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TradeSparkle Review – All You Need to Know About This Broker
Table of Content
The TradeSparkle website looks professional. When you look at their offer, you will think that you have hit a jackpot. Unfortunately, we have to disappoint you.
We scratched the surface of the tempting offer made by this broker and came to the conclusion that it it is a scam. When we tried to find key information such as company headquarters, registration and regulation in our research, the only thing we came up with was that TradeSparkle makes references to Bulgarian laws and regulations.
And when we checked the terms and conditions under which this scammer operates, we were confused as to how much TradeSparkle doesn’t hide that their business is based on harming users.
The purpose of this article is to warn you, it is too much of a risk for your money and personal data to invest in TradeSparkle. If you want to know the details, read our TradeSparkle review to the end.
Is TradeSparkle Broker Safe for Your Money? Regulation
Information about the regulation of the company is scattered on the TradeSparkle website, and it is very poor. TradeSparkle says its company headquarters are in London, UK, which is not true.
TradeSparkle cannot legally offer its financial services on the territory of the UK, because it does not have a license issued by the regulatory body FCA, which is a condition for entering the brokerage market.
Then we came across information in the terms and conditions of business that the broker refers to some kind of Bulgarian law. This raises the possibility that the company is registered in Bulgaria.
All in all, it is clear that this is an unregulated scam broker. This means that investing with this brokerage house is too risky because users do not have a legal framework to rely on.
What Trading Platforms Are Available?
This broker announces on its website that it owns one of the award-winning trading platforms. In addition, no description of the platform is given. It is not known what tools it offers, nor what additional functions it has.
When we tried to reach the trading platform, we failed. There is no link from which the platform can be downloaded, nor is access to the platform indicated anywhere on the website. This means that TradeSparkle may not even have a trading platform, which is not uncommon with scam brokers.
Account Types Available
TradeSparkle offers 4 account types, namely:
- Bronze account – $10,000.
- Silver account – $25,000.
- Gold account – $50,000.
- Platinum account – $100,000.
When choosing an account, the larger the account is, the greater its benefits supposedly are. It is part of the manipulation carried out by TradeSparkle to entice customers to pay larger sums of money.
Trading Instruments Overview
The range of trading instruments offered by this scam broker is not much different than what you would find with any other fraudulent brokerage out there. The broker offers currency pairs, indices, commodities, and cryptocurrencies.
It’s important to note that it doesn’t matter what trading instruments a scammer offer because they are still going to scam people. Making a big flashy offer is simply another part of the fraud perpetrated by these unscrupulous swindlers.
Deposit and Withdrawal Process
The information that TradeSparkle offers on its website is vague. The deposit and withdrawal methods allowed by the company are credit and debit cards and bank transfers.
Payment and withdrawal must be made through the same method. In addition, TradeSparkle requires a lot of personal data from its users, which poses a risk for the users. Also, the broker takes a 20% commission upfront.
There are also bonuses that make it difficult for clients to withdraw because a certain turnover must be fulfilled. The critical point is that TradeSparkle says it has the right to change its business policy at any time, without notice to clients, and does not take responsibility for client funds.
All this means that clients are constantly at risk of losing their investments. The minimum deposit is 10,000 dollars which is absurd.
How Do I Get My Money Back If TradeSparkle Scammed Me?
If you’ve been scammed by TradeSparkle, don’t be ashamed. If you deposited money with a Visa or Mastercard card, you will be able to request a refund through the bank that issued the card. The bank can return the funds to you if no more than 540 days have passed since your transaction.
If you paid via bank transfers you can recall that transfer easily if the recipient’s bank didn’t get the money. Getting your money back when you made a cryptocurrency transfer is a bit more difficult but still possible. Your best course of action here would be to report the scammer to your local law enforcement authorities.
After the research we have done, all we can say is that TradeSparkle is a scam broker. If you receive an email or an advertisement of this broker pops up somewhere else, just ignore it.
TradeSparkle is too risky for money and personal data of people who decide to invest. This broker failed on all fronts. They did not meet any conditions for the trust and investment of his clients. We hope we have warned you in time.
FAQs About TradeSparkle Broker
Is TradeSparkle a Scam Broker and Why?
TradeSparkle is a fraudulent broker, who gets rich at the expense of clients who become their victims.
What Is the Minimum Deposit for TradeSparkle Broker?
TradingSparkle does not specify the minimum deposit amount anywhere, and after reviewing the account types, it would be $10,000.
How Long Do TradeSparkle Withdrawals Take?
The TradSarkle website says that withdrawal requests are processed within 3 to 5 business days, but since this is a scam, there will likely be no refunds.
Is My Money Safe with TradeSparkle?
Neither your money nor your personal information is safe with TradeSparkle broker.