Tradingmoon Scam Reviewed and explained

Tradingmoon Broker review — Safety, assets, support, and many more!

Tradingmoon is a regulated broker formerly known as Skilling. The broker allows access to advanced platforms including TradingMoon Edge Trader (Formerly Skilling Trader), cTrader, MetaTrader 4, and TradingView. Skilling’s license was suspended by the UK’s FCA, which is typically a major red flag. The broker was rebranded as Tradingmoon and mostly offers similar services and platforms. The broker was launched in 2016 as Skilling and only recently was rebranded into Tradingmoon.

The Safety and Security of Tradingmoon

In its current form, Tradingmoon is authorized and regulated by the Seychelles Financial Services Authority (FSA). The FSA of Seychelles is an offshore regulator and is not as strict as the FCA of the UK or other reputable regulators, which is a red flag for the broker. Switching from more strict regulators to less strict ones is never a good sign for any broker. We can only hope that the broker gets a license from other regulators to make itself more legitimate and reliable for traders.

There is a negative balance protection available, which is crucial for ensuring traders are not eligible for losses beyond their account balance. This is especially a threat as the broker offers excessive leverage of up to 1:1000.

Tradingmoon Fees and Spreads

The broker offers several trading account types allowing for tight spreads and low commissions, at least that’s what the broker claims. So, we tried to check these claims. Since Tradingmoon is Skilling, the spreads are mostly the same. The standard account has spreads of around 1 pip and the zero spread account has 0.1 pips, which is competitive. However, there are commissions for low spread accounts of 3.5 USD per lot per side, accounting for 7 USD per lot round turn. The standard account is commission-free, which is more attractive for traders who are not using scalping strategies.

Tradingmoon Accounts, Deposits, and Withdrawals 

Trading account types are crucial to allow traders to select suitable types according to their trading strategies. Tradingmoon provides mainly two account types, standard and Premium. The standard account is for general trading purposes and has only spreads, charging no commissions. However, as we have mentioned, spreads are around 1 pip. The leverage is up to 1:1000, which is a bit high. Excessive leverage is a number one risk to trading accounts, as it makes it possible to blow up entire accounts in a few high-volume trading positions. The low spread account allows traders to use scalping strategies, which is suitable for traders who want to trade on extremely short-term timeframes.

Deposits and Withdrawals

Deposits and withdrawals have no fees, which is flexible. It is important to get quick withdrawals and instant deposits to trade seamlessly. Deposits are instant and withdrawals will take some time depending on the payment option.

The broker offers a 100% deposit bonus to new clients, which has too many requirements to be attractive.

Tradingmoon Trading Platforms, Assets, and Features

The broker offers several advanced trading platforms, including its own TradingMoon Edge Trader (Formerly Skilling Trader), cTrader, MetaTrader 4, and TradingView. These platforms allow custom indicators and automated trading systems (Expert Advisors, or EAs).

Assets

The broker allows access to diverse markets including FX pairs, commodities, indices, and cryptos. Most of these assets are in the form of CFDs allowing traders fast execution. However, CFDs are also risky asset classes. The maximum leverage is up to 1:1000.

Extra Features

The broker offers a deposit bonus of 100% to new customers. However, it has restrictive rules and requirements and traders should consider it carefully before applying for it. However, for traders who wish to increase their trading power even more, this bonus might provide some boost.

Tradingmoon Customer Support Review

Customer support is available via live chat and email options. Traders can also use an online form which is also an email support. There is no phone supper available yet, which is a downside. At this moment, the website and support of the broker are only available in the English language.

Tradingmoon Education

The broker does not provide educational content at the moment, which is a serious drawback for beginner traders. There are no webinars, video guides, or trading courses. No trading tools are offered either, which is yet another downside for the broker.

Should you consider Tradingmoon? 

Tradingmoon is a newly launched broker under Skilling brokerage company. Both brokers are regulated in Seychelles, by the FSA. The broker transitioned from the UK’s FCA to the FSA of Seychelles which raises some concerns about its safety levels. It offers tight spreads, high leverage, and a 100% deposit bonus. Traders should be cautious due to the risks associated with offshore regulations, limited customer support, and lack of educational resources. Before selecting Tradingmoon, traders should carefully assess whether its features and services align with their risk tolerance and trading goals.

FAQ on Tradingmoon