Trendex Review

An Unregulated and Highly Expensive Broker

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Published: 17 May 2020

Posted by: Anonymous

Trendex is owned and operated by TRND HLDS Limited Company which is based out of unit 1411, 14th Floor, Cosco Tower, 183 Queen’s Road Central, and Hong Kong. It is stated to be a Hong Kong based company.

Not Regulated by the Regional Body

The regional regulatory body of financial institutions is the Securities and Finance Commission of Hong Kong. Trendex is not registered with the Hong Kong SFC. There are no results in the registers of the regulating body for Trendex. The same can be verified at the link https://www.sfc.hk/web/sfc-search/search.html?collection=s&ui_lang=sfc_en&text=Trendex

Lying About Estonian Laws

Trendex has mentioned in its terms and conditions that it is governed by the Estonian Laws. There is no link to the company with the Republic of Estonia.

Another shock to the traders is the absence of regulation under the reputed Estonian Financial Supervision and Resolution Authority. The same can be cross-checked at https://www.fi.ee/en/otsing?keys=Trendex

So far, my Trendex review has established that the company is not registered with the regulatory agency of Hong Kong and the Republic of Estonia. The Securities and Finance Commission of Hong Kong and the Financial Supervision and Resolution Authority of Estonia do not regulate this company. There are no details about the registration of the company under both of these authorities.

The traders are not secure under the compensation provided by these regulatory watchdogs. Trendex is an offshore unregulated broker which is cited to be based out of Hong Kong but is not under the financial supervision of Hong Kong. The company has mentioned Estonia as its regulatory authority but it is not registered in the Republic of Estonia as well. Absence of any regulation is an indicator of the failure of the company in maintaining transparency in operations. There is no safety and security of the funds of the traders. The traders are left with no option but to gripe over their wrong decision of choosing Trendex as their trading partner.

Warning by CONSOB

The Italian government authority, Commissione Nazionale per le Societa e la Borsa has issued a warning against the Trendex. The CONSOB is the main regulatory body that is responsible for the regulation of the securities market of the region. The warning against Trendex can be viewed at http://www.consob.it/web/consob-and-its-activities/warnings?viewId=ultime_com_tutela

Warning by DFSA

The regulatory agency of Denmark, the Danish Financial Supervisory Authority has issued a warning against Trendex. The DFSA is responsible for the regulation of financial services in the country and has mentioned clearly that it is not responsible for any type of the fraudulent activities of Trendex. The warning can be verified at https://www.dfsa.dk/News/Advarsler-fra-andre-tilsynsmyndigheder

Warning by CNMV

The government agency of Spain, Comisión Nacional del Mercado de Valores is responsible for the regulation of the financial markets and the securities markets in the region. The National Securities Market Commission has listed Trendex as an illegal service providing company in Spain. The screenshot of the warning released by the CNMV is attached below.

Warning by FSMA

The Financial Services and Market Authority of Belgium have also raised a red flag against the operations of Trendex with recommendations from the CNMV of Spain. The company is not authorized to offer its financial services in the region of Belgium. It can be verified at https://www.fsma.be/en/warnings-illegal-soliciting-savings-public-warnings-foreign-authorities-who-are-members-esma-pol

The increasing number of warnings from reputed agencies to the Trendex is imperative to the unfair practices adopted by the company. There is no safety of funds and the company is not working under any governing body specialized in financial regulation.

Missing Owners

Trendex has not mentioned any details about the team of the company. There is only one name of the company TRND HLDS Limited which is a private company. TRND HLDS Limited was incorporated in October 2019. This tendency of the company, to hide its real information, hints towards fraudulent and dangerous activities. They are forex brokers, and if they don’t care about their reliability, then you, as a trader, should stay away from them.

No Demo Account

Unlike major offshore scam brokers, Trendex doesn’t give any provision of a demo account to its traders. This comes as no shock as the offshore companies cannot risk their actual malpractices to come into light. The fake trading conditions are shown to the traders which are found to be the opposite of the actual trading conditions of such brokers. Trendex disappoints its prospective clients with no means to check their trading facilities through a demo account.

Abnormally Expensive Live Accounts of Trendex

There are four live trading accounts of Trendex.

  1. Bronze Account: The bronze account of Trendex can be opened with a minimum balance of 500 Euros. It is 10 times higher than the standard initial minimum investment required by a regulated broker. The leverage is committed to start from 1:200.
  2. Silver Account: The silver account requires a minimum balance of 5,000 Euros. It is 10 times higher than the basic account of the company.  A welcome bonus is provided which can only be used for trading, not for withdrawal. The leverage is committed to being 1:300. A personal manager is provided to the trader; however, the skill set and trading experience of this representative are not established.
  3. Gold Account: The minimum deposit amount for the gold account of Trendex is 25,000 Euros. There is no difference in services than the silver account. The bonus and leverage are increased.
  4. Black Account: There are no details about the minimum deposit limit for the black account and the company claims to invite selected traders for this account. Nothing can be established for this account.

The live trading accounts of Trendex give an incremental chart of the minimum initial investment and bonuses. It seems to be a strategy of the company to attract more investment without giving any services to the traders. The high charging minimum investment accounts of Trendex must not be given priority over the average deposit requiring accounts of its  regulated competitors. The spreads are not defined in any of the accounts and the leverages are not as competitive as per the industry standards.

Deposit and Withdrawal Charges

Trendex does not provide any options on the payment channels. It can be done only using credit cards and bank wire transfer. The deposit time to get reflected in the account is as high as a week. The non-availability of Skrill as a payment partner is self-explanatory of the illegal operating practices of the Trendex. Skrill has stopped working with offshore unregulated brokers under its “anti-scam” policy.

The withdrawal fee starts from $25 for credit cards and the minimum withdrawal limit is set to $100. The minimum withdrawal limit for bank wire transfer is $250. The fee charged for withdrawing through bank wire transfer is $50.

The dormant account fee of 10% is charged after 6 months. It is earlier than the industry standards of 1 year.

Absence of Metatrader

The trading platform provided by Trendex is the Activ8 platform instead of the trusted and reliable MetaTrader platform. MT4 and MT5 are trusted platforms with trading charts, automated trading signals and algorithmic trading.

Weak customer support

Trendex makes it mandatory for the traders to download AnyDesk software which is remote assistant software. It is placed on the list of contacts. It is not safe to download any remote assistant software from the broker as you have to keep in mind that for every trade lost, the broker is still making money.

There is a UK based number provided to contact. Apart from this number, there is no availability of 24*7 technical support to the traders. There are no regional contact details or Skype numbers,  there is no availability of email id to contact the team. Trendex has failed in extending strong technical support to its traders.

Social media and Website analysis

Social media platforms like Facebook, Twitter have a scope of huge business development to a broker and it can be a platform for the exchange of experiences of the traders. Trendex has failed to understand the value of social media in the development of the business of Trendex.

The website of Trendex is https://trendex.co/.

The information provided over the Trendex platform is obsolete and relates more from an educational point of view than to help a professional trader. The quality of content is below average.

Final Verdict

Trendex has failed to provide traders the basic facilities of deposit, withdrawal and has set the fee to gigantic amounts. The high charging live accounts of the company come without strong customer support. Trendex has all of the policies which are against the traders and are set to extort money from the traders. It is not advised to trade with offshore unregulated brokers like Trendex. Stay safe and avoid them at all costs.

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