TradesFly (Tradesfly.com) is another CFDs, Crypto Currency and Forex scam broker luring newbie investors into signing up. Trades Fly is awful and should not be trusted due to inability to deliver on their promises. TRADESFLY is deliberately swindling investors by claiming to offer CFDs, Crypto and Forex products. A thorough and detailed TradesFly review was conducted to find out the truth. Make sure to read this entire TRADES FLY review.
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A thorough look at their website, it’s clear that this broker has clearly outdone themselves. Claims of offering industry leading platforms can be seen on their Why Us page. More empty promises such as having access to a wide range of markets and competitive spreads are seen. Question that every trader should ask is whether all these claims are anywhere near the truth? And as fate has it, these claims are just mere fallacy meant to entice newbie investors.
Owners of this fraudulent site claim that Trades Fly offers a wide variety of benefits, difficult to match. Complaints floating around the web clearly say otherwise as most are negative feedback from investors. Courtney Mercy lost all her initial income with this broker, a total of $4,000 all at once. Mercy tried withdrawing funds when things got worse only for her pleas to fall on deaf ears. And that’s why we felt that exposing this broker will clear the air regarding their services.
Nowadays, scammers have made sure that they create websites that look identical to real brokerage services. From their sales pitch to images used, it’s clear why newbie traders easily believe what they see. And this is what scammers are after, to grab your attention with their compelling homepages. Not to worry, our experience in spotting scams will easily detect scam brokers a mile away. TradesFly is a Forex scam for a number of clear reasons.
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Using fake credentials is something that scammers do in order to appear legit. Looking at the disclaimer at the bottom of the page, it reads this broker is located in Marshall Islands. What this means is that we are dealing with an offshore broker. Our Firm page states that this broker is registered by the Financial Conduct Authority. A registration number is posted as 86020; this is nothing but a fake claim. TradesFly is another scam brokerage firm that must be exposed.
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The Financial Conduct Authority has NOT Licensed or Registered TradesFly to conduct ant Forex business. Searching through the records, results clearly show that there’s no broker registered under TradesFly name. What this means is that registration number posted at the bottom of the page is a hoax. Scam brokers usually post random registration numbers to try and make their platform appear legit. Trades Fly is no different and we have clearly exposed why.
Another disturbing feature with this broker is that their homepage lacks the documentation page. How do they expect users to confirm any agreement and contracts set by the broker? It’s mandatory for a broker to issue and post these documents. Lack of these documents is proof we are dealing with a Forex scam. What this means is that Trades Fly does not have any registration certificates and documents to prove licensing. Stay clear from unlicensed brokers.
TradesFly has gone ahead and produced another bag of tricks with their risk demo account. What this means is their demo account has been rigged in favor of traders. This should not be received in the wrong way, a rigged demo account is another trick used by scammers. Anyone who signs up with a demo account and tries will make over 95% successful trades. Newbie traders who don’t have a clue about trading will be making high successful win trades.
And this is where these scammers have set the trap. Newbie traders will believe that they can mirror the same results with a real account. And this is where investors make the mistake of signing up with a real account. A real account is totally different as users have to deposit real money to start trading. Depositing money with this broker is the last thing an investors should do, these brokers will take it all away. No deposits should be made with this broker.
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Trades Fly has three different account types that traders can choose from. Micro, Regular, and Premium accounts come with a MT5 trading platform and the same trading instruments. Minimum acceptable trading deposit is $500, $10,000, and $20,000. Honestly, this is way too much considering the acceptable industry standards of $250. These accounts have the same minimum trade lots of 0.01 and with a fifth decimal. Market execution is also the same.
Huge problem with these accounts is how similar they are to each other. Accounts have the same personal account manager and telephone trading. Trading account currency is the same which begs the question, why bother having different accounts? Why would a user deposit $20,000 for the same advantage as a user who deposits less? What this means is TradesFly is setting a trap for all types of investors. Ensure you stay away from this rogue broker who wants your funds.
No way are funds safe with an offshore broker who uses fake registration claims when conducting Forex transactions. Anytime, this broker can close shop without issuing any notice or warning to users. Lack of proper documentation means no one knows where this broker banks money deposited by users. It’s possible that users are depositing money straight to the owner’s personal bank account. Signing up with this broker will leave you broke and wary.
As turns out, this broker does not segregate accounts as they claim. Users are losing money due to this malpractice. TradesFly is pooling funds in one account which is dangerous in case of bankruptcy or insolvency. Another disturbing detail with this broker is that they fail to offer any compensation. With a real broker, Courtney would have been compensated or allowed to withdraw funds. Why did this happen when the broker has the power to stop it?
Depository channels used include MasterCard, Visa, and Electronic payment methods. Problem with this platform is when it comes to withdrawing funds. At the moment, no user has been able to withdraw funds with this platform. It’s clear that this broker is hoarding funds for their own benefit. Make sure to stay away from this broker, ASAP!
How can it not be? TradesFly is a shady scam meant to steal funds from unsuspecting Forex investors. Make sure to stay away from this broker and report any calls from their agents. Mark all their emails as Spam and never click on any links sent by their email marketing team. Hackers are using these links to steal personal data from users’ computers. And this is where we draw the line with TradesFly.
Adding this broker to our scam blacklist will ensure that our readers stay protected from this platform. It’s clear that relevant authorities should look into this platform and shut down their operation. Make sure to warn your family and friends from joining any of their affiliate programs. And now, you know the truth regarding this shameful broker.
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Wishing you all the best in your future trading experience.
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