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Trendex Review - is it scam or safe?

Trendex Review - is trendex.co scam or good forex broker?

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

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Trading Accounts and Conditions

 

Trading account  Min. deposit  Max. leverage Spread
Bronze  €500 1:200 1.8 pips
Silver  €5 000 1:300 1.5 pips
Gold  €25 000 1:400  1 pips
Black  N/A  1:500 0.5 pips

  

Trendex says to be a forex broker based in Hong Kong. It offers traders a choice of four account types and access to Activ8 platform, but we found a lot of disturbing things in the broker’s offer. So, if you have chosen Trendex and are planning to deposit, please read this review before taking any such action.

 

 

Trendex Advantages

 

Activ8 platform offered

We will start off with the platform offered by Trendex, which we find quite solid. Created by the developer of Sirix (Leverate), ACTIV8 is a solid choice of a trading platform. This browser based trading terminal is user-friendly and equipped with variety of analytical tools, and good charting. There is also ‘Strategies’ category that provides an array of EA/bots, and incorporated external market analysis.

 

Generous leverage

Anoher possible benefit of this broker is the high leverage levels they provide, reaching 1:500 on some accounts. Although we generally consider the availability of high leverage as an advantage, keep in mind that it involves greater risk. This is the reason why the leverage available to retail clients is restricted in many jurisdictions.

 

 

Trendex Disadvantages

 

No regulatory oversight

Trendex says to be owned and operated by TRND HLDS Limited, a company registered in Hong Kong. Yet, nothing is mentioned about license or regulation on the broker’s website, and we didn’t find the company name in the register of the Hong Kong Securities and Futures Commission (SFC). So, we can safely conclude Trendex isn’t regulated, which means that potential clients of the brokerage may be open to substantial risk.

 

There are certain financial agencies which struggle to put some certainty in the decentralized FX market in their jurisdiction. Money rules such as client account segregation, transaction reporting and minimum capital requirements are set in the Australia, UK, Cyprus, among others.

 

Trouble with account registration

Trendex doesn’t offer free demo accounts, and although we signed up for a real one, we were not able to open a trading platform or a client dashboard of any kind. This is a worrisome sign, especially when we are dealing with an unregulated broker. Without a direct access to a trading platform, we cannot confirm that the broker supports Activ8, nor that their spreads are as announced on website.

 

That said, a spread of 1.8 pips on EUR/USD is not lucrative for traders. Most brokers, including reliable and regulated ones, offer lower spreads than Trendex.

 

 

>> Compare the spreads of top forex brokers <<

 

 

Urges clients to install AnyDesk

Another red flag regarding Trendex is the fact that the broker urges clients to install and use Anydesk.

 

 

Be warned that if a shady unregulated broker asks you to install AnyDesk (or TeamViewer) and you give them log in details, consider yourself very open to substantial risk. Simply put, all your online accounts could be drained. AnyDesk allows anyone to access your PC from another station, essentially taking as another user, which can be devastating to your private information like bank account passwords, credit card information etc.

 

High initial deposit and withdrawal fees

Trendex asks for €500 for its most basic account type, and that is higher than the average in the sector. We also found out that clients of Trendex cannot withdraw less than $100 (or $250 via bank wire), and those who haven’t executed at least 10 trades, are charged with extra withdrawal fees. This is not a common practice among forex brokers, and is certainly unfavorable to traders.

 

 

 Click to zoom in.

 

 

Conclusion

 

Trading with unregulated brokers carries high level of risk, as investors’ interests and funds are not protected. What is worse, most brokers operating without valid licenses are often involved in investment scams. That is why we advise our readers to avoid any such brokers and deal only with financial services providers licensed by reputable governmental agencies such as the Uk’s FCA, Australia’s ASIC or Hong Kong’s SFC.

 

If you are looking for a reliable Hong-Kong forex broker, you may check out our list of licensed companies below.

 

 

>> Brokers licensed in Hong Kong <<

 

 

And finally, here are the highlights of the present review of Trendex:

 

Pros Cons
Generous leverage Chaotic company information. No regulatory oversight

Activ8 available

Trouble with account registration
  Urges clients to install AnyDesk
  High spreads, initial deposit
  Hefty withdrawal fees

 

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Traders` reviews for Trendex

Spread

Pros

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Slippage

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Requotes

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Price feed

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Platform

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Cons

 

 

Deposit/Withdraw

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Cons

 

 

Customer service

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Summary

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