TradingTeck Review 2020: Risk It?
With how popular trading has become in modern times, it should come as no surprise to see brokerage firms popping up all over the place like wildflowers.
The advancement and access to technology have assisted in making both setting up a broker more accessible, as well as making accessing one easier, too.
Simply put, there are more people than ever in need of a brokerage, and it’s easier than ever to set one up. Put those two parameters together, and you get a market that is incredibly saturated.
Despite that, though, there are some brokers that rise to the top of the pile. Whether for user interface, training material, technology, or all of the above, people gravitate to individual brokerages more than others.
These are what eventually became the big brokers that you likely already know. However, that left a gap in the market for a reliable alternative for people that don’t want to use one of the giant corporate companies.
TradingTeck is one of the brokerage firms that have tried to fill that gap. While there are plenty of successful alternative brokers out there for you to choose from, we’re here to tell you whether or not TradingTeck, in particular, is worth your time.
That is the case with TradingTeck. However, most brokers specify on the site what mobile operating systems the company app is on. For example, some brokers only have an android app.
TradingTeck makes no such distinction on its site, which is a bit of a red flag. What’s worse is that there are links to a Google Play store page and an App store page at the bottom of the site’s mobile section.
The app store page links back to the website and the Google Play Store page sends you to a URL that doesn’t exist.
This is even worse than not specifying clearly what platform the service is on and is the equivalent to being told a lie.
In terms of what you can trade on the site, you have a few decent options. You get shares, commodities, Forex, and indices. You might notice one significant omission from that list, and that’s cryptocurrency.
Of course, not every broker lets you trade crypto, but for one to offer all of the other major trading types and not that one seems odd.
The company doesn’t have any blog or regularly updated newsletter, which is always a shame to see, and again leaves me questioning, at the very least, the quality of this broker.
Lastly, it’s worth noting that I tried to get in touch with the customer care team but got absolutely no correspondence back.
TradingTeck Account Opening
That is, again, the case with TradingTeck. Typically, setting up a trading account with a brokerage takes at least a couple of hours. There are documents that need to be verified, as well as your ID needing to be checked.
When opening an account through TradingTeck, you can start making trades almost immediately. While this is great, if you could trust the brokerage, the very fact that it’s so fast leads me to believe that there’s something else going on here.
If you still want to know about what kind of accounts are on offer, you have five options, as well as one exclusive sixth option.
The accounts types are basic, bronze, silver, gold, and platinum. The broker advertises a number of differences with each account, including access to account managers, trading platforms, educational material, signals, and more. As well as that, each tier has a different welcome bonus percentage rate, starting at 20% percent and climbing by 20 each level.
There are a lot more differences, far too many to list. If you want to have a look for yourself, you can check them out here.
The last account type past platinum is a black account. However, all the site says is that this account is limited to exclusive clients, and to contact your account manager for more information.
The minimum deposit for the basic account is $250, with the other account types requiring a higher deposit. You can top up your account via VISA/MasterCard, Wire Transfer, or Western Union.
TradingTeck Analytical Tools
First and foremost, I want to point out the daily analysis videos that the broker makes. Every day, the company puts out a few videos analyzing different trading options. This isn’t something that you see too often, and while not especially helpful, it is interesting to see its implementation here. I have to wonder why you would go through the effort of something like this and yet not maintain a blog.
You also have, of course, your daily, weekly, and monthly signals. There is nothing to write home about here. This is the same kind of data that you’re going to have access to, no matter what broker you decide to operate through.
As well as these speculative signals, you also have the usual live market summary. Again, this is industry standard stuff.
The site does give its users access to daily financial news, as well as a calendar outlining all the important upcoming economic events. These inclusions are appreciated and can be of great use to an exploitative trader.
You have access to all of the usual financial and trading calculators that you need, as well as a handy asset index. This index serves as a one-stop-shop that lets you see the status of all the big players currently being traded.
