The site operated by this company may look nice and fresh, but it hides a dark secret. This dangerous boiler room actively targets beginner traders looking to make quick cash overnight. The entire scheme is set up to keep dragging its victims down until it clears out their entire bank account.
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Follow us as we analyze the dangers of online fraud and find ways to recover lost money. Our TradeState review will show you all.
| Regulated by: | Unregulated broker |
| Is This Company Safe? | No, never invest with unlicensed firms! |
| Known Websites: | trade-state.com |
| Have Warnings from: | CNMV, FI, A-TVP, FSMA, FIN-FSA |
| Registered in: | SVG (alleged) |
| Operating since: | 2023 |
| Trading Platforms: | No |
| Maximum Leverage: | 1:500 |
| Minimum Deposit: | $200 |
| Deposit Bonus: | No |
| Trading Assets: | Metals, CFDs on Stocks, Commodities, Indices, Crypto |
| Free Demo Account: | Yes |
| How to Withdraw from This Company? | Attempting to withdraw your funds may result in failure. In such cases, it would be best to contact our chargeback professionals and start a recovery procedure! |
Another SVG Entity
The website operated by the TradeState broker is located in Saint Vincent and the Grenadines. The small offshore nation is famous for its local regulator that doesn’t supervise online trading activities.
This means that firms can be legally incorporated but not licensed to operate as brokerage agents. Sadly, because the jurisdictional authorities do not sanction illicit activities, financial fraud runs amok. Indeed, after checking with SVGFSA, it turns out that the entity does exist and it has entered the register under the name of TRADE STATE GROUP LLC. Registration number (3275) checks out with the regulator’s database.
Authorities Alert Traders
As we’ve already discussed, it isn’t enough for a brokerage brand to just register their business. They have to obtain a license from a financial authority and be under legal supervision. Obviously, this little sham broker isn’t.
Multiple public warnings were issued on account of how the TradeState Forex dealer conducts business and which trader group it targets. Since the website is primarily in Spanish, the jurisdictional regulator in that country was the first to publish an alert. The CNMV warning was quickly reposted by FI, A-TVP, FSMA and FIN-FSA. This solidifies our doubts about the real intentions of this false online trading platform. It is evident that no security measures are implemented and traders risk losing their entire deposits.
Target Areas Revealed
The company’s website, trade-state.com, has been operational since October 2023, which is why we couldn’t find any TradeState reviews. The people running the con circle mostly focus on targets from these areas:
- Spain
- Australia
This doesn’t mean that the swindlers don’t contact marks from other nations as well. If you’ve had a run-in with these cyber criminals, contact our recovery experts as soon as possible!
Costly Accounts and Broken Download Links
The account types are tiered and offer very little in return for an exponentially higher required deposit. Here’s what they cost:
- Standard – $200
- Pro – $1,000
- Master – $5,000
- Elite – $10,000
Downloading any actual trading software from Trade-State.com is an impossible task. Instead of a trading platform, you get a .pdf file, which contains additional links. These, in turn, contain keywords for numerous known fraudulent brokerages – and none of them to a software download page.
A demo is allegedly available as well, but the lack of any tangible app makes this moot. However, that doesn’t stop the cons from claiming to offer access to these instrument groups:
- Metals – Gold, Silver, Platinum
- Stock CFDs – Tesla, Meta, Ford
- Commodities – Wheat, Cocoa, N.Gas
- Crypto – BTC, ETH, LTC, LUNA
- Indexes – NASDAQ, IBEX, CHINA50
Trading Terms Scream Scam
As widely known, trading conditions offered in the EU, UK, and similarly regulated countries have to limit maximum leverage to 1:30. That’s why you’ll immediately recognize WellVest.pro and the TradeState scam for their leverage of 1:500 and potentially even more.
Alongside the increased exposure, spreads vary from 2.6 pips for the starter account to 0.8 pips for the most expensive package. Unfortunately, no other clarifications were made regarding costs, fees, and hidden taxes, which is yet another red flag on its own.
Withdrawals Get Stonewalled
Accessing the client area, we have managed to learn the supported payment methods to be bank transfer, cryptocurrency transfer, and an e-payment provider called FairPay. For withdrawals, only bank transfers and crypto transfers are available. As expected, there is no automatic payment processing, and clients need to fill in a form and hope for the best.
What’s worse, the Terms and Conditions document is a single page long and never outlines any TradeState withdrawal policy whatsoever. Ultimately, you’ll have to go through the person who pestered you to invest in the first place and risk falling for an up-front fee scam.
Automatic Responses Only
Trying to get in touch with customer support is a futile business. Although there are several channels allegedly supported, your questions won’t be answered whatever you do.
We tried to send an email and fill in the online form, but no response ever came. All we ever got were automated system responses pertaining to creating a new account.
The only way to actually reach out to the customer support office is through whatever agent recruited you in the first place. This isn’t a smart thing to do, as you’ll only subject yourself to more manipulation and extortion.
I Got Scammed! What Can I Do Now?
Unfortunately, there are numerous deceitful companies like this one or CustomTrade that are only looking to take advantage of traders. This website doesn’t provide any service or product and instead exists only to steal your money.
If you’ve invested any funds with this fraudulent entity, feel free to seek help from our expert team. You may reach up at any time by using the live chat, and book a free first consultation at your convenience.
