Beware! Tredero is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Tredero expresses its identity through a crazy-looking website and commits the vice of deception. This brokerage is definitely not up to the test. Where to begin with the signs… That’s why we have the review, but we can mention things that we usually don’t include in these reviews, most notably the website structure and the explosive visuals that seem to scream at you. Just in case you might have not gotten the point, this broker is shady. However, things may not be so straightforward as we first thought. Read the review to find all about this broker.
It’s amazing how fast some brokers let you access a user area and a subsequent trading software. It really shows that any user can easily enter and have his or her first deposit stolen. At the other end of the spectrum are those brokers that are reserved and tend to hand pick their users based on how easily manipulated they are.
Anyway, from the web trader we learn that users can trade with forex currency pairs, shares, commodities, indices, cryptocurrencies, and futures. The EUR/USD spread averages around the 2 pips spread, and that is just a fine cost of trade. We find no leverage value anywhere. Objectively speaking, the trading conditions are pretty solid.
The website is available in English and no other language.
TREDERO REGULATION AND SAFETY OF FUNDS
The broker claims to be regulated by the Financial Services Commission of Mauritius but we find no mention of the broker in the databank of the regulator, nor was there any search result for One Prime Ltd, the supposed parent firm.
Mauritius is an offshore brokerage location, and many brokers aim to be regulated there. Even when granted a license, not all brokers forgo their shady practices; the truth is that many offshore regulators allow for misconduct to be left unpunished. The commission of Mauritius is one of them. However, a license opens a lot of doors.
After some time spent with the broker, we have to say that there is also the possibility that Tredero is expecting a license from the regulator.
But for now, the firm remains UNREGULATED, and thus, by default, a risk to all investments. We have to treat the review accordingly.
We recommend to our readers any of the UK, EU, US, or Aussie brokers that we have reviewed on our website. Each one of these brokers guarantees a secure and user-friendly trading experience, unlike all unlicensed brokers whose main aim, and only, is to steal from clients. Legitimate brokers have to abide by a huge set of rules and requirements that cannot be ignored. If they chose to do so the regulators will penalize them accordingly.
Also, both the FCA and CySEC offer very helpful compensation schemes, that refund users their money in case their broker declares bankruptcy. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
TREDERO TRADING SOFTWARE
The trading software used here is an odd one, and we don’t know if we can even claim it to be an actual trading terminal, although users can still buy and sell assets.
Each asset has its own little window with its own chart, pending orders, stop-loss, take-profit, and time frames. It’s very convenient actually, but there aren’t enough options here to keep any user invested for more than 20 minutes. It’s too simple, and lacks the intricate nature of other platforms.
TREDERO DEPOSIT/WITHDRAW METHODS AND FEES
The deposit section does not exist. It claims to be coming soon. Now, we don’t know if the deposit area really has not been made yet, or that, due to our unverified nature, the broker wouldn’t let us invest. It’s probably the former option because there is a fully functioning withdrawal section that seems untouched.
From the withdrawal area we learn of fees to the following payment methods: card or Neteller fees are up to 3$, Skrill is charged with 1%, and wire transfers are not charged anything. There are also fees applied if a user does not trade at least 2 lots.
These payment methods are probably the ones used for depositing as well. We could not fidn a trace of a minimum deposit requirement.
Tredero is not worth it. It is unregulated, yet it does have some very shallow potential. Let us hope that the creators take the right direction with this one. For now, all investments are risky.
How does the scam work?
Scammers tend to adjust their schemes towards newer users, so that they might not realize what’s going on, or at least do so later on. The main idea behind any investment scam is for the perps to receive at least an initial deposit and a couple of more investments following the first one. This is the perfect scenario for any scammer.
The journey of the bewildered user starts off with online investments ads to which the internet accommodates to its fullest. Indulging in any of these ads will lead the user to one of two sources: either the investment scammer website, a.k.a the unregulated brokerage, or to an intermediary website, where the fraudsters will first “probe” the potential investor.
In either case, the client will be asked or provoked to provide contact details that will be used to contact the user. The other line will be directly that of the scammers. They will charm their way to any account, and if the user is too susceptible, he or she will eventually deposit. The promises are way too tempting to be dismissed. But they should!
A first investment will, preferably, be followed by a second one, and so on, until, eventually, the user figures the scam out. The moment this happens is when all those promises reveal themselves to be misleading and downright empty.
At that moment, all withdrawal requests will be blocked, and at times the entire account or even website will be unavailable. The scammers are finished with the user, they have all they needed!
What to do if scammed?
Once scammed, we strongly advise users to file for a chargeback with their credit or debit card company. That’s IF they invested by means of a card. MasterCard and VISA have a chargeback period of 540 days.
Bank transfers are more tricky to recuperate but not impossible. First of all, though, the defrauded user should absolutely change her bank user name and password. Then we urge him or her to contact the bak and try to find a solution together.
Unfortunately, we don’t have reassuring news for those that have lost funds by means of cryptocurrency deposits. Once lost, these funds cannot be retrieved unless the broker sends them back.
One final note. Don’t trust the self-proclaimed recovery agents. These are scammers of their own kind. They will ask you for money in an empty bid to, somehow, recover your defrauded investments! If you pay them, they will take the money and cease all communications with you.