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TradeOgre Review – Is tradeogre.com scam or safe cryptocurrency exchange?
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Trading Accounts & Conditions
||Leverage||Maker Fee||Taker Fee||Deposit Fee|
|Standard||1:1||0.20%||0.20%||Crypto only Free|
TradeOgre is cryptocurrency exchange, which has a bit of an unusual offering. This is a digital assets only exchange, which means it isn’t that friendly towards newcomers to the cryptoverse.
Expected costs of trading – with a 0.20% fee for both market “makers” (those who place passive orders in the book) and “takers” (those who simply take the best available price) TradeOgre is fairly competitive. The top exchanges charge something very similar.
Interesting altcoins – the key selling point of TradeOgre is the variety of assets. This can be a double-edged blade, as some altcoins are a very risky investment. The total number of currently available coin at the exchange is 29. The famous ones include Litecoin, Monero, Verge, Dogecoin and Dash. In terms of volume, the leaders are Graft and Electroneum. All trading is done against Bitcoin.
No deposit fees – while this may sound intuitive, some venues charge you, when depositing. TradeOgre charges withdrawal fees, which are not specified. This is only the beginning of the negatives we have with this project.
No info about the team, security – our main complaint with this exchange is the fact they don’t reveal much about themselves. The team doesn’t have a presentation, there is no info on the security measures nor the legal entity behind the exchange. This may be in line with the traditional spirit of cryptocurrencies, but isn’t very reassuring.
Slightly odd platform – the web-based trading platform provided by TradeOgre looks complicated. It provides a lot of information, but simply isn’t intuitive, in our opinion. The charting is very basic and the few price spikes make it borderline useless. Here is the preview:
Possible price manipulation in the past – as you can guess from the chart above, unusual trading activity (what is known as “Pump and dump”) has likely occurred at TradeOgre. We managed to find some user comments about amazing swings with some of the less popular coins.
Negative reviews – while we are on the topic of comments by other traders, we must mention that not much is said about TradeOgre, However all of the discussions feature complaints of one sort or another, with the most notable ones being about long withdrawal times.
No fiat deposits – if you are new to cryptocurrencies, this is not the place to start. A lot of other exchanges, which we have coined “entry-level” companies accept fiat currency payments. They are usually done via Bank Transfer or Credit Card.
TradeOgre is a digital assets exchange, which supports interesting alternative coins. Some of them can pose a very risky investments, but also this is one of the few venues where they are traded. TradeOgre does little to nothing to reassure potential clients this is a secure trading venue. Even two factor authentication (2FA) is not supported.
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You may be thinking the entire world of crypto is similar to the “Wild West” and while that statement has some merits to it, there are many safer exchanges. If the protection of your funds is a top priority, trading with a forex broker would be wise. Be sure to trade with a regulated one, as these companies follow a lot of rules.
FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.
XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.
FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.
FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.
FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.
FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.
HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.
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I really appreciate mrs Clara for…
I really appreciate mrs Clara for bringing me out debt my helping recover lost funds from this broker Thanks to her. Click on my profile to get her email address and whatsaap number
All i did was request for withdrawals…
All i did was request for withdrawals of my invested capital and also to close my account with Trade99 but instead they asked me to open some BTC wallet and apparently they will be able to give me money back. I did as requested but still haven’t gotten back my money. I sent several email request but no response too. I’m having a very big issue to get my funds back – my deposit $80000. It was never like this when I started investing with Trade99. They were the ones disturbing me with phone calls by calling me 10 times In a day. I had to send a complaint to nicole at RETRIEVE HUB to initiate a successful chargeback to recover my funds. If you a victim all you need is google RETRIEVE HUB,It is the right thing to do.
Would advise you avoid them
Would advise you avoid them. Got my money back with neo tech. no down payment or whatever. Their contact mail is neo [email protected] gmail
FMA New Zealand has blacklisted trade99…
FMA New Zealand has blacklisted trade99 com, they were previously on the io domain. They’ve been reported to fraud police and there fraudulent activities is currently being monitored and investigated.
I was also a victim of this broker after I had lost an embarrassing amount to them last year, even though I got my money back from them through a private investigation firm. I would not by any chance recommend both trade99 domains to any new trader, they will only steal your money. And if you’re a victim, you can find the private firm that got my investment back, simply Google FORENSIC PRO, they were really helpful.
Only FOOLS invest in Trade99 – I know – I was one.
