TradeiAM is a new CFD and FX broker on the market, which website was officially launched at the end of June 2017. Usually, traders expect from the new brokers a high degree of reliability and truly unprecedented experience. Unfortunately, TradeiAM has not lived up to our expectations. Is TradeiAM scam?
Here you can see what is particularly wrong with this broker:
- Many issues with the trading platform
- Absence of the demo account
- No live chat and pretty basic FAQ
- The website is available only in English
- No educational content
- Questionable affiliate program
As this was just a top of the iceberg, let’s now jump to our full review TradeiAM.
Opening an account does not take much time. Once the account is registered and activated, the user is instantly forwarded to the web trading platform. Before any trading, the broker will ask the trader to finish account verification by submitting the copy of ID, passport or any other valid document. However, we strongly advise withholding from providing any documents to TradeiAM scam.
To fund the account or withdraw money, the trader can use only credit/debit cards and wire transfers.
TradeiAM Opinions: Account types
As soon as the trader meets the minimum deposit requirement of 25$/£/€, he will have to pick one of the three account packages:
Commissions Only Account
Although we do not recommend dealing with the scam brokers, we still suggest taking a look at the live trading accounts’ features.
Spreads Account is the most basic account offered by the broker. This package allows trading with leverage up to 1:300. The broker claims to be ECN, but this is unlikely to be true. Our TradeiAM review found out that the broker charges pretty high floating spreads – starting from 1.6 pips.
As the name implies, the Hybrid account owners are charged both with the commissions and spreads. Spreads start with 0.4 pips, while the commission is 7 $/£/€ per 100,000. In addition, this account allows traders to utilize hedging, scalping, algotrading and arbitrage strategies. The minimum deposit, however, is $1000.
Commissions Only account offers mostly the same functionality as other account types. The only distinction is 8 $/£/€ commission and 0 spreads. This account package also includes the feature of portfolio management by a Swiss Investment House. TradeiAM offers all this for the minimum deposit of $5000.
As you can see, TradeiAM Forex broker does not offer anything exciting here. Furthermore, It is vital to mention that the broker does not provide any kind of the practice or demo account. This deprives the beginner traders of learning in the risk-free environment. Testing the strategies is also impossible. It is fair to say that the absence of the demo is definitely not a sign of a good broker.
TradeiAM Trading Platform Review
There are two trading platforms provided by TradeiAM – their own web-based platform and the desktop MT4. Mobile trading apps on iOS and Android are not available with this broker.
Trading on the TradeiAM web platform is definitely not worthwhile. The platform seems to be unfinished and there is a big room for improvement. The platform glitches and delayed response time can deteriorate the trading experience significantly. It can lead to considerable slippage, which oftentimes can be quite costly for the trader. Additionally, candlesticks are working incorrectly on TradeiAM platform for some reasons.
Charts can be viewed only in 3 time frames – 1 minute, 1 hour and 1 day. This might suit a beginner to a certain extent, but advanced traders will be dissatisfied. For those who prefer technical analysis tools, there is also nothing to hope for. There are only three types of technical indicators – MAs, RSI and Bollinger Bands.
Taking into account the current state of the platform and high trading fees, we do not think that it is possible to make any profits with TradeiAM.
As we aimed to make one of the most insightful TradeiAM reviews, we also devoted some time to check the affiliate program offered by this broker. Basically, becoming the affiliate with TradeiAM is not a highly rewarding experience. First of all, there is only compensation method available – that is 50% revenue share. No other options available.
What’s more, TradeiAM affiliate page demonstrates the real time statistics of their client base and a current number of affiliates. These stats are totally absurd, as it is just not possible to reach such figures within such a limited period of time. This raises a lot of questions whether the broker can be trusted at all.
Is TradeiAM legit?
TradeiAM is the new branch of Vistabrokers CIF Ltd, the company that has not the best reputation among the brokerage firms. Even though TradeiAM is licensed by CySEC, it seems that they promise more than they actually offer. As the verdict to this review, we would not recommend signing up with TradeiAM.