A recent regulatory warning from Ontario dragged our attention to EduTrend. The company presents itself as a trading academy, offering practices on MT4 and MT5.
However, the regulator clearly indicated that the firm engages in trading, which cannot be done without regulation. Read our in-depth EduTrend review for more.
For a start, EduTrend has such an unimpressive website. The company doesn’t want you to know more about what you’ll get for your money. Besides packages, you cannot access any other information.
As an academy, the firm is not obligated to have a license. However, learning from the OSC warning that they offer trading, we’ve come to an issue of EduTrend regulation.
The owner of the branch is Edu-Adu Kft, located in Hungary. Therefore, it should be authorized by the Hungarian MNB. We found nothing upon checking their register and other Tier 1 databases, including FCA, BaFin, and CONSOB.
Learning how to trade is one thing. Actual investment is something entirely else. Therefore, before investing a penny, ensure your brokerage firm is regulated in your jurisdiction. This is the only way you’ll be able to get assistance from the Financial Ombudsman and potentially get compensated.
EduTrend presents itself as a Hungarian-based trading academy. The company has earned a regulatory warning in Canada, showing that the company actually offers to trade.
We’ve seen it many times already, a phony broker registers as an academy to avoid license issues, asking for the same initial deposit. Then, they convince you that you’ll only practice trading with your mentor while actually taking more money from you and investing it in the market.
Don’t fall for the EduTrend scam. Many legitimate brokers have educational materials at your disposal. There are also many honest academies that are here to provide knowledge.
After thorough analysis and reviewing EduTrend comments online, we concluded that they mainly onboard customers in the following countries:
The company domain was registered in January 2022. According to the SimilarWeb traffic report, they have fewer than 5,000 visits a month, which is good. It means they didn’t get a chance to scam as many people as yet. Raise awareness.
EduTrend promotes its educational services via social media and Google Ads. Those who might believe they’re dealing with a legitimate academy are then redirected to broker employees.
These people are trained boiler room agents. They will call, convince you, email you, and do whatever it takes to get your money. If you glance at the firm’s website, you’ll notice only one page. No matter where you click, you’ll be redirected to the same content.
According to this relatively obscure presentation, the firm offers trading essentials for beginners, technical trading education for the intermediate level, and strategic trading for professionals. They are asking for 250 EUR, which we find rather interesting. The sum is identical to what scam brokers usually ask from their customers.
Then, they will ask you to upgrade, learn more, and even try actual trading. But, they have no license to provide financial services. Keep this in mind and avoid any offers coming from EduTrend.
You can choose from four EduTrend packages, those being:
Each account brings in more tools and materials. However, you’ll notice a resemblance to broker accounts, even in the names.
Allegedly, this company provides MT4 and MT5 tutorials from the Intermediate account. We can consider it some sort of EduTrend Demo account, where you can apply strategies risk-free. However, they didn’t specify which assets you can trade, whether only currency pairs or other CFDs, stocks, or commodities. As mentioned, it’s not quite a meticulous presentation and only serves for fund extortion.
The issue comes when this company offers you actual trading without being a licensed broker. We invite you to report it to the relevant authorities if it happens.
If you’ve been unlucky enough to lose your money to EduTrend fraud, don’t despair. Global Fraud Protection may assist you with fund recovery.
Since the broker advertises accepting debit/credit cards as a means of payment, it means you have up to 540 days to request a chargeback. You’re not alone! Our experts can evaluate your case during a free consultation and help you with the first steps.
EduTrend is a phony broker hiding under a legitimate educational business. If you lose your money with the firm, we might be able to assist you.
It’s unclear whether or not you can access your EduTrend account from a mobile app.
The company requires you to pay 250 EUR for their Beginner package.
EduTrend is a phony broker hiding under a legitimate educational business. If you lose your money with the firm, we might be able to assist you.
It’s unclear whether or not you can access your EduTrend account from a mobile app.
The company requires you to pay 250 EUR for their Beginner package.
The post EduTrend Review 2023 – Trading Academy or Another Scam? appeared first on Global Fraud Protection.
