Traders88 Forex Broker

Note: Traders88's official website: https://Traders88.com/ is currently inaccessible normally.Traders88 Review SummaryFounded2021Registered Country/RegionSouth AfricaRegulationFSCA (Suspicious clone)Market InstrumentsCryptos, forex, commoditiesDemo Account❌EURUSD Spread1.3 pipsLeverageUp to 1:400Trading PlatformWeb-basedMin Deposit$250Customer SupportTel: 442038857664Email: support@traders88.comTraders88 Information Traders88's businesss was started from 2021 and offers trading services in crypto, forex and commodities for global clients. The company requires a minimum deposit of $250, which is relatively high comparing to industry standard. Leverage is up to 1:400 and the broker is said to provide a lousy web-based trading platform with simplistic functions. However, there are some warning signs about the broker's unrealiability: the unavailable website and the suspicious FSCA (Financial Sector Conduct Authority) clone status of regulation. These two factors together indicate extreme untrustworthiness of this broker that we strongly recommend you to stay away from with.Regulatory Status Traders88is regulated by FSCA (Financial Sector Conduct Authority) with licenses number 49213. However, the license is suspected to be fake clone, indicating that the broker might disguise itself as some other companies to mislead investors and conduct fraud activities. You should be highly aware about this and be vigilant with this broker.Regulated CountryRegulatorCurrent StatusRegulated EntityLicense TypeLicense NumberFSCASuspicious CloneRIBOVA HOLDING INVESTMENTS (PTY) LTDFinancial Service Corporate49213Downsides of Traders88 Unavailable website: Traders88's website cannot be opened currently, which indicates possibility of cease of operation. Regulatory concerns: The broker operates under suspicious FSCA clone, which would potentially expose investors to higher risks of fraud or mismanagement. High minimum deposit: The broker sets an entry point of $250 to open an account, which is higher for industry average and prevent beginners with limited capital to start trading.What Can I Trade on Traders88? Traders88 offers trading services in forex, cryptos and commodities.Forex (Foreign Exchange): The global marketplace for buying and selling currencies, where traders profit from changes in exchange rates between currency pairs.Commodities: Commodities are basic goods or raw materials that are interchangeable with other goods of the same type, often used in trade and production, such as precious metals like gold, silver, etc.Cryptos (Cryptocurrencies): Digital or virtual currencies that use cryptography for security and operate on decentralized networks, often based on blockchain technology.Tradable InstrumentsSupportedForex✔Commodities✔Cryptocurrencies✔Indices❌Stocks❌Bonds❌Options❌ETFs❌Account Type Traders88 neither offers a demo account as many of its peer brokers do, nor provides any details about its account types. We can only get the info that the broker requires a relatively high minimum deposit from $250, with EUR/USD spread from 1.3 pips.Leverage Traders88 offers leverage up to 1:400, which allows investors to control a position of 500 times of their initial deposits. However, you should be very prudent to use such tool since leverage not only amplify profits, but losses will be augmented at same level as well.Trading Platform Traders88 abuses the name of MetaTrader but actually provides a simplistic web-based trading platform which lacks essential trading tools and analysis resources.Trading PlatformSupportedAvailable DevicesSuitable forWeb-based✔Web/MT4❌/BeginnersMT5❌/Experienced tradersDeposit and Withdrawal Traders88 accpets funding methods via Credit/Debit card payment or Deposit by Phone, which we don't recommend at all since you should never disclose your bank card info to anyone else. The minimum withdrawal is 50UST via cards while 100USD via wire transfers through phone. And an extremely high withdrawal fee of 5% will be charged as well, eating up a large proportion of your profits.Fees A dormant fee of 10% or 100 UST per month will apply for accounts without trading activities within 60 days.