At first glance, this broker presents itself as a reliable and professional platform for traders looking to navigate the financial markets. However, when you dig a little deeper, a much more concerning picture emerges. This Tower Trade review will expose the questionable practices and hidden pitfalls that the firm doesn’t want you to know about. From misleading claims to signs of scam, there’s a lot beneath the surface that every potential trader needs to be aware of before committing their hard-earned money.
Key Features
- Company Name: Tower Trade
- Website: https://tower-trade.com/
- Available Contacts: +16475579593, [email protected]
- Foundation: 2024
- Services: CFD Trading
- License: No
- Initial Deposit: $250
From Sign-Up to Payout
Navigating the company’s official website is difficult. It’s often hard to find the information you need; you have to sift through tons of text and explore every section. And, of course, the website looks generic. There’s a group of illegal brokerage firms with the same template as Tower Trade. Is this just a coincidence, or are the creators of this platform also behind other fraudulent projects?
The website is incomplete. For example, the “FAQ” section is written in both English and other languages simultaneously. You can’t even copy the text to use a translation service to figure out which language it is. See for yourself the chaos that’s happening here.
There are also problems with account registration. You simply cannot create a personal cabinet. When you open the window where you’re supposed to enter your registration details, an error message pops up saying, “Requested form doesn’t exist”. Did the broker forget to connect the registration form or what?
It seems the scammers somehow lure naive traders into their trap. Often, when you encounter such a registration problem, it indicates potential fraud.
Although you can’t register with Tower Trade, the company claims that it accepts money transfers through major methods: credit/debit cards, bank transfers, and e-wallets. Whether to believe this or not is up to you.
Our Trading Experience With Tower Trade
The company allows traders to use a primitive terminal that lacks many advanced and professional options. While I couldn’t view the terminal firsthand, the website does have screenshots of it. The platform supports basic technical analysis, pending orders, and various chart types.
The main drawbacks of the Tower Trade terminal include: it is only available as a web version, it doesn’t support bots for auto-trading, there is no copy trading function, and advanced tools like an order book or depth of market are absent.
Why not offer clients a more advanced platform? For example, MetaTrader or cTrader, which have extensive functionality and capabilities. The reason is simple — they are expensive. The company likely doesn’t have the funds for proper software and doesn’t care about the convenience and comfort of its traders.
The Reality Check
Tower Trade constantly claims to be a safe and reliable platform. However, for that to be true, there should be some licenses. Anyone can make claims, but they need to be backed up with proof. Can the company provide this? Let’s find out.
There’s a lot of information on the website. However, none of it is useful. The only thing that stands out is a mention of a government body called FINTRAC in the footer. The firm claims to operate under the oversight of FINTRAC, but FINTRAC is not even a regulator. It’s the Financial Transactions and Reports Analysis Centre of Canada. FINTRAC monitors and regulates various financial institutions and entities but does not oversee brokers. If the broker scams you or refuses to process withdrawals, this financial center won’t be able to help you. So, it’s irrelevant for traders.
Since Tower Trade mentions Canadian FINTRAC, does that mean the platform is registered in Canada? Not at all. The broker doesn’t have a license from IIROC, and there’s no evidence of such an organization being found in the country. In short, they fabricated a connection with FINTRAC, even though they don’t have a registered entity in Canada.
In summary, here are the broker’s red flags: lack of regulation, no legal address, and no documents on the website — not even the most basic ones.
How Long Has Tower Trade Been in the Game?
The broker hasn’t even disclosed how long it has been in the market. However, it’s not hard to guess that the company is unlikely to be considered experienced or well-established. While the founding date isn’t revealed, you can estimate the platform’s age by looking at the domain’s registration date. Using a special service, you can see that tower-trade.com was registered in August 2024.
It’s logical and clear that if the website appeared in early August 2024, the company couldn’t have existed before that. Did they change their domain? Unlikely. There’s no information about that. Moreover, Tower Trade reviews are sparse on the internet.
Extra Fraud Indicators
In addition to the main signs of a scam, such as registration issues, illegal operations, and a short operating period, there are other negative aspects to highlight. CFDs are a highly manipulable financial instrument, and since this is a classic 100% B-Book broker, you should be prepared for the quotes to move against you, making successful trading nearly impossible. The 1:200 leverage only adds more risk and complicates things, especially for beginners.
Want to try testing the service with a demo account to avoid risking real money? You can’t. Tower Trade doesn’t offer such an option. They aren’t interested in users who haven’t invested a cent.
And yes, the official website is terrible. A serious company is unlikely to have a site with 0% useful information, where some sections are written in multiple languages simultaneously.
Is Tower Trade the Right Fit?
Such brokers should not even be considered as potential partners. Tower Trade is a typical fraudulent project, built on the foundation of previous fake platforms. There is no regulation, and the connection with FINTRAC is fake. The scammers have only recently launched their scam. With our extensive experience in the brokerage industry, we can confidently say — you should not trade here, or you will lose your deposit.
This is a group of anonymous scammers. I know this not just in theory, but from practice. A friend of mine fell victim to such a scam. He’s new to trading and was unlucky enough to stumble upon the fake platform Tower Trade. The scammers swindled him out of $5,000, and since he didn’t know how to assess the honesty and reliability of a brokerage company, he handed all his money over to the fraudsters. My friend asked me for help, but I told him right away that there was no chance of getting his money back. I advise everyone not to invest money here. This is an illegal scambroker whose goal is to find beginners like my friend and take their money.