Legal Information: Is TraderVesta Regulated?
As emphasized earlier, the official documentation claims that the TraderVesta investment platform is affiliated with AvaTrade. However, upon checking the legitimate AvaTrade website, there is no mention of TraderVesta. This appears to be a clever tactic designed to deceive unsuspecting traders.
The broker lacks the necessary licensing to offer Forex trading services, raising concerns about the potential for the platform to scam its users.
Rather than trusting unlicensed entities, it is advisable to choose regulated providers operating under the supervision of reputable financial authorities such as the FCA (UK), CFTC & NFA (US), ASIC (Australia), IIROC (Canada), BaFin (Germany), MAS (Singapore), CySEC (Cyprus), and others.
Who is TraderVesta Targeting?
According to godaddy.com/whois, the Tradervesta.com domain was registered on May 3, 2023. Since then, the platform has primarily targeted unsuspecting traders in the following countries:
- United Kingdom
- South Africa
- Canada
Each of these countries has stringent financial regulations to prevent unauthorized individuals from defrauding local traders. While South Africa may have relatively lax regulations, the UK and Canada are known for strict enforcement of market regulations. Notably, this broker violates regulations by offering users leverage exceeding the limits set in Europe (1:30) or North America (1:50).
Trader Reviews – Sharing Experiences
Reviews of TraderVesta are scarce, but complaints against the platform have been found, detailing how users lost money to this anonymous fraudster.
Traders on Reddit have expressed distrust in the platform, and a review on scamadviser.com mentioned that the cybercriminals behind the website demanded multiple ‘taxes’ for a trader to withdraw earnings—an illegal practice.
Which Trading Platform is Provided?
TraderVesta’s trading platform is a relatively basic web-based terminal supporting various trading instruments such as Forex currency pairs, indices, commodities, stocks, and cryptocurrencies.
Despite the enticing advertising on the deceptive website, the platform’s interface is lackluster, offering only basic charts, graphs, and indicators. Notably, there are no advanced tools or a demo account for a free trial.
For a more robust trading experience, it is recommended to opt for licensed providers supporting well-known third-party software like MetaTrader 4, MetaTrader 5, or cTrader. These platforms offer advanced features such as automated and algorithmic trading, sophisticated charting, live market reports, branch optimization, multiple timeframes, expert advisors (EAs), and a user-friendly interface.
Leverage, Spreads, Commissions
TraderVesta offers a maximum leverage of 1:1000, a level significantly higher than the legal limits in top-tier jurisdictions. While high leverage can amplify potential profits, it also exposes traders to greater potential losses.
The platform does not disclose information about spreads and commissions, raising concerns about potential hidden fees, a common tactic employed by scammers.
Additionally, TraderVesta provides clients with bonuses, a practice banned in Europe. However, these bonuses come with strings attached. The bonus policy stipulates that withdrawals are only possible after executing a minimum trading volume of 25 times the deposit amount plus the bonus—a requirement considered excessive and undesirable.
Deposit and Withdrawal Process
TraderVesta claims to support various payment methods for funding live trading accounts, including credit/debit cards, wire transfers, and e-wallets.
For users who deposited funds via MasterCard or VISA credit/debit cards, the platform states that chargebacks can be requested at the issuing bank within 540 days to reverse transactions. Wire transfers may be reversed through a recall, but this only applies to transactions yet to be completed.
Scammers often prefer crypto payments due to their difficulty to trace and undo, allowing them to remain anonymous and carry out their schemes. Reversing crypto transactions requires professional assistance, as these payments are challenging to undo. Fortunately, our team of experts is available to help recover funds in such cases.
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