Thinking of getting into business with TandemMarkets? Here is what you must know about this broker. Carefully read this review to find out if tandemmarkets.com is the trading platform you will want to trade with.
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About TandemMarkets Broker
TandemMarkets is an offshore brokerage company with a lot of promises for traders. The broker address is missing on the webpage. To begin with, this is a red flag on TandemMarkets as it has shown less concern about its location.
There are different account types the broker offers.
To clarify, in spite the trading instruments TandemMarkets claims to offer, traders must know they are dealing with an unknown broker which does not have a regulation over its head.
tandemmarkets.com: Reasons to Avoid This Broker
Firstly, tandemmarkets.com is a platform with no financial authority overseeing its financial services. We discover the broker does not care about showing us where it is licensed and regulated, sadly not when there is no license for TandemMarkets to claim.
Secondly, we noticed tandemmarkets.com has no demo account for traders. Since traders can’t test the broker on a free account, we can’t know its viability in the forex market.
More so, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These are cons for forex traders to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
Withdrawal and Deposit
Withdrawal process
Under the withdrawal policy, TandemMarkets withdrawal requests are processed between 2 to 5 business days. The broker discusses the following fees on withdrawal: $50 for Bank Transfer, $25 for Credit cards.
The broker minimum withdrawal for Wire Transfer is $250 while for other methods requires $100.
An inactivity account of 6 months, the broker charges 10% on each month.
Minimum Deposit
Minimum deposit is mentioned less than $10,000.
As for the payment methods, TandemMarkets uses Debit/Credit, Bank Transfer, and more. But, you should not consider making any payment with this broker because it is a risk. So beware!
TandemMarkets Platform
Fxx Trader offers web based trading platform and not MT4 or MT5 (Industry standard trading platforms) which gives us more reason not to take this broker serious.
As for the leverage, it can get up to 1:500. Truly, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
TandemMarkets Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation that means your money is at risk. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
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Licensed in Australia(ASIC) and Cyprus(Cysec)
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Conclusion: Is tandemmarkets.com a Reliable Broker?
No, tandemmarkets.com does not seem like a reliable broker for traders even though it promises offers that look good to be true.
Most importantly, the broker is unregulated which means it is not authorized to operate in any regulated country and you should definitely not put any money into it.
Because we have taken it as a duty to review scam forex brokers and also share reasons, we will not recommend this broker for trading.
Kindly share your comment about this broker in the comment section.