That’s the extent of TradingTeck’s tool library, unfortunately. The asset index is a nice touch, but everything else on show is all just par for the course stuff.
TradingTeck Training Material
From an industry standpoint, having a sound education library helps to legitimize you compared to some of the lower-end traders out there. While it’s not the make or break for a lot of veteran traders, it is an essential thing to consider if you’re only starting to build your portfolio.
The quality and quantity of the training materials on TradingTeck range from very good to absolutely terrible.
Smack bang in the middle of this is the broker’s video guides on cryptocurrency. If that sounds a little bit out of place in this review, that’s because it is. While the actual material is so-so, not going into any great detail, what’s more important is to recognize that it’s there.
TradingTeck doesn’t actually offer crypto trading on its platform, so the inclusion of cryptocurrency training material is incredibly odd. While not an inherent red flag, it is something unusual that needs to be pointed out.
Where TradingTeck excels with training, however, is in its Forex video guides. There is a lot to unpackage here, including course information on MetaTrader. The materials are divided into topics, and then further broken down into beginner and advanced. There are also a number of videos on basic trading terminology.
This is by far the best feature of the entire site, and honestly, the only real good thing that I have to say about it.
At the very end of the training pile is the CFD video courses that are on offer, of which there is only one, and it’s actually already packaged in the Forex trading part as a side video. Why advertise this one by itself is anyone’s guess.
There are six total eBooks on the site, which is totally disappointing. There are two on Forex, two on CFDs, and two on crypto. Again, I have no idea why there is crypto educational material on here when the broker doesn’t offer crypto trading.
These eBooks really aren’t anything worth noting. You can find better reading material on the same subjects online for free.
The site claims to have webinars every Wednesday and Thursday. However, a more in-depth look into this reveals that every single webinar for the next several weeks is on the same vague topic, “global economic overview and trading strategies.” It doesn’t take a genius to point out that these webinars likely aren’t real, and again is a massive red flag.
Aside from that, you have access to a mediocre FAQ section, as well as a mostly useless glossary.
Overall, the training materials on offer here are pretty much on par with the rest of the site, which is to say very poorly, and incredibly shady.
The Trading Options Offered on TradingTeck
This is all well and good, but it’s unusual for a broker that offers every form of trading not to include crypto. Usually, the broker either specializes in one thing or covers everything. To have one glaring omission like that, especially when you have educational material on it, is very strange.
Outside of that, though, there isn’t too much to say about the actual trading that can be done through the broker. You have all the big techs like Apple and Tesla, your usual commodities like Gold and Silver, as well as all the significant CFDs.
That being said, there are much better one size fits all trading brokers out there. While you should never put all of your eggs in one basket, it can be handy having one central account to utilize when trading. Rather than using TradingTeck for this purpose, I’d advise you to use the likes of eXcentral or ETFinance. Both of these brokers are financially regulated and trustworthy, and even let you use bot integration to trade crypto on the platforms, (these ones actually have cryptocurrencies.)
Given how many red flags TradingTeck has raised already, I decided to look into just how legit the legal information behind the company was. The results of that research really shouldn’t come as a shock.
TradingTeck is not. Simply put, this is the red flag to end red flags. If a trading company is not regulated by a higher power, then there is something fishy going on, and you need to steer clear of it.
If, for some reason, that doesn’t convince you, let me dive into TradingTeck a little bit further.
TradingTeck is registered in the Grenadines. For those not in the now, that is a small island in the Caribbean. If you ever hear of a brokerage being offshore, this is what it’s referring to.
Why is this important? Well, the small nation doesn’t regulate the Forex market, essentially giving the brokerage free reign.
This means that the license that TradingTeck has is fraudulent. The company offers trading worldwide, which is a red flag itself, and yet holds absolutely no legal license to do so in any country.
Without a regulated license, there is little doubt in my mind when I say that TradingTeck is a scam. Do not, under any circumstance, invest money with this broker.