TradingBloom Broker Review
First off, we want to make clear that the TradingBloom website was down as this review was being written. Only a few months after the company was banned by a number of authorities, they made the decision to shut down the website and disappear, leaving many people without any money. Read our TradingBloom review and compile all the evidence you’ll need in case of a dispute.
Broker status: Unregulated
Regulated by: Unlicensed brokerage
Scammers Websites: tradingbloom.com
Blacklisted as a Scam by: AMF Netherlands, AMF Quebec, FI, FSMA, CONSOB
Owned by: Bloomb Trading Facility B.V.
Headquarters Country: Netherlands
Foundation year: 2021
Supported Platforms: WebTrader, MT4
Minimum Deposit: 250 EUR
Cryptocurrencies: Yes
Types of Assets: FX, commodities, indices, shares, cryptocurrencies
Maximum Leverage: 1:200
Free Demo Account: No
Accepts US clients: No
How Does TradingBloom Regulation Compare?
AMF-regulated Bloomberg Trading Facility B.V.’s clone company, Bloomb Trading Facility B.V., used the name “TradingBloom” as its brand name. The Dutch authority issued a formal warning as soon as they learned about the plan.
Furthermore, contrary to what we are lead to assume, the Terms and Conditions state that the Site is governed by the laws of Estonia and Saint Vincent and the Grenadines, not Dutch law.
Why is a license required for brokers?
It is safer to obtain a Tier1 license so that the investment firm can adhere to the regulations and create compensation funds. Similar to other financial organizations, oversight is required to make sure everything runs well.
But it appears that TradingBloom is nothing more than an unlicensed copy of a regulated company. As a result, it is an unreliable and untrustworthy source of Forex and CFD trading.
Financial Regulators Issue Warnings About TradingBloom
The TradingBloom fraud has received several alerts, including those from Italy, the Netherlands, and Canada. Similar cautions were issued by the AMF of Quebec, the Netherlands, and the Italian CONSOB, alleging that TradingBloom is an unlicensed, fraudulent business that does illegal business.
The AMF warning was reposted by the Estonian FI.
An Italian warning was also republished at the same time by the Belgian FSMA.
TradingBloom Scam: Traders’ Reviews
Since the broker vanished, traders have fought to get their money back. The bulk of complaints are about withdrawal troubles, but some customers allege that the broker stole their money by using the remote device access program AnyDesk to take it directly out of their bank accounts.
The TradingBloom Trading Scam Is Active Where?
According to our analysis, the TradingBloom scam primarily operates in:
- Italy
- UK
- Germany
- Spain
- Albania
Additionally, we can infer from the warnings that the company was operating in Canada, Belgium, the Netherlands, and Estonia.
Supported Trading Platforms – Software for Trading
TradingBloom allegedly provided MT4 and WebTrader. Our investigation has revealed that MT4 is not TradingBloom’s platform; rather, it is a program that is borrowed from FXtoAll. Your money and personal information are at danger because the company does not own the platform. The WebTrader graphic is a normal TradingView chart as well.
Against all regulatory criteria, both platforms support leverage of up to 1:200.
All Information Regarding TradingBloom Trading Accounts
The varieties of TradingBloom accounts are still unknown because the website is inactive. However, we found out that the company also offered bonuses, and the minimum deposit was 250 EUR. However, if you take the bonus, you won’t be allowed to request a withdrawal until you’ve paid back the bonus and the initial deposit 25 times.
TradingBloom’s Selection of Trading Markets & Instruments
The following trading instruments were accessible through the broker:
- Еxchange rates
- Commodities
- Indices
- Shares
- Cryptocurrencies
Methods for Deposit and Withdrawal on TradingBloom
The following payment options are accepted by TradingBloom:
- Wire transfer
- Credit or debit cards
- Bitcoin
As previously indicated, the minimum withdrawal amount is 250 EUR or USD, with withdrawal costs that can range up to 50 EUR/USD depending on the payment type. The minimum deposit was 250 EUR.
Additionally, the broker assessed penalties to anyone who requested a withdrawal of cash prior to completing 200 executed trades. 10% of your account balance, according to the firm, could be charged. However, it’s not obvious if there are 200 trades or 200 lots in total.
Is TradingBloom A Scam Broker?
TradingBloom is a clone company of a Dutch-based company that offers forex and CFDs online. Get in touch with us for help getting your money back if this company has deceived you.
The Netherlands, Belgium, Italy, Estonia, and Canada have all placed TradingBloom on their lists of prohibited companies as scams.
Are you having trouble successfully requesting a withdrawal from your broker? Tell us about it and add a comment.
