If you’re looking to become a better trader through the use of a trading app, you may have noticed that there are hundreds of those in the market. Unless you have all the time in the world to look through each of them, it may be highly difficult to choose one.
Keep in mind that there are many things to consider before choosing the right trading robot, such as reliability, fees, brokers, and more. However, the primary factor everyone must look for its legitimacy.
While there are several trading apps that work perfectly for most traders, there are also some apps that do a poor job of helping you trade better. Additionally, some other apps aren’t even real and are designed to hoax beginners.
Unfortunately, telling the difference between each trading app is a bit hard. The best way to determine whether a trading robot is reliable or not is through reading reviews. Our goal here is to help you understand how some of these apps work so that you can make a better decision based on what your needs are.
Today, we’re going to take a closer look at TraderMate, which is an app that has been causing quite the noise among the trading community. This TraderMate review is going to cover the app’s primary features so that we can determine if it’s legit or not.
Whether you’re interested in using TraderMate for your trades or are looking for the right trading app for you, make sure to keep reading this review! You’re likely to find all the information you need here.
What to do instead?
After reading about TraderMate, you might be having second thoughts about trading there. But don’t lose hope; many platforms are much better and cater to new traders like you. We invite you to explore our best online brokers list to find a trustworthy place to start your trading journey.
Table of Contents
- What to do instead?
- How Do Deposits Work with TraderMate?
- Key Factors to Consider in This Review
- What Is TraderMate?
- What Can You Find on TraderMate’s Home Page?
- What Does the “About Us” Page Have to Say About TraderMate?
- How Does TraderMate Work?
- Can You Withdraw Your Money from TraderMate?
- Does TraderMate Charge Any Fees?
- Is TraderMate Legit? | Our Verdict
How Do Deposits Work with TraderMate?
The TraderMate team claims the deposit process works similarly to other apps on the market. You must choose an amount of money you feel comfortable investing with, wait for the platform to approve the transaction, and start trading.
Key Factors to Consider in This Review
There are a few things we must clear up before going into this TraderMate review. If you’re a beginner, it’s vital for you to read this section so that you understand how we’re going to go over each of the app’s features/sections.
First, we’re going to cover the app’s Home Page. Typically, home pages tell us everything we need to know about the software since this is where companies try to sell us their product/service. It’s important to note that not all home pages are designed equally, so you may notice a small difference here and there.
Once we’re done with the home page, we’re going to take a closer look at the platform in general. Considering we don’t know anything about these trading robots, it’s highly risky to start investing in them right away. Thankfully, our team of experts is going to do that job for you.
Our goal is to give you an honest and detailed review, and that can only be achieved by testing the platform itself. Whether the TraderMate platform is reliable or not, that’s what we’re going to discuss further in this review.
Finally, we’re going to provide you with an overview of all the features you can expect (or not) from the trading app. Keep in mind that a trading app with hundreds of features doesn’t necessarily make it better than others with fewer features. In essence, what counts is the quality of these features.
Now that you know how we’re going to structure this TraderMate review, it’s time to discover what it has to offer us. We must admit that TraderMate didn’t give us a good impression at first, but we can’t make a verdict based on that impression. If you want to discover what our testing phase for this trading robot gave us, keep reading!
What Is TraderMate?
Let’s start with the basics: TraderMate is a platform that allows traders to invest in several currencies, including cryptocurrencies.
What Can You Find on TraderMate’s Home Page?
If you go into TraderMate’s platform, you’re going to quickly notice how it uses motivational phrases to encourage you to start your financial journey with this app, which is great. However, once we went further into the page’s content, we started to see some things we didn’t like.
Trading is a highly risky activity, and it’s virtually impossible to tell what your results can be. In the case of cryptocurrencies, it’s even harder to make predictions since these assets aren’t regulated by any government or banking agency, meaning their price mostly depends on supply and demand.
