Is Tropical Trade a scam broker?
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Tropical Trade is owned by Cumberland Capital located at Liverpool UK. They are binary options broker that opened in 2015. They are unregulated brokers.
The trading platform is Panda Trading software. It offers standard high/low, one touch, hyper, and range. Traders who wish to play high speed can take advantage of 30, 60 seconds and 2, 5, and 10 minutes option. There are more than 100 assets. Site claims return on high/low binary is 81 percent for EUR/USD pair.
Forex traders can find all major currencies pairs to trade like USD, EUR, Swiss Franc, Turkish Lira, New Zealand Dollar, British Pound, and Canadian Dollar.
Major companies stocks of European and American can be traded. Indices include Nasdaq, S&P 500, DOW, DAX, and CAC.
Commodities include gold, silver, copper, and oil.
On company’s website traders can access all the breaking financial news, trading strategies, new ideas, daily and weekly market reviews and analysis. They do not have a demo account.
There is an education center where new traders along with experienced traders can learn and sharpen their trading skills and improve upon their knowledge in binary options trading. Educational material is in form of text, e-books, videos, and webinars.
Traders can also utilize resources and various trading tools like economic and finance calendars, tutorials, comprehensive FAQ and trading glossaries to their advantage.
The trading platform is such that it runs on the desktop, laptop mobile, and tablets. Trading apps for iOS and Android devices can be downloaded from App Store and Google Play.
Traders can choose account types that suit their pocket. Account types are basic, professional, expert, VIP, and corporate. Each account type has different initial deposit and bonuses. Available currencies for accounts are USD, EUR, GBP, AUD, and CAD. Deposits can be made through credit/debit cards, wire transfer, and Netteller.
Tropical Trade is a scam broker and has gone offline. Their official site states that it is facing closure and now is no longer capable of providing digital financial services to their clients.
One of the authors opened an account in optionrobot.com and he was assigned Tropical Trade as the broker. In short-term whenever the author places trade it takes few seconds to accept it (a time delay or lag). And the prices change abruptly and are mostly unfavorable to him.
One more author suggests that if you are trading with licensed or unlicensed do not let broker trade for you.
Many traders have more or less the same story. Once a trader starts winning few trades he/she is referred to senior advisers. Once senior advisors trade they lose most of the trade and traders money in the process. On the advice of the senior manager, one of the authors kept on losing trades. Then he started trading on his own and won nearly 80 percent of trades. When he went in for withdrawal the process was very long. Then the company starts talking that to withdraw he does not meet the stipulated turnover conditions and the trader cannot withdraw.
Tropical Trade is a scam broker and has now closed their operations. Many traders’ funds have been stuck in the company. If you are also a victim of Tropical Trade scam and do not know how to retrieve your money you can contact MyChargeBack and figure out how things work out for you. A team of experts will review your case and build your case in order to provide the tools needed to get your money back.