Trade108 is a scam broker that pretends to provide a honest trading environment where users can trade Forex and CFDs.
The website was created in March 2020 but their marketing materials mislead traders by lying that the broker was established in 2009.
Trade 108 lures investors by claiming to provide 450+ assets, same day withdrawals and detailed analysis where monthly pips is up to 3000.
Their about us page even claims that Trade108 broker has registered over 1 million traders.
But according to alexa, the site barely receives 20 visitors per day.
Clearly this is an unpopular Forex broker. To make the matters worse, the broker is anonymous.
If you’d like to trade with a reliable and well regulated broker, check out this list of our recommendations.
Reasons why Trade108 is a scam
There are many wrong things about this broker.
For example, their website is providing a London physical address but claiming that their company is incorporated in the St. Vincent & the Grenadines.
At this point, we don’t know what to believe since what they’re telling us is not logical.
Their about us page fails to disclose who owns or runs the website.
There’s no information about company executives and directors either.
Trade108 is just running their business anonymously, believing that traders will trust their brand and make a deposit.
Suspicious account details and requirements
There are 3 account types where the minimum deposit is as high as $5,000.
All account types allegedly provide access to a personal account manager.
That account manager is likely to be a scam because of the following turn of events:
You deposit the $5,000 and as always, the scammer will call you over the phone to gather some details about you.
Once they establish that you have zero knowledge about trading, they’ll propose an arrangement where the “account manager” can trade your account.
Of course you’ll say yes and the “account manager” will go ahead and “trade your funds”.
Trade108 will initially “generate” profits for you. You could even make a one withdrawal out of the “profit”.
At this point, your “account manager” will persuade you to deposit more money to become rich overnight.
No one can oblige to this proposal. So either you will add more money or demand to withdraw the rest of your investment.
Ultimately, the situation will escalate to chaos before they block your access to their trading platform.
In scenario 2, Trade 108 will just deny you withdrawals from their platform.
This is because they’re a bucket shop running a simulator but lying to investors that trades are being routed directly into the financial market.
Traders often lose money to such brokers due to conflict of interest where a broker only makes money when you lose.
A broker like Trade108 is obviously a bucket shop, which is why they lack transparency.
They fail to disclose their trading conditions (i.e the cost of spreads and commission where applicable) because they’re not legit.
Trade108 is not a regulated broker
The broker does not hold a valid Forex broker license from any financial regulator.
We expected them to provide an FCA license number but this is obviously a hard thing to come by.
The other location (St. Vincent & the Grenadines) where they claim to run the business from is equally suspicious.
This region does not have a proper financial regulator who can enforce rules to safeguard the interest of traders.
This is why many scam brokers prefer to setup bae in the St. Vincent & the Grenadines, hoping to escape the wrath of authorities.
Trade108 does not have any customer feedback
Customer feedback is one very important metric for gauging the success and credibility of a brand.
A quick Google search show that Trade108 has never signed up even a single customer to their trading platform.
Remember the claim that they’ve been running the brand since 2009.
This proves that they’re lying because any brand that was started in 2009 is surely a popular company by now.
This broker fails the credibility test and does not even inspire any trust from the most naïve of traders.
We wouldn’t recommend such a website for your investing because it is just too risky.
Moreover, there is no legit European broker who is insisting on a $5,000 minimum deposit, unless they are a scam.
Thanks for reading.