Through our various articles, we try to help you not to fall into a fraudulent scheme that some brokers apply. To do this, we continuously monitor the different brokers that exist. Today in this article, we will deal with the broker TradedWell. Should we be wary of it? Avocats Litiges Financiers gives you its opinion on this broker.
TradedWell is a trading platform whose head office is based in Cyprus. Indeed, TradedWell is the trade name of the company iTrade Global (CY) Ltd. It is licensed and regulated by the Cyprus Securites and Exchange Commission (CySEC) under licence number 298/16. The company also owns the following domains: www.investfw.com and www.tradefw.com
TradedWell offers different products on its trading platform such as:
With TradedWell, you can become a partner and promote the trading platform.
Also, you have access to an education platform, which is a platform to help you trade in an optimal way. For this you need to speak English.
Afterwards, you can get a professional account. To trade, you can use their mobile application or the Webtrader.
The whole world of TradedWell serves to give you confidence to trade with them rather than a competitor. However, is it a reliable broker?
If you read our articles, you know that we like to rely on the opinions of Trustpilot users who have used the trading platform of the broker in question. So, we have read several reviews on TradedWell, here are the ones we have selected:
As you have seen, the reviews are really negative. It seems that there are account managers that make decisions instead of the customers. Also, there is some violence in what managers say about customers.
Lying also seems to be part of the questionable practices of the managers: “I was also forced by their broker to lie about my trading experience and income level, when he pushed me to upgrade my account, despite he was completely aware that I didn’t meet the requirements needed.”
Note that on their website it says: “You should consider whether you you understand how CFDs work and whether you can afford to take the high risk of losing your money.”
So we have two different perceptions: a manager who seems to be pushing the client to give false information and the website indicating the opposite. As expert lawyers in the field, these are the details that matter, so we advise you to think twice before trusting a broker.
Another important detail is the numbers on which the site relies to justify the loss of money. This is either unprofessional or we can assume that the figures are wrong. As you can see from the screenshot below in the Traded Well website in French, the figures are not the same for the same sentence:
Is Tradedwell regulated in France?
In our research, we have seen that iTrade Global (CY) Ltd is not listed in the REGAFI register of financial agents. Therefore, it is not regulated in France even though it is regulated by CySEC.
Note that the company may have French clients. How is this technically possible?
TradedWell is not allowed to advertise or solicit clients in France, however, if a French person decides to contact the company via the website for example, it may accept the client.
In conclusion, if you have been a victim of the TradedWell broker, you can contact our lawyers who specialise in this field. They will be glad to help you. Please note that we advise you to be vigilant against malicious brokers.