WikiFX Review: Tradovate, A Broker That You Need to be Aware of

What Tradovate is

Owned by the company called Tradovate Holdings, LLC, Tradovate is an online futures and options broker offering financial services related to many market instruments, including Indexes, Currencies, Metals, Energies, Meats & Softs. Tradovate mainly provides futures and options trading services to investors through its developed Tradovate trading platform. This broker was established in 2015 and has relatively enough experience in the forex market.

(source: WikiFX)

(source:Tradovate website)

Regulation

According to its website, Tradovate, LLC claimed to be a member of the NFA and registered with the CFTC. However, according to WikiFX, the United StatesNFA regulatory with license number: 0485810 claimed by Tradovate is a suspicious clone. Therefore, at this point, we can not confirm that Tradovate is a regulated broker. WikiFX has given this broker a very low rating of 1.41/10. we advise those traders who are planning to invest in this broker to be aware of the potential risks.

(Note: Because different regions or countries have different levels of regulatory strictness, the score of the same broker might be slightly varied in other regions or countries. For details, please consult WikiFX customer service.)

Non-MT4/MT5 Platform

The MT4 and MT5 trading platforms are the gold standards for Forex trading, with a user-friendly trading interface, powerful charting tools, and a large number of custom indicators that support automated trading and EA trading. Today, many famous brokers use MT4/MT5 as their main trading platforms. While this broker seems not to use MT4/MT5 Platform. Instead, Tradovate uses its own trading platform, which we can not confirm the reliability.

(source:Tradovate website)

Deposit and Withdrawal of Tradovate

Tradovate supports investors to deposit and withdraw funds from their investment accounts by sending checks by post, wire transfer, or ACH bank transfer. Tradovate offers a more limited range of deposit and withdrawal methods than other traders who offer a variety of popular deposit and withdrawal methods.

Customer support

Tradovate can be reached through phone, email, and Live-chat. Besides, you can join in on the conversation in Tradovates exclusive Customer Forum.

Exposure related to Tradovate on WikiFX

As of April 25, 2022, we have found 2 complaints from traders on WikiFX.

One trader from Argentina claimed that he/she can not withdraw money from Tradovate. Tradovate refused the withdrawal request without giving reasons. Even worse, Tradovate charged traders an extra fee. Besides, this trader complained that the support team of this broker is not helpful.

Another trader who comes from Mexico complained that he/she lost control of his/her money after investing in Tradovate.

Conclusion

we can not consider Tradovate as a regulated broker, since the United StatesNFA regulatory with license number: 0485810 claimed by Tradovate is a suspicious clone. It is risky for traders to trade with an unlicensed broker, especially when it has bad tracking records of withdrawal refusal. We advise you to do more research and make yourself comfortable before making a decision. Additionally, in case you are seeking more broker reviews, we want to invite you to read our other reviews on FXSway and NovaTech,which may give you a different way of thinking when trading.

If you want to know more information about the reliability of certain brokers, you can open our website (https://www.WikiFX.com/en). Or you can download the WikiFX APP for free through this link (https://www.wikifx.com/en/download.html). Running well in both the Android system and the IOS system, the WikiFX APP offers you the easiest and most convenient way to seek the brokers you are curious about.