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TraderRepublic Review | A Bitcoin-Based Platform or a Scam?

by Kevin Berry
Rating: 
  1/5   Reviews: 2
TraderRepublic - logo

The company TraderRepublic calls itself a bitcoin-based platform, focusing on trading cryptocurrencies while also offering CFDs on other market classes, such as forex, stocks, and indices. The firm claims to have been founded in 2021, but there is no confirmation of this. Its headquarters are based in Switzerland, but there is no FINMA license for brokerage services. Online reviews are extremely rare, so we suspect that we are dealing with another scam. However, a thorough investigation is necessary for full certainty.

Highlights

🏛️ Country Switzerland
⚠️ Regulation
🖥️ Website https://trader-republic.co/
🎲 Demo Account No
⏳ Start Time 2023
💲 Minimum Deposit $500
⚖️ Minimum and Maximum Leverage 1:100-1:600
⚙️ Trading Platform WebTrader
📨 E-mail support@trader-republic.co
📞 Phone

First Impression of Trader-republic.co

The official website is filled with meaningless text, and on the main page, you can see two pictures: a happy father holding his daughter and a beautiful mountain landscape. How this relates to trading and financial markets is hard to understand. TraderRepublic has created a rather ordinary resource, which hardly differs from the websites of other brokerage companies.

TraderRepublic - site

At the top of the page, you can familiarize yourself with the menu:

  • Trading platform.
  • Type of accounts.
  • Instruments.
  • Education.
  • Legal documents.
  • About us.

TraderRepublic blandly and complexly lists advantages that it cannot even confirm. Some philosophical and motivational phrases which don’t work, and the clichéd offers are nauseating. In short, nothing interesting or unique.

Partnership and Bonuses

TraderRepublic offers clients bonuses on deposit replenishment. However, before agreeing to receive bonus funds, it is necessary to carefully study the conditions, as without meeting them, it is impossible to withdraw the bonus. The company requires a trading turnover equal to the bonus amount divided by 3. For example, if a trader received $900, then they need to achieve a turnover of 300 lots. Moreover, trading is only possible in forex and commodities.

Nothing is known about the affiliate program, but looking at the presence of a column titled “promo code” during account registration, one can conclude that there is an affiliate program. It’s a pity that TraderRepublic does not disclose its conditions.

Account Opening on Trader-republic.co

The registration process at TraderRepublic is standard. The broker requires the following:

  1. Name.
  2. Contacts (phone number and email).
  3. Country.
  4. Password.
  5. Currency (USD, EUR, AUD, or GBP).
  6. Promo code (if any).

Registration

After successful registration, the trading platform, which is integrated into the personal account, immediately opens. This is not very convenient and also reduces the level of security. Overall, the interface of the client portal at TraderRepublic is primitive. Users can perform standard actions: undergo verification, change data, replenish the deposit and submit requests for withdrawal of funds, and view current deals and their history. However, no demo account was found.

TraderRepublic - client portal

Verification

The broker requires mandatory verification for each trader. Without KYC, it is impossible to use the services of TraderRepublic, so it is necessary to upload the required documents in the personal account:

  • Color copy of government-issued photo ID (front and back side).
  • Proof of address dated from within the past 3 months (utility or phone bill will suffice).
  • Color copy of the applicable credit card used to deposit (Both sides).

The processing time for documents is not specified, so it is unknown how long the KYC check will take.

Pros
  • Mandatory KYC.
Cons
  • It is unknown how long the KYC check will last.

Trading Software

We cannot praise the trading platform at TraderRepublic because it is absolutely not suitable for serious trading. It is a Webtrader with minimal capabilities and functions. Traders can use basic technical analysis, open deals with one click, apply pending orders, create lists of favorites, and switch timeframes. However, it is impossible to upload custom indicators or connect a bot for auto trading, as the terminal does not support such options.

Terminal

In addition, there is no mobile version of the terminal for Android/iOS, and the terminal cannot be downloaded and installed on a computer, only a web version is available. These are significant shortcomings that will not allow experienced traders to trade and earn consistently. TraderRepublic could have connected MetaTrader as an alternative, as one of the popular software for forex trading, but no, that is only a dream.

