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TRADEFESTERFX

United States|2-5 years|
Suspicious Regulatory License|Suspicious Scope of Business|High potential risk|

https://www.tradefesterfx.com/

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https://www.tradefesterfx.com/

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No valid regulatory information, please be aware of the risk!

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Warning: Low score, please stay away!
Previous Detection : 2024-03-02
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!

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Expose

TRADEFESTERFX · Company Summary

BASIC INFORMATION

It's not your normal broker, TradeFestFX. Although it is claimed that it was never even a broker in the first place, we shall see that the problem extends farther. TradeFestFX has a website that is not in the least degree up to industry standards. This shoddy website, which calls itself a brokerage, is a complete disaster. This broker's website is similar to another one we recently examined (we will see which one later on). You should be aware that the aforementioned broker was wholly fraudulent. The website for TradeFestFX is unquestionably one of the five worst FX business websites we have ever encountered. There were broken pages, charts, and website parts throughout the entire thing, making it a complete jumble. The information pool is maintained incredibly small on TradeFestFX's website, making it disappointing even without the broken components.

Because the sign-up website was broken and produced a beautiful error page, there was no way to register.

TRADEFESTFX REGULATION AND SAFETY OF FUNDS

The footer is the sole place the broker divulges specific licensing information. Very contradictory information is found there. The CFTC in the US, the IFSC in Belize, and the CySEC in Cyprus are intended to oversee TradeFestFX's operations.

The CFTC is arguably the most exacting of all FX regulators, which is the most important point and all we can state at this point. The fact that there are so few brokers in the United States is proof that it's difficult for them to succeed there.

On the other hand, Belize is home to a large number of offshore brokers, and despite the fact that it has an FX regulator, many of its brokerages provide dubious trading services. It is impossible for a broker firm to be governed by the CFTS in the US and the IFSC in Belize. This would never be permitted by the US-based overseer.

A quick search in the CySEC regulation's database of authorized businesses was sufficient to obviate any possibility of regulation for TradeFestFX.

Since no additional sources of regulatory information could be located, we are forced to draw the conclusion that TradeFestFX is totally unlicensed and a fraud. Users' money will be stolen by scam broker firms. This has repeatedly been demonstrated.

Investors should only transact with risk-free brokers who are licensed by reputable and strict organizations, such as the FCA or CySec, which have established themselves as some of the top regulators. Readers should be aware that both organizations have adopted extremely stringent codes of conduct, and that their licensing framework ensures the protection and security of every client. The segregation of accounts, which ensures that client and broker funds are held in different accounts, is a good illustration of this. Additionally, FCA/CySEC brokers take part in a program that reimburses traders for losses in the event that the broker experiences financial difficulty. While CySEC offers up to 20000 euros in guarantees, the FCA offers up to 85 000 pounds per person.

TRADEFESTFX TRADING SOFTWARE

An graphic on the Home page is the closest approximation to a trading platform that we can find. It conjures up an interface and style for a terminal with a very technological appearance. We are unsure if there is really a trading platform for those who are able to register, though, as this company is a fraud.

There is some evidence to suggest that TradeFestFX trades binary options. These often enable users to wager on assets. More specifically, binary options trading offers the chance to wager if the price of an asset rises or falls. Nevertheless, TradeFestFX's purported claim to be a binary options trading software cannot be independently verified.

TRADEFESTFX DEPOSIT/WITHDRAW METHODS AND FEES

We only understood that deposits are made using bitcoin and that withdrawals are delivered to a user's account in 3 hours without requiring any additional verification. We warn consumers that deposits made using bitcoin wallets are untraceable, thus once made, they cannot be reversed unless TradeFestFX does so, which is highly unlikely.

Other than what we've just mentioned, there is nothing else to disclose.

TradeFestFX's absence of legal documentation is evidence that it is not authorized. Without them, TradeFestFX is free to act however it pleases since it is not constrained by any laws. You should never deposit money at TradeFestFX since it can actually come up with scammer fees and taxes.

Broker Information

Company Name

TRADEFESTERFX

Company Abbreviation

TRADEFESTERFX

Regulatory Status

No Regulation

Platform registered country and region

United States

Phone of the company

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