Abstract：Are you an existing trader of traze, a UK-based forex broker, or are you planning to trade through its platform? You need to read this comprehensive traze review. The review covers extensive details regarding the most important aspect of trading - regulatory status. We will cover the different licenses the broker has. In addition, we will take you through a host of trading conditions the broker aims to offer. However, as any review is incomplete without user reports, we will also pay attention to the same. Read on as we examine the broker’s regulation, trading conditions, and real user experiences
Are you an existing trader of traze, a UK-based forex broker, or are you planning to trade through its platform? You need to read this comprehensive traze review. The review covers extensive details regarding the most important aspect of trading - regulatory status. We will cover the different licenses the broker has. In addition, we will take you through a host of trading conditions the broker aims to offer. However, as any review is incomplete without user reports, we will also pay attention to the same. Read on as we examine the brokers regulation, trading conditions, and real user experiences
traze Overview - A Detailed Look into Trading Instruments
traze, founded in 2022, is a multi-asset forex broker that offers trading opportunities across forex, shares, indices, commodities and cryptocurrency.
For forex trading, all the popular currency pairs, such as EUR/USD, GBP/USD, AUD/USD, NZD/USD, EUR/JPY and GBP/JPY, are available for trading.
At the same time, the broker allows you to trade in over 35+ share CFDs, as per the claim made on its official website.
As an active commodity trader, you can choose to invest in gold and crude oil through the traze broker platform.
You can leverage both MetaTrader 4 (MT4) and MetaTrader 5 (MT5) applications to trade backed by analysis and insights.
Types of traze Account Types
The company offers three types of trading accounts - Standard, Cent and ECN - with different capital requirements.
While the minimum deposit required for a standard trading account is competitive at $50, the same for the ECN account is slightly above those charged by other legitimate forex brokers. They typically charge a maximum of $100. At the same time, the broker does not appear to have details for the Cent account on its website. This creates a lack of transparency for traders seeking to open this traze trading account. While spreads remain reasonably priced, the leverage offering of up to 1:2000 can be both beneficial and a loss-making proposition. With such a large-scale leverage offering, you can acquire a large position with a small capital amount. However, if the market moves against your position even slightly, it can wipe out all your capital in no time.
A Look at traze License Claims
traze claims to have multiple licenses for forex businesses, including the Financial Services Authority (FSA) and the Financial Conduct Authority (FCA). A complete list of licenses claimed by the broker is as follows -
- FSA in Seychelles (License Number - SD027)
- FSCA in South Africa (FSP Number: 48248)
- FCA in the United Kingdom (FRN 768451)
But are the traze Regulatory Claims True?
Partly, not entirely. The field survey conducted by WikiFX did not lead to the validation of these two licenses for the broker. As per a detailed investigation into the brokers regulatory status, the WikiFX team found the following licenses -
- BAPPEBTI (An Indonesian Forex Trading License)
- JFX (Derivatives Trading License)
- CMA (Forex Trading License)
- FSCA (Derivatives Trading License)
traze Review by Users
The reviews from traze remain mixed, with some praising its multiple regulatory licenses advertised by the broker, along with a host of products and services. On the other hand, there are multiple reports too. With a recent rise in negative comments, the risk proportion associated with the broker appears to have grown slightly. Lets have a look at some negative reports.
Poor Customer Support Service, Glitches in Verification Process Reported
A user highlighted the lack of effective customer service while sharing the traze broker review online. According to the trader, the customer service does not respond to the trading queries. Whats shocking is that the trader blamed the customer service team for working only one day a week. Elaborating further, the trader stated that, despite submitting the documents accurately with full name and address, the verification process remained unsuccessful. At last, the user accused the broker of having an app that does not work in all countries, along with a website that also has issues. The screenshot below perfectly outlines the issues faced by the user.
Glitches in Fund Withdrawals
A United Arab Emirates-based user reported a glitch in the fund withdrawal process at traze. The trader expressed his inability to complete the withdrawal process. The trader commented that after registering his wallet, he could withdraw the maximum limit set for him. The balance amount was not withdrawable. Not so amused by this trading condition, the trader shared this negative traze review in Arabic.
traze Accused of Being Fake and Forcing USDT Deposits
An Indian trader termed traze as a fake broker and warned others to stay away. According to the complaint, the broker allegedly asks clients to convert deposits into USDT, which may lead to losses due to conversion differences. The user also stated that the company lacks proper payment service providers and accuses it of stealing clients funds, urging other traders to avoid depositing here. Check out the user review that supports this complaint.
The Score for traze by WikiFX
WikiFX, a renowned broker inquiry app globally, assigns a score to brokers based on different parameters - License, Business, Software and Risk Control - out of 10. For the license, the broker gained a score of 6.79, slightly lower than desired. The scores for business, software and risk control are 6.12, 9.55 and zero, respectively. Overall, the broker gains a score of 6.30 out of 10.
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