TandemMarkets Review – 5 things you should know about tandemmarkets.com

TandemMarkets Review – 5 things you should know about tandemmarkets.com

Rating: 1

Beware! TandemMarkets is an offshore broker! Your investment may be at risk.

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TandemMarkets is, without a doubt, just another scammer trying their luck to see who believes them. What this broker lacks in terms of regulation, an actual address and access to a trading platform, they more than make up in terms of shady conditions and clauses. Read the following review to find out more.

TandemMarkets REGULATION AND SAFETY OF FUNDS

The closest think we got to contact info on the TandemMarkets`s website was an email and a UK phone number. The broker has not provided any address and does not claim to be regulated by any financial authority. We checked the register of the FCA – the UK regulatory body – to see if such a company holds a license there. We had no luck with that as the register showed zero matches.

We made an inquiry and tried asking the broker themselves about the exact address in their chat but as soon as we asked, they stopped answering.

This means this is probably not a broker at all but a scam scheme consisting of a website and a call center. You should stay away from this company if you don`t want your investment to disappear into the blue.

Better choose a licensed broker you can trust. Brokers in the UK, have to meet a lot of requirements if they want to get licensed. Upon failing to do so, they might have to pay a big fine or even lose their license. All of these companies must participate in the Financial Services Compensation Scheme (FSCS)  that serves as an insurance for all clients of UK brokers. If a licensed enterprise goes bankrupt, its clients can claim compensation of up to £ 85 000. In addition, before even getting anywhere near a FCA license, brokers must prove that they would be able to survive on the volatile financial markets by fulfilling a minimum capital requirement – at least €730 000 but on some occasion this sum could be much larger for brokers that have a lot of clients to tend to. UK brokers are indeed a great choice if you want to trade securely – provided they are licensed.

TandemMarkets TRADING SOFTWARE

Supposedly, TandemMarkets uses a web-based platform. We say supposedly because we could not get access to that platform on the website or from the client area. When we asked in the chat about that, TandemMarkets choose not to answer again. We also found out that we have to deposit at least $10 000 to get access to Expert Advisors – a feature platforms like MetaTrader 4 and MetaTrader 5 normally offer for free.

If you are a new trader exploring different trading platforms, definitely give MetaTrader 4 and MetaTrader 5 a chance. The MT software has been the most popular in the industry for the past 15 years because it is simply the best it terms of functionality. It does not just offer access to plenty of trading tools and a marketplace where you can download a variety of add-on trading apps. It also allows you to develop your own trading bots, indicators and scripts. Both platforms are a sure must-try.

TandemMarkets TRADING CONDITIONS

Tandem Markets offers the choice between as many as seven account types with a minimum deposit starting from $250. The information on the website was a bit misleading as we were led to believe you would be able to open an account for any amount of money below $10 000 but when we tried to deposit, the truth was reveled. This is not that much money for a starting deposit but is still way higher than what legitimate brokers would generally require these days.

The spreads are supposed to start from 1.0 pips but we could not check if that was true as we did not get access to the platform.

As for leverage, that would be between 1:20 and 1:30 for a starter account. A completely reasonable number that also complies with the 1:30 allowed in the UK. However, we found out that it is pretty easy to exceed that number on more advanced account types and reach 1:500. Such high leverage is ridiculous and not available to retail clients anywhere a trustworthy regulator has the say. You could qualify for leverage higher that 1:30 if you are a professional client and meet some requirements – holding a capital of at least $500 000 or having worked in the financial sector for at least a year, for example. So every broker that claims to offer such leverage to retail clients is a complete scam.

TandemMarkets DEPOSIT/WITHDRAWAL METHODS AND FEES

The deposit and withdrawal methods TandemMarkets allows are a few – Visa, MasterCard, bank transfer, Bitcoin and OK PAY. When we tried to select a payment method, however, we were not able to choose anything – we were just shown our account number.

TandemMarkets has some hefty fees in store for you if you don`t trade for 30 days – as much as 5% per month. Legitimate broker also have such fees but they are rarely so huge and they don`t come after just 30 days. There is an additional dormant account fee – 10% of the money in your account every month after six months of inactivity.

The last nail in TandemMarkets` coffin is the offer of various bonuses – something no legitimate broker could give you because they are banned in pretty much all of Europe. But to access those bonuses, you have to achieve a pretty decent turnover – 25 times the deposit plus the bonus. Under what circumstances the bonuses are issues. was not specified.

HOW DOES THE SCAM WORK?

It does not take a genius to design such a scam but they are surprisingly effective.

What usually happens is that you see an ad for a broker while scrolling on the Internet and get tempted by the opportunity to make some quick and easy money. The scammers` websites will show you pictures from the luxurious lifestyle you want to be leading and drown you in satisfied clients` testimonials. In reality, none of the promises you get would turn out to be true.

Once you have provided scammers with your contact details, the game is afoot. You will start getting calls and emails asking you to make a deposit. Soon enough you will have an account open, usually under incredibly good conditions, and you will probably be making money too. That is what the scammers want you to believe anyway – so you would invest even more money.

The problems start when you start trying to make a withdrawal. There will usually be some sort of complication preventing you from doing so like more and more additional fees and more and more waiting periods. The moment you start figuring out that something is not as it should be, the scammers will stop returning your calls and will disappear into the blue.

WHAT TO DO IF SCAMMED?

The most important thing now is to remain rational and not trust any “recovery agents” promising to retrieve your money for a small fee. This is just another type of scam, sometimes performed by the same people that ran off with your money in the first place.

What you should do is contact your bank or card provider and ask for assistance. If you were using a credit or debit card, you can file for chargeback within 540 days. Sometimes, if you have verified your account with the scammers by sending them a picture of your face and ID, they will use that to prove that you were indeed their client and invested voluntarily. In such cases, retrieving your money would be pretty impossible.

Make sure to change any passwords you gave the scammers access to. Contact authorities and share your story with your friends and acquaintances. Post about it on the Internet. The more people know about this type of scam, the harder it will be for scammers to lure in unsuspecting victims.

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