Table of Content
EduTrend Review – Red Flags That This Broker Is a Scam
Table of Content
EduTrend broker is very interesting because of its location in Hungary. As the fresh broker on the market and with a lot of information available they should know what attracts traders. However, this broker earned a bad reputation in less than a year and already changed its domain once.
|Broker Status:||Offshore scam broker|
|Regulated by:||No regulations|
|Operating Status:||Active Forex trading scam|
|Scammers Websites:||Edutrend.com / edutrend.net|
|Blacklisted as a Scam by:||OSC Canada|
|Broker Owner:||Edu Adu Kft|
|Online Trading Platforms:||N/A|
|Minimum Deposit:||250 EUR|
|Crypto Asset Trading:||N/A|
|CFD Trading Option:||Yes, CFDs are available|
|Available Trading Instruments:||N/A|
|Islamic Account:||Not available|
|Free Demo Account:||Yes|
|Accepts US clients:||Not accepted|
They wouldn’t do that without a reason and you can see those in this unbiased EduTrend review.
Regulation of the EduTrend and Fund Security
It’s very rare to see such an anonymous European broker. Even though they reveal their address with headquarters in Hungary, that doesn’t mean they are transparent. The official owner is Edu-Adu Kft. They should have a license from the MNB. Thus, upon getting access to their database and detailed research of this company we couldn’t find their license. Not to lose all hope, we looked in some more registers.
It’s not surprising that EU-based brokers have some Tier 1 licenses. Such as FCA, BaFin, CONSOB or ASIC. However, that is not the case with the EduTrend scam broker. We can say this because Europe is very strict when it comes to trading. Nowadays, security plays a primary role in the world of trading. In fact, to understand the importance of regulations you must understand some requirements.
The broker is obligated to have a segregated bank account for deposits. Moreover, they must have big initial capital and compensation fund for traders. For instance, ones that are FCA-regulated have a compensation of up to 85.000 GBP. Additionally, you are protected with negative balance protection. All this is missing with the EduTrend scam broker.
Trading Platform Overview
The broker claims to provide courses and Meta Trader 4 & 5 tutorials. To be honest, you can find those for free. So, this is just a marketing trick to get you on board. What is happening behind closed doors is a mystery. Or not since we all know what non-licensed brokers do. Important to realize is that for basic account traders get courses and e-books.
Meta Trader 4 & 5 are the most trusted among traders. Very high reliability, lightning-fast execution and many advanced features are the gems of this software. Moreover, it’s available for any Android or iOS device. Which makes them more attractive. However, if the illicit broker uses such software it becomes pointless. There is no use in the profits if you can’t get them out.
In fact, this broker might even fake all this information. Since one Canadian institution already issued a warning against this broker. OSC (Ontario Securities Commission) has issued already in early 2023 a public warning against this broker. Generally speaking, now everything about this broker becomes questionable.
Account Types Available at EduTrend
As we can see this broker only provides courses. At least in the beginning. Once they rapport if you have a potential. Once you make your first purchase, expect to get harassed every day. Instead of leaving your information to an EduTrend scam broker, you can look for a Tier 1 regulated one. At least you will sleep tight knowing that your funds are protected.
Their quite unattractive account-type offer is next:
- Beginner 250 EUR
- Intermediate 500 EUR
- Trader 1.500 EUR
- Elite 4.000 EUR
However, the only benefit that traders get is more educational materials. Since the broker is not licensed for such services all this becomes very dangerous. Not to mention that they lack some important transparency.
EduTrend scam broker doesn’t reveal what instruments you can trade. Moreover, they don’t reveal under what trading conditions you are trading. But considering they are an investment scam we don’t believe it’s anything good for clients. Only for their scamming pockets.
|Broker||EduTrend||FXTM||OctaFX||FPMarkets||XM Broker||HFM||FBS Broker|
|Minimum Deposit||250 EUR||$10||$100||$100||$5||$5||$100|
Deposit and Withdrawal Process
As for funding methods the broker accepts following:
- Credit/Debit cards – Visa/Master card, American Express
- Apple Pay
- Google pay
The good thing is that in case you can’t get the money out you can get a chargeback. At least with card purchases, therefore we suggest you use that one. Of course, if you decide still to deposit here after reading this review.
As for withdrawals, there is no transparent withdrawal policy. Important to realize is that the broker allows 90 days refund on your course purchase. However, you are obliged to participate in 50% of the courses provided. Which leaves enough room for this scam broker to extract more money from you. Don’t fall for these cheap tricks.
How Do I Receive a Refund for Being Scammed by Red Finance Capital?
Since they are not regulated financial services providers there are only a few options. First, you should share your story with us. Many other traders can see from your experience what is expected from this company.
If you can’t find any solution through the regular court, our fund recovery team is at your disposal. As specialized in bank transfer fraud, we can advise you on the first steps in recovering your money. In fact, every card transaction in the first 540 days is reversible. Therefore, you can file your request, but there are some catches.
Therefore, it’s best to talk to professionals. You can book your first consultation already today. But don’t worry, it’s completely free of charge. Get in touch now.
- Sketchy platform with trading courses.
- Non-regulated trading company.
- Non-transparent trading conditions.
- Broker without withdrawal policy.
- Warning from the Canadian OSC.
FAQs About EduTrend Broker
Is EduTrend Regulated?
No. They don’t have any licenses to provide trading services or education about it.
Is EduTrend a Trustworthy Broker?
No. They completely lack transparency with ownership info, trading conditions and withdrawal policy.
What Funding Methods Does EduTrend Accept?
Broker accepts all debit/credit cards and something new among brokers, Apple and Google Pay.