Tango Trading Review: Don’t Tango With Thieves
Allegedly founded in 2021, Tango Trading broker claims to be an internationally recognized online trading brand that provides access to over 200 instruments. Not as if that’s anyhow impressive, considering there’s brokerage powerhouses with decades of good tradition and thousands of products to offer.
Why we’d like you to read this Tango Trading review is because you can gain significant insight into how illicit online trading portals operate and what are some far better options for you.
|Type of the company
|Warnings from Financial Regulators
|No official warnings
|Majority of clients are from
|Colombia, Mexico, Peru, Costa Rica, Guatemala
Not Legal as They Claim to be
There’s hardly a chance that a Mexican brokerage company could be in the legal jurisdiction of the courts of the state of New York.
Speaking of their fabricated regulation, we have to say that we checked both databases of the regulatory authorities of Mexico and US, yet this firm doesn’t appear in either. CNBV and NFA contain no entries under this name. Neither do FCA, BaFin, FINMA, and CNMV.
The fraudsters have posted about being regulated in SVG. They do not even have a registration with the jurisdictional authority – SVGFSA, which doesn’t even license brokers!
The firm is an anonymous entity that provides no mandatory safety conditions like segregation of funds, compensation plans and negative balance protection in order to legally provide services to EEA traders. You should also be especially cautious if you ever deal with CM Index, as well.
Deceptive Tactics In Action
The main tools for all these fraudsters, including MarketHaven and Tango Trading scam are persuasion and deception. We can see this strategy unfold in the company’s blog articles, as well as news bulletins on the website.
The streak of deception continues on social networks like TikTok, Facebook and Instagram as well, which sets the stage for the company’s boiler room agents. The usual story with these agents is that they are prolific finance experts who are looking for potential investors.
Of course, we recognize that earning on global markets is tough. This is why we’ve implemented a prop trading program for skilled retailers. If you believe you have the necessary skills, feel free to book a Zoom meeting with our team.
All Costs Concealed
The entirety of your trading activities on this domain is done under suspicious and shady circumstances.
As if leverage, spreads, commissions and other charges were no business of theirs, the swindlers do not even try to be honest about these costs and trading terms.
All you’ll ever find are promises of low commissions and trading taxes, ultra tight spreads and significantly higher leverage than what you’re used to. As if that’s a good thing and enough for traders to know, the subject of costs is not brought up again anywhere on the site.
Up to 30% Bonus
Signing up with this firm brings you a special option, which is, of course, marketed as an ultimate benefit for starting traders. That is the cash reward of 10% to 30% of the sum deposited.
These features usually come with strings attached, such as trading volume requirements that are completely unrealistic and unreachable. The host doesn’t even reveal this obstacle, however, but will not hesitate to use it as an excuse to block your payouts.
In an attempt to sell you another lie, the site makes statements about pretty attractive, yet most likely fictitious services. Often mentioned features are guaranteed profits, protected and risk-free trades, bonuses, VIP support, and exclusive signals.
All that while the deposit requirements even seem low for such exceptional service. That is what, in the end, lures in victims. At least the account names are far more genuine that what you’ll mostly see on fake trading portals. Here’s the price list:
- Mycelium – $250
- Armory – $1,000
- Exodus – $5,000
Excuse for a Platform
There’s a number of issues with the app, with the real problem being lack of security, as we’ve managed to fool the login server to let us into the app without passing verification. While the website showcases imported charts and signals from TradingView, the same can’t be said about the app.
The charts are not interactive, and don’t update in real-time, which means you need to reload the page every once in a while to see the price shifts. There aren’t any technical analysis tools, economic calendars, limit order or stop loss functions.
Products to Trade
At least one thing that the con invested effort into explaining are markets available. However, we found opposing data on the website and inside the platform.
That doesn’t mean much at all, considering that you’ll be trading in a purely artificial environment and all your profit is fake. Anyway, these are some of the most advertised tradable assets groups:
- Forex (EUR/USD, EUR/CHF, USD/GBP)
- CFDs on Stocks (Ferrari, Disney, Netflix)
- Indices (S&P 500, DAX, AUS200)
- Futures (commodity futures, currency futures)
- CFDs on Commodities (Oil, Gas, Coffee)
- Crypto (BTC, ETH, LTC, ETC)
Problematic Payment Channels
The payment channels that are available with this so-called broker are in conflict with the current international AML regulations.
Tango Trading Forex scam is all too happy to take your money by many means, including bank cards, e-wallets, direct bank transfers and crypto wallets. Withdrawals, on the other hand, may only be done using Tether and Bitcoin cryptos, or more precisely, their countervalue in USD.
This allows the con artists to invent additional processing, transaction and exchange fees if they ever decide to release your funds. Furthermore, all of the payment processors advertised on the site are known scammers themselves.
Separate help desk for clients doesn’t exist. There’s an email address and a phone number given, but nothing guarantees anyone replies to either. What is even more unnerving is the fact that there’s even an icon for direct chat support in the client area, but it’s inactive.
That’s quite typical of textbook scammers – when they wish to contact you they will do so any time of the day and persistently. When, on the other hand, you wish to get in touch, they simply evapore and ignore all your attempts to establish contact.
Funded Trading – Try Today!
Perhaps you are still not determined which Forex dealer is the right one for you. Or you simply wish to explore your options further before committing to a big investment. In that case, why not try funded trading?
In the case of proprietary trading, you’ll be challenged to show your trading talent and get rewarded for it by being funded by our firm. The trading capital you can use can amount to hefty $180,000! So contact us today and book your free zoom interview with the company representatives.
What is Tango Trading?
This is an illicit online trading brand that will lead you into a financial catastrophe you can hardly recover from.
Is Tango Trading a Regulated Broker?
No, the broker claims to have some licenses but that is all untrue, as our investigation shows.
Can I Trust Tango Trading With My Money?
Absolutely not. A far safer option would be to try funded trading where you do not have to risk your own capital at all.