspicious trading conditions. There are many serious concerns associated with this broker. In this TradeWell review, we will talk about all of the worries of this broker. Following this review thoroughly is advised.
The most beneficial thing about TradeWell is its plethora of available cryptocurrencies. The CFDs offered on most widely used crypto coin pairs. Unfortunately, this broker does not deal with forex pairs. The leverage of 1:10 to 1:40 levels are provided depending on trading account types and are higher for such non-tangible asset- cryptos. It is a margin trading, and many legit brokers do not support it. Legit brokers provide leverage in the range of 1:2-1:10.
The most worrisome fact of the TradeWell is that it is not a legit broker. The official website reads the names of the two different companies. The Bridgehold LTD is a Dominican Firm and Invest Support LTD situated in Bulgaria. When we cross-checked with Bulgarian Financial Regulator, we could not find any trace of Bridgehold LTD. Also, Dominican firms are not at all regulated by any regulators. Performing trades with an unregulated broker is a considerable risk in itself. No one can guarantee the safety of traders investments.
The TradeWell has already been red-flagged by the Financial Conduct Authority of the United Kingdom. The TradeWell has changed its domain name several times in the past, and it is very suspicious. Also, the Commonwealth of Dominica is negatively famous for the hideout of scam brokers. The terms and conditions section presented on the official website gives us information about many unacceptable fees structure of TradeWell. 10% or 100 units of the available account balance charged for the dormant accounts for 60 days. Furthermore, it costs 20% of the withdrawal amount for each withdrawal. TradeWell is also involved in bonus practices that are prohibited in many regulated markets such as Australia.
The trading platform provided by this broker is an unproven web-based, that we can not compare with widely accepted MetaTrader.
Is TradeWell Scam or Legit?
The CFDs broker TradeWell is one of the many unregulated brokerage providers in the world. The provided leverage level is higher and involves risk. The overall cost of trading is also high with this broker. In our view, the TradeWell is yet another potential Australian trading scam. The traders better stay away.