TouchTrades Review

Is TouchTrades Scam or Legit Broker?

It is not safe to trade with TouchTrades. The broker is suspected to be a scam. It does not hold any license from a top-tier authority. Although the broker mentions its London address on its website, it is not regulated by the UK financial authority - FCA. All financial companies located in the UK should hold the FCA license to be able to provide their services. 

What is TouchTrades?

TouchTrades is an innovative financial services company offering a full suite of easy-to-use online brokerage, investing, and related banking solutions, delivered at a competitive price, as the broker mentioned on the website. The company states its location in London, however, does not hold an FCA license, which in fact is mandatory for the financial investment firm in the UK. The potential investor, after the registration on the website and the opening of an account, has the opportunity to trade in stocks, commodities, and indexes and on the currency market (FOREX) through the MT4 platform.

• Generally, we never advise trusting an unregulated company, as simply the broker that is reliable and truly perform trusted operation will take care of the client's protection and will get a necessary license to operate. As this is not the case with TouchTrades the trader will never know if he will see his funds ever again or not. In addition, the authorities received complaints from the traders about TouchTrades offerings, therefore, the firm received an official alert and was blacklisted.

“The TouchTrades Limited company, with an alleged registered office in London, according to the information available, people operating in the name of "TouchTrades" have contacted investors in certain jurisdictions by telephone in order to persuade them to open an account and trade on this website. The operation in question can be classed as the professional provision of investment services involving financial instruments that requires authorization, therefore TouchTrades have to cease the infringement”

CONSOB, Italy. April 2018.

TouchTrades Review Conclusion

There are many Forex Brokers offering very competitive trading conditions while enabling trading through a legal operation of the service, and of course, we advise choosing among them. This includes FCA Regulated Brokers, ASIC Brokers, or similar. Traders should invest with trustworthy brokers, such as FBS and BlackBull Markets.

TouchTrades Update

Based on our findings, the TouchTrades website is inactive. This means the broker has muted its trading offering and does not operate. Anyway, we recommend avoiding and staying alert in case of any proposals.