Would you trust your money to a company with a flashy interface and promises that verge on fantasy? This broker does everything possible to create the impression of reliability and profitability, but is it really so? In this Paradtrade review, we’ll dig into the details of how this platform operates and find out whether it’s worth engaging with such a service or if it’s better to stay away.
Key Features
- Company Name: Paradice trade LTD
- Website: https://en.paradtrade.com/
- Available Contacts: +420488102480, [email protected]
- Foundation: 2021
- Services: CFD Trading
- License: MISA
- Initial Deposit: $5
From Sign-Up to Payout
Paradtrade’s official website, on the one hand, looks unique, but on the other, it has a terrible design and layout. The main menu has been moved from the top to the left side, where you can also select from five languages, access social media profiles, and view contact information.
Most of the text consists of promotional promises about “reliability”, “convenience”, and “security”, yet there’s a clear lack of specifics. The broker frequently offers bonuses, promotions, and other tricks to capture the attention of inexperienced traders. The images and visuals are also questionable. Emphasis on charts and simulated “successful trading” looks cheap. The laptop screen displays charts and “Buy” and “Sell” buttons, but it resembles a promotional mockup more than a genuine trading platform. There’s no sense that you’re looking at real working tools — everything feels like it was created just for show, aimed at those who don’t understand trading and are easily swayed by a pretty picture.
Overall, we can give the paradtrade.com official website an average rating. Yes, it’s different from most brokerage sites, but it also looks poorly made and unprofessional.
Next, we’ll attempt to register and examine the internal interface. The registration process is standard: enter contact information, name, password, and agree to terms. Nothing complicated or interesting here. The personal account interface is also plain — nothing worth commenting on.
Money transactions at Paradtrade are supported by primary methods:
- Credit/debit cards.
- Cryptocurrency.
Withdrawals are only available to verified users. In other words, the broker requires mandatory KYC. The firm asks not only for documents that verify the client’s identity and residence but also for a scan of the bank card if it’s used for money transfers.
We recommend holding off on uploading documents. First, check if the firm operates legally. Your sensitive data could fall into fraudulent hands.
Our Trading Experience With Paradtrade
The broker uses the Mobius Trader 7 platform as its primary trading terminal. Additionally, for those who don’t prefer MT7, the company offers an alternative: MetaTrader 4 with a web version and mobile apps for iOS and Android.
We won’t go into detail about the capabilities and features of these platforms. Both terminals are popular and well-known in forex trading, and there are plenty of guides and reviews online about them.
In any case, Paradtrade provides a demo account, allowing users to test order execution speeds, chart functions, and other technical aspects. However, demo trading is not reflective of real trading conditions, so it’s unwise to draw positive conclusions based on demo trades alone.
The Reality Check
So far in the Paradtrade review, the broker hasn’t particularly raised suspicions. Yes, there are some aspects that could cause one to question the platform’s honesty, but overall, the company appears standard. However, it’s too early to jump to conclusions. Next, we’ll look at important details about the firm’s operations to determine if it’s worth engaging with.
The firm is legally registered in Mwali, Comoros Islands. The broker kindly provides a link to the MISA (Mwali International Services Authority) registry, where a record dated June 24, 2024, is available.
A license from MISA, based in the Comoros Islands, is, frankly, not the most reliable sign for a trader. At first glance, it may seem that the broker is regulated, meaning it’s under oversight. This is where the catch lies.
MISA isn’t an organization that actually monitors brokers or protects traders. Yes, this commission can issue licenses, but ensuring the broker’s market conduct or adherence to standards is not within its scope. Such licenses are often simply sold to anyone. And if a company decides to “disappear” with clients’ money, MISA likely wouldn’t even notice or deem it necessary to intervene.
Another point: licenses from MISA are often just a way to give a company a semblance of legitimacy, especially in the eyes of newcomers. A reputable broker would choose regulation with strict guidelines, like the FCA in the United Kingdom or CySEC in Cyprus, so that clients know their funds are protected. However, a license from MISA, to be frank, doesn’t provide any guarantees.
Paradtrade also boasts a license from the FMRRC. A license from the FMRRC (Financial Market Relations Regulation Center) is, in essence, purely decorative when it comes to protecting your money. In reality, the FMRRC is neither a governmental body nor an international regulator but rather a private organization. How does it work? Very simply: the broker applies, pays a fee, and receives a “license”, but this doesn’t mean any actual oversight is provided. Essentially, the firm is not regulated, and it’s important to know and understand this.
How Long Has Paradtrade Been in the Game?
Judging by the domain registration date of paradtrade.com, the company has been operating for three years. The domain was registered on February 19, 2021. Incidentally, during this time, the broker has changed its jurisdiction several times. According to various sources, the firm boasted registration in Saint Vincent and the Grenadines and even claimed to have an office in the United Kingdom. In 2024, the platform moved to Mwali, Comoros Islands.
Extra Fraud Indicators
There are additional reasons why you shouldn’t trust this company with your money. In its three years of existence, Paradtrade has not managed to earn a reputation as a safe and reliable forex dealer. The positive reviews online are fake. If you ignore these fake comments, the reality is grim — real traders complain about issues with trading and the inability to make any profits. The very fact that the firm resorts to posting fake reviews indicates dishonest and dubious activities by its founders.
Is Paradtrade the Right Fit?
The company may seem like an attractive choice for traders, but beneath the appealing façade lie numerous signs of a scam. From the lack of a proven reputation to dubious regulators that provide no real protection, combined with issues related to fake reviews, you’re looking at a company concerned with everything but your interests. We do not recommend trusting your money with Paradtrade, as there’s a risk that your investments may simply disappear.
This broker scammed me two years ago. I had an open position with a uPNL of +$2,500. Do you know what these scammers did? They canceled my trade. I tried to resolve this with their support for a long time, but it was pointless. They claimed I’d violated some rules. In reality, these fraudsters can do whatever they want with your money, positions, and account. They can close your trades without explanation, cancel orders, or deny withdrawals. I do not recommend ParadTrade. Everyone who traded here lost money. No one was able to earn consistently and long-term.
Trading here involves enormous risks. The platform has a bad reputation, which they attempt to cover up with fake reviews. I recommend finding another platform; otherwise, you could lose money. I could be wrong, but that’s unlikely.