TraderKing is a relatively new broker that showed up on the financial market. For the sake of our clients, we decided to do a search for this broker and we had what to find.
First of all, their official website traderking.io does not work. Our TraderKing review showed another website that they probably made in the meantime, but all you can do on this website is open an account. Literally, no details provided. Red flag on the start!
|Headquarters Country:||St. Vincent and Grenadines|
|Supported Platforms:||MT4, WebTrader, Mobile Trader|
TraderKing Regulation and security
TraderKing broker is a brand of Lotens Partners LTD, registered in St. Vincent and Grenadines, offshore country. Just for our readers’ better understanding, Lotens Partners LTD already has several brands reported as fraud at FCA (the UK regulatory body).
If you ask is TraderKing regulated – the simple answer is no! TraderKing regulation could not be found in any regulatory body. Since they do not have a functioning website, they can’t even claim they have some sort of license. We can easily conclude that TraderKing is a scam.
In which countries is TraderKing operating?
Since they do not have a website nor the regulation, we can only conclude that this broker is possibly operating in any country. This is why you need to be extra careful if you ever come across the name of TraderKing. We checked the reviews of the company on Trustpilot and similar websites, and all we can say is that the majority of their clients are coming from the UK.
Warnings from Financial Regulators
Our review showed that TraderKing broker is listed as a scam on the Federal Conduct Authority official website.
“This firm is not authorised by us and is targeting people in the UK. Based upon information we hold, we believe it is carrying on regulated activities which require authorisation.”Federal Conduct Authority
They were listed as unregulated in July 2020, the same year they have been established. FCA also published some of the emails the employees at TraderKing broker are using, so people will recognize them easier. The list has also been updated with TraderKing new website. This gave us firm confirmation that TraderKing is a scam broker.
Besides this warning, there are many other reviews of the people scammed but this particular broker.
TraderKing Trading Platform
Since we could not access their official website and the second website does not provide any information on the trading platform, all we can tell is that this broker provides MT4 trading platform along with web trader and mobile trader.
They are also claiming to provide automated trading software, which is one of the most common scams nowadays. From the stories we got from people involved with TraderKing, this broker, or better said its employees are promising clients quick profit and big returns.
Which trading instruments broker offers?
TraderKing broker is offering various instruments such as Forex and CFDs (commodities, shares, indicies, cryptocurrencies). In order for them to conduct any of these trades, they need to have regulation from any financial institution. Since we already determined that they do not hold any license, this broker is offering unregulated services.
Therefore, you shouldn’t be surprised if you manage to make a profit either on the Forex market or with CFDs, and then cannot withdraw it. The minimum deposit with this broker is 250$, and you can place the deposit via bank card or bank account. Since they do not have any regulation, they are not obligated to provide any leverage, and are not limited in providing it.
Scammed by TraderKing broker? Here is what to do!
Even though it is very obvious from the start of our TraderKing review that this broker is a scam, some people still fell for it. Important thing is to know that you are not the only one, and there is a solution. In case you made a deposit with TraderKing broker, the first thing you should do is request a chargeback.
In order for you to increase your chances for the money back, contact our team of professionals to assist you with the procedure. Get in touch with us now!
What is TraderKing?
TraderKing is a brand of Lotens Partners LTD, registered in St. Vincent and Grenadines, offshore country. It is an online trading platform provider conducting financial services to clients.
Is TraderKing regulated?
TraderKing broker is not regulated by any regulatory body and does not have any licenses for conducting financial services. Therefore, it is operating illegally.
What is the minimum deposit with TraderKing?
The minimum deposit is 250$ and can be made either via debit/credit card, bank account or E-wallet.
Is TraderKing safe?
The simple answer to this question is no. TraderKing does not hold any license or regulation for its business and it is operating illegally. Therefore, our review of TraderKing showed that this broker is not safe.