TradeFred.com Review

1 · 4 REVIEWS

Union Standard Group

BrightAU Capital Pty Ltd

MagicPath Capital Ltd

Updated: Apr 27, 2020 ·  · Is this your company?

TradeFred is a forex broker. Trade Fred offers the MetaTrader 4 forex trading top platform. TradeFred.com offers over 45 forex currency pairs, indices, stocks, cfds, energies, gold and silver for your personal investment and trading options.

TradeFred.com
2019-12-23:  ASIC has announced that it made an interim asset restrain order against Maxi EFX Global AU Pty Ltd (trading as EuropeFX) and BrightAU Capital Pty Ltd (trading as TradeFred), both of which are Corporate Authorised Representatives of Union Standard International Group Pty Ltd (trading as USGFX) (AFSL 302792).  CLICK HERE for more details. 

Website is down. Company seems to be out of business.

Related sites include TradeFred.com.au (BrightAU Capital PTY Ltd) and trtradefred.com

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1 · 4 REVIEWS
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Traders Reviews

BERN, Switzerland,
Feb 29, 2020,
Registered user

WATCH OUT FOR TRADEFRED

Service use: Live

Length of use: over 1 Year

Over a year ago I started trading with Tradefred. At first everything went smoothly, my manager helped me open winning positions until a position on oil made me lose all my capital.
I wrote a compliance letter and was contacted by Amos Martin, who presented himself as the person who would help me get my money back.
For 3 or 4 months everything went well, I was happy because Mr. Martin helped me to recover my capital little by little.
But in March he got me into the wrong position on the gold. At my request for help he kept telling me not to worry. Then he made me open another position making me believe that I could save the capital, but in the end I lost. When I asked him to explain, he convinced me that it wasn't his fault and I deposited more money because he told me that he would help me recover the lost capital as if I was his "mother".
In the meantime I wrote a negative review on Trustpilot and I was contacted by Mr. George Goran who was very helpful because he made me understand a lot about trading and gave me a lot of information on how to learn how to trade on my own. And here things went better, because I was able to do some winning trading without Mr. Martin's help. Mr. Martin was only available to ask for new deposits.
Since my account was a VIP account, I was entitled to have an advisor to support my trading.
I pointed this out to Mr. Goran who said, "Let me see what I can do. I'll call you on Monday." On Monday I was contacted by Mr. Martin who promised to give me some tools to better understand trading. At the end of October he convinced me to deposit more money because the next day there would be Brexit and the possibility to increase my capital. I accepted, (maybe because I am stupid!!!!) but things did not go as well as Mr. Martin had led me to believe. Fortunately for me, having in the meantime learned something more by reading on internet, following some webinars, I was able to limit my loss. For a month and a half Mr. Martin was unavailable, so in December I decided to withdraw all my money. Suddenly Amos called and asked me to give him one more chance, making me believe that he would be there for me every day.
Stupidly I believed him. One day he called me and said, "I can give you tools if you want." I pointed out to him that I'd been waiting for about 6 months. He started asking me something, but we were always interrupted by a "hold on... hold on..." After half an hour he told me he had some computer problems, he offered to call me on Christmas Day! I agreed and on Christmas Day at 7.52 a.m. he wrote a whatsapp saying he was there for me as promised. At 8.40 I wrote: "Would be ok in 10 minutes?" He didn't answer right away... as usual. At 11.20 he answered, but it was too late, I was going out. In the meantime I asked for the second time to withdraw all my money. From this moment on he tried a thousand ways to cancel my withdrawal, but this time I was adamant, also because I found in the forexpeacearmy a review of a person who had had the same affair with Mr. Martin.
The money arrived after 3 or 4 days in my account. I wrote an email to Mr. Martin with a screenshot of the review I saw in the forexpeacearmy, and told him to give me some explanation. I asked him if he wanted to work with me, he should send me a resume from him. I also asked him about other explanations I found in the forexpeacearmy about something involving Tradefred. Mr. Goran sent me an e-mail explaining Tradefred's position in this case. He finished writing the e-mail: "I'd be happy to talk to you." I proposed to speak with him on January 14th at 9:00 a.m., he did not answer or call me... as usual. I wrote him another e-mail telling him I was waiting for his call. He never answered and never called me.
So I decided to close my entire account at Tradefred, and I decided to write this bad review.
WATCH OUT FOR TRADEFRED! Don't trade with them, you'll lose all your money. The strategy they use is always the same!!!!!
 
Sweden, Sweden,
Dec 7, 2019,
Registered user

Got scammed out of 11000

Service use: Live

Length of use: 0-3 Months

In less than 3 months the broker managed to lose 11000 on a bad gold trade. It started with 1500, I was asked to add more to pad the account, and as the time went on the trade which was said to be hedged and was waiting to turn cost more and more money until I was out of options and had to call and say I couldn’t add more padding. At which point gold did not break and my trades (one sell and one buy) went bust and lost it all. After doing research again on this trader I suddenly found several eerily similar cases of other people in the exact same scenario losing even more than myself. Beware this scam artist posing as a legitimate broker, they are just leaches.
 
