Tesco PLC Trade Review: Tescoplctrade.com Forex Scam
Tesco PLC Trade (Tescoplctrade.com) is operating with a warning already out regarding their scam platform. TescoPLC Trade is targeting European investors and the financial regulatory bodies have blacklisted them as a scam. TescoPLCTrade is offering Forex trading with no one ever withdrawing funds from them. And this makes it a horrible platform to invest and even use as an affiliate. Read this genuine TESCO PLC TRADE Review for more details.
About Tesco PLC Trade
The platform claims to be an investment company which is a leading online trading service provider. Scam artists will do or say anything to try and make their platforms appear legit. And this is what Tesco PLC Trade is doing with their sleazy trading platform. They claim to use external auditors to enhance their operation which is another lie. The platform does not comply with set regulations and is openly breaking industry rules. It is best to stay away and use industry recommended and top rated brokers. With a proven expert by your side, you trade knowing your funds are safe at all times.
They claim to have a variety of assets and at the same time, never share the full details. According to their website, no information is given regarding the company ownership. Tesco PLC Trade is completely anonymous as no one knows the name of the founding members. Traders are depositing funds to an unknown third party as the platform has no social media presence. It is best to read reviews before committing yourself to any platform. Smart traders also use Approved and Transparent Forex trading robots for a realistic and safe trading experience.
Asset Index
The platform claims to offer Commodities, Forex, Indices, and Stocks. Commodities listed include Gold, Palladium, and Silver. When it comes to Forex, they claim to have over 60 trading instruments with deep liquidity. Forex assets come with 1:500 leverage and spread from 0.0 pips. They have 24 indices with leverage of 1:200 with no commissions attached. Tesco PLC Trade is claiming to offer over 120 trading stocks. Members are promised to earn dividends and trade from NASDAQ and NYSE.
Domain Details
When it comes to their domain details, things get real as we get to expose their scam. Tesco PLC Trade is claiming to have been in the industry for over five years. The trusted domain checker whoisAPI shows otherwise. According to the domain register, their website was created on 2nd October 2019. It means they are barely a year old and have already started misinforming members. Thanks to our years of investing and trading, we do know how to spot a scam from a mile away.
Education
When it comes to educating their members, Tesco PLC Trade is far from offering the best education. They list Forex guides, Glossary and individual trading as part of their education. When it comes to individual training, these scam artists are using videos from established experts. They have posted articles on trading psychology which is not really important. These scam artists don’t offer the required standards when it comes to educating members. It is best to stay away from their educational materials.
License and Registration of Tesco PLC Trade
When it comes to their license and registration, tesco plc trade does not offer any documents. They have no proof that they have complied with industry set regulations. One expects a platform to post copies of their license documents for all to see. The platform fails to do so and there is no license number posted on their homepage. A license number is crucial as some scam artists use random numbers to try and fool investors. Others use licensed numbers from already vetted entities.
The Financial Conduct Authority in the UK has already issued a warning regarding this platform. When a regulator issues a warning, then the platform has been breaking set industry regulations. Tesco PLC Trade is not licensed or regulated by any regulatory body in the world. We also checked with leading EU regulatory bodies to confirm whether the platform is valid. None of them has ever licensed or regulated this platform. Whoever signs up should know they are putting their funds at risk.
Limitations of Tesco PLC Trade
Account Details
Tesco PLC Trade is furnishing users with five account types to choose from. Accounts listed include Basic, Silver, Gold, Platinum, and Diamond. The leverage set is between 1:200 and 1:500. Floating spread is between 2.0 and 0.4 -1.2. Each account comes with a 100 percent welcome bonus which is a huge trap. The platform has failed to mention the acceptable minimum deposit which is a huge problem. And this is why we must expose them as members are being forced to deposit more funds. The acceptable industry depository price is set at $250.
Account Managers
The platform claims to have an account manager which is a huge problem. These account managers have no trading experience and leaves traders with heavy losses. Most traders are forced to give control of their accounts to these scam artists. And this is where the account managers profit from the losses made. Watch out for those especially from blacklisted platforms.
Bonus
Tesco PLC Trade is promising traders of the first three accounts with 100 percent welcome bonus. Platinum and Diamond account holders are promised 150 and 200 percent welcome bonus respectively. Scam artists will post a high bonus package and later demand you pay it back. Forex authorities have been looking into ways of banning bonuses. And this could be detrimental as scam artist are using bonuses to block withdrawals. Stay away as the platform is offering insane bonus prices with no trading occurring.
Contact and Customer Support
With all their claims of being the best, they fail to have an effective communication system. Looking at their contact page, they have listed an email phone, and P.O Box. The problem with emails is at times, they take long to get any response. With the phone number listed, these scam artists have hired a call agent from the UK.
Deposit and withdrawal
The payment options listed include Bank transfer, Bitcoin, MasterCard, MoneyGram, and Visa. Scam artists will play it right when it comes to depository channels. Some of the channels missing include Neteller and Skrill. The problem with this platform is no one has been able to withdraw funds. Without withdrawing funds, it makes the process useless. Why invest in a platform that never allows traders to withdraw funds? Only scam artists come up with such illicit online trading investment ventures.
Safety of funds with Tesco PLC Trade
Tesco PLC Trade is not insuring funds as expected by the law and such, putting members at risk. The platform is not segregating accounts which mean they are pooling funds in a single statement. When bankruptcy occurs, creditors will demand to be paid with funds listed on the statement. It means members will have to pay with their deposits. We hope authorities will act on this rogue online trading platform.
Scam or legit Tesco PLC Trade
Evidence is clear; we are dealing with a rogue online trading platform. With an alert already out, Tesco PLC Trade is a scam which must be shunned. Stay away and ensure you warn your family and friends.
Bottom line
We have to add this platform to our scam blacklist and ensure no one else falls for this trap. Wishing everyone a safe trading experience.
