Table of Content
Tradehall Review – Find Out More About This Scam Broker
Table of Content
Tradehall Review, Even we were fooled at the start. We thought that they are legit and regulated. But how wrong we were.
Tradehall presents itself as an innovative and reliable retail broker offering traders over 250 instruments, including forex pairs and CFDs on indices, commodities, shares, ETFs, and cryptocurrencies, all of which are on the renowned MetaTrader5 platform.
And they also claim to be regulated in Australia and the USA. All of this sounds amazing but unfortunately, it is not true. We found out that Tradehall only presents itself as an honest and regulated broker but in reality, they are not.
|Headquarters||SVG, Australia, Canada, US|
|Review Rating||1 out of 5|
Tradehall Regulation and Fund Security
As we already said they present themselves as being licensed but in reality, they are not. Despite all their claims of being regulated in the USA, Australia, and even the SVG, all of that is simply not true.
We diligently checked the online registries of the relevant authorities in these countries and here is what we found out. As expected, Tradehall isn’t an NFA member, so they are simply lying about being regulated in the USA.
Otherwise, a company with the name Tradehall Pty Ltd is indeed authorized to operate as a representative of a legit company that is authorized by the Australian Securities and Investments Commission (ASIC).
That said, we should make clear that the Tradehall firm isn’t a holder of an ASIC license itself. And what is worse, we found out that clients of Tradehall don’t contract the authorized representative, but another company, called Tradehall Limited. Which appears to be based in Hong Kong, and not licensed by any authority whatsoever. This all just tells us that we are dealing with a scam.
Tradehall Trading Platform Overview
The trading software consists of the MetaTrader5 platform. We were very surprised. This is one of the best platforms in the forex trade world as it has an excellent package of trading tools and instruments that help to enhance traders’ experience.
Using the MetaTrader5 platform gave us the impression that we are dealing with a regulated broker. Since most scam brokers do not offer this type of trading platform. But this is just all part of their scheme.
So we recommend that you trade with a more trusted broker and stay away from Tradehall.
Available Account Types Offered at Tradehall
When it comes to accounts, Tradehall offers three different account types. All of those accounts offer something different. But at the same time, there is not a big difference between them except for the price.
The first account is called a Standard account and it costs $100 to be opened. The next account is called an ECN account which costs $3000 to be opened. And the final account is called the ECN VIP account which costs $20000.
On top of that Tradehall does offer a demo account. That being said many claims that their demo account is not working so we don’t know what to say.
Trading Instruments at Tradehall
Tradehall is a forex broker. And as we said they offer a MetaTrader5 trader platform. They are said to be trading with crypto, indices, forex, commodities, shares, and ETFs. All of this sounds amazing and most top brokers offer them.
But we can’t trust a word they say since they are not regulated in the first place. And we suggest that you invest in a more trustworthy broker.
Tradehall Deposit and Withdrawal
The first thing that we noticed is that the Terms and Conditions document that regulates the legalities and the financial matters is missing. As we said the minimum deposit is $100. It may not look like much money, however, please compare it with other licensed brokers who ask for as little as $1 to $5.
On the company’s interface, we found displayed the payment methods which included VISA, MasterCard, UnionPay, PayPal, Neteller, Skrill, Webmoney, and ePayments. There is no other information regarding how financial matters are organized, so we don’t know if there are any fees for deposit/withdrawal included when trading.
I Was Scammed by Tradehall – How Can I Get My Money Back?
If this happens to you, our advice is to act immediately, and if you have paid your deposit via credit/debit card, to file for chargeback which is retroactive cancellation and refund of your previous transaction.
Visa and MasterCard give you 540 days time limit to file for chargeback which gives you a fighting chance to recover your money. However, if you have used Bitcoin or bank wire for your payment, the chances of you recovering your money are slim.
Whatever you do to recover your funds, beware of the so-called recovery agents. Please make sure that you are dealing with a genuine one by checking their credentials and the company’s information transparency. Otherwise, you may fall victim to another form of scam.
Canceling your credit/debit card in case you have given the scammers your CVV code may be another good idea. Also, make sure to remove from your PC any software that may give scammers access to the private data stored on your computer.
We conducted this Tradehall review to shine a light on many shady tactics scam companies use to trick new and less experienced borrowers. They allegedly allow their clients to invest in all sorts of things. But in reality, what they are doing is stealing your money.
We advise you to always think twice before taking any risks while investing money and keep in mind that this scam will try to convince you to invest $100 while legit brokers will ask for as little as $5 as an initial deposit.
Don’t forget to always do proper research as a necessary step especially if you are new to trading. Many phony brokers appear overnight so you need to be cautious.
FAQs About Tradehall Broker
Is Tradehall A Good Broker?
No, they can not be trusted.
How Long Do Tradehall Withdrawals Take?
They can take up to two days.
Does Tradehall Offer a Demo Account?
Yes, but it is not working all of the time.