The Traders Domain Review: Is it a legit or a scam
Traders Domain is an online broker offering trading opportunities in Forex, crypto, and commodities markets. However, it seems that this broker doesn’t comply with regulations. And also we have seen many negative testimonials from clients.
Many traders had withdrawal issues, as we could see from some testimonials on forums. It is tricky to say if it’s definitely an unreliable broker.
So, in this article, we provide an outline regarding this brokerage offer, including instruments, accounts, and security. On the other hand, to create a complete picture, we take a look at the negative Trader Domain reviews.
Let’s first have a look at the general features that Traders Domain broker offers to their clients.
Traders Domain Services Overview
- Traders Domain is an ECN (Electronic Communication Network) broker offering to trade in Forex, Commodities, and Cryptocurrencies.
- You can deposit your funds using bank cards or cryptocurrencies.
- If you deposit using a bank card, the funds will be credited within 72 hours.
- Traders Domain also offers an IB (Broker Referral) partnership program.
- Traders Domain allows a passive investor to invest in her PAMM account and earn passive income.
- Traders can create account types such as Standard, ECN, Islamic, and Mini BTC.
- Brokers provide detailed specifications for each account and serve traders regardless of their trading experience.
- Brokers allow you to earn income not only from active trading but also from passive investments.
- Customers with forex trading experience can become investment account managers, but passive investors are also given the opportunity to make money.
- Traders Domain is owned by Traders Domain FX Ltd, registered in Saint Vincent and the Grenadines in October 2017.
Trading Conditions for Traders Domain Users
The broker provides the opportunity to trade more than 300 assets. Traders work through classic MT4 and MT5 platforms. Clients can register an account for both retail and professional trading.
The maximum leverage is 1:500. There are also demo accounts for testing trading strategies and Islamic accounts without swaps.
Spreads vary by the market and the type of asset. For Standard accounts, the spread fee starts at 1 pip; for ECN and Mini BTC accounts, spreads are from 0 pips in favorable market conditions. In addition to spreads, a fee of $7 per lot is charged for ECN and Mini BTC accounts. Islamic accounts have trading costs of $9 per lot.
Swaps are applied for all accounts except Islamic. They are charged for transferring a trading position overnight and are automatically converted into the basic currency of the account. Analysts of Traders Union have compiled a comparative table, which shows the average fees of Traders Domain, RoboForex, and PocketOption.
- News trading
- Forex instruments
Traders Domain Types of Accounts
There are 5 trading account options.
- Mini BTC
A trader can register with four types of accounts: Standard, ECN, BTC, and Islamic. These accounts, except Mini BTC, are available on the MT5 trading platform. Customers using MT4 register a mini BTC account.
Traders Domain offers various options for its clients. Traders can independently choose a convenient working option. It can be active trading or passive investment.
Market execution of orders provides the fastest processing of market transactions. The broker allows scalping and hedging.
When it comes to PAMM accounts, here’s how it works for investors and managers.
A broker does not impose limits on the number of investors who can participate in a particular PAMM account. Passive investors have the right to choose the type of income distribution from their PAMM account.
This brokerage offers managers the opportunity to open a trading account with no internal fees. Profitability can be tracked in your user account on the Traders Domain website. Account manager positions are only available to traders with cryptocurrency or forex trading experience. As brokers scrutinize potential managers, each manager is subject to specific requirements.
Traders Domain PAMM accounts
Traders domain allows investment in PMM accounts. How do PAMM accounts work for investors and managers?
The broker does not impose restrictions on the number of investors who can join a specific PAMM account.
A passive investor has the right to choose the type of distribution of income from a PAMM account.
The brokerage company provides an opportunity for managers to receive trading accounts without internal fees.
Profitability can be tracked in the user account on the Traders Domain platform.
The account manager position is available exclusively for traders with experience in trading cryptocurrencies or Forex. Certain requirements are imposed on each manager, as the broker does a rigorous investigation of potential managers.
Fees, Commissions, Leverage
Maximum leverage is 1:500. A minimum deposit of each account is $100, which is a maximum entry of $1,000 per ticket.
Market order execution is available for Standard, ECN, Islamic, and MINI BTC accounts. Margin Call/Stop Out is 50%/20% for Islamic and Standard Accounts. Withdrawal options and fees
Bank card funds are debited within 12 business days.
The maximum withdrawal amount is $3,000. The minimum withdrawal amount to a credit/debit card is $50. When trading cryptocurrencies, the minimum withdrawal amount is $100.
Cryptocurrency withdrawals are instant. The withdrawal fee is 2.5% of the amount.
Validation required. The seller can be verified through the user’s account.
Withdrawals may be declined in case the withdrawal request does not meet AML requirements.
Spreads start from 0 pips for some accounts. However, the commission is $7 per lot for most accounts. Also, there are swap fees that are not officially disclosed.
Issues With Withdrawing
As we have already outlined, there are a lot of bad reviews especially concerning withdrawals. This broker allows wire transfers, debit/credit cards, and crypto payments.
But beware that funding an account via cryptocurrencies can be dangerous since there is no chargeback option. Tracing your transactions in cryptocurrencies is also complex compared to transactions made through traditional methods.
Negative Balance Protection
In general, this kind of protection represents a mandatory feature for all reliable brokers. However, even if the broker complies with this requirement, there is no obligation to do so.
Without this feature, your investments are not safe. The moment you become aware of that, it may be too late. When it comes to tRaders Domain, it doesn’t offer this tool.
