Beware! Traders88 is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Traders88 is yet another name that puzzles and one would quickly conclude that the sham brokers are using malfunctioning name generating engines. Traders88 is unquestionably a fake broker because all of the details given point nothing else but a scheme that doesn’t benefit the clients. We detected an abundance of red flags and abuses, which we are going to share with you in the full Traders88 review.
Traders88 REGULATION AND SAFETY OF FUNDS
Traders88 is said to be a trading name of Ribova Holding Investments (PTY) Ltd, which is declared to be an authorised financial service provider in South Africa, as you can see in the picture above. The story is quite different, though because the license number provided on the footer of the website is not related to such an entity. It belongs to another company called Deprimo Trading which has nothing to do with Traders88, which raises a gargantuan red flag! The guys behind Traders88 are abusing the details of a legit company to introduce themselves as trustworthy, which is a typical example of firm cloning! Ribova Holding Investments itself is quite an obscure business creature, which is actually nowhere to be found!
But the falsehood goes further because in their Terms and Conditions they claim to be owned and operated by another entity- a UK company named TARA HOLDING LIMITED. The mix of those two legal entities is an information discrepancy and a major red flag itself! We found such a company in existence, but their address is different, and the nature of the business has nothing to do with financial services. It means that Traders88 are abusing the details of yet another legit firm and that undoubtedly serves as proof that this broker is a scam!
Your funds are not safe if you deposit with Traders88, because it’s an unlicensed, unauthorised and unregulated dodgy Forex broker! Avoid Traders88 and trade with legit, transparent and genuinely regulated EU or UK brokers, as these domains provide the safest environment for your funds.
Most importantly, funds were established throughout Europe, such as ICF in Cyprus and FSCS in the UK, which guarantee the deposits of the traders. Under CySEC(Cyprus) supervision you can claim up to 20 000 EUR in compensation, while in the UK under FCA you are guaranteed of even up to 85 000 GBP. Each EU member state is compelled to create and further operate similar insurance funds, which are seen to be the last resort for the traders, in case a Forex broker faces difficulties to meet its financial obligations.
Traders88 TRADING SOFTWARE
MetaTrader4 or MetaTrader5 accounts are not available for trading in reality. Traders88, however, abuse the Metatrader name, too, as they claim to offer the web distribution and even name the accounts opened MT4! Metatrader is the leading retail trading platform, which offers sophisticated tools such as Expert Advisors, Algorithmic trading, complex indicators, its own programming language- MQL and even a marketplace.
Their so-called platform is a Frankenstein model nonetheless, as it consists of a chart provided by TradingView and a separate trading panel. It’s a platform that’s unreliable, difficult to use, lacking essential tools and also prone to fraud and price manipulation. TradingView isn’t licensed to act as a financial provider, so the Buy and Sell rates might differ between the chart and the panel, making it easy for the broker to trade against its customers!
The EUR/USD spread is 1.3, which might be considered a competitive one, but we do not recommend trading with Traders88! The spread is the price to open a position, and it directly affects the potential profits the trader can make.
The leverage is said to be 1:400, but we were unable to adjust it to our preference, which is yet another warning sign! It’s a risky ratio, though, which might lead to lightning-quick losses than profits made. The leverage is a powerful financial tool that allows the traders to amplify their earnings, but the risks increase dramatically. A lousy trade on 1:400 might utterly destroy the trader’s account very shortly.
Traders88 DEPOSIT/WITHDRAW METHODS AND FEES
The minimum initial deposit is $250, which is a bit higher compared to the regulated Forex brokers, which ask for $100 on average.
The funding methods are Credit/Debit card payment through Praxis Cashier or a Deposit by Phone! Warning! You should never submit your bank card details in a phone conversation due to lack of security!
The minimum withdrawal for Credit/Debit card is 50 UST, and the minimum withdrawal for Wire Transfer is 100 UST. You should know that that UST is not a US dollar but UltraSalescloud– a rather obscure token indeed, which we wouldn’t choose to deal with. It’s a red flag and another warning sign because exchange rates will apply which facilitate the fraud. Traders88 might introduce an exchange rate that’s unfair for the trader and shave off the withdrawal amount badly! Each withdrawal will be subject to a 5% withdrawal fee, which is a midday robbery! In comparison, most of the regulated Forex brokers will not impose fees for withdrawals.
An account becomes dormant after 60 days of inactivity, which is a concise time indeed! A fee of 10% or 100 UST per month applies, which is yet another unfair clause!
The bonuses available are called Credit Tokens, but there is a lack of comprehensive explanation about these. We strongly recommend that you should not get involved in such a shonky business as their Credit Tokens. The bonuses are not free money, but a leverage tool that further increases the risk for the traders and that made all the eminent financial authorities to prohibit the trading incentives for the clients.
Avoid Traders88, because there is too much evidence of scam!
HOW DOES THE SCAM WORK
A group of scammers usually operates many different scam brokers, scam websites and call centres. Sometimes they will simply rely on the quantity; they will publish tens or hundreds of websites and will just wait for traders and investors with little or no experience to bite. Nowadays, it’s very cheap to create one, and it looks like a profitable strategy, as they carry on doing it.
Firm cloning is a type of investment scam that is becoming increasingly popular recently. The scammers use the names, registration numbers, address etc. of businesses and individuals, which are duly licensed to sell financial products and services. It’s an effective way to trick the people into believing that they are dealing with a genuine company. The scammers might use the brands, the license numbers, the addresses or even the names of managers and employees. It’s one of the easiest ways for the scammers to take off the guard of traders and investors so you should be cautious and always double-check before making a deposit or other investments.
WHAT TO DO WHEN SCAMMED
No one is immune to scam, and anyone can fall into the trap. Scammers are always looking for new and different ways to scam consumers. What you need to do first, in case you got scammed, is to protect yourself from further risks. Contact your bank and explain to them your situation, they will give you necessary instructions to follow and will help you, if possible, recover your money.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing. Seek help actively!
It’s crucial not to rush blindly trying to recover your funds because many scam recovery agencies and individuals are stalking, aiming to double scam the victims. These will most likely ask for an advanced payment, but will do nothing to help you recover your losses!
Share online your experience; it’s important to protect others, as well. Be responsible!