Tradesopenmarket is another forex broker that plays fast and loose as regards to the information it provides. In the review below, we take an in-depth look at the features tradesopen.com allegedly offers. This review basically answer the questions: is Tradesopenmarket legit? Trades Open reliable? The review covers aspects of its licensing, its account types, its leverages, its withdrawal and deposit methods. Read through our review to see what we and other experts have to say about Trafesopenmarkets.
Table of Contents
Tradesopenmarket Trading Platform
At first glance we discover that this broker doesn’t broker support neither the MT4 nor the MT5 trading platform. After registering we could not even find any trading platform.
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Trades open market Account Types
In this portion of the review, we aim to explore the account types a broker might have. We check the account with its corresponding deposit and leverage. Doing this gives a clearer idea as to how a broker might work.
After thoroughly checking, we discovered that this broker has five account types.
Tradesopenmarket Deposit and Withdrawal Methods
Deposit and withdrawals are the two most important transactions for us, because the end goal of trading is making a profit. In this section, we look at these methods to make sure everything is okay with it.
We are not quite sure what this broker’s method for depositing and withdrawal is.
This broker claims not to have any withdrawal fees.
One thing to keep in mind is that there might also be withdrawal conditions concerning accounts that take advantage of the bonus promotion. Some fraudulent brokers stipulate that a trader must achieve a certain trading volume in order to be eligible for withdrawal. This is purposefully done in order to stop traders from making a withdrawal
Is Trades Open Market Licensed?
Licensing is another important part, because a regulated broker can be trusted to some extent not to do anything fraudulent. We do this part of the review by first checking the name of the company attached to the broker. Then we run that name through various regulatory bodies to discover if it is actually regulated.
So in order to ascertain if this broker was licensed, we had to check several regulatory bodies. We checked the FCA in UK, ASIC in Australia, CySEC in Cyprus, BaFin in Germany, CONSOB in Italy and many others. At the end of our search we didn’t find any licensing information concerning this broker.
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Licensed in UK(FCA), Dubai(DFSA), St Vincent and the Grenadines, Cyprus(Cysec) and Cayman Islands
Accepts Traders Worldwide
Minimum Trade Deposit $100
Maximum Leverage
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Licensed in UK(FCA), Australia(ASIC), Belarus(NBRB) and Canada(IIROC)
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Minimum Trade Deposit $100
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Licensed in Australia(ASIC) and Cyprus(Cysec)
Accepts Traders Worldwide
Minimum Trade Deposit $100
Maximum Leverage
1:500
Conclusion
In fact-checking this broker (www.tradesopen.com), we found that many of its claims were either or false or unverifiable. We can’t confirm their location, and also, there is a lack of transparency in depositing funds and even a foggier and non-explained process of withdrawing. We don’t advise you to invest with this broker, any attempts to do so we certainly lead to loss of your funds.