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Today we are going to review another broker that started on a high mainly due to its claims of using MT4 and Sirix platforms. CredoTrade managed to attract traders by offering Sirix, an easy-to-operate mechanism for traders that facilitates with a bunch of useful tools including advanced charting and built-in indices…
The website lacks a professional outlook though! The color scheme is highly strange and it doesn’t really suit an online trading platform. On the whole, CredoTrade promises a lot in terms of the available trading options and customer service.
Does this broker serve as advertised on its website? Is there anything fishy? Are there any serious warnings of CredoTrade scam complaints to look for? We’ll cover everything you need to know before making the right decision. Let’s have a look at the operator of this platform.
We took an in-depth look into CredoTrade & as a result this review is likely to become quite lengthy so to make things easier for you we’ve put together some quick navigation links below. You can use these links to jump straight to the specific information that you came here looking for.
- CredoTrade Background
- Is CredoTrade Regulated?
- CredoTrade Complaints
- CredoTrade Withdrawal
- Is CredoTrade a Scam?
- Our Verdict on CredoTrade
- Scammed By CredoTrade? Get Your Money Back
- The Best Way To Make Good Money
It is disappointing to realize that we are actually reviewing another off-shore broker. According to the CredoTrade website, the platform is operated by a group of companies including
- Venture Business INC (Marshall Islands)
- BP Media Group Ltd. (Marshall Islands)
- Dantra Business Inc. (British Virgin Islands)
The problem here is that none of the above-mentioned entities is reliable because they are all off-shore companies. The website mentions that the customer support team is operating from Canada.
- Phone. 1-289-203-7917
- Email. firstname.lastname@example.org
There is no address mentioned other than the city name, Toronto.
Then comes the UK Office in London that is responsible to supervise the financial issues and risk management.
- Phone. 44-203-807-5712
- Email. email@example.com
Again, no address has been mentioned.
As soon as you realize that the broker is operated by an off-shore firm, you need to forget transparency, client’s protection, and account segregation. These firms are not overseen by any regulatory authority to put a check on their activities.
Is CredoTrade Regulated?
CredoTrade is NOT regulated. It might have been registered with a private authority but that doesn’t make a difference. Registration doesn’t mean anything as it doesn’t ensure the client’s protection.
Moreover, FCA (UK) has already issued a warning against CredoTrade and Dantra Business Inc.
CredoTrade doesn’t mention anything specific about the trading conditions. The content is general and it looks as if the content managers have just rephrased it from other websites.
It is a disturbing fact that the platform is offering 3.0 pips fixed on the currency pair EUR/USD. Anything above 2.0 is not actually acceptable. All CySEC regulated brokers offer 1.0 for such popular currency pairs.
We found something interesting, the website didn’t even say anything about MT4 on its Trading Platform page, but upon investigation, we realized that they are actually offering MT5 in addition to Sirix. The problem is, the website mentions MetaQuotes as the provider of MT5. It should’ve been Dantra Business Inc. or any of the three firms mentioned on the website. This is confusion, a broker is unable to offer its own platform; it is outsourcing it from another platform. It could have been another case of two interlinked online brokers managed by the same team.
CredoTrade facilitates withdrawal via Credit Card (MasterCard/Visa), eWallets (Yandex Money, WebMoney, VLoad, WeChat Pay, UnionPay, and QIWI) and wire transfer.
$30 is the minimum withdrawal limit in the case of Credit Car or the eWallet. For wire transfer, the minimum limit is $100.
The first withdrawal of a month doesn’t cost anything, and the following withdrawals during the same month cost $30 per transition. The withdrawal via wire transfer requires from 7 business days to 10 business days.
Is CredoTrade a Scam?
We can’t determine exactly if CredoTrade is a scam because we didn’t find enough reliable complaints from the traders or the clients of the platform. But we can’t forget that the broker is NOT regulated. Off-shore firms are operating the platform. The addresses of the offices in Canada and UK are not mentioned. And FCA (UK) has issued a warning against CredoTrade. Based on this information, there is no reason for trading via this platform.
Our Verdict on CredoTrade
In addition to being unregulated, the involvement of the off-shore firms is a source of worry. And what does stop the management from the mentioned complete address of their offices? Nothing is encouraging about CredoTrade. Stay Safe!
Scammed By CredoTrade? Get Your Money Back
Since publishing this review we have started seeing an increasing number in complaints with people claiming that they have been scammed by CredoTrade & that CredoTrade has blocked their withdrawals…
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