Beware! Trendex is an offshore broker! Your investment may be at risk.
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Trendex says to be one of Europe’s leading financial institutions, specializing in forex and CFDs trading. Their offer includes lots of forex pairs, indices, commodities and even crypto currencies, with a choice of four account types, leverage as high as 1:500 and the ACTIV8 platform – a user friendly, web based trading platform, developed by Leverate.
Unfortunately Trendex is unregulated, which basically means that the safety of your funds will depend solely on the integrity of the people who run the broker. Be sure to read the following lines before making any deposits with Trendex.
Trendex regulation & safety of funds
A major issue about Trendex is the fact that they are not regulated neither in Europe, where they say to be operating, nor in Hong Kong, where supposedly are their headquarters. Trendex is owned and operated by TRND HLDS Limited, a company with an address in Hong Kong, which we did our best to find in the registers of the local Hong Kong Securities and Futures Commission (SFC), but without success.
And as we noted, they are not regulated in Europe either, and this significantly lowers Trendex credibility. Bear in mind that your funds will be safe only with properly regulated brokers, licensed and authorized by well known institutions like the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC), and the Cyprus Securities and Exchange Commission (CySEC) – by far the three most popular regulatory hubs in the industry.
Trendex deposit/withdrawal methods and fees
Let us start with a couple of unusual charges and fees we found in the Trendex client agreement. Apart from the fact that they charge withdrawals processing and handling fees, they also charge an additional 10% of the withdraw amount, if you have not met a certain minimum trade volume requirement. See for yourself:
As for the payment methods accepted, Trendex appears to work with credit cards like VISA and MasterCazrd and bank wire, but not Skrill and this is notable because about a year ago Skrill adopted a new anti scam policy, according which it partners only with properly regulated brokers. As we already noted however, Trendex does not have a license.
Be aware as well of any trading bonuses Trendex might offer you. The general problem with all trading bonuses is that they always come with strings attached – some minimum trade volume requirement, which quite too often scammers use as a pretext to cancel your withdraw requests.
Also, be aware that Trendex is urging their clients to download AnyDesk – like Team Viewer, AnyDesk is a remote desktop tool that provides remote access to personal computers running the host application.
This means that if you download the application and share the settings with Trendex they will have access to your PC, including your personal bank information like credit card numbers and online banking passwords, which will allow them to withdraw money from your personal bank account without authorization.
And one final note. Trendex wants you to deposit at least 500 USD and this is about twice the amount mots brokers would usually require.
How does the scam work?
More and more often scammers use the social networks like Facebook or Instagram to hook for new victims. There you may happen to follow a link to one of the so called robo scam websites like Bitcoin Revival and Bitcoin Profit, where basically you will watch some video ad about how easily you can make a fortune by investing with some trading platform that is about to revolutionize the market, and which is supposed to trade by itself and make you rich within weeks, while you sit back and watch.
After you register, with your e-mail and phone, that is how things get started – instantly you will be transferred to another website – that of a unregulated, offshore scam broker, where you will be asked to deposit about 250 USD.
Be aware that scammers will do anything to make you deposit a larger amount. Like 10 000 USD or so. So you should not be surprised by how amazingly successful your first trades would look. That however will simply be a hack – your trading account will be manipulated with the sole intention that latter you will deposit more. And that is exactly what your “senior account manager” will be telling you on the phone – if you really want to make some real cash you surely have to invest more – no less than 10 000 USD.
Unfortunately most people do invest that kind of money, without realizing they have been scammed until the very moment they attempt to withdraw some of their funds. And than it turns out they have no right to withdraw, because of some minimum trade volume requirement, possibly linked to their welcoming bonus. Whatever the excuse, the end result will always be the same – scammers will not be paying back anything.
What to do if scammed?
You do have a chance to get your deposit back in case you have paid with a credit card like VISA or MasterCard. What you should do is file for a charge back with your bank. Besides, the good news here is that both VISA and MasterCard have extended the period in which you will be able to do that to 540 days.
Also, if by any chance scammers have managed to get to your banking details, like your credit card number and online banking password, or if they have tricked you to install Team Viewer or AnyDesk, immediately delete the program, change the password and block your credit card.
And if you get approached by one of the so called recovery agencies, do not expect that they will gather your cash back. They will not recover you a single penny, but simply will charge you some fees in advance, leaving you even deeper into the red.