WikiFX Reviews TradeMarketsPro | Trustworthy or Not?!

With a global reach, WikiFX is a regulatory query platform for forex brokers, having scrutinized and evaluated over 47,000 brokers while maintaining close collaboration with more than 30 national regulators. For a deeper understanding of the security and credibility of your chosen brokers, we encourage you to visit www.wikifx.com or download our free app from Google Play or the App Store.

TradeMarketsPros official website is www.trademarketspro.com.

Based on our WikiFX database, it is stated that TradeMarketsPro only has a low WikiScore of 1.29, which means that it is a high-risk and unreliable broker.

TradeMarketsPro, an unlicensed online trading brokerage operating anonymously, leaves much to be desired in terms of transparency and legitimacy. Our thorough investigation into the company's legal documentation yielded no information about its owner or any helpful details.

Upon examining the “Contact Us” section, TradeMarketsPro listed a UK address. However, it is crucial to note that any brokerage firm wishing to offer trading services from the UK must obtain approval from the Financial Conduct Authority (FCA). As the official regulatory body of the country, the FCA imposes certain requirements on brokers, including maintaining a minimum capital of 730,000 GBP, contributing to a compensation fund that covers up to 85,000 GBP per account, and limiting leverage for retail traders to a ratio of 1:30.

Despite TradeMarketsPro's claim of being UK-based, the absence of an FCA license raises significant concerns. Moreover, despite its relatively short tenure, the company has already amassed a negative reputation in the industry, further exacerbating doubts surrounding its operations.

Transparency is a paramount requirement imposed by the FCA, ensuring that investors are fully informed about the entities they engage with and the terms of their interactions. Unfortunately, TradeMarketsPro fails to meet this crucial criterion, leaving potential clients in the dark and serving as clear evidence of the company's illicit status.

Market instruments:

TradeMarketsPro provides its clients with access to a selection of five asset classes, encompassing the following:

1. Currency pairs: EUR/USD, GBP/NOK, AUD/SEK

2. Commodities: gold, silver, crude oil

3. Indices: AU200, BE20, NASDAQ

4. Shares: Amazon, Apple, Google

5. Cryptocurrencies: BTC, BCH, USDT

Trading platform:

TradeMarketsPro solely relies on a single trading platform, the basic WebTrader. While it allows users to perform essential functions such as reviewing assets, placing pending orders, and executing trades with access to a few charts, it lacks any notable or advanced features.

By utilizing the WebTrader platform, users are dependent on their internet connection and the speed of their browser. In contrast, reputable brokers typically offer a range of third-party solutions like MT4, MT5, or cTrader. These platforms provide a multitude of additional features and capabilities. Furthermore, they can be accessed through desktop applications or mobile apps, offering greater flexibility and convenience to traders.

Account types:

TradeMarketsPro presents four different account types, each requiring a minimum deposit of $250. However, for individuals seeking access to supplementary services, the broker offers three higher-tier accounts: Gold, Platinum, and VIP. These upgraded accounts necessitate more substantial deposits of $25,000, $100,000, and $500,000, respectively.

Deposit and Withdrawal:

TradeMarketsPro presents various options for depositing funds into clients' accounts. Within the client portal, users can find active buttons enabling deposits via credit cards, bank transfers and e-wallets as alternative methods.

Regarding withdrawals, TradeMarketsPro allows users to withdraw funds through bank transfers, credit cards, and cryptocurrency. However, the specific execution time for withdrawal requests is not provided in the given source.

It is also important to note that not only is TradeMarketsPro operating without a valid license, but the United Kingdom's FCA also issued an official warning against this company in June 2023 to warn the public.

In conclusion, due to the absence of a license or any form of regulatory status, WikiFX does not endorse TradeMarketsPro as a reputable broker. Considering the multitude of forex brokers in the market with higher credibility and proper licenses and regulatory statuses, traders who are considering TradeMarketsPro should carefully reconsider their decision.