Features TraderRepublic FortifiedTrade High BTC Stock
Demo Account
Mobile App
Own Development

How Can I Trade With TraderRepublic?

Although the broker specializes in trading highly capitalized cryptocurrency, here it is also possible to trade CFDs on forex, metals, indices, stocks, and commodities. However, TraderRepublic claims to route trades to major liquidity providers, but there is no evidence to support this. Let’s consider the types of accounts, as this affects the number of additional features and conditions.

All Info About Accounts

TraderRepublic operates on the principle of “want more services and better conditions — pay more money”. Moreover, the company assures us that this principle is normal and more productive for clients. Interestingly, why then do popular and established brokers not operate this way, while fraudulent organizations love such a principle?

In short, the broker offers five types of accounts:

  1. Standard. According to TraderRepublic, this tariff is intended for beginners, but the minimum deposit is set at $500, which is very high. A reasonable threshold for an initial deposit should not even exceed $100. Beginners receive a leverage of up to 1:100, one signal per week, an educational center, assistance from a personal manager, and standard conditions.
  2. Plus. The minimum deposit is $5,000. Leverage of up to 1:200, access to secret groups, webinars, and a 10% discount on swaps.
  3. Gold. Not less than $25,000. Leverage of up to 1:400, daily trading signals, consultations from a specialist, one-on-one educational lessons, and a 25% discount on swaps.
  4. Expert. From $100,000. The same opportunities, but additionally include insurance, risk management planning, a direct line to the trading room, and more favorable conditions.
  5. Platinum. Access requires contacting a manager. Here leverage is increased to 1:600 and the most favorable conditions are offered.

Account types

There is no logic in the leverage here. Why offer such a parameter as 1:400 to traders with deposits over $100,000, where additional funds are not needed? On the other hand, beginners, who have small deposits, would need a leverage of 1:400 more than 1:100. Incidentally, such huge leverage is an indicator of the lack of a license at TraderRepublic, as regulators prohibit offering such a service. Financial commissions limit this parameter to 1:30-1:50.

The size of commissions and spreads is not specified, so the company can be called secretive and non-transparent, as these are the most important conditions for traders, which need to be known before opening a brokerage account. There is no Islamic account, as well as a demo account. TraderRepublic also does not offer ECN and cent tariffs. It is not difficult to guess that the broker operates as a dealing desk, not routing user trades to liquidity providers.

Pros
  • Many auxiliary services: personal manager, training, consultations, and signals.
Cons
  • Demo, Islamic, and ECN accounts are not available.
  • High minimum deposit.
  • Hidden trading conditions.
  • TraderRepublic operates on the principle of extracting money.

Market Analysis and Education With Trader-republic.co

In addition to recommendations, one-on-one training, and webinars, the broker offers free additional tools: an economic calendar, glossary, and educational information, including about cryptocurrency and its technology. Moreover, on the main page of the website, there is a scrolling line with online quotes. Unfortunately, TraderRepublic does not offer any other services.

Deposit, Withdrawal, and Fees

According to the official website, TraderRepublic supports not only bank wire transfers and debit/credit cards but also digital currency (Ethereum, Bitcoin, and Tether). We want to remind you that cryptocurrency allows wallet owners to remain anonymous, and using such a method of money transfer, it is impossible to cancel the transaction or receive a chargeback.

There is no fee for depositing funds, but the company charges a commission for withdrawing funds. However, the exact amount is unknown. At the same time, the processing time for a withdrawal request at TraderRepublic is up to 5 business days.

Features TraderRepublic KLG-ctx Sigwetcapital
Debit/Credit Cards ✔️ ✔️ ✔️
Electronic Payments
Crypto Transfers ✔️ ✔️ ✔️
Deposit Fee
Withdrawal Fee ✔️

How Can I Contact It?

