OK, this is a short review but that is mostly because I’m really not sure about this site.
(Note to Fred Done – if you read this, please see below some ideas on how you can improve).
The Big Issue: Regulation in VanuatuTradeFred is a partnership between Betfred and Vanuatu-registered “MagicPath Capital”.
However… MagicPath Capital is listed as the owner of the TradeFred brand and, according to LeapRate, TradeFred “only holds a licence issued by the Vanuatu Financial Services Commission and is not cleared for operations in the UK or Europe”
TradeFred also lists a UK based firm, PathMagic Capital, on the platform. It says “that is where the merchant has an additional permanent location and conducts business activities in Europe”.
This is all a bit grey to me.
Where is Vanuatu?Glad you asked… this brand is regulated here:
Trust?The new platform also says, “your trusted trading partner” – come along now. Please get regulated by the FCA so we know our funds are safe (up to £50,000 FSCS).
Low LeverageAnd sorry, the leverage is pretty low: The above leverage levels are actually inline with what the FCA (UK regulator) wants. However, the FCA haven’t said you have to go that low yet.
And I can’t see many traders having much love for such low levels of leverage.
Fred Done are you Listening?This is not a great move for your brand. Pop on to LinkedIn and talk to someone in the industry who knows about spread betting, CFDs and forex. I.e. don’t take our advice, get some other advice on how to improve your service.
Adjust your pricing, leverage and get properly regulated. At least then you’ll have a chance of being treated seriously by investors.
We look forward to writing a more positive review about you.
For more, go to TradeFred.com
Remember: Spread betting, CFDs and forex trading carry a high level of risk. You can lose more than your initial investment. These products are not suitable for all investors. Only speculate with money that you can afford to lose. Make sure you fully understand the risks involved and seek independent financial advice where necessary.