I have worked with a series of characters over the past 7 months ending Feb 14. They are (not even good) liers but definitely hardened criminals. They simply want you to put more money in there and then they find ways to steel it covering that with phone chatting from unknown locations. It simply slows down your reactions. The WEB is falsely reassuring but the information on there is absolutely fake. Don’t fall for titles like “Account Managers”, ‘Senior Investors’ or ‘Risk Managers’. All complete crap. My contact – the names are fiction – stripped out about 3.6 BTC from my account by phoney trading and outright theft (when BTC was on the rise) as they knew I wanted out. My account appeared to generate 6.69 BTC and it all went. Beware of any ‘magic’ they offer you it is simply to generate a story to support total loss thus defrauding you and sometimes, as in my case, they didn’t even care as they know you can’t do anything anyway. The ‘pseudo’ profits you see are just a scam to facilitate more investment. They get difficult when you want to withdraw money. Don’t be fooled if you are making profits they are just trying to get you to invest more. They may give you US5K to show there isn’t a withdrawal problem – but you can’t get it into a crypto wallet – but, worse still, just try and WD it all. Then they get nasty and say you can’t WD it all anyway as they claim credits for the 15% IBINEX bank exchange rate they “gave back to you”. Their software cleverly dupes you into thinking they hold BTC and that you are trading with them – but you are not. And they trade in order to lose all your money even when you forbid them in writing. Trade99 is there simply to rip off the public, including little guys investing $250. They are a gang. Most negative reviews are suppressed as Trade99 report them for any reason they can and TP suppress these reports. TP is a ‘hands off’ system. They don’t get involved. Trade99 are not regulated. They are not. The FC is simply a ‘pseudo’ insurance company (look at their Directors names) but if you report Trade99 they don’t insure theft or investment scams (even if it’s their client!). Of course, Trade99 will eventually emerge under another name or may also be working as other organisation. Remember OneCoin – probably one of their previous scams – they took billions from moms and pops. So apart from Trade99, beware of other unregulated CFD companies based in places no-one can get at. DONT TRUST THEM.
Should You Use Automated Day Trading Software (EAs)?
Many people are lured to the markets by promises of easy money via day trading robots or expert advisors (EAs). An EA, or trading robot, is an automated trading program that runs on your computer and trades for you in your account. Selling robots and EAs online has become a huge business, but before you take you plunge there are things to consider.
There are certainly some benefits to automating a strategy, but there are also some drawbacks. The thing to keep in mind is that rarely is making a boatload of money easy. The promise of easy money is the oldest trading scam in the book. There is money to be made with trading robots and learning to automate strategies. Unfortunately, to this do effectively could actually take longer than simply learning how to trade manually, since a person needs to learn how to trade first, and then still learn how to automate the strategies via a programming language. And buying a program comes with loads of pitfalls, which will be discussed shortly.
Below, we look at all of this, and more, exploring the pros and cons of robotic trading and EAs.
What Is Automated or EA Software?
Automated trading software goes by a few different names, such as Expert Advisors (EAs), robotic trading, program trading, automated trading or black box trading.
Automated software is a program that runs on a computer and trades for the person running the program. Since it is a program, it will only take trades with parameters that align with what is written in the program. Creating a trading program requires extensive trading knowledge, as well as programming skills.
EAs are based on a trading strategy, so the strategy needs to be simple enough to be broken down into a series of rules that can be programmed. The more complex a strategy, the harder it will be to effectively program.
For people who buy trading software, they are completely dependent on the trading skills and programming skills of the person who wrote the program. This is a vulnerable position to be in.
Like most software, it will require an update from time to time. Market conditions change, and the trading software needs to be updated with it. If the software is not updated by someone who knows what they are doing, then it is quite likely the software will have a very short shelf life of profitability (if it was profitable, to begin with). EAs that are written by and maintained by experienced traders and programmers have the best chance at maintaining profitability over the long-term.
Beware the Sales Push
While a few EAs will work, and produce good returns, most will not. Less than 5 percent of people who attempt trading are successful at it, and that includes people who create and buy EAs. The odds of success are still very small even when using a trading robot.
The people who are successful with EAs constantly watch how their EA is performing, make adjustments as market conditions change and intervene when uncommon events occur (random events can occur that affect the programming in unexpected ways). Successful robotic traders, just like successful manual traders, put in the work required to create and maintain profitability.
This is quite different than the EAs sold online that describes a life of easy money and no work. all for $79.95! Once you buy an EA, rarely is there support and updates after the fact. Even if the creator of the EA is successful, that doesn’t mean someone who buys the EA will be. The creator may occasionally intervene, or turn the program off (during major news events, for example). Slight changes to when the program is run can change results dramatically. Unless the creator of the program is coaching you on how to do this or providing long-term updates and monitoring as market conditions change, it’s best to avoid getting sucked into the sales pitch.
Rarely Is Automated FULLY Automated
As alluded to above, successful robotic traders put in a lot of work to creating and maintaining their programs. The real work is maintaining the program. Someone can not simply flick a switch and watch the money roll in while doing nothing. This may work for a time, but market conditions change and unexpected events occur, which require intervention on the part of the trader.
If a person buys an EA, it is unlikely they will have the expertise to know when to intervene and when not to. Intervening, when not required, could turn a winning strategy into a losing one, just as not intervening when required could drain the trading account in a hurry.
In the Market Wizards book series by Jack Schwager, several successful automated traders are interviewed. All these traders were highly engaged with their strategies, and not just sitting back doing nothing. It is highly unlikely that a person can buy an EA and just leave it running while they sleep and work at another job. This approach may work, but only if they stay on top of the EAs performance, have the know-how to alter the program if market conditions change and know how and when to manually intervene when required.
Some people think that robotic trading takes the emotion out of trading. Unfortunately, this is not true. While the program doesn’t feel emotion, the person running the program does. People may feel tempted to intervene when they see the program losing money, but the program may still be functioning well (losing trades happen). Or they may intervene to take profits prematurely, manually overriding a trade when the person sees a profit they like. All these emotionally-driven actions could destroy an EAs profitable edge in the market.
Automated traded is rarely auto-pilot trading. It takes a lot of knowledge to be able to maintain an EA, and trading skills/psychological skills are still required to intervene when necessary, but not too much.
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