You can benefit from demo trading once you register on their platform. Therefore you can practice without risking the real money invested. However, since this broker is in the gray zone, leaving personal info upon registration makes you vulnerable to scams.
Advantages and Disadvantages
Due to many negative critics, we don’t find it quite pertinent to compare the pros and cons. This platform offers a large variety of assets and a range of trading accounts. Also, there is an attractive affiliate and partnership program.
There are many alluring features you can find out more about on their official website. But given that this is an unregulated broker with so many bad critics, we can say that there are more risks than benefits to trading on this platform.
Here is the list of other cons that don’t recommend this platform for any investments.
- Limited choice of deposit and withdrawal methods;
- Trader Domain doesn’t offer services to traders from Canada, Syria, Mauritius, the U.S., Iraq, Israel, Iran, New Zealand, Yemen, Myanmar, the UK, Afghanistan, Australia, Vanuatu, and the countries in the European Economic Areas.
- The broker seems to be unregulated and has withdrawal process issues.
Traders Domain Affiliate Program
Broker’s clients have the opportunity to participate in her IB program. As part of these terms, affiliates have access to discounts on brokerage fees and receive all necessary promotional materials. Clients nominated by the IB will be given the opportunity to trade Forex and access cryptocurrency trading.
You can see your partner bonus in your user account. Trading conditions for TradersDomain users This broker offers you the opportunity to trade his 300+ assets. The trader works using her classic MT4 and MT5 platforms. Clients can register accounts for both personal and professional trading.
Maximum leverage is 1:500. There is also a demo account for testing trading strategies and an Islamic account without swaps. Trade union experts thoroughly investigated working conditions at the brokerage firm.
Execution of orders in the market allows for the fastest settlement of market transactions. The broker allows scalping and hedging.
Partnership program from Traders Domain
For the broker’s clients, there is an opportunity to participate in the IB program. Under its terms, partners have access to discounts on brokerage fees and are offered all the necessary promotional materials. Clients referred by IBs get the opportunity to trade on the Forex market and to access trading cryptocurrencies. Partners’ bonuses can be viewed in the user account.
The Traders Domain Regulation Compliance
Traders Domain is owned by Traders Domain FX Ltd, registered in Saint Vincent and the Grenadines in October 2017.
However, for retailers, this registration means virtually nothing. In other words, SVG does not provide any regulation to the Forex market.
Instead, companies register their operations with the Financial Services Authority while being required to obtain a license in the countries they serve.
Therefore, the regulation of the traders domain must belong to one of the FCA, ASIC, BaFin, CFTC, or Tier 1 authorities. Upon searching, you can come across a warning that broker The Traders Domain is soliciting investors without proper oversight.
Also, most Tier 1 jurisdictions have leverage limits for retailers. The UK, EU, and Australia have a 1:30 limit, while the US allows 1:50. Traders domain offers up to 1:500, thus violating all regulations.
How safe is it to invest on Traders Domain Platform?
We have put a lot of effort into researching The Traders Domain Review and advise investors not to invest in Thetradersdomain.com as we suspect it is a potential fraudulent broker.
To avoid being fooled by investment scams, it is a wise idea to first check what other clients are saying about the company you are considering investing in.
After researching investment forums and social media platforms, we found that many people had negative experiences with Traders Domain and left conflicting opinions about it.
TheTradersDomain appears to be an unreliable investment company and should be verified before making any investment.
We have found that The Traders Domain had negative customer reviews and ratings on many websites, as well as low user trust scores. Only on Trustpilot, there are already 397 reviews, and almost 40% of them with the lowest rating.
After reading these reviews and all the negative and positive reviews on The Traders Domain, we suspect that this broker is not regulated and could be a potential scam broker.
How to keep yourself safe from fraud?
Scammers use various tricks to give the impression that they are making money easily and quickly. Many fraudulent companies use fictitious locations and government licenses to pretend to be headquartered in a regulated jurisdiction in order to appear credible in the eyes of potential customers.
Make sure available broker’s reviews do not contain anything negative about the broker’s withdrawal process. If you really want to trade online, look for a broker that is regulated, trustworthy, and has positive reviews.
Regarding trading platforms, there is an effective way that will allow you to avoid scammers 100%. These are regulations that only brokers who have a minimum of reliability can obtain. Of course, these are not sufficient to guarantee the best services, nor advantageous rates, for that matter. However, they are enough to allow you to eliminate all fraudulent brokers, even before you start to take a closer look.
Accessing the documents that justify the regulation of the broker is also easy. In general, the regulated broker has a tendency to put them forward to prove its legitimacy and gain the trust of as many potential customers as possible. However, if your doubts persist, you can always go to the relevant authority bodies. On their websites, you will find the complete list of brokers they regulate.
The steps to take if you think you’ve been scammed
Scammers are unfortunately all too common in the trading world, and you may find yourself a victim. If such a case occurs, there are still some actions you can take. You may contact your bank or credit card provider and request a chargeback.
Visa and MasterCard have defined forex transactions as high-risk and have taken steps to combat this, such as extending the time for filing a chargeback from six months to eighteen months. If the broker has your credit card details, you should immediately cancel the card.
It is essential to change your online banking password as soon as possible if you have shared it with someone. Be wary of potential calls from so-called “recovery agencies” that may be targeting victims of scams or those who have lost money in trading. They may ask for an initial payment for their services, but after paying them, they will not provide any legitimate aid.