Paradech has been flagged by Financial Markets Authority for "Unregistered/Unlicensed entity offering financial products or services|Fraud ...". This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm.
After doing some research AFTER the fact (I know, I should have done this first), I discovered that Paradech is not authorized by any legitimate financial regulator. They are operating illegally. The website looks very professional but it's all a facade. Please check the regulatory warnings database before investing with ANY company.
Pros: Professional looking website
Cons: Cannot withdraw funds|Not regulated|Pressure tactics
If you are reading this considering Paradech - run. I wish I had read more negative reviews after a friend recommended them. I thought the positive ones were real. Maybe some are. My experience over for nearly two years has been so bad I feel obligated to warn others. Do not make my mistake.
Pros: Customizable dashboard|Full transparency
Cons: Currency conversion fee exists
The onboarding at Paradech was smooth which makes the subsequent experience even more frustrating. Once they have your money, the quality of service drops dramatically. Getting anyone to help you with an actual problem is nearly impossible.
Pros: Social trading features|Regular updates
Cons: Spreads widen during volatile periods|Help articles are sometimes vague
The hidden fees at Paradech are the real scandal here. What they advertise and what they actually charge are two different things. By the time I realized how much I was paying in various fees and spreads, I had already lost a meaningful amount.
Pros: Automated trading options|Economic calendar
Cons: Website design could be more modern|Limited cryptocurrency options
Paradech seems more interested in acquiring new customers than taking care of existing ones. The marketing is aggressive but the product is mediocre. Once you are past the honeymoon period, the cracks in their service become very apparent.
Pros: Dedicated account manager|Tax reports included|Real-time alerts|API access
Cons: Help articles are sometimes vague|Minimum deposit could be lower