Tedex Review – Scam or Good Forex Broker?

As of May 2023, the broker (Tedex.co) has ceased operations. But you can read the article to avoid falling for similar scammers.

Tedex Regulation: Is the Broker Legal?

Tedex Forex broker is a trademark of Vermillion Consulting LLC, Saint Vincent and the Grenadines. The firm was officially registered on October 20, 2121.

The Caribbean island does not have a financial regulator that regulates binary options and Forex firms. It directs companies to apply for licenses in the country where they will be operating. This is why scam firms are setting up headquarters in the Caribbean. The lack of regulation oversight.

Do the broker hold a Tier 1 trading license?

Tedex regulation should be from the FCA or ASIC, BaFin, and any other Tier1 regulator, following FSA instructions. These registers were checked and we found that the company does not have a license or provides financial services illegally.

Warnings Against Tedex Fraud

Spanish regulator CNMV issued an warning about the Tedex trading fraud. The Belgian FSMA republished the warning, cautioning its citizens to not trust this firm.

Official Warning issued by CNMV – Evidence for Fraud

CNMV reported that Tedex complaints were received. After checking, the broker was not licensed to offer investment services.

It is therefore official evidence that the broker is another victim of cyber-fraud.

Tedex Trading Scam Active

Tedex scammers are primarily active in:

• Italy
• Spain
• Austria
• Hungary
• Germany

These are all EU countries. Clients from these areas should be extra cautious as they appear to be the main target.

How does this scam broker contact victims?

Tedex, an unsolicited broker, has many methods of reaching current and potential clients. Many phone calls and emails are sent to clients who sign up for the firm. It doesn’t matter if you block the number or ignore them, they will still find a way to contact your clients.

Recent reports have indicated that victims were contacted via WhatsApp or Telegram. Tedex may contact you even if your account is with an offshore company. Scam brokers will often sell clients databases and convince them that they can recover stolen funds.

You may be approached by social media if you have not provided your personal details to any trading platform and Instagram messages. You may encounter scammers on Tumble, Humble and other dating apps.

They will not meet you face-to-face, but they will keep in touch long enough to gain your trust and ask you to invest with them.

Tedex Support Team – What does support do?

Tedex has a professional support group that can help you reach your goal. These people will pressure you to immediately deposit the money and encourage you to do so.

Once you have signed up, the alleged account manger will take control. This person will have one task: earn your trust and ask you for money from time to time. They will create fake financial plans using your life story and force you to upgrade your trading account in order to achieve your dreams goals.

You may also be asked to install AnyDesk or TeamViewer. An account manager will then go to your online banking to steal your life savings. You’ll never hear back from them again.

Tedex WebTrader Platform

WebTrader is the only Tedex trading platform. It is a TradingView chart, with very few indicators. It is not as sophisticated and detailed as MT4 and MT5 but it does have some similarities. Worst of all, the broker allows trading conditions to be unregulated as they offer leverage up to 1:1300.

Mobile Trading App – iOS & Android Trading

Tedex claims that login is possible from any web browser, which implies that there is no mobile app.

What products does a broker offer? – Trading Assets

Tedex clients have access 4 major markets

• Currency pairs (Forex like EUR/USD and GBP/USD or ZAR/USD).
• Sharessuch Facebook or Amazon
• Indicessuch S&P500 and FTSE100
• Commodities like Gold or Oil, and Silber

Spreads and Tedex Fees

The spread for EUR/USD pairs starts at 3 pip. This is twice the spread that a regular broker offers. Depending on the account type, the leverage ranges from 1:50 up to 1:300. Although the broker claims that there are no additional fees, there aren’t any Terms and Conditions that can verify this claim.

Tedex Trading Accounts: What Are They?

There are three types of Tedex accounts:

• Standard Trading Account – Minimum Deposit 250 EUR
• Professional – 2,500 EUR
• Elite- 25,000 EUR

Apart from the Tedex minimum deposit and automated trading, only Elite account holders can access them.

What is a chargeback?

Chargebacks are a way for your bank to reclaim funds from the merchant. We recommend that you contact us immediately to initiate the process. In a free consultation, we will discuss how to get your money back immediately!

Tedex: Video

Below you will find a short video about Tedex. Watch it so you don’t miss anything important. In a few minutes you’ll learn the whole truth about Tedex!