The price of cryptocurrencies tends to be extremely volatile, meaning it can change a couple of minutes from now. Regardless of the algorithm a trading app uses to execute trades, you can’t predict profits, and if a company tries to do it, it’s likely offering a fraudulent robot for you to work with.
We didn’t see any fake testimonials on the website, which is good. Some swindlers do their best to create fake user testimonies regarding people who “supposedly” won thousands of dollars within a few days of using the app. If you ever notice one of these websites, it’s best to avoid it.
What Does the “About Us” Page Have to Say About TraderMate?
Another important website section worth checking out is the “About Us” page since it tells us additional information about the company. Unfortunately, we didn’t find any information that told us what the company did to create the software, who the developers were, or where the company was based.
While many app developers don’t share too much personal information on these websites, it’s still nice to read a bit about how the software came to life. In the case of TraderMate, we didn’t find anything at all, which also raises a red flag for our review team.
Still, we cannot make a verdict based on the home page alone, so we must dive a bit deeper into how the software itself works so that we can determine if it truly works as intended or not. Keep reading if you want to learn more about how the TraderMate platform works!
How Does TraderMate Work?
According to the company, this trading app is fully automated, meaning you don’t have to do anything to perform trades. In essence, all we had to do to start was log into the web trader, choose an ID and trading style, and click on a button.
TraderMate’s approach to trading sounds a bit too good to be true, and it is. You can’t trust companies that claim their software is 100% automated. While you can automate some aspects of your trading sessions, platforms still need human input to work correctly.
If you leave the entire trading process to the trading platform, it’s likely going to make trades you don’t want to do, which can easily become a problem in the long run. We noticed that TraderMate worked with several digital assets, although the most commonly used ones were stocks, Forex, and cryptos.
TraderMate offered us a “Demo” account, so we decided to go for that one first. Here, you can test all of the app’s features without worrying about losing money. Unfortunately, we quickly noticed that some of the features this company sold us don’t work as intended. Additionally, some of the trades we set up delivered similar results, which led us to think that this platform uses pre-made trades to make users believe it’s doing something when it isn’t.
Can You Withdraw Your Money from TraderMate?
In theory, you can withdraw your money from your TraderMate account. All you must do (according to the developers) is going into the “Withdrawals” section on the TraderMate platform, input your bank account or crypto wallet information, and wait for the platform to send your money to your desired platform.
The withdrawal process was extremely exhausting for our review team. Overall, it took us a couple of hours just to make the withdrawal request for TraderMate.
Withdrawals are always going to take some time to get processed. In most cases, a transaction can take from one to three days to get processed by your bank, which is normal. However, our case took more than a week, and we didn’t even receive our full money.
Unfortunately, we have to conclude that TraderMate’s withdrawal process is unreliable, and it leads us to believe that the company may be using our information for other purposes. Additionally, the company didn’t provide any security policies on their website, meaning you’re not sure if your data is safe with it or not.
Does TraderMate Charge Any Fees?
TraderMate didn’t charge us any fees in any part of the sign-up process. As the company stated, you don’t have to pay sign-up, deposit, or withdrawal fees.
While some reputable companies also decide not to charge fees to their users, we believe TraderMate makes money in other ways by selling its users’ information to third parties.
Is TraderMate Legit? | Our Verdict
Giving a verdict for TraderMate was hard at first since it was quite challenging to tell whether it worked or not. However, the withdrawal process what the final nail in the coffin for our team. If we can’t have a decent withdrawal process, that leads us to question all of the other features.
Unfortunately, we must conclude that TraderMate may be a fraud and that you must avoid it if you’re looking to begin trading in a more effective way. Keep in mind that there are many other reliable apps you can use to trade, and we’ve covered some of those on our page.
If you’re interested in using trading apps for your financial journey, make sure to read some of our other reviews to discover which option works best for your needs!
WeInvests is a financial portal-based research agency. We do our utmost best to offer reliable and unbiased information about crypto, finance, trading and stocks. However, we do not offer financial advice and users should always carry out their own research.Read More