TrendinGAP is run by an anonymous group of individuals whose only goal is a quick profit by swindling unwary traders. The frauds have posted an address in London, UK, which quickly turned out to be false. Additionally, this company does not have any license or authorization to provide their services to anybody. Find out about all this and more in our TrendinGAP Review.
Considering that TrendinGAP claims to have a headquarters in London, UK, they fall under the jurisdiction of the FCA. This agency is what is known in the industry as a Tier-1 regulator. The UK has some of the most strict financial frameworks out there, and the FCA has implemented a number of risk-mitigating constraints.
Among these is the minimum starting balance of £730 000, and a compensation fund of £85 000. Another important safety measure is the maximum leverage of 1:30. Additionally, FCA requires Negative Balance Protection and Client Fund Segregation, while bonuses are forbidden. All transactions must be completely transparent as well.
Now, the UK is not the only country where TrendinGAP scam operates. Because of the widespread nature of the scheme, TrendinGAP should have additional licenses for other jurisdictions. One of these is the EU, where the regulators require similar conditions to be met. EEA goes one step further, and requires MiFID regulation as well.
Financial regulation in Canada is somewhat different. The max leverage is 1:50, bonuses are allowed and Negative Balance Protection is not allowed. The starting capital is set at CA$1 000 000. The brokers in the US must provide at least US$20 000 000 in assets to be eligible for a license. Leverage and bonus regulation remains the same.
After checking the databases of ESMA, and some other prominent regulators like BaFIN, CySEC, ASIC and more, the only information about TrendinGAP were multiple scam warnings. These were issued by CONSOB from Italy and OSC from Canada.
Regulatory bodies in multiple jurisdictions have posted scam warnings about TrendinGAP. You may view the warnings by following these links below:
TrendinGAP fraud is directed towards the people who live in developed countries. Although these nations have very strict financial regulation, that means little for an unauthorized broker. Your best bet is to be informed, and avoid suspicious entities outright. The majority of the clients live in one of these nations:
As is to be expected from a scam broker, the customer base is quite divided. The majority of the ratings are 1-star, riddled with client complaints. There are 5-star ratings as well, but the content implies an online romance scam.
Here are some of the testimonials:
Trendingap is a very fraudulent company. Had €14000 in my account there. They did not want to pay out.[…]
One of the many problems with TrendinGAP is the software limitation. The broker does not support MT4, MT5 or cTrader software, which are the current industry standard. TrendinGAP only offer the most basic, Web Trader software, similarly to Bitchain scam.
The only pro of this platform is that it is download free, and that you can use it directly from your web browser. Scammers prefer the Web Trader, because it makes it easy for them to create faulty trades, draining your account balance.
As we have seen earlier in our review of the TrendinGAP, the scammers actively use social networks to recruit their marks. Boiler room agents, as they are known, use the honey trap strategy to lure their victims. They would pretend to be a romantic interest of their target, and manipulate them through emotions.
Nobody is immune to this sort of a scheme. Although it may take a long time to facilitate, it unfortunately works equally well with men and women alike. Many people get hooked through dating applications such as Grindr and Badoo.
TrendinGAP offers a somewhat large array of different trading instruments. These are categorized in several main groups. We can see these groups now, with some of the most popular choices:
There is no readily available information on spread or fees on TrendinGAP. We did manage to find some data while digging through their Web Trader, though. The spread for EUR/USD is 0.00002 Pips, with a 0% commission for instance.
Swap, commission, and fees are the main source of income for licensed brokers. Scam brokers can offer these kinds of deals because their income comes from defrauding people.
There are a rather large number of different trading accounts at TrendinGAP. However, they do not include a demo, or an Islamic account. The way these accounts are structured is reminiscent of the BitcoinCode scam.
TrendinGAP offers these account to their clients:
Keep in mind that there is no free money. These incredible bonuses are just another part of the bait.
One of the main ways for the novice to become introduced to the volatile online trade market is the demo account. This is an essential tool that allows beginners to develop and perfect their strategies.
The absence of such a valuable risk-free environment on TrendinGAP is problematic in its own accord, but the swindlers have another card up their sleeves. Sometimes, these faux brokers will offer a demo account, and show unrealistically profitable trades to lure more investors.
The Terms & Conditions document on the website does not give any insight on how the withdrawals are handled at all. For this reason, we could not review the withdrawal methods. Furthermore, the many bad customer reviews paint a very bleak picture when it comes to withdrawals from TrendinGAP accounts.
Because of the general lack of information, you can expect to encounter serious problems with payouts. The deposits are handled through an “account manager”, so it seems logical that they will interfere when you attempt to withdraw. Withdrawing might even be impossible without legal advice and support.
Unfortunately, there is little anybody can do when it comes to these scams by themselves. For this reason we urge our readers to contact our staff. With more evidence we collect, the faster we can step on the swindler’s tail and charge back your currency.
If you, or somebody you know has become a victim of a TradinGAP scam, feel free to contact our team. You may use the online chat for the fastest response and a free consultation. Don’t give up without a fight! The quicker we act, the better your chances at recovering your funds!
TrendinGAP is an illicit broker and there are many outstanding scam warnings about this fraudulent company. If you have already invested with this fake brokerage, let our dedicated team help you with retrieving your money!
TrendinGAP lacks the Demo Account, which is the most important tool for any beginner.
TrendinGAP provides their clients with only the most rudimentary trading platform available – the Web Trader.
TrendinGAP is an illicit broker and there are many outstanding scam warnings about this fraudulent company. If you have already invested with this fake brokerage, let our dedicated team help you with retrieving your money!
TrendinGAP lacks the Demo Account, which is the most important tool for any beginner.
TrendinGAP provides their clients with only the most rudimentary trading platform available – the Web Trader.
The post Review of TrendinGAP Shows Fraudulent Intent appeared first on Global Fraud Protection.
