TradeiAM is one of the brokers that traders should steer clear of. Spotting a scam might be a daunting task, especially for the beginners. This is why we prepared this TradeiAM review, so not a single detail gets out of sight.
Min. Deposit: $200
Trading Platform: Custom
US Clients: Not AvailableLooking for good broker? Sign up with XM Forex now!
After a thorough investigation, we discovered that TradeiAM is a brand owned by Vistabrokers CIF Ltd. The parent company is headquartered in Limassol, Cyprus and is licensed by CySEC. Is TradeiAM legit? From the standpoint of law – yes. However, the license is not a 100% guarantee of great services.
The main brand of Vistabrokers CIF Ltd, namely Vista Brokers, has been struggling with the questionable reputation for the recent years. It also has a lot of problems with the platform functionality. Considering that the parent company did not make any efforts to ensure effective troubleshooting for Vista Brokers website, one can hardly expect high-quality experience from its new venture – TradeiAM.
As in the case with most scam brokers, TradeiAM claims to be the top CFD provider. Interesting enough, TradeiAM was launched less than 1 month ago but already states to have 186,851,211 customers coming from 178 countries. Additionally, TradeiAM strongly promotes its partnership program, proposing the user to join the ranks of 162,096 TradeiAM affiliates. Is TradeiAM scam? Demonstrating such unrealistic figures to look more appealing definitely makes us feel suspicious about the broker’s credibility.
The website is poor in terms of language. High standard brokers always come up with the multilingual website, even at the launch stage. Unfortunately, TradeiAM is not one of them and English is the only language available.
After registering an account, the user has to choose between 3 account packages. You can see them on the image below.
Not surprisingly, this CFD provider does not offer any kind of a demo account. It instantly pushes the trader to conduct deals with real money deposits. Minimum deposit requirement is 25 USD/GBP/EUR.
In addition to all this, TradeiAM scam is proud to announce its 25$ no deposit bonus. Seems to be a nice bargain, but here is the trick. In the fine print of the bonus, TradeiAM claims to offer the bonus to the first 100 clients coming from the specific country, e.g. United Kingdom. The amount is granted to the user upon submitting the necessary KYC documentation. In fact, such vague terms breed a lot of contradiction. It is impossible to learn whether the trader is still eligible for this promotion, especially if considering the number of clients previously stated. Except for the no deposit bonus, TradeiAM also has a referral bonus program. However, we highly recommend avoiding any promotions from the scam brokers.
TradeiAM Reviews: Platform
The trading platform is the key feature of this broker and its biggest flaw. TradeiAM claims to offer “a premier ECN platform” that allows trading Forex, Stocks, Commodities and Indices. In total, there are around 80 tradable assets. Furthermore, TradeiAM does not restrict traders in the choice of the strategy – hedgers, arbitrageurs, scalpers and news traders are allowed. All this sounds promising until one actually gets to the broker’s platform.
As we were preparing one of the honest TradeiAM opinions, we carefully studied TradeiAM platform. Their proprietary software so far has shown us quite deplorable performance. On the technical side, we have experienced numerous glitches when using this platform. Low responsiveness of the platform is also a painful issue. For example, it might take up to 15 seconds until one changes the charting mode from candlesticks to the lines. Same happens if one tries to switch the asset. The library of technical indicators is very poor – only 3 indicators available. These include Bollinger Bands, MAs and RSI.
TradeiAM Forex broker offers quite basic risk management tools – only stop-loss and take-profit orders. Maximum leverage available is 1:300.
As extra features, TradeiAM has empowered the platform with the news feed and economic calendar. Regrettably, the news feed is primitive and displays only 1 heading at a time. As for the economic calendar, it is based on the Investing.com website.
Our review TradeiAM has indicated that the client support quality leaves much to be desired. As we have mentioned above, English is the only language available. There are only two communication methods to reach the customer support agents – email and phone. No live chat support available on TradeiAM website.
Deposits and Withdrawals
Apparently, TradeiAM website lacks flexibility in terms of payment method choice. The deposits are limited to credit and debit cards and eVouchers. On the other hand, withdrawals can be made with the card or wire transfers. It is impossible to make any funding with Skrill or Neteller.