Knowing what to look for in a broker can make a whole lot of difference. For instance, this firm claims to be registered in the UK. They even provide a registration number. But the ones who know where to look will find the truth.
However, we are here for all traders who just want to quickly discover if they can trust a broker or not. If you find this Trade Galactica review helpful, let us know. But also, don’t miss out on our review on Nordic CT. You might find some bonus tips.
| Regulated by: | No regulations |
| Is This Company Safe? | No |
| Known Websites: | Tradegalactica.com |
| Have Warnings from: | NSSC |
| Registered in: | UK (allegedly) |
| Operating since: | 2022 |
| Trading Platforms: | Web trader; MT5 (allegedly) |
| Maximum Leverage: | N/A |
| Minimum Deposit: | $2.500 |
| Deposit Bonus: | Available |
| Trading Assets: | N/A |
| Free Demo Account: | No |
| How to Withdraw from This Company? | Address in the UK, lack of regulations, and warning from the NSSC guarantee you won’t see any withdrawals from this broker. In case you experience any trouble along the way, contact our refund experts for advice as soon as possible. |
Legal info: Is Trade Galactica Legit or a Scam?
Trade Galactica brokerage is far from legitimate, to be fair, straightforward. Firstly, any broker in the UK must have an FCA license or be registered on the TPR. Yet, this brokerage doesn’t. Secondly, if they are trying to be legitimate, they could get any other tier-1 regulation. For example, CFTC, BaFin or ASIC.
Without these, you definitely can’t expect this company to comply with everything they say, but only to things that go in their favor. With such business practice, this company has earned a warning. It’s coming from the other part of the world – Canada. The institution that was breaking the ice was the Nova Scotia Securities Commission (NSSC).
Who are Trade Galactica’s Victims?
Generally, Trade Galactica reviews reveal a lot. Primarily, this firm is targeting some countries that are listed as restricted due to applicable laws. Some of those countries are:
- Canada
- Switzerland
- United Kingdom
- United States
All countries with highly reputable regulators. Still, traders opt for unregulated companies for some reason. But if that was you, let us know and share your experience with us. Ultimately, our refund team can build you a strategy for funds recovery if that experience is not good.
Traders Reviews
In general, more than 25% of traders have some complaints against this company. Currently, there are 83 comments on Trustpilot, and the positive comments are getting overnumbered.
Traders were mainly facing withdrawal problems, constant pressure from agents to deposit more money and support contact issues. If you were experiencing something different, let us know in the comments below. Also, you can contact us directly for quick feedback and advice.
Leverage, Commissions, Spreads, Fees and Taxes
Important to realize is that the company is not revealing any of the trading conditions. Primarily because they know if they reveal their leverage, they will get exposed even faster. Simply because all UK brokers can offer a maximum of 1:30 to retail customers.
Thus, the most disturbing fact is that none of the costs are transparent. Therefore, the broker can make up anything they want. Still, inexperienced traders might bite it and pay the sum.
Bonuses
Another key issue is that the company is offering a welcome bonus of up to 35%. Even though it doesn’t sound like a lot, it is.
Primarily because traders have a requirement to reach the trading threshold of the bonus amount times 20.000. Otherwise, they can’t withdraw any bonus funds, including profits generated with the bonus. But guess who decides what’s generated with the bonus? Only Trade Galactica scam broker.
Trade Galactica Trading Features
One of the main advantages of this firm is the Trade Galactica MT5 platform. But even that is suspicious at some point because the company doesn’t provide download options. Instead, they guide clients to the login terminal. Sadly, a demo account is not available, and the platform remains questionable.
Another key issue is that the company is mainly promoting suspicious remote-controlling apps, such as AnyDesk, TeamViewer, and ScreenLeap. Bear in mind not to allow them any access to your devices.
Trading Platforms Available
If there is MT5 available, traders won’t have to worry about manipulation. In any case, with MT5, traders would enjoy all of the advanced benefits the platform offers. If it’s available in the first place.
However, if the broker offers you a proprietary web-based platform, you better run. These platforms are the best tools and something scammers are dreaming of. Primarily because traders don’t even realize what’s happening.
Available Trading Assets
Another surprising thing about this company is its lack of transparency about tradeable instruments. Still, if the company was regulated, this would matter. This way, it doesn’t.
Therefore, you can start looking for other brokers already. But first, check our PNX Finance review to avoid other traders’ mistakes.
Account Types
As can be seen, Trade Galactica account types offer various benefits but at different stages. The benefits solely depend on the amount you have deposited. However, all benefits without regulations can be considered hypothetical. Therefore, traders can choose:
- Starting – $2.500
- Basic – $10.000
- Standard – $50.000
- Bronze – $175.000
- Silver – $600.000
- Gold – $1.000.000
Mobile Trading App
Generally, the MT5 mobile app is one of the best in the industry. Quite user-friendly, optimized, and fast. Not to mention that traders don’t lose any functionalities. However, links to trusted stores for it are not available on the company’s website.
Demo Account
Considering that Trade Galactica’s minimum deposit starts at $2.500, a demo account would be a suitable feature. Yet, they don’t offer it. Either because of insanely high costs or because they don’t offer MT5. All in all, it’s not good.
Education
In fact, there is some kind of education available with Trade Galactica scam broker. It’s divided into beginner, advanced, and crypto VODS. Overall, nothing that you can’t find yourself.
Trade Galactica Withdrawal
On average, the withdrawal process should take between 7-10 business days. Thus, many clauses in the withdrawal policy will most likely prolong that time. Not to mention that only crypto transfers are available without transparent fees. All in all, the perfect soil for manipulation is prepared.
Customer Support
Even though the company’s support might appear legitimate, don’t rush. Nowadays, phone lines are often obtained through VOIP services. Therefore, untraceable.
Instead, you should opt for companies with landlines. Not to mention, this brokerage is offering traders WhatsApp and Telegram contacts. Both are encrypted and safe, so they are not exposed.
Key Information To Consider About Trade Galactica
Firstly, the company is not licensed in the UK. Fairly, that should be enough. On top of that, the company is offering a hidden platform, and hidden conditions and has a malicious bonus and withdrawal policy.
Anything that could go wrong will go wrong with this scam broker. But when it happens, our chargeback specialists are available for consultation. Don’t miss out on the chance to get your funds back. Get in touch now.
FAQ Section
What is Trade Galactica?
Trade Galactica is a fake brokerage offering FX and CFD trading services allegedly from the United Kingdom but without legal registration.
Is Trade Galactica a Legitimate Broker?
Not at all. They are not licensed in the UK or anywhere else. Also, there is a warning issued against them by the Nova Scotia Securities Commission.
What is a Chargeback?
Chargeback is a method for card transfer reversal in case the customer files a complaint for a scam. If you want to get your money back, get in touch.
