Unable to Withdraw! Two Regulators Remarks TradeLTD as a Scam

Many unscrupulous brokers try to scam individuals through forex trading scams. Sometimes it can be difficult to know for sure that they are problematic until you have already entrusted them with your money. The most common situation is the scammers will refuse clients' withdrawal requests. This is what is known as a forex withdrawal scam.

BrokersView recently learned that TradeLTD has been one of the above scam brokers.

Unable to Withdraw

An investor posted his bad experience in TradeLTD. He listened to the broker's words and invested $1000 to start his account. Later, he changed his mind and contacted the fraud, but he realized that he hadn't even filled out any kinds of necessary forms, which can prove he deposited here!! As the result, he will never be able to get his money back.

Another client also revealed that TradeLTD is a scam. He shared that its trade managers attracted you to deposit. When you deposit, the entity will keep telling you to put more money so that you can get something out. When you want to get your money back, the fraud will ask you to invest much more with an excuse of authorization requirement even if there are some money in your account. Finally, you will lose all your deposit.

Warned by UK FCA & New Zealand FMA  

TradeLTD claims it is registered and regulated as a fully compliant financial institution to act as a foreign exchange broker, but it does not mention the regulatory body in charge of it on its website. What's more, based on the information we hold, the firm was warned by two global regulators, giving the reason that TradeLTD is an unregulated broker, and operates and attracts clients without any legal licenses before.

The first warning was from UK FCA. The watchdog has issued a public warning against TradeLTD,

1) The FCA does not regulate this firm.

2) The Financial Ombudsman Service will not be able to settle a dispute with this firm.

3) The Financial Services Compensation Scheme will not be able to settle a claim against this firm.

According to the warning, the firm is not authorised to provide the investment services in the country.

The second warning came with New Zealand FMA. The regulator recommends exercising caution before dealing with TradeLTD and the website www.tradeltd.com as TradeLTD is not listed on the FSPR and Is not an incorporated company in New Zealand.

If a broker is not licensed by the regulatory authority in your jurisdiction, that likely means that it is unregulated and should be avoided. So TradeLTD is just an unregulated forex broker, which means your money are not protected, and there is highly likely it will get away with your hard earned money and there will be no regulating agency to hold it responsible. Therefore, TradeLTD is a scam broker.

Although the regulation on the forex brokers are becoming increasingly tightened worldwide, while dealing with a broker, it is essential for traders to verify the brokers' authenticity and regulation status. BrokersView strongly recommends investors only to trade with regulated forex brokers.