Beware! TradeNescape 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.
TradeNescape is simply another scam – and we have explained why that is in the following review:
TradeNescape regulation and safety of funds
TradeNescape is not a regulated broker – however, it would very much like you to believe the opposite to be true – check out the claim the broker makes on its website:
It seems that the broker has a lot of licensed – but does it really? We checked with the Cyprus regulatory body first – using its online register, we got the following result:
TradeNescape is not present in the list of licensed firms – therefore it lies about holding the approval of the agency. The next claim we checked was the one that TradeNescape holds a license with the regulatory body of the UK – the Financial Conduct Authority. Once again, we went to the online register of the regulator and entered TradeNescape’s name:
And once again we got nothing. We did not check the rest of the claims – you know how the saying goes – “Fool me once, shame on you, fool me twice, shame on me. Fool me three times and you might just be a scam company ran from God know what offshore scam haven.”
TradeNescape lies about its regulation, because it is such an important feature of any broker to hold a valid license – if the company were licensed by the CySEC and the FCA, that would mean it has to follow certain rules, for example reporting on a daily basis to the agencies to ensure no scams take place. It is not, of course – therefore the only guarantee with TradeNescape is that it will pocket your money without giving you anything in return.
TradeNescape trading software
TradeNescape provides links to two stock distributions of Metatrader 4 and its sucessor MT5. However, these are not affiliated with TradeNescape in any way – the company does not actually allow you to trade. Check out the lowest account tier with TradeNescape:
As you can see, it seems that the company claims it is able to achieve impossible profits – make no mistake, it cannot. Noone can grant you returns that high, and TradeNescape is simply trying to lure more people in. But, this also means that the company does not allow trading – it supposedly does that for you.
We cannot stress this enough – TradeNescape cannot and does not aim to give you a 120% ROI within two days.
TradeNescape deposit and withdrawal methods and fees
TradeNescape accepts deposits via Bitcoin and wire transfers – both of these are preferred methods among scammers, as payments done using them are not eligible for chargebacks. As for withdrawals and fees, do not expect to be able to get your money back from TradeNescape once you put it in. The company is a scam and it has no intention of giving you a cent back.
This is evident from the minimum deposit amount with it – $500, which is much higher than the $100-200 that legitimate brokers need to open an account.
How does the scam work?
With such a shady broker there can be no question – TradeNescape is certainly a scam. And what’s more, we have seen this exact scam model countless times – it always plays out like in the scenario we outline below:
A would-be victim stumbles upon an ad that promises a lucrative investment opportunity with obscene returns. They follow the ad to a website like the one TradeNescape operates from and are prompted to make an account, giving up their personal information, for example a phone number, in the process. Once they do that, the scammers reach out to them – the victims start getting barraged with calls, emails and what have you, all demanding one thing and one thing alone – that they deposit.
The scammers are relentless, they are not compassionate to their victims in the slightest and will demand more and more money until the defrauded person either runs out or stops paying. At this point the scammers usually just drop them, never to contact them again.
What to do when scammed?
If you were the victim of a scam, please review the following paragraph carefully – you can limit future losses and even possibly get a refund.
You will want to act in two directions – first off, towards restoring your privacy – this includes changing all ID forms the scammers had access to, as well as getting new credit cards if the scammers have their details. You will also want to remove all desktop sharing software, i.e. Team Viewer, the scammers had you install ASAP.
Secondly, you need to contact your bank and explain you were defrauded. Depending on the method you used to deposit with the scammers, you might be eligible for a chargeback.
Finally, you need to watch out for recovery agencies – if you get contacted by one promising to restore losses at the cost of an upfront payment, know that this is just another scam!
Rich Snippet Data