Exploring Trade Galactica: Analyzing the Dubious Practices of a UK-Based Broker

Trade Galactica is a CFD broker operating from the UK, claiming to have started its operations in 2018. Despite receiving positive online feedback, concerns have been raised regarding the company’s legitimacy due to its lack of licensing, insurance, and transparency about its business practices.

Trading with Trade Galactica requires a minimum deposit of $2,500 after registration and verification. The platform primarily deals with CFD instruments such as forex, stocks, cryptocurrencies, commodities, metals, and indices. It offers six account types, each necessitating a higher minimum deposit but providing various benefits like account supervision, risk-free trades, customer support, signals, analysis, and bonuses.

The company promises passive income ranging from 2.5% to 33%, but the absence of clear information on the duration raises suspicions of a potential financial pyramid scheme.

Investigations into Trade Galactica’s history reveal inconsistencies. Although the official website claims establishment in 2018, the domain was registered in March 2022, raising doubts about the firm’s credibility. Moreover, while listed as a British entity in legal records, the company’s incorporation date is documented as June 28, 2023, contradicting its alleged experience.

Notably, Trade Galactica lacks an FCA license, which is mandatory for UK brokerage firms. The absence of FCA registration questions the broker’s legitimacy and compliance with industry regulations. The FCA has even blacklisted Trade Galactica as an unauthorized broker involved in potential scams.

Considering these findings, traders are advised to be cautious when dealing with Trade Galactica due to uncertainties surrounding its credibility and regulatory adherence.

Positive Aspects:

– None

Negative Aspects:

– Unfavorable conditions, particularly high minimum deposit requirements

– Operating on a “pay more to get more” principle

– Lack of licensing

– Short operational history despite claiming establishment in 2018

– High risk of financial losses

– Blacklisted by the FCA

– Lack of transparency

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Where to Report Suspicious Companies like Trade Galactica:

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Conclusion:

Key Findings:

– Trade Galactica claims to have been founded in 2018 with a UK legal address. However, investigations reveal that the domain was registered in 2022 and legally established in mid-2023. While it is listed in the Companies House register, there is uncertainty about its ownership. The company lacks licenses and is not registered with the FCA. Additionally, it does not disclose its business model, leaving traders uninformed about order processing methods.

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