TredoTech is a shady dealer that claims, they care about their clients and gives a long list of reasons why you can trust them. But do you think you can trust them? In this review of Tredo Tech, you’ll find out the answer to that question.
The TredoTech website is pretty simple and doesn’t have a lot of information. From what can be seen, they look like a scam because their website doesn’t say much about who they are or what they do.
Their “About Us” page fails to provide significant and informative content. The lack of relevant details further diminishes the reliability of the broker, leaving doubts in the minds of potential clients.
License and Rules for TredoTech
The Terms and Conditions say that TredoTech is based in the Marshall Islands, an offshore territory. Since there are no financial officials in offshore areas, they have become safe havens for scammers. There, anyone can sign up for a forex business and start acting like a real forex broker.
So it’s clear that TredoTech doesn’t have a license and is an uncontrolled broker.
Trade only with brokers that the government controls. Brokers who are regulated and licensed have to follow the strict rules and regulations of the organization that gave them their licenses. This makes sure that they won’t act against your best interests. Regulators with a good reputation, like CySEC and FCA, even have protection plans in case the broker turns out to be a fraud. For instance, a client can receive up to 20,000 EUR in insurance compensation if a broker under CySEC’s control flees with their money.
TredoTech’s Terms of Trade
The way a company lets you trade can tell you a lot about how trustworthy it is. Let’s see if the way this company lets you trade is good for you:
Trading Platform
TredoTech’s clients can use the well-known MetaTrader 4 software.
Metatrader 4 has a great name in the business world because it has so many features and benefits. MetaTrader 4 gives you a lot of choices for charts and gives you access to MetaQuotes’ free trading bots. You get access to a code base that lets you trade automatically using custom tools and code. MT4 also lets you use its large number of trade signals.
But keep in mind that many shady dealers use the good name of MetaTrader 4 or 5 to make themselves look trustworthy. TredoTech has done the same here.
Even though they have a well-known trading site, the use of Metatrader 4 raises concerns.
Minimum Deposit
On its website, TredoTech hasn’t given out much information. Because TredoTech’s website didn’t have any useful information, it was hard for me to write this review.
This broker’s minimum deposit is $500, which is too high compared to the rest of the business. The usual minimum deposit in the business world is around $50, but some go as low as $10.
Brokers who are not trustworthy usually have high minimum deposits so they can get as much money as possible. Brokers who are regulated keep their minimum deposits low so that you can test out how good their service is. On the other hand, shady brokers have high deposit requirements, which drive you to put down a lot of money.
You shouldn’t trade with companies that ask for a large minimum deposit.
Use of Credit and Spreads
There was no information on how much leverage this broker gave, which was a big letdown. How an exchange lets you use leverage can tell you a lot about how reliable it is. There’s a good chance that TredoTech has been hiding information about its leverage because it has a bad ratio and doesn’t want people to find out.
If you are just starting with forex trading, you should avoid high leverage rates. The financial officials in Canada and the US don’t let their brokers give their clients more than a 1:50 leverage ratio. That’s because a high leverage ratio can quickly wipe out all the money you have invested and put you in a lot of debt.
The spreads that this trader offers on the EUR/USD pair are 3 pips. The average in the market is 1 pip, so the spread they offer is three times the average.
The profit you can make depends on the spread a broker gives you. Since you’ll make more money if the spread is low. However, the range they offer is too high.
TredoTech Transaction Method & Fees
Methods of Transaction
TredoTech doesn’t give its clients a lot of different ways to pay. You can only add money to your selling account through a bank transfer, a credit card, or a cryptocurrency.
As a seller, you should only add money to your trading account with a credit or debit card. That’s because you can make a chargeback with a bank card up to 540 days after the date of deposit. So, if the dealer turns out to be a scam or if it takes your money, you can get it back quickly.
On the other hand, you shouldn’t use bank transfers or coins because you can’t get your money back. This means that if you use these methods, you can’t get your money back, so you’ll lose all of your hard-earned cash.
Fees
Users haven’t been told about the fees that TredoTech charges. They say that there are no fees for withdrawals, but they don’t say what fees they do have.
You should never trade with a broker who doesn’t tell you about their fees. When this happens, the broker has unfair fees, which they use to steal money from their customers. Because they want to build trust, reliable agents don’t hide information about their fees.
Bonuses
TredoTech gives bonuses to its clients, just like most shady agents do. No broker that is licensed can give its clients bonuses, so it is clear that this broker is probably a scam.
With bonuses, it’s hard for clients to get their money out, and TredoTech has done the same thing. If you take their bonus, you’ll have to trade enough to equal a quarter of the bonus they give you. This desire is hard to meet, and even traders with a lot of experience would have trouble.
Bonuses are a good reason to join a Forex company. You don’t get any money for getting these prizes. Instead, they make it harder for you to get your money by making your withdrawal terms stricter. The FCA (Financial Conduct Authority) doesn’t let its registered brokers give bonuses to their clients because of this.
Many shady dealers try to trick new users by giving them bonuses.
Is TredoTech a rip-off? Yes!
In the forex business, there are many different types of scams. Shady forex traders often use ads and special deals to get new people to visit their websites. They try to get traders with little experience so they can trick them quickly.
When someone signs up for their site, they agree to the unfair terms and conditions of these agents. Then, these dealers use hidden fees to steal the money their customers put into their accounts.
This is a big reason why trading with brokers who are based in areas that are considered “offshore” is not suggested. There are no good finance regulators in these places, like CySEC or the FCA. Without the right rules, these brokers’ clients face many financial and safety risks. Before you sign up with a forex broker, you should always do a lot of research.
Conclusion: TredoTech Review
TredoTech is an illegal broker that doesn’t tell you much about its fees. This company is not a good choice, and investing with them is not recommended.
Hopefully, this review of TredoTech has helped you. If you’ve had a bad time with a forex company, you can tell us about it below.
