Exposure: Investors Reported Unlicensed Broker Tradon is a Scam

Many unscrupulous brokers try to scam individuals through forex trading scams. Sometimes it can be difficult to know for sure they are problematic until you have already entrusted them with your money. This is what we call - a forex withdrawal scam.

BrokersView recently learned that some investors have been trapped by a withdrawal scam conducted by the forex broker Tradon and couldn't get their money back.

Scam Over €30000

An investor reported that the company scammed him with €30,250. The firm asked him for a lot of papers and data at first, and then made an excuse of sharing a screen to explain how its platform works to get his account passwords. By this way, the entity scammed the investor with totally €30,250, including a loan of €30,000 and account balance €250.

Some other victims also reported they had some withdrawal issues with Tradon. They were not allowed to withdraw their money from Tradon.

SVG FSA Doesn't Regulate Forex Activities

Tradon claims it is registered with St. Vincent and Grenadines Financial Service Authority (SVG FSA) under registration number 1360 LLC 2021. We indeed find a match result in SVG FSA. However, SVG FSA does not regulate forex trading, which means only having registration in SVG FSA is not enough for brokers to offer forex investment services. This firm is merely a registered firm under no regulation.

Warned by Financial Regulators

Moreover, we found two financial regulators - the CNMV and the CONSOB issued warnings that this firm has not been authorized to provide investment services.

On 7 Mar 2022, the CONSOB issued a warning that Tradon has not been authorized to provide investment service.

On 7 Mar 2022, the CNMV issued a warning against the unregistered broker Tardon. According to the release, the company has not been authorised to provide investment services.

BrokersView suggests investors to stay away from Tradon and keep vigilant when choosing forex brokers. If you are not sure on how to find a licensed broker, you can search on our website to check brokers' details.

Contact us at service@brokersview.com to share your trading stories.