Testytrade Brokerage has been flagged by Financial Conduct Authority for "Unregistered/Unlicensed entity offering financial products or services". This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm.
Tried to withdraw my funds from Testytrade Brokerage and was told I needed to pay a "withdrawal tax" of 20%. This is a red flag. No legitimate broker charges withdrawal taxes. When I refused, they became aggressive and eventually stopped all communication. My entire investment is gone.
Cons: Cannot withdraw funds|Not regulated|Pressure tactics
Testytrade Brokerage advertises low fees but once you dig into the fine print, there are numerous charges that add up quickly. Inactivity fees, withdrawal fees, currency conversion fees - it all eats into your returns. I wish I had read the terms more carefully.
Pros: Easy withdrawals|Smooth onboarding
Cons: Withdrawal takes 1-2 business days
I joined Testytrade Brokerage after doing extensive research and from the start, things felt off. The signup process collected far more personal information than necessary, the verification took unreasonably long, and when I finally got access, the platform was nothing like what was advertised.
Pros: Full transparency|Good mobile app|Quick verification|Good analytical tools
Cons: Help articles are sometimes vague
Testytrade Brokerage offers copy trading. I copied a top trader. The copy trades often executed at worse prices than the original. When I asked why they said it was due to latency and liquidity. So the feature is broken or they are skimming. Either way I stopped using it.
Pros: Reliable uptime|Customizable dashboard|Risk management tools|Multiple order types
Cons: Charting tools need more indicators
Several red flags with Testytrade Brokerage: (1) They promise unrealistically high returns, (2) They're not registered with Financial Conduct Authority, (3) Their contact information is vague, (4) They pressure you to deposit quickly. I recommend everyone do thorough due diligence before investing with any company.
Pros: Website looks legitimate on the surface
Cons: Listed in warning databases|No transparency|Pressure to invest quickly