Tradehash.net Review is TradeHash a Scam or Legit Binary Broker

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TradeHash Review – 5 things you should know about tradehash.net

Beware! TradeHash is an offshore broker! Your investment may be at risk.

Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

TradeHash is a binary options broker, acting as a white label of another one – Pocket Option. Unfortunately both brokers are not regulated so if you are thinking about opening an account with them better read this review.

TradeHash is focused on the crypto market, offering some 60 crypto coins like Zcash, EOS, Ripple, Monero, Ethereum Classic, Stellar, Dash, NEM, Lisk, Litecoin, Bitcoin, Bitcoin Cash and Ethereum. Still there are conventional assets as well – over 30 major forex pairs with some exotic currencies like Mexican Peso, Hong Kong Dollar, Singapore Dollar, South African Rand, Russian Ruble and Polish Zloty.

The maximum payout with TradeHash is advertised to be as high as 95% and that is impressive. And yet as we already noted, we have some serious doubts abut their regulatory status, which we will discuss in the following paragraphs.

TradeHash regulation & safety of funds

The owner of TradeHash and Pocket Option is a Marshal Islands based company named Gembell Limited. And they claim to be regulated by the International Financial Market Relations Regulation Center (IFMRRC). That “regulator”, however turned out to be nothing more than an anonymous website issuing “licenses” to offshore brokers.

Legit licenses are issued only by legit regulators such as the Australian Securities and Investments Commission (ASIC), Financial Conduct Authority (FCA) in the UK or the Cyprus Securities and Exchange Commission (CySEC), where apart form the strict regulatory requirements, brokers are obliged to participate in traders compensation schemes.

For instance, if you trade with a CySEC broker your money will be insured up to 20 000 EUR, while with a FCA broker your insurance will cover up to 50 000 GBP.

Finally we should note that binary options bets are banned throughout EU altogether, which means that TradeHash and Pocket Option can not legally offer their services there.

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TradeHash deposit/withdrawal methods and fees

The minimum deposit requirement to start trading with TradeHash is 300USD and that is a bit higher than what most brokers would ask you for. Payment methods are various, including credit cards like VISA and MatsreCard, e-wallets like Neteller, Skrill, OK Pay, QIWI, Perfect Money, FasaPay, WebMoney, ePay, UnionPay, Baokim, Nganluong, Payeer, Payza, Alipay, GiroPay, AdvCash, CashU and Sofort, crypto coins, namely Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Monero, Zcash, Ripple and Dash, and bank wire.

And besides TradeHash will offer you a trading bonus, w hich is linked to a certain minimum trading volume requirement and some special withdraw conditions. The practice of offering trading bonuses is highly controversial and is banned throughout EU altogether.

How does the scam work?

More and more often nowadays scammers use the so called robo scam websites like Crypto Revolt and Bitcoin Evolution , where they hook for victims, luring them with promises of high and easy returns in exchange of a small investment. And if you are interested and leave your e-mail and phone, you will be immediately transferred to the web page of unregulated scam broker, where you will be offered to start trading with an initial deposit of about 250 USD.

And your first trades will be rather successful. That however is just part of the scam – scammers just want you to invest a larger amount.

And that is when you will receive a phone call by “your senior account manager”, who will basically explain, that if you really want to make some big cash you will surely have to invest more – like at least 10 000 USD.

And often people do not realize they have been scammed until the very moment they request to withdraw some of their funds. It will turns out a withdraw is not possible, because of some minimum trade volume requirement, linked to the welcoming bonus you have accepted. Certainly it could be anything, but whatever the excuse, in the end it will all come to the same – you will not be allowed to withdraw.

What to do if scammed?

If you are a victim of a scam, the chances to recover your money are pretty slim. And yet the best you can try is to file for a charge back with your credit card provider – VISA or MasterCard, both of which extended the maximum period in which you will be allowed to do that to 540 days.

And if you have told scammers your personal banking details like your credit card number or online banking password, immediately change the password and block your credit card.

Finally, if you do not want to be scammed a second time, do not accept any offers by the so called “recovery agencies”. They will simply make you pay them some money in advance and basically that will be the end of the story.

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Articles by Dave

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RISK DISCLOSURE

Trading binary options may not be suitable for everyone and may also not be legal in your jurisdiction,make sure you are aware of the risks involved as there could be total loss of capital. Don’t trade with money you cannot afford to lose. Binary Options is prohibited by the ESMA. BestBinaryOptionsWatch.com cannot be held liable for any damage resulting from use of information on this website. The FTC Required Affiliate Disclosure: BestBinaryOptionsWatch.com is a professional review site that is independently owned and as such, opinions expressed here are our own. We receive compensation from companies whose products we review. However our professionals test each products thoroughly and recommend the best.

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Best Binary Options Brokers 2020:
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  • Binomo
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    Good Choice For Experienced Traders! 2nd place in the ranking!

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