- – Can’t withdraw your funds from your account?
- – Has the broker asked you to pay more money?
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Trader Code (tradercode.com) is without a doubt a %100 fraudulent brokerage firm. It is NOT a real broker! Stay away! TraderCode scam works by getting you to believe you can become rich by trading with them.
Trader Code Review
Choosing an online broker may not sound like a big deal and most people do not give it a second thought when they are making this decision. However, this is a mistake because this can have an impact on your entire trading journey in the long run.
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It is not just your knowledge, skills, luck, or even capital that will play a role in your success; the broker is just as vital because they are your gateway into the financial markets. All you have to do is read this Trader Code review to understand precisely what a wrong broker is like.
If you end up with the wrong company, not only are you going to face a lot of problems, it is likely that you will suffer from losses. You will lose your money and find yourself back at square one, which is not what you want to do when you are stepping into the world of online trading. You want to be able to make the profits you have always heard about and that can only happen when you have opted for a professional and good brokerage. No, not every company you find can fit this criteria, regardless of what they claim.
Bear in mind that everything you read on the internet should be taken with a grain of salt. No company is ever going to be upfront about its own shortcomings. Of course, you are not looking for a perfect platform because those do not exists, but you want one that can give you a smooth trading experience. This means that you should do some research before you settle for a company.
It is not that hard because when you start looking closely, you will be able to discover the flaws. This is certainly true in the case of Trader Code that has been presented as a UK-regulated brokerage with generous bonuses, top-notch trading conditions and an array of trading instruments to choose from.
This does not mean that you take its word for it and it is a good thing that you don’t because Trader Code is not being upfront with you at all. Let’s go over the flaws you will uncover.
First things first, when you are researching any online brokerage, there is no better place to start than its regulation. If the company is licensed and regulated, it will be a big reassurance because it can help in establishing its legitimacy. Genuine companies will have a license and not fraudulent ones because there are requirements to be fulfilled before it can be obtained and they are usually strict, depending on the region. Moreover, there is also accountability with regulated brokers and their activities are also monitored.
You will be impressed with Trader Code at first glance because it claims to be a regulated brokerage in the United Kingdom. It is one of the world’s well-regulated jurisdictions and its regulatory body is named the Financial Conduct Authority (FCA). It is also renowned as one of the most reputable regulatory institutions in the world because it is quite strict. Thus, when Trader Code claims to be regulated in the UK, it is implying that it has a license from the FCA and this is quite an accomplishment.
But, when you try to verify Trader Code’s credentials, you will find that this is just an outright lie. A search of the online register of the FCA does not give you any results related to Trader Code. This means that it is not regulated in the UK. It indicates that you are dealing with a virtually anonymous brokerage that you know nothing about and one that is lying to you and trying to mislead you.
Terms and Conditions
Checking the Terms and Conditions of an online brokerage should be an essential part of your research because they dictate what policies you will have to comply with, the fees and other costs you will incur and other similar details. It is the contract you sign with the company, so knowing everything beforehand is best for you to avoid any unpleasant surprises. When you go through the Terms and Conditions on the Trader Code website, you will find that it offers trading bonuses.
As appealing as bonuses sound, you should remember that they have been banned in numerous jurisdictions, including the UK, where Trader Code claims to be regulated. This means it should not be offering these bonuses at all. Moreover, they have been banned because they have strings attached that are designed to exploit traders and this is precisely what you will find when you check out the Terms and Conditions of Trader Code.
The bonus policy at Trader Code is aimed at preventing traders from making withdrawals because it comes with a minimum turnover requirement to be achieved before you can withdraw your funds. The problem is that the requirement is just too high; you have to have a turnover of $1 million for a bonus of $100. This means that the brokerage can keep your funds and there is nothing you can do about it. It should be noted that no legitimate brokerage would ever prevent you from withdrawing your own money.
Since your goal is to make profits, the trading conditions of an online broker need to be researched carefully. Excellent trading conditions have been promised at Trader Code that draw your attention, but this is just a farce. The spreads that the brokerage offers start at 3 pips, which are nowhere close to tight. They are extremely high, as tight spreads usually start at 0.5 pips, or even lower.
In terms of leverage, you will find that Trader Code offers ratios that rise to 1:300 and a UK-regulated broker cannot offer such ratios altogether. The leverage cap for UK-based brokers is 1:30, but Trader Code is not operating within the regulatory framework and this is further confirmation that you are not dealing with a reliable or professional brokerage for that matter.
When you have uncovered such major flaws in Trader Code, you cannot possibly believe that it is a legitimate company.