The only means of communication available are email and online chat, while a phone number is absent, as well as social media accounts. Notably, there is only one email address for technical support inquiries. Well, where is the email for the finance department or the analytical department? At the same time, a check of TraderRepublic’s contacts revealed nothing.

Pros
  • There’s real email and online chat.
Cons
  • No phone number.

Is TraderRepublic Dangerous?

Considering the presence of typical trading conditions, similar to those of fraudulent brokerage firms, we cannot say anything good regarding the safety and reliability of the company. It is necessary to verify the existence of a legal entity and the license of TraderRepublic, and only after that can any conclusion be drawn.

How Long Does The Broker Work?

The official website states that the company started operating in 2021, but is this true? Online reviews are surprisingly few, and the website’s domain was only created on November 15, 2023. Where is the proof that the platform has been operating for 2 years? It’s more likely that TraderRepublic is misleading about its period of operation, and in reality, the organization only launched in November 2023.

Domain

How Is TraderRepublic Regulated?

So, there is an office address in Switzerland and a mention of the offshore jurisdiction of Saint Vincent and the Grenadines. So we will check in these two countries. Unfortunately, TraderRepublic is absent both in the FINMA register and in the SVGFSA. It turns out that the broker operates without a license.

TraderRepublic - FINMA

It should be added that such an organization is also absent in the legal registry of Switzerland. So where is the firm actually registered? And is it registered at all? Most likely, such a broker does not even exist, and we are dealing with a site that lists a fake registration in Switzerland.

TraderRepublic - Business Name Index

Features TraderRepublic RiveGarde Investing X
European Zone
Asian Zone
American Zone
African Zone
Offshore

Frequently Asked Questions (FAQ)

How to Trade With TraderRepublic?

Firstly, the user needs to register an account in the system and then undergo identity verification by uploading the required documents in the client portal. There is no demo account, so testing the platform is only possible with real money, and the minimum deposit is $500.

Is TraderRepublic Legit?

The firm is not regulated or controlled in any way. A check of the financial commissions' registers was conducted, and such a broker was not found anywhere. Its activities are illegal.

How Risky Is It?

Collaborating with an illegal broker is a huge risk. The likelihood of losing funds in TraderRepublic is maximum. The interests of traders are not protected at all.
Kevin Berry
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Expert Opinion

Nothing good can be expected from TraderRepublic. We are facing another forex scam, which only craves one thing — money. Therefore, one should not believe the tales of fraudsters, because their goal is to lure you into their fake brokerage organization. A typical fake broker that exists only in the form of a website, while not legally registered anywhere. Fake address and founding date are standard tricks of criminals to create the illusion of a serious brokerage intermediary. However, identifying the fact of the scam turned out to be very easy. And one should not forget that this is a dealing desk, so there is simply no point in trading here, as the firm will work against traders to make money.

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TraderRepublic rating

The level of trust
Quick withdrawal of funds
Efficiency of technical support
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The level of trust
Quick withdrawal of funds
Efficiency of technical support

2 reviews about TraderRepublic

Netting December 5, 2023 - 15:21
Forex scam
The level of trust
Quick withdrawal of funds

A classic forex scam, absolutely nothing new. Pass by the fake firm that was only created in November 2023. All the facts listed on the fraudulent website are fake. You will only find scam here.

Reply
Smother December 28, 2023 - 05:47
They stole my money!!!
The level of trust
Quick withdrawal of funds
Efficiency of technical support

A company of crooks and thieves!!! Two weeks ago, I invested $1,300 here to trade cryptocurrency and forex. But from the first day, I only had losses due to huge commissions and spreads. I also did not like the trading platform, it has limited functionality and poor connection. There were very frequent lags and freezes.
The main problem with TraderRepublic is the impossibility of withdrawing money. On the third day, I requested a refund of my $1,250 (I lost $50 on unprofitable trades). However, my request has not yet been processed, so the money is still on the balance in this fraudulent office. I stumbled upon a fake, and I am very upset, and I also want to warn you about the scam. BE CAREFUL! DON’T BELIEVE THEM!

Reply

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