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CredoTrade Review - is it scam or safe?

CredoTrade Review- is  credotrade.com scam or good forex broker?

RATING: 1 / 3 REVIEWS ForexBrokerz CredoTrade
CredoTrade is an offshore broker. Your money is not safe.

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Trading Accounts & Conditions

 

Account type Minimum deposit  Maximum leverage Spread*
Start $250 1:1000 3 pips, fixed
Classic $1 000 1:1000 3 pips, fixed
Premium $5 000 1:1000 3 pips, fixed
Ultra $20 000 1:1000 3 pips, fixed
VIP $50 000 1:1000 3 pips, fixed

* This is the spread we saw on the Sirix web platform. Trading conditions may vary by account type.

 

CredoTrade is a forex broker, which offers access to the global currency markets via web-based Sirix and allegedly desktop MT4. The company’s website, however, is not very informative regarding the different trading conditions on various account types. 

 

 

As you can see from the screenshot above, some extra services provided are only memtioned, such as number of risk-free trades, percentage of on-deposit bonus, and not important details such as the cost of trading. This is one of the reasons why we don’t recommend CredoTrade. Read the full review to get all the details about this broker.

 

 

CredoTrade Advantages

 

Claims to support two good platforms (Sirix & MT4)

Leverate’s all-in-one forex and social trading platform Sirix is easy to use and equipped with useful tools such as built-in indicators and advanced charting options. Its main advantage, however, is the “Social Stream” section, allowing users to follow and copy the trades of more experienced investors.

 

The MetaTrader 4, on the other hand, probably does not need a presentation. Anyone with the slightest idea of forex trading has heard about MT4’s Expert advisors and superior charting. The problem is that we are not sure that CredoTrade really offers this platform. You can find more information about this in the Disadvantages section below.

 

 

>> Find some of the best MT4 brokers here <<

 

 

CredoTrade Disadvantages

 

Registered offshore

When it comes to the company behind CredoTrade, we are a bit confused, as there are three entities mentioned on the website:

Venture Business INC, Marshall Islands;

Dantra Business Inc, British Virgin Islands;

BP Media Group Ltd., Marshall Islands.

All the firms are registered offshore, where company incorporation is easy and low cost. Besides, financial service providers in such sunny islands don’t have to abide by strict rules on client protection, transaction reporting, client account segregation, etc.  This means that clients of CredoTrade, and of any offshore broker, have no protection if something goes wrong. This is a major red flag.

 

Warning by UK’s FCA

The UK authorities have probably received complaints about this broker, as the Financial Conduct Authority (FCA) has issued a warning against Dantra Business Inc., trading as CredoTrade. The latter has obviously been offering, promoting or selling financial services or products in the UK without FCA’s authorization. This is even worse than the previous point. We keep telling our readers that the most important thing to look for in a forex broker is a valid license. There are too many scammers in this business, so why waste your hard-earned money on such shady companies?

 

Trading conditions not specified 

We already mentioned this disturbing fact: CredoTrade does not give information on some important elements of its offer, such as the spreads. Most trustworthy brokers give a clear presentation of their service, including the trading costs, on the website.

 

High spreads

When we opened the Sirix web trader, we saw a spread fixed ate 3 pips on EUR/USD, which is higher than what most brokers offer nowadays. By comparison, easyMarkets, a CySEC-regulated broker, offers a spread of 1 pips fixed to all of its clients who deposit $250 or more.

 

 

>>Compare forex spreads<<

 

 

No downloadable MT4

Although CredoTrade claims to offer trading on the industry’s standard MT4 platform, when one tries to download it, one gets the MT5, which is provided directly by MetaQuotes, not by Dantra Business Inc. or any of the other companies mentioned on the broker’s website. While MetaTrader 5 is as good as predecessor, if not better, the fact that the broker does not offer MetaQuotes software of its own, is quite disturbing.

 

Few negative reviews

While doing our due diligence research on this broker, we came across a few negative comments on CredoTrade. Most people complain they have been scammed by this broker.

 

Comparatively high initial deposit

CredoTrade requires at least $250 as an initial deposit, which is a relatively high level. Most brokers require around $100, and some go even lower. For example, one can open an account with easyMarkets by investing $100.

 

 

Conclusion

 

CredoTrade is a forex and CFD broker, which seems quite shady. The spreads are not announced on the website, the MT4 is not freely downloadable and more importantly, the broker is not regulated. What is even worse, UK’s financial watchdog has issued a warning against CredoTrade, so you’d better not invest with this broker.

 

Apart from warning against unregulated brokers illegally targeting UK investors, the FCA exercises tight supervision on the entities licensed by it. They have to comply with a set of strict rules, and if a company fails to do so, the fines are quite salty.

 

 

>> Forex brokers regulated in the UK <<

 

 

UK brokers are required to meet high capital adequacy requirements, to keep clients’ deposits in segregated accounts, to report transactions on a regular basis, and more. Additionally, participation in the Financial Services Compensation Scheme (FSCS) is mandatory for UK brokers, which means that their clients are protected up to £50,000 per account, in the event of insolvency.

 

To sum up the above:

 

Pros Cons
Allegedly two platforms available Offshore broker
  Warning by UK’s FCA
  Spreads not specified, actually high
  No downloadable MT4
  Few negative reviews
  Comparatively  minimum deposit

 

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Traders` reviews for CredoTrade

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Rip off

My brother and I have lost £50,000 each as when supposedly invested in Spotify IPO, however on the time for shares to be released our accounts were locked and we were told that the accounts were under investigation and that our funds would be released once this happened which never did. We were constantly told that our broker is not allowed to speak to us as they will be fined and the officer in charge will contact us this didi not happen. Please please do not put a dime into this company!

Michelle 10/23/2018

they will not let you withdraw

i been with them sents march 2018 trying to withdraw my money but they will not let you withdraw this site is not for real don'y use them

vallinda davis 07/25/2018
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