Launched in February 2017, Total Trader is a relatively new online broker offering digital currency trading. They are owned by Global Advertising Partners Ltd which is located in Sofia, Bulgaria.
TotalTrader is not a regulated broker, but they claim to provide a safe and secure trading environment. According to the information on their website, they are one of the most convenient brokers on the internet and they are committed to providing traders with the best trading experience.
The broker claims to be offering a lot, but there is not much details they have shared with potential clients. We don’t see them to be having much capabilities in terms of assisting their clients or helping them achieve their trading goals.
After conducting an intensive investigation, we are of the opinion that Total Trader is not a good choice. Since the broker has scam connections, it is not going to secure a spot in our safe brokers list.
Trading Platform & Account Types
Total Trader operates on the Tradologic trading platform. The platform is easy to use, but unfortunately it doesn’t have much features. We have seen better trading platform and more advanced features and this is why we don’t see any reason why someone should choose this one.
Their offering has been divided into five account types. These packages are named Basic, Silver, Gold, Platinum and Diamond. Although they have mentioned the benefits that traders will get access to with these account types, they haven’t provided any information on the costs associated with signing up for them.
With most brokers, the cost increases with the benefits and it is important for traders to have an idea of how much they will be required to pay to be able to choose wisely. But, TotalTrader hasn’t taken the initiative to mention the minimum deposit requirements for each package.
The Scam Factors
It has been more than one year since this broker has been in operation, but until now they remain unregulated and unlicensed. There is no financial authority that regulates their activity which means that your deposit will never be safe with them. You will be taking a huge risk if you choose to trust them with your hard earned investment funds.
They claim to be having a learning centre and a section dedicated for news and market analysis. But, when you try to click on those tabs, you will realize that those sections are empty. The broker has nothing valuable to offer. They have made false statements on their website just to attract attention and make traders sign up for with them.
Deposit and Withdrawal
Their website doesn’t disclose any information as far as payments are concerned. They haven’t even mentioned their trading conditions, spreads, minimum deposits, minimum withdrawals, payment terms, trade size, etc. Lack of vital information should serve as a red flag that Total Trader is a fraudulent broker. instead of assisting and providing them with a reliable platform, they are only after their clients’ investment capital. What’s even worse is that they don’t offer demo accounts which means you cannot test their features and services without making a deposit first.
It wasn’t shocking to see that they don’t offer customer support service. Malicious brokers usually don’t waste their time in setting up call centres where representatives work round the clock to help their clients with their questions and queries.
Total Trader is not a licensed broker and what they offer is also not clear. Since they don’t have credibility and chances of them being a scam is extremely high, we are not going to recommend them at all. We advise readers to look for a safer alternative and proceed with caution when choosing an online broker.