TradeOvo Review – Unlicensed Firm Hides Truth From Traders

This fake broker tries to deceive their clients by hiding crucial incorporation and license information. No wonder the website omits this data, as the firm is actually a completely illegal conduct.

Due diligence and research are paramount whenever choosing a new company to do business with. See the remainder of our TradeOvo review to learn how to spot scams more easily, and how to recover your lost investment.

Clearly Not Legitimate

A company that shares no details about their licenses and registration is definitely suspicious. This completely anonymous business doesn’t reveal the location of their headquarters even, let alone a phone number or registration data.

Upon closer inspection of the legal documents, it seems like the company operates under the laws of South Africa. FSCA is the regulatory authority in that jurisdiction but their database doesn’t include an entry under the name of TradeOvo broker. 

No other details could be found on this swindler, so we have no other choice but to consider them the same as other frauds like Tesla X Trading.

Inner Workings of a Boiler Room

The history of the tradeovo.com website is not very long, with the domain being launched in April 2024. The low online footprint unfortunately also means that there aren’t any TradeOvo reviews posted by the users.

This works in the swindlers’ favor, as this makes it difficult for the client to assess what kind of a company they are dealing with. Majority of victims of the fraud reside in the following nations:

• Croatia
• Serbia
• Slovenia
• Romania

The company, if you can call it that, works as a scam call center. These boiler rooms, as they are known, employ persuasive young individuals to contact the clients directly. This particular scheme uses the phone to do so.

Company agents will often pester their marks for days on end, until they finally crack and invest some money. The harassment doesn’t end there, with the agents constantly asking for more money. Any invested funds are stolen, but may still be recovered. Contact our legal team to learn how.

Unbeknown Fees and Charges

Deceptive statements about everything being free on the site only serve to attract unsuspecting victims. Real TradeOvo trading fees are not known, and are kept secret. That’s why the website doesn’t disclose any costs. Not even leverage is known. Spreads allegedly range between 2.3 pips and 1.9 pips which is surely not that attractive.

Legal documents are hard to explore because they’re just one photo on an endless scroll. However, we did find that the company charges a $60 dormant fee for accounts that were inactive for 30  days straight.

No Reason to Sign Up

It doesn’t take a rocket scientist to quickly learn that this fraudulent portal has nothing substantial to offer to their clients. There’s just promises about some impeccable service and features that are never shown. Therefore, there’s no reason for you to even try to create a TradeOvo login.

Software Not Really There

The promised TradeOvo app should be the remarkable cTrader which is known as one of the leading platforms in the world of online trading. To test this option, we registered for an account and once in the user area, we tried out the web terminal. 

However, the login information we got in the email from the company were actually wrong credentials. Not only does this mean that TradeOvo demo account isn’t available but no software is provided at all either!

Unconfirmed Choice of Assets

Con artists running this shady site claim that they provide a wide range of instruments for buying and selling. Since we couldn’t confirm the availability of TradeOvo cTrader, it remains questionable if these assets are indeed available:

• CFD – on stocks and indices
• Commodities – Oil, Corn, Gold
• Forex – EUR/USD, USD/GBP, EUR/CHF
• Bonds – US Treasury Bonds, UK10Y-GB
• Stocks – Disney, Ferrari, BMW
• Indices – AUS200, HK50, FTSE100

Unimpressive Packages

No particular features are unlocked with the purchase of any of the available account types. There are promises about in-depth live market data, no commissions, and daily signals available. 

Alas, since nothing this broker has claimed until now has proven to be true, these are probably just many of the blatant lies.

The prices don’t correspond with the weak offer of tools:

• Bronze – $1.000
• Silver – $10.000
• Gold – $25.000

Grossfield Limited also charges ridiculous sums for opening live trading accounts so don’t fall for the same trap.

Shady Processing Agents

While legal terms claim that wire transfers and credit cards are available for a TradeOvo withdrawal, we found several suspicious payment service providers in the user zone. 

Sharing your credit card information with high-risk payment houses like euPaymentz, PAYCLY, and PGPayTech can lead to being robbed on more levels than one. These companies have been exposed by FinTelegram for being scam payments facilitators, so you should refrain from using them and investing with this broker altogether.

Unusable Customer Support

The only customer support channels available are an email address and a contact form. This is done purposely to make the victims rely on the same boiler room agent that got them into the mess.

Of course, this is where the company interests are conflicted – if the client is willing to pay more money, they will be catered to. Otherwise, the agents will deem them worthless and simply cut the victim off.

Scammers Got Your Money? Fight Back!

The tradeovo.com website is a front for fraudulent activities. It is a scam circle in disguise, created to steal the money from people by pretending it is an online brokerage.

We strongly advise against investing with any unlicensed company. If you have already done so, contact our legal team as soon as possible. You may reach us around the clock for a free first consultation, and start a fund recovery procedure.

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