Is TradedWell a legit broker?
When deciding about a broker, there are many things to check. Is the broker legit? Is it regulated? How much is it charging for services? Is the range of assets good enough? We’ve answered all of these questions for you in our up-to-date TradedWell review.
|Regulated by: CySEC|
|Headquarters Country: Cyprus|
|Foundation year: 2016|
|Platforms: Web trader, mobile trader|
|Instruments: FX, commodities, indicies, shares, crypto|
TradedWell Regulation and Security
TradedWell is a brand owned by iTrade Global CY Ltd, located in Cyprus and regulated by CySEC. The same company owns two other brands – TradeFW and InvestFW. The former trading name of this CIF broker was iTrade Global.
When it comes to the security of the funds, we’ve been able to find the connection between iTrade Global Ltd and the Bank of Lithuania. We can conclude in our review that the broker keeps clients’ funds here. However, this is not the safest solution since not so long ago Bank of Lithuania, along with several other banks, was accused of money laundering.
So far, all we can say is that our review needs more details.
Where is TradedWell operating?
As a CySEC regulated broker, the company is free to operate within the EEA zone. In addition, since Brexit, every company that wants to operate in the UK needs to apply for FCA regulation. TradedWell did just that, and currently, it’s under the TPR regime, meaning that it cannot provide CFD trading in the UK.
Besides the EEA zone, as a CIF, the company can provide financial services in all the countries where it complies with the trading regime. TradedWell can operate in the Commonwealth of Dominica, Indonesia, Malaysia, Saudi Arabia, Switzerland, and the United Arab Emirates.
All the other countries are restricted for TradedWell broker.
How to avoid online trading scams?
Online trading scams became very popular since the brokerages started offering their services to clients worldwide. The main issue is that currently, there are many brokers with no regulation. Also, offshore countries are offering a haven to many brokers that are avoiding paying for their actions. All this resulted in having millions of complaints from scammed clients. How to prevent it?
First of all, when opening a trading account, make sure that the broker is regulated in your country. Do not satisfy with some offshore regulation that covers the world. Because this regulator you can most likely never reach. Look for a broker with regulation, particularly in your country, and belongs to tier-one regulatory bodies, such as FCA or ASIC.
Second thing – trust brokers that offer MetaTrader 4 or MetaTrader 5. Why? Because web traders, like TradedWell, is offering, are much easier to manipulate. The broker can access all the trades and change market prices. This is how clients are losing money.
Also, you need to pay attention to reviews about the broker. Reviews written by users and people that have tested the system of a broker. You need to verify that the company can be trusted. If the company is holding funds in tier-one EU banks, you have higher chances to get your funds back in case of an issue. If like’s the case with TradedWell, funds are in the Bank of Lithuania or a similar bank with many accusations, getting the money back will be a struggle.
Our advice, check who the broker is before falling for a scam.
Trading assets of TradedWell broker
TradedWell broker offers various ranges of assets – currency pairs, commodities, indicies, shares, and cryptocurrencies. There are over 170 CFD assets available. The trades are executed on the web trader of a broker.
As a CySEC regulated broker, it should be offering leverage of up to 1:30. However, on some accounts, the broker is providing the leverage that goes up to 1:500.
There are three main types of accounts – Silver, Gold, and Platinum. The main difference is in the deposit you need to make and the leverage you are provided. The minimum deposit with TradedWell broker is $250. Besides these main types, the broker offers a Demo account and the Professional account for more experienced traders.
The deposit can be made by debit/credit cards, E-wallets, and wire transfers. The same way money can be withdrawn. However, the broker does not provide any information on the fees.
Conclusion about TradedWell
TradedWell is CySEC regulated broker owned by iTrade Global CY Ltd. The broker operates within the EEA zone and other approved areas. If you belong to any other country, the broker has no regulation in your country. Before opening an account with this broker, make sure to verify if it has the regulation.
If you get scammed by a TradedWell broker, do not hesitate to look for help.