Is Titan Trade a scam broker?
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TitanTrade is owned and operated by Titan Trade Capital Ltd located at Mahe Seychelles. They started their operations in 2013. At the bottom of their site one can see copyright by tradettn.com. Even the name of DOM Technology Services Ltd, located at London UK appears. One more address of the company appeared to be located at Belize City Belize. But the financial regulators of Belize deny any such company at the said address.
Account types available are Micro (minimum deposit $500), Classic Account ($ 1000), Premium Trading ($ 2500), Platinum Trading ($ 5000), and VIP trading ($ 10000+). More facilities are provided in higher accounts but costs are also higher in those accounts. A wide selection of account types makes it easier for users to choose which exactly fits their pockets and the trading preference they need.
Titan Trade uses SpotOption platform which has binary options trading along with CFD and forex trading. They have upgraded to SpotOption 2.0. Using advanced trading tool one gets not only simple binary moves but also different trading modes. Trading modes and different additional features enable users to use platform that suits their trading style the best. There is no need to download or upgrade any software and is assessable from any browser.
The website is simple and easy to navigate as there is not much clutter and hotchpotch. Live price charts help traders to be up-to-date and help in faster and effective decision making.
Their asset basket includes 12 currency pairs, 7 commodities, 20 indices, and 19 stocks. But it is noticed that the basket keeps on shrinking. For trading, they have one touch, 60 seconds and expiry time can range from 60 seconds to 15 minutes to end of trading day. Long-term options can be set to the end of the year.
Titan Trade is a scam broker as it is not registered and regulated. Their minimum deposit is $500 for Micro account which is too high by any standards. The industry average is around $ 250, though some brokers who are not regulated ask for $ 100 as a minimum deposit.
Credit/debit card and bank wire transfer are two methods for depositing and withdrawal method will be the same as depositing method for each account. Turnover needed to withdraw is 20X of deposited amount + bonus. The minimum withdrawal is 50 units (the currency you used) for cards and 100 units for wire transfer. The bonus is 50% for all standard accounts and 75% for all deluxe accounts. The bonus is tailor-made for higher accounts but the required turnover remains the same.
Their home page proclaims in their tagline “earn limitless wealth trading forex and CFDs”. Actually, there is nothing as limitless wealth. It is just a bait to lure traders and common people. They do not talk about the risk involved.
Credit cards are charged without trader’s permission. That is an indication of giving keys to your safe to someone unknown. This is how people are scammed online.Titan Trade is a scam broker and has virtually shut down its site. There is hardly anything available on their site at present. So if you too are a victim of Titan Trade or any other scam you can contact MyChargeBack to take you out of the mess. They have a team of professionals from different fields and build up a strong case against the fraudulent company which is easy to corner them.