Is TradedWell a legit broker?
Recently, we’ve come across many Cyprus-regulated brokers that turned out to be a scam. It seems that CySEC is not doing the job properly or somehow missing to find scam companies in spite of many accusations by clients and scam reports. Have you caught wind of a TradedWell scam? Let’s see if there’s any truth to this.
Regulated by: CySEC
Headquarters Country: Cyprus
Foundation year: 2020
Platforms: Web trader
Instruments: commodities, indices, shares, forex, cryptocurrencies
TradedWell Regulation And Security
The brand is owned by iTrade Global (CY) Ltd and regulated by CySEC. The company has been exisings since 2016 and has two other brands – TradeFW and InvestFW. The company founded a new brand, TradedWell, in October 2020. However, there are several issues when it comes to iTrade Global Ltd and all of its brands. The brand doesn’t list anywhere how the funds are kept safe, where, and what to do if there are any issues.
Where Does The Broker Operate?
As a CIF, the broker is fully authorized to provide financial services within the EEA zone. Other than that, the company opted for the UK regulation and is currently under the temporary regime, meaning it cannot provide CFD trading to UK residents.
Besides this, as a CySEC regulated broker, the company can provide services in countries where it complies with the trading regime. In the case of TradedWell, those are the Commonwealth of Dominica, Malaysia, Indonesia, Switzerland, Saudi Arabia, and the United Arab Emirates.
If you’re coming from any other country than those listed above, the broker has no regulations in your area; be aware of that.
How Online Trading Scam Works
Most online trading scams start with good advertisements. You see an ad on social media and think to yourself that it can really benefit you. However, when it comes to scam brokerages, don’t be so sure. Why? This is because scam brokers will never let you make any money. For example, TradedWell is a broker using a web trader. That’s the least secure trading platform as the broker has access to your funds and your trades. Also, in spite of being CySEC regulated, it offers leverage of up to 1:400 for professional accounts. It exposes your funds, too, to high risk, which isn’t good.
According to all the TradedWell reviews we were able to find, the broker clients aren’t quite happy and have certain withdrawal issues.
Which Assets Can You Trade With A TradedWell Broker?
TradedWell brokers offer you to trade with currency pairs, commodities, indices, stocks, and cryptocurrencies. There are over 170 assets available. The minimum deposit with this company is $250 for the Silver account.
The platform is available in Italian, German, Spanish, Portuguese, Netherlands, and English.
Conclusion About TradedWell
TradedWell is a broker owned by iTrade (CY) Ltd, based in Cyprus. The broker is regulated by CySEC. However, several reviews are concerning us, stating there are withdrawal issues with this company. The minimum deposit is $250, and leverage goes up to 1:400. That’s a bit too high risk for a CySEC regulated broker. Be aware of this when opening an account with TradedWell.