Trade Galactica, a CFD broker based in the UK, has garnered positive online reviews since its alleged establishment in 2018. Promising traders optimal conditions for financial market success, the firm’s credibility is called into question due to its lack of licensing, insurance, and transparency surrounding its business model.
Trading with Trade Galactica involves a minimum deposit of $2,500 post-registration and verification, focusing solely on CFD instruments like forex, stocks, cryptocurrencies, commodities, metals, and indices. The platform offers six account types, each requiring a higher minimum deposit but providing varying additional benefits such as account supervision, risk-free trades, 24/7 customer support, daily signals, market analysis, and bonuses.
Claiming to offer passive income ranging from 2.5% to 33%, Trade Galactica’s lack of clarity on the duration raises concerns of a potential financial pyramid scheme.
Critical investigation reveals discrepancies in Trade Galactica’s operational history. While the official website asserts its inception in 2018, the domain was only registered in March 2022, casting doubt on the firm’s authenticity. Furthermore, though listed as a British entity in legal registers, the company’s incorporation date is documented as June 28, 2023, contradicting its claimed experience.
Notably, Trade Galactica lacks an FCA license, mandatory for UK brokerage firms’ operations. The absence of registration with the FCA raises red flags about the broker’s legitimacy and compliance with regulatory standards.
FCA blacklisted Trade Galactica as unauthorized broker which work to scam trader or people.
https://www.fca.org.uk/news/warnings/trade-galactica
In light of these findings, traders are advised to exercise caution when considering Trade Galactica as their broker of choice, given the uncertainties surrounding its credibility and adherence to industry regulations.
Positive points:
- None
Negative Points:
- Inadequate conditions, particularly non-competitive requirements for the minimum deposit.
- The company operates on the principle of extracting money with the “pay more to get more” approach.
- Trade Galactica operates without a license.
- It has a short operating history, although 2018 is claimed as the year of establishment.
- High risk of losing money.
- Blacklisted by FCA
- Not transparent
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Conclusion
The website states: founded in 2018 and has a legal address in the UK. However, the operating period turned out to be fabricated, as the domain was only registered in 2022, and legally the firm appeared only in mid-2023. Such a legal entity is in the Companies House register, but there are no confirmations that it actually belongs to the subject of our review. And there are definitely no licenses, as this organization is not found in the FCA. Additionally, the platform does not disclose its business model, leaving traders in the dark about how orders are processed.
In conclusion, our investigation into Trade Galactica has revealed concerning practices and red flags that raise doubts about the legitimacy and trustworthiness of this UK-based CFD broker. From deceptive marketing tactics to lack of regulatory oversight, traders should approach this platform with caution and carefully consider the risks involved. It is crucial for traders to conduct thorough due diligence and seek out reputable brokers with transparent operations to safeguard their investments and financial well-being. As the financial industry continues to evolve, staying informed and vigilant is essential in navigating the complex world of online trading.
It is important to remember the risks inherent in margin CFD trading. Due to leverage, many traders completely lose their money. However, the most significant risk with Trade Galactica lies in its illegal activity, because there is no regulation. The platform has no license, so client deposits are not protected at all, and the firm may manipulate quotations, delay withdrawals, or outright refuse to withdraw funds.
Note: scammers use free phone numbers, addresses and email to easily scam people.