Sydney, Australia,
Aug 13, 2019,
Registered user

WARNING, TradeFred SCAM, if it isn't they are the worst Forex Broker

Service use: Live

Length of use: 0-3 Months

TradeFred provides you with a personal account manager who builds up your confidence in trading, based on their advice and by creating a number of small low risk trades that make good money then progressively ask for more and more capital. Based on this success you feel confident that they are providing good advice and will work with you to make a profit.
Once they have as much capital as they can get they place higher volume trades, that over commit your account in that a small reversal will cause a margin call, knowing that eventually you will lose your capital. Once they have lost your first investment, they again ask for more Capital, even matching dollar for dollar funds that can be used for trading by giving you a Credit! I added $US10K and they provided $US10K credit. Again TradeFred build up your capital with small low risk trades until they cannot get any more money from you and then trade so you lose, this time the only money left is their credit money, which they then remove and you have lost everything. The only way to get your money back is to put more money in, which they will match with credit again…. But can you trust them - NO!
Additionally, TradeFred does not provide a stop loss on trades, every trader forum or trade strategy document tells you must have stop loss, BUT NOT TradeFred!
TradeFred also tells you that they will only risk 1% of your capital…. This changes once they get you confidence and you have had a number of successful trades. They then place trades that overcommit your account, get you into Margin Call, ask you to provide more money into your account so you don’t get margin Call stopped out. If you don’t have any more money they tell you to “let it ride” “it will turn soon” “Don’t worry grow some balls!” Your account then is Maged Stopped out and you only have $10,000 left! If it's their Money they take it out and you have NOTHING!

The question can be asked is TradeFred deliberately providing bad advice so they take your capital without investing it in the Forex Market, or are they just providing poor advice! Possible scenarios:

Scenario 1 - It is a SCAM to take all my deposits, nothing is traded!
How do I know if TradeFred has placed any trades on the market? Could TradeFred have created a “demo like account” (a fake account) that appears to have my money in the account but it is really in their account not being risked on the market. We then traded using this fake account until there is nothing left and you walk away thinking you have lost your money but it has never been invested and TradeFred have your money? So if I walk away they have taken my $AU171,950, not traded anything and they take the lot!
IS THIS THE SCAM? HOW DO I FIND OUT?

Scenario 2 - TradeFred trading strategy is negligent and they mislead clients with no concern if they lose their money
TradeFred indicated their strategy was not to risk any more than 1% of the capital, yet they did this!
They also were negligent in not having a stop loss strategy. They did not set stop losses they let the trade run with the idea that having enough capital in the account the trade could ride the negatives until the market reached target profit level. Not setting stop levels is negligence, especially when combined with overcommitting the account.
A number of trades appear to have been taken against market news/ information and any analyst should have been aware that the risk was too high to take the trades, again reinforcing the idea that this is a scam!
The problem was that TradeFred was negligent in instructing me to open 3 trades 30 lots of OIL on 18/4 which meant that Lot 10 US_30e + Lot 10 UAXUSD + Lot 30 OIL (50 Lots) were all open at one time. They were negligent in advising me to open the oil because my portfolio balance was not capable of taking any reversal in these assets when combined with other losing trades..
From 18/4 to 2/4 US-30e + Gold + Oil all went negative into Margin Call and eventually margined out to leave the balance at US$9k, if there was a stop loss strategy then I would not have lost as much and could have continued to trade
During this time I repeatedly asked if we should stop out and Amos indicated that it was not their strategy and it will reverse, so hold on. When it went into Margin call I emailed Amos on 22/4 and 23/4 to contact me (multiple emails) and advice on stops. He did not respond or call me. My emails asked if I should stop out, with no answer. Without any advice I let the position run until the complete liquidation of my positions!
It appears to me as if they built my confidence up to a point where I would trade larger Lot trade amounts and I trusted their strategy advice because it had worked on other trades. They then had me place successive large lot sizes on different commodities that continued to cause a loss situation that eventually lost the whole balance. Amos also assured me it would turn so HOLD ON!
Additionally, I am not sure if any of these trades were ever placed on the Market! How do I know if TradeFred has not just pocketed the money I have deposited and simulated the trades to the point where I have lost everything?
If there was a stop loss strategy then the trades would have stopped out at smaller loss and saved my capital and I would not have been placed in a Margin Call position and my portfolio would not have been liquidated.
If Amos had not advised me to place such large Lot trades above their 1% risk as per there strategy and when other positions were already running negative then loss would not have been as large
When Trump announces removal of sanctions on Iran TradeFred Analysts should have advised me to stop out of losing trades to reduce losses
  2 traders have found this review helpful
Kleksdorp, South Africa,
Jul 31, 2019,
Registered user

I am not getting my money back

Service use: Live

Length of use: 3-6 Months

I opened an account under the pretence that I get a free EA with a minimum deposit of $250.
I did so in March 2019, the EA did not perform and was actually losing money. I then stopped the EA and requested my (remaining, only $ 140) to be returned to me at beginning of July.
All I have experienced after contacting their support on 5 separate occasions since, was that there is a withdrawal request for me, but to date no money on account 1310218177 has moved.

Jul 29, 2019 - 1 Star I believe that I have given this company enough time and opportunity to respond and to act on my requests. TRADEFRED, apparently Australia based, yet all it's personnel speak with Greek accents (so they may have a Cyprus footprint) can now be listed as SCAMMERS.
Fortunately, my deposit was small as I tested them first. But if a company fails to act upon 5 requests left on their website and raise ticket numbers on enquiries, but do not respond on it, the are disingenuous. Period.
It is thus my recommendation that Traders stay away from this SCAM.

Mar 15, 2019 - 2 Stars Support is just unacceptably slow. For some strange reason their MT4 station from time to time asks for a one time password, which I do not possess. In trying to overcome this problem it took the 3+ days (as of this review) and for a live account that is simply unacceptable.
Support agent also had a manner of ignoring chats when the are found wanting on having to provide solutions.
Stay away!