If you’re looking to become a better trader through the use of a trading app, you may have noticed that there are hundreds of those in the market. Unless you have all the time in the world to look through each of them, it may be highly difficult to choose one.
Keep in mind that there are many things to consider before choosing the right trading robot, such as reliability, fees, brokers, and more. However, the primary factor everyone must look for is legitimacy.
While there are several trading apps that work perfectly for most traders, there are also some apps that do a poor job at helping you trade better. Additionally, some other apps aren’t even real and are designed to scam beginners.
Unfortunately, telling the difference between each trading app is a bit hard. The best way to determine whether a trading robot is reliable or not is through reading reviews. Our goal here is to help you understand how some of these apps work so that you can make a better decision based on what your needs are.
Today, we’re going to take a closer look at TraderMate, which is an app that has been causing quite the noise among the trading community. This TraderMate review is going to cover the app’s primary features so that we can determine if it’s a scam or not.
Whether you’re interested in using TraderMate for your trades or are looking for the right trading app for you, make sure to keep reading this review! You’re likely to find all the information you need here.
Key Factors to Consider in This Review
First, we’re going to cover the app’s Home Page. Typically, home pages tell us everything we need to know about the software since this is where companies try to sell us their product/service. It’s important to note that not all home pages are designed equally, so you may notice a small difference here and there.
Once we’re done with the home page, we’re going to take a closer look at the platform in general. Considering we don’t know anything about these trading robots, it’s highly risky to start investing in them right away. Thankfully, our team of experts is going to do that job for you.
Our goal is to give you an honest and detailed review, and that can only be achieved by testing the platform itself. Whether the TraderMate platform is reliable or not, that’s what we’re going to discuss further in this review.
Finally, we’re going to provide you with an overview of all the features you can expect (or not) from the trading app. Keep in mind that a trading app with hundreds of features doesn’t necessarily make it better than others with fewer features. In essence, what counts is the quality of these features.
Now that you know how we’re going to structure this TraderMate review, it’s time to discover what it has to offer us. We must admit that TraderMate didn’t give us a good impression at first, but we can’t make a verdict based on that impression. If you want to discover what our testing phase for this trading robot gave us, keep reading!
What Is TraderMate?
According to the company, TraderMate is one of the easiest-to-use trading platforms on the market, making it perfect for beginners looking for an easier start in trading.
What Can You Find in TraderMate’s Home Page?
First, TraderMate claims to be a “fully automated” trading platform that allows traders to earn “big capital” in a short period. There is already a red flag here. No trading company can claim its software can make you a particular amount of money in a set period.
Trading is a highly risky activity, and it’s virtually impossible to tell what your results can be. In the case of cryptocurrencies, it’s even harder to make predictions since these assets aren’t regulated by any government or banking agency, meaning their price mostly depends on supply and demand.
The price of cryptocurrencies tends to be extremely volatile, meaning it can change a couple of minutes from now. Regardless of the algorithm a trading app uses to execute trades, you can’t predict profits, and if a company tries to do it, it’s likely offering a scam robot for you to work with.
Moreover, TraderMate’s home page also talks about how its algorithm is 100% effective for making trading predictions, which is another lie. No algorithm is perfect, and while there are many trading robots with high-performing algorithms, they still can fail from time to time, and you can’t rely on them.
We didn’t see any fake testimonials on the website, which is good. Some scammers do their best to create fake user testimonies regarding people who “supposedly” won thousands of dollars within a few days of using the app. If you ever notice one of these websites, it’s best to avoid it.
What Does the “About Us” Page Have to Say About TraderMate?
While many app developers don’t share too much personal information on these websites, it’s still nice to read a bit about how the software came to life. In the case of TraderMate, we didn’t find anything at all, which also raises a red flag to our review team.
Finishing up with TraderMate’s home page, we got that this is an alleged trading robot that allows people to make trades and make money. While these claims sound normal, we didn’t like the fact that the company gave us profit expectations.
Still, we cannot make a verdict based on the home page alone, so we must dive a bit deeper into how the software itself works so that we can determine if it truly works as intended or not. Keep reading if you want to learn more about how the TraderMate platform works!
How Does TraderMate Work?
TraderMate’s approach to trading sounds a bit too good to be true, and it is. You can’t trust companies that claim their software is 100% automated. While you can automate some aspects of your trading sessions, platforms still need human input to work correctly.
If you leave the entire trading process to the trading platform, it’s likely going to make trades you don’t want to do, which can easily become a problem in the long run. We noticed that TraderMate worked with several digital assets, although the most commonly used ones were stocks, Forex, and cryptos.
TraderMate offered us a “Demo” account, so we decided to go for that one first. Here, you can test all of the app’s features without worrying about losing money. Unfortunately, we quickly noticed that some of the features this company sold us don’t work as intended. Additionally, some of the trades we set up delivered similar results, which led us to think that this platform uses pre-made trades to make users believe it’s doing something when it isn’t.
How Do Deposits Work with TraderMate?
When we decided to use the trading platform itself for live trading, we invested the lowest amount of money allowed by the company just in case. Overall, the process to deposit our money was quite fast, so there’s nothing much to say about this area.
However, the problem didn’t appear to us until we wanted to make a withdrawal. Withdrawals tend to be the scariest part of every trading app, and we encountered several interesting things we want to share with you.
Keep reading to know more about TraderMate’s withdrawal process!
Can You Withdraw Your Money from TraderMate?
The withdrawal process was extremely exhausting for our review team. While it claims to be easy, it’s poorly optimized, meaning it came with many errors. Overall, it took us a couple of hours just to make the withdrawal request for TraderMate.
Additionally, the TraderMate team took way too long to give a portion of our money back (and we say “a portion” because we didn’t get everything back). Overall, the customer support is bad, and it didn’t solve any of our problems regarding the withdrawal process.
Withdrawals are always going to take some time to get processed. In most cases, a transaction can take from one to three days to get processed by your bank, which is normal. However, our case took more than a week, and we didn’t even receive our full money.
Unfortunately, we have to conclude that TraderMate’s withdrawal process is unreliable, and it leads us to believe that the company may be using our information for other purposes. Additionally, the company didn’t provide any security policies on their website, meaning you’re not sure if your data is safe with it or not.
Does TraderMate Charge Any Fees?
While some reputable companies also decide not to charge fees to their users, we believe TraderMate makes money in other ways through selling its users’ information to third parties.
We don’t have any particular proof that this is happening, but the lack of customer support and effective trade execution leads us to believe that this isn’t a real trading platform at all.
Is TraderMate a Scam? | Our Verdict
Unfortunately, we must conclude that TraderMate may be a scam and that you must avoid it if you’re looking to begin trading in a more effective way. Keep in mind that there are many other reliable apps you can use to trade, and we’ve covered some of those on our page.
If you’re interested in using trading apps for your financial journey, make sure to read some of our other reviews to discover which option works best for your needs!