Thinking of getting into business with TP Trades? Here is what you must know about this broker. Carefully read this review to find out if tptrades.com is the trading platform you will want to trade with.
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About TP Trades Broker
TP Trades is an offshore brokerage company with a lot of promises for traders. The broker’s office location shows Des Voeux Rd Central, Hong Kong.
There are different account types the broker offers.
To clarify, regardless the trading instruments TP Trades claims to offer, traders must know they are dealing with an unknown broker which does not have a regulation over its head.
tptrades.com: Reasons to Avoid This Broker
Firstly, tptrades.com is a platform with no financial authority overseeing its financial services. We discover this broker is not an approved entity on the data-base of Hong Kong Securities and Future Commission (SFC).
Secondly, we noticed tptrades.com has no demo account for traders. Since traders can’t test the broker on a free account, we can’t know its viability in the forex market.
More so, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These are cons for forex traders to avoid losing money with this scam broker. In fact, It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
Withdrawal and Deposit
Withdrawal process
Under the withdrawal policy, TP Trades discusses 24 hours processing time for a withdrawal less than $5000, while amount more than $5000 takes 5 working days. For an inactive account, the broker charges $10 administrative fee on each month.
Minimum Deposit
TP Trades minimum deposit is $100.
As for the payment methods, the broker mentions nothing. In fact, you should not consider making any payment with this broker because it is a risk. So beware!
TP Trades Platform
TP Trades offers MT4 (Industry standard trading platform), however, that doesn’t make the broker legit because any scam broker can do the same to lure forex traders.
As for the leverage, it can get up to 1:500. Nevertheless, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
TP Trades Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation that means your money is at risk. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
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Conclusion: Is tptrades.com a Reliable Broker?
No, tptrades.com does not seem like a reliable broker for traders even though it promises offers that look good to be true.
Most importantly, the broker is unregulated which means it is not authorized to operate in any regulated country and you should definitely not put any money into it.
Because we have taken it as a duty to review scam forex brokers and also share reasons, we will not recommend this broker for trading.
Kindly share your comment about this broker in the comment section.