Is TradeToro Scam or Legit Broker?

No, it is not safe to trade with TradeToro. TradeToro is owned by Ivory Group Limited, which is an offshore company registered in Dominica.

  • Dominica is notorious for its practically absent requirements and regulations. Due to the setup cost being low, it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as Global Clearing Group, Tradersway, and more.

About TradeToro
🗺️ Registered inDominica
🗺️ Type of LicenseOffshore License
🛡️ Is TradeToro safe to tradeNo
🗺️ Recommended LicensesFCA in UK 🇬🇧 & ASIC in Australia 🇦🇺
🖥 Alternative BrokerFP Markets - licensed by ASIC in Australia

What is TradeToro?

It is not clear enough how exactly TradeToro delivers its service and if comply with any of the regulations. In fact, it is obvious that not, therefore the broker’s offering is not overseen by any entity and may be considered an illegal service, as the EU requires the strictest licensing.

  • Overall, it means TradeToro offers unreasonable risk to their investors or traders as simply there are no client’s security rules implemented. Besides, there are vast negative reviews from the traders engaged with TradeToro, as well as states that the broker is a scam. The traders faced some interruption in their trading processes, “advisory” how to place orders next and that’s apart from the issues that the money most probably never returned back to their owners.
  • In addition, the Austrian Financial Market Authority (FMA) has issued a warning against TradeToro:

“TradeToro is not entitled to carry out banking transactions in Austria that require a license. Therefore the acceptance of funds from other parties on a commercial basis for management purposes or as deposits is not allowed.”

  • We have heard brokers from Dominica deny traders withdrawing funds. We have feedbacks from traders that they cannot withdraw money. You read the feedback here.

TradeToro Review

 

TradeToro Review Conclusion

We advise all investors and traders to avoid TradeToro and other brokers from Dominica. Traders should trade with well-regulated brokers (Top 10 Forex Brokers in the World) such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and TMGM.


TradeToro Update

We found the TradeToro website inactive and unavailable to reach. This means the broker no longer operates. However, it is best to avoid and stay alert if any proposals come. 

No news available.

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