TouchTrades Review – Scam or Honest Withdrawal Process?
Touchtrades is a new online brokerage that allows it’s customers to invest in a huge range of different assets all for an extremely competitive price. You can trade over 40 currencies including AUD/JPY, AUD/CAD, Euros and of course a lot more, as well as that you can trade stocks like Coke, Google and Facebook and they have Indices as well. TouchTrades offer live support and translate their website into Italian, Polish, Spanish and Russian so their customers are not limited to just the UK, Australia, USA and other English speaking countries.
A big worry for new customers looking to sign up with new brokers is the fact that they are still looking to learn and TouchTrades seems to know this. This is why they offer their customers the option to sign up with a free a demo account and trade with fake money. To be eligible for that you have to be 18 years or over and bank deposit is not required. For newbie traders as well they don’t stop there as they also offer a resource centre that provides performance stats, volatility analysis, alert systems and free helpful videos and ebooks.
The help doesn’t stop there for newbies as TouchTrades offer a range of other useful automatic tools. They have an automatic algorithmic that is available to some customers that will spread the risk by investing your money in a range of different markets so that you don’t have all your eggs in one basket which is an often smart way to go about things. To get access to this you simply just have to contact your account manager after your account has been created.
For Experienced Traders
For the more experience traders TouchTrade will be beneficial as I can see that they offer the MT4 software for free download and they also have a cloud based web terminal alternative. There are also various promotions open for customers looking to invest larger amounts of money. For example someone looking to open VIP account will currently get a 100% deposit bonus and anyone who deposits over $25000 will have their money transferred to a separate barclays bank account that the TouchTrade staff claim to (no pun intended) not touch for the duration of you time as a customer.
One of the biggest issue with online brokers comes when customers eventually make a profit and think they have signed up with an amazing broker. The fact of the matter is you are not free of a scam until that money has hit your bank account. This is the point where most brokers will pull the trigger on their scam. TouchTrades claims that for a customer to withdraw money to their account all they have to do is first contact an account manager to begin the process.
They then require a photocopy of the back and front of your credit card. Sounds extremely sketchy I know but they state you can block the lost four digits of your card number and the CVV number on the back of your card. They need a photocopy of a utility bill and some form ID which could be a passport or drivers license. If you are able to provide all this information and your account is verified it looks like TouchTrades will honor your request.
I am interested to hear if there are any customers reading this who successfully managed to withdraw money to their account. Please leave a comment below and I will approve it so everyone else can read your feedback.