Traze is a forex trading platform and contract for differences (CFD) broker specialised in providing multi-asset trading. Founded in 2023, Traze is a new player in the trading sphere and there might be some questions on its credibility. Is Traze a scam or legit broker?
With its headquarters situated in London, United Kingdom, Traze was established by expert traders and analysts with a zeal for changing the trading landscape. Believing in empowering by educating, the Traze trading toolkit stands out for its relevance and clarity.
Traze has designed its range of tools and educational resources to be contemporary, applicable and accessible to new and seasoned traders alike. In providing these tools and resources, Traze hopes to promote trading confidence in those who trade with them.
Just a quick mention on the brand name Traze. The trading platform, Traze should never be confused with the Traze contact tracing app which is a unified contact tracing system and altogether different. For more on this unified contact tracing app, you’re welcome to read more about it here: Traze Philippines.
Traze, An Online Trading Platform
Traze is an online trading platform designed with forex and CFD traders in mind. Traze is regulated by the Financial Services Authority of Seychelles, license number: SD027. Its main office is registered at this address: Office 1, Unit 3, 1st Floor, Dekk Complex, Plaisance, Mahe, Seychelles. It provides trading services to investors, giving them access to more than one financial market: forex, indices, shares, commodities, and cryptocurrencies.
A Traze review and a NEWSnet press release, highlight Traze’s reliability as a forex and CFD broker. Traze’s ‘Crystal-Clear Trading’ tagline warrants more mention. It leverages on innovative trading technology to equip its clients with intuitive trading infrastructure and instructional resources.
As an online trading platform, Traze has its goals set on revolutionising forex and CFD trading by virtue of their tagline, “Crystal clear trading”. Still, the statement needs further explanation and here, one can feel safe in knowing that Traze offers clarity, transparency, and accessibility to traders of all levels through their comprehensive tools and educational resources in the ever-adaptive world of trading.
Crystal – clear Trading Explained
At the forefront of client-servicing, Traze goes beyond being a service provider and a trading platform. As explained by a Traze representative, “Traze is devoted to transforming the trading experience for traders of all levels. Our platform reflects our ideals of honesty, justice, and accessibility. We strive to empower traders and give them the resources they need to be successful through our unwavering work ethic, knowledgeable staff, and streamlined trading experience”.
Traze’s focus on empowering its clients through education and an accessible trading experience shows an attempt in redefining the broker-trader relationship. Behind the Traze brand is a group of practiced traders offering valuable and reliable information in the form of market insights, market analysis, and technical and fundamental research.
Market Accessibility and Trading Accounts
The Traze app allows access to five financial markets: forex, indices, shares, commodities, and cryptocurrencies in CFD trading. Its trading platform is also designed for copy-trading. Via their three trading accounts, traders can enjoy different minimum forex spreads, Stop-Out levels, and minimum deposits.
Below are the three trading accounts in brief:
- Cent (for Forex and Precious Metals products only)
A Cent Trading Account is where the account balance and transactions are shown and executed in cents instead of US dollars. - Standard
Also known on the Traze website as an STP account, it requires a $50 minimum deposit, offers a 1.3 minimum fx spread, 30% Stop-Out Level, and maximum leverage of 1:500. - Electronic Communication Network (ECN)
The ECN account has a minimum deposit requirement of $200, a minimum fx spread of 0.2, 50% Stop-Out Level, and maximum leverage of 1:500.
For more information, visit the Traze Account Comparison table and Cent Trading Account description.
Trading Platforms
Traze’s trading platform of choice is the MetaTrader 4 (MT4), compatible with Windows, Mac and it also has a mobile version (Apple app store and Google play store). The MT4 is one of the most popular forex trading platforms that comes with up-to-date analysis tools, and a wide range of instrument choices.
QR code scanning for MetaTrader
In terms of if a Traze QR code scanning is available for the Traze app or Traze MT4, it unfortunately is not, unlike some other brokers who do provide a unique qr code for their version of the MT4 or MT5. However, the Traze MT4 is compatible with iOS, Android, Windows and Mac.
To download your respective versions, visit them here: Download Traze MT4 Trading Platform.
Key Benefits of Traze Trading Account
There are several benefits to registering with Traze for trading but below are the key benefits of having an account with them.
- Capital Investment – Investors in search of ways to grow their capital can consider Traze’s Multi Account Manager (MAM) account. Catered to hedge funds, money managers and family offices, an MAM account is an agreement between an investor and Traze for reinvestment of the investor’s capital. For more information on how this works, visit the link here.
An MAM account affords investors with a few features and some of them are: Expert Advisor (EA) enabled, compatible with automated trading tools, allows access to positions in real-time, and the ability to manage profit and loss (P&L) of managed accounts. - Traze Interest Programme – Another way to earn with Traze is with their interest programme that offers earnings of up to 9% annual interest, without upfront trading. Here’s the link for those keen on finding out more.
Trading With Traze
To start trading with Traze, here’s their official account registration link: Traze Account Comparison. From this page, you can choose whether to straightaway sign-up for a Live Trading Account or to practise trading by creating a Demo Account instead.
It takes only four steps to complete Traze’s account creation process:
- Register – On the registration page, you will arrive at the Traze app registration form where you’ll need to provide your name, email address, mobile phone number, and password. After entering the necessary details, Traze will send you an OTP to continue to the next part of the verification process.
