TredoTech is a shady broker which claims to be very client-friendly and lists out various reasons why you can trust them. But, should you trust them? I’ll help you figure out the answer to that question in this TredoTech review.
The website of TredoTech is quite basic and doesn’t offer much information. By the looks of it, they seem like a scam because their website doesn’t provide much information about their features or background.
Their ‘About Us’ page has nothing but useless text. So far, they don’t seem very reliable.
TredoTech License and Regulation
According to the Terms and Conditions, TredoTech is based in the Marshall Islands, an offshore area.
Offshore areas don’t have financial regulators which is why they have become havens for various scammers. Anyone can register a forex company there and start pretending to be a real forex broker.
So it’s obvious that TredoTech doesn’t have a license and it’s an unregulated broker.
You should only trade with regulated brokers. Regulated and licensed brokers have to follow the strict rules and regulations of their license provider which ensures that they won’t act against your interests. Reputed regulators such as CySEC and FCA even have insurance provisions in case the broker turns out to be a fraudster. For example, a CySEC-regulated broker’s client can get up to 20,000 EUR as insurance compensation if the broker runs away with their funds.
You won’t get such benefits with an unregulated broker. That’s why I don’t recommend doing business with TredoTech.
TredoTech Trading Conditions
The trading conditions of a broker can tell you a lot of things about its trustworthiness. Let’s see if the trading conditions of this broker are good for you or not:
TredoTech offers the reputed MetaTrader 4 platform to its clients.
Metatrader 4 has a very positive reputation in the industry because of its numerous features and benefits. With MetaTrader 4, you get numerous charting options along with access to MetaQuotes’ free trading bots. You get access to a code base that lets you use custom scripts and perform automated trading. MT4 lets you use its vast collection of trading signals as well.
However, note that many shady brokers use the excellent reputation of MetaTrader 4 or 5 to seem reliable. And it seems to me that TredoTech has done the same here.
So even though they offer a reputed trading platform, I can’t recommend trading with them.
TredoTech hasn’t provided much information on its website. I had a lot of difficulty while writing this TredoTech review because their website didn’t provide any useful information.
I found their minimum deposit requirement in their T&C’s document. The minimum deposit requirement of this broker is $500, which is too high by industry standards. The industry standard in minimum deposits is around $50 and some even go as low as $10!
Suspicious brokers tend to keep their minimum deposit requirements high so they can get a hold of as much funds as possible. Regulated brokers keep their minimum deposit requirements very low to let you test out their service-quality. On the other hand, shady brokers keep high deposit requirements so you are forced to make a big monetary commitment.
You should avoid trading with brokers that have high minimum deposit requirements.
Leverage and Spreads
I couldn’t find the offered leverage of this broker, which is quite disappointing. The offered leverage of a broker can tell you a lot about its reliability. There’s a good chance that TredoTech has kept its leverage-related information hidden because it offers a terrible ratio and it doesn’t want people to find that out.
If you’re a beginner in forex trading then you should stay away from high leverage ratios. The Canadian and US financial regulators don’t allow their brokers to offer more than 1:50 leverage ratios to their clients. That’s because a high leverage ratio can wipe out all your deposited funds in an instant and put you in a lot of debt.
The offered spreads of this broker are 3 pips on the EUR/USD currency pair. Note that the industry average is 1 pip, so their offered spread is three times the industry standard.
A broker’s offered spread determines the profit you can make. The lower the spread, the more profit you’ll make which is why I don’t recommend trading with this broker. Their offered spread is too high.
TredoTech Payment Methods and Charges
TredoTech doesn’t offer many payment options to its clients. You can only add funds to your trading account by using bank transfer, credit card, or cryptocurrencies.
As a trader, you should only use credit or debit cards to add funds to your trading account. That’s because bank cards let you file a chargeback 540 days since the date of deposit. So if the broker turns out to be a scam or if it steals your funds, you can get your money back quickly.
On the other hand, you should avoid using bank transfer and cryptocurrencies because their transactions are non-refundable. This means you can’t get your funds back if you use these methods, causing you to lose all of your hard-earned money.
TredoTech has kept its fee-related information hidden from the users. They specify that they don’t charge any withdrawal fees but they don’t mention which fees they charge.
You should never trade with a broker that hides their fee-related information. In such cases, the broker has unfair charges and they steal funds from their clients through such fees.
Reliable brokers don’t hide their fee-related information because they want to enhance reliability.
Like most shady brokers, TredoTech offers bonuses to its clients. No regulated broker can offer bonuses to its clients, so it’s obvious that this broker is a probable scam.
Bonuses make it difficult for clients to withdraw their funds and TredoTech has done the same. If you accept their bonus, you’d need to execute a trading volume equal to a quarter of the bonus you get from them. Fulfilling this demand is quite challenging and even experienced traders would face difficulty.
I don’t recommend joining a forex broker because of their offered bonuses. These bonuses don’t provide you with any monetary rewards. Instead, they impose additional restrictions on your withdrawal conditions so you can’t get your funds easily. This is why the FCA (Financial Conduct Authority) doesn’t allow its licensed brokers to offer bonuses to theri clients.
Many shady brokers use bonuses to deceive new users.
Is TredoTech a Scam? Yes!
There are many kinds of scammers operating in the forex industry. Shady forex brokers tend to attract new users to their websites through promotional offers and ads. They focus on attracting inexperienced traders so they can deceive them easily.
Such brokers have unfair terms and conditions so when the person signs up on their site, they accept those conditions. These brokers then steal the funds their users deposit in their accounts through hidden fees and charges.
This is a big reason why I don’t recommend trading with brokers based in offshore areas. These areas don’t have proper financial regulators such as CySEC or FCA. Without proper regulation, the clients of such brokers face numerous financial and privacy risks. You should always do thorough research before signing up with a forex broker.
TredoTech Review: Conclusion
TredoTech is an unlicensed broker which hides most of its fee-related information. This broker is not a reliable option and I don’t suggest trading with them.
I hope you found my TredoTech review useful. If you’ve had a bad experience with any forex broker, you can share your experience below.This review (TredoTech) was originally published at Gripeo. To read the full review, go to – www.gripeo.com/tredotech/