Our detailed Trendex review will uncover everything we were able to dig about this unlicensed financial firm.
Trendex is a trading brand of TRND HLDS Limited Company, allegedly based in Hong Kong. However, we know better than to believe the broker’s word for it; hence we checked the SFC register. The Securities and Futures Commission is the regulator in charge of Forex and CFD brokers in the country and, therefore, should have information about Trendex regulation.
As you can already guess, they’ve never heard of the brand or their alleged owner. Just for the sake of research, we checked Tier 1 databases, such as FCA, ASIC, and BaFin, but found nothing.
As a firm onboarding EEA zone residents, we’d expect Trendex to at least comply with some basic rules regarding fund segregation and leverage limits. At least maintain the illusion of legitimacy. Turns out our hopes were too high. Despite the leverage limit of 1:30 imposed by the European Securities and Markets Authority, Trendex offers 1:500. Of course, there’s not a single word about your fund safety.
All in all, Trendex has earned a negative reputation for a good reason, along with regulatory bans we’ll elaborate on in the following segments.
Now you have a clearer picture of how serious the scheme was. EU regulators don’t just ban companies for no reason.
We did a comprehensive analysis of the broker’s operations and a thorough job of looking for victims and gathering details for the story. We can conclude that the majority of victims come from the following countries:
None of the countries have banned the fraud yet, so we’re hoping our review will be the one to change the narrative.
Let’s take a moment to review the Trendex trading platform. The company offers Activ8, the software of the infamous Leverate. This firm owns Sirix, a platform abused by hundreds of illicit brokers.
However, to give credit where it’s due, Activ8 itself is a solid platform with a nice range of TAs. Customers can apply complicated strategies, get in-depth analytical tools, and more. The software uses the same financial data as the one on MT4 and MT5, while recently, it got Autochartist integration.
The software is browser-based, meaning it can only be accessed via the web. Therefore, there are no dedicated Android or iOS apps.
A concerning thing is the fact the broker is pressuring customers to download AnyDesk. As you may or may not know, AnyDesk is a remote access app, allowing the other side to remotely access your desktop or a mobile device and take complete control of it.
While your account manager may try to convince you that using such an app can help your trading and learning process, let us tell you what else can happen. This same manager can access your online banking or crypto wallet and wipe it off. Then, you have very few options for complaint as the transfer came from your IP address with your login details.
Think about it next time someone mentions accessing your private information.
The company allows access to five asset categories, those being:
While this range is quite standard, you should remember one little fact. Your broker is not licensed. Therefore you have nowhere to complain in case of any issues.
As expected from one fraudster, the Trendex Demo account is not available. Why would a broker let you register and see through their lies? Instead, they can pressure you to invest, ask for a pretty high initial deposit of 500 EUR, and vanish with it.
It’s what most scammers do. They simply convince you to deposit based on some fake financial plans, only to vanish, and you’ll never hear from them. It’s the drawback of the Forex market’s popularity – many scammers are now exploiting it.
We were astounded by some outrageous demands of Trendex’s Withdrawal Policy. Namely, the firm will charge you 50 units for wire transfers, 25 units for cards, and a levy fee of 10% unless you execute more than ten trades.
Additionally, the minimum withdrawal amount is relatively high, standing at 250 units for bank transfers and 100 units for debit/credit cards.
Since the site is inactive, the only way to get your money back is through legal assistance.
In the unfortunate event that you lose your money with the Trendex scam, let us know. Our chargeback experts will evaluate your case and assist you with this matter.
Since the process is time-limited, it’s important not to wait. Book your free consultation today; let us check the situation, and we’ll evaluate it honestly. It doesn’t hurt to ask, so go ahead!
Trendex is not a legitimate brokerage. If you were involved in their scam, let us know, and we may be able to assist you with fund recovery.
The company requires an exceptionally high initial deposit of 500 EUR.
Trendex offers Activ8, a quite solid WebTrader with a vast number of TAs.
Trendex is not a legitimate brokerage. If you were involved in their scam, let us know, and we may be able to assist you with fund recovery.
The company requires an exceptionally high initial deposit of 500 EUR.
Trendex offers Activ8, a quite solid WebTrader with a vast number of TAs.
The post Trendex Review 2023 – All The Evidence Of Broker Scam appeared first on Global Fraud Protection.