- Personal Information Declaration – In step two, Traze will confirm your country location and allow you to select a trading account. Here’s also where you will click on the “Sign Up Now” button. Do remember to read the terms and conditions before ticking the box indicating your agreement.
Depending on your location, you will have either the option to choose from the three aforementioned trading accounts, or only STP and ECN accounts.
- Funding the Account – The third step involves depositing funds into your trading account. Traze makes it easy to fund a trading account. For options on how to deposit funds into your trading account, follow this link.
- Trade – You can now start trading but not before downloading the MT4 trading platform. For the mobile phone app, it can be downloaded from both Apple app store and Google play store. The last page will also show your Traze login details.
Brokerage Regulation for Traze
Determining if a trading platform or broker is trustworthy and legit can be a bit tricky. You can always run through the usual steps of avoiding unsolicited calls and messages, directly calling the brokerage, and doing your fair bit of research. However, even a licensed broker could prove to be untrustworthy when they coerce you into parting with your money through clever marketing.
One advice would be to verify the regulatory body that a broker is licensed with. The first step would be obviously to research the broker’s name and company, and following this, the regulatory agency that it is attached to should also be researched. In the case of Traze, it is multiregulated by the Financial Services Authority (FSA) and Financial Conduct Authority (FCA).
The FSA oversaw the UK’s financial services from 2001 – 2013. It has since been divided into today’s FCA and the Prudential Regulation Authority (PRA).
The FCA works with the PRA in regulating and ensuring that banks, insurers, credit unions, major investment firms in the UK adhere to certain standards and rules set by the FSA. The FCA’s main objective is to make sure that the UK continues to be a global financial hub worthy of investors worldwide.
Financial entities (both individuals and firms) need to be registered and licensed with the relevant regulatory agencies. Following which, their information that pertains to registration and legal misconducts will be made available to the public. This visibility is part and parcel of operating a legal business which every trader in search of a trustworthy, legal, and regulated broker should benefit from.
Another thing to consider is the trustworthiness of the regulatory body itself.
9 Trusted Regulatory and Authoritative Agencies
- FCA Regulated – Financial Conduct Authority – United Kingdom
- CySEC Regulated – Cyprus Securities & Exchange Commission – Cyprus
- ASIC Regulated – Australian Securities & Investment Commission – Australia
- SFC Authorised – Securities Futures Commission – Hong Kong
- MAS Authorised – Monetary Authority of Singapore – Singapore
- FSA Authorised – Financial Services Agency – Japan
- IIROC Authorised – Investment Industry Regulatory Organization of Canada – Canada
- FINMA Authorised – Swiss Financial Market Supervisory Authority – Switzerland
- FMA Authorised – Financial Markets Authority – New Zealand
Red Flags of a Fraudulent Broker
Keeping an eye out for red flags is also a good idea when it comes to spotting a scam broker. A fraudulent broker usually displays some of the red flags listed below:
- Guaranteeing Rewards and Profits – one of the biggest tell-tale signs that a forex broker is a scam is when there is any mention of rewards and profits upon account sign-up. One of their favourite lines is: “more than 95% chance of success”.
- Cash Bonus Enticement – another one of scam brokers’ habits is offering a cash bonus in exchange for registering a trading account with them. This often comes along with the broker failing to provide complete details on the cash bonus offer.
- Trade Bots and Trade Signals – the promise of an investor making profits by using their trading bots and algorithms is another common scam run by a fraudulent broker. Most of the time, this scam targets binary options and cryptocurrency traders.
- Company Information on Website – More common than not, this is a red flag that’s often overlooked by both broker and investor. Scam brokers usually omit important details like company owner, company’s physical address and telephone number. Although this is the oldest trick in the book, potential trading clients frequently overlook this detail which should actually be of utmost priority.
With the number of regulatory and authoritative bodies out there, you might ask if scam forex brokers are still really a thing. It might surprise you, but yes, there are fake forex brokers which continue to function successfully. New traders can start by getting a general idea on which scam brokers to look out for. The safest best on how to do this quickly is to run a search for “List of Scam Brokers” online.
Final Thoughts
Traze maybe a new forex and CFD trading platform and broker but is affiliated to a trusted and established financial institution. Far from being a scam, Traze should be considered by any keen trader for the transparency and accessibility it has to offer.
Not forgetting, Traze’s innovative trading services that has revolutionised the trading experience ensuring every trader gets a fair chance in reaping maximum benefits from their investment.
FAQs
- Is MetaTrader 4 legal in Malaysia?
Traze’s trading platform of choice is the MetaTrader 4 (MT4), compatible with Windows, Mac and it also has a mobile version (Apple app store and Google play store). The MT4 is one of the most popular forex trading platforms that comes with up-to-date analysis tools, and a wide range of instrument choices. - What does Traze do?
Traze is an online trading platform designed with forex and CFD traders in mind. A Traze review, highlight Traze’s reliability as a forex and CFD broker. Traze’s ‘Crystal-Clear Trading’ tagline warrants more mention. It leverages on innovative trading technology to equip its clients with intuitive trading infrastructure and instructional resources. - Are there fake forex brokers?
Yes, there are fake forex brokers which continue to function successfully. New traders can start by getting a general idea on which scam brokers to look out for. The safest best on how to do this quickly is to run a search for “List of Scam Brokers” online.
About The Author
Hi, thanks for the advice and what to be on the look out for,