TradeSmart1 Review: Do Not Deal With This Broker

TradeSmart1 purports to be one of the largest suppliers of CFDs on stocks, forex, commodities, cryptos, ETFs, options and indices, together with an innovative trading technology.

However, we strongly believe that’s just another scam scheme camouflaged as a forex brokerage.

With so much opposite information and so many false claims, we needed to determine what to present to you and how to deliver it. We’ve also found warnings issued against TradeSmart1.

So, keep reading this TradeSmart1 broker review to learn more about this investment scam regulatory status, trading platform, conditions, accounts, and funding methods in this detailed review.

TradeSmart1 Regulation and Fund Security 

TradeSmart1 has no valid Forex trading license. The scammer himself cannot decide on its headquarters since the website mentions Cyprus, the UK and the Commonwealth of Dominica.

We checked the databases of the UK and Cypriot regulators (FCA and CySEC) but didn’t find a registered entity by the name of Trade Smart 1 LTD. Disregard the “Company House” license that TradeSmart1 hangs on to, only the FCA regulation counts for UK financial market operations.

It’s still uncertain whether this is an offshore entity but we know for sure that the TradeSmart1 regulation is fake.

Therefore, it’s so much safer to trust properly regulated brokers that operate under the jurisdiction of, for example, the European Securities and Markets Authority (ESMA), which sets the rules for all EEA zone regulators.

TradeSmart1 Trading Software Overview 

TradeSmart1 offers MetaTrader 4. This renowned platform revolutionized trading when it first came out in 2000. The producers, MetaQuotes, did a fine job in designing this cutting-edge trading platform.

MT4 offers a wide range of advanced tools such as automated trading, instant execution, multiple timeframes, in-depth market analysis and great charting.

However, this particular software didn’t come from MetaQuotes but from Fx to All, an offshore company that distributes trading platforms to scammers. There’s another reason not to trust TradeSmart1.

TradeSmart1 offers mobile trading. MT4 is available for both Android and iOS but we strongly advise you not to download it.

TradeSmart1 Account Types

TradeSmart1 offers four different account types and those include:

• Silver – $250 
• Gold – $5,000 
• Diamond – $40,000 
• VIP – $100,000 

Each subsequent account type offers better perks than the last. We know that the leverage caps at 1:200, which is extremely high, usually offered by offshore brokers.

Keep in mind that high leverage most often equals huge losses, hence why the FCA and ESMA set a legal limit of 1:30 for retail clients.

TradeSmart1 didn’t include a free demo account. That means you have to open a live account, invest real money before even seeing the platform and trading conditions, and risk getting scammed. Given TradeSmart1’s unregulated status, the chances of this scenario are high.

Deposits and Withdrawals Procedure

TradeSmart1 has stated that they allegedly offer deposits via Visa or Master credit or debit card and cryptocurrencies. Unfortunately, only the latter applies.

The TradeSmart1 withdrawal and deposit method is crypto, to be more specific BTC and Jubiter, which is a shady crypto exchange.

The former is a crypto exchange, too, so clients won’t be able to chargeback as every cryptocurrency transaction is anonymous and final. Or, to put it another way, TradeSmart1 makes whatever it takes to evade dealing with refunds- a red flag nonetheless.

As for withdrawals, the broker fails to specify anything about the provisions applied. As for the fees, there is only an inactivity charge stipulated. According to the Terms, clients should pay $50 annually after a year of inactivity, which is pretty much in line with the industry standards.

However, we found a separate clause stating that the broker may archive trading accounts after 90 days of inactivity, so we were presented with a striking inconsistency that comes as strong evidence of a scam.

How Is Fraud Carried Out?

Ads that can be found online are full of fake stories promising easy earnings. Once you decide to leave your personal information in order to find out more about this, the agents will call you daily to try and convince you that what they are offering is a legit thing.

Initially, they will ask for a smaller amount just enough to cover the minimum deposit requirement but if you agree, they will begin to persuade you to invest even more. Many think they are immune to these fake stories the agents are going to tell them or they will just sense if something is off, but in reality, it’s much harder to stay firm. 

These fraudsters pose as brokers to take advantage of the general public’s lack of knowledge of trading. And the agents calling are professionals who have many ways to get you on board with making an investment. 

We read so many complaints that have stated withdrawal issues when people assumed they were being scammed and tried to get their money back. So, in case you are one of them, remember that getting your money back is possible but it just takes time. We would be thankful if you can share your experience with us since we can help you report your scammers to the authorities.   

TradeSmart1 Summary

In this TradeSmart1 review, we tried to warn you about this alleged Cyprus-based scam broker. With them, you will allegedly have an opportunity to invest in forex, commodities, indices, shares and more, but in reality, just lose your money along the way. 

Not only are they unregulated and unlicensed broker that falsely claim to be, but they also have been issued a warning by many regulatory bodies including HCMC, CNMV, FSMA, and AFM.

In conclusion, we advise you to stay away from them since you would be putting yourself and your funds at risk. Remember to always be careful with where you invest your money and don’t forget to read reviews made online. 

FAQs About TradeSmart1 Broker