Risk scorecard
Each area is scored 0 (clean) to 10 (worst). Higher means more risk.
Regulation
7/10 · HighNo financial licence in any jurisdiction while taking retail deposits and pooling client money, and neither Costa Rica nor Guatemala supervises this activity; not a 10 because no licence number is fabricated, no firm is impersonated and no regulator has warned about it.
Identity & transparency
5/10 · ModerateThe operating entity, its government ID, both addresses, a landline and an email are published and the company is confirmed on Costa Rica's own registry, but the registered activity is management consulting rather than finance, the registered address is a residential condominium, the company is flagged tax-delinquent and no owners or directors are named.
Withdrawals & conduct
3/10 · LowNo fund-integrity complaints of any kind were found, no advance-fee demands and no frozen-account reports; scored above the clean anchor only because no independent account of a successful payout exists either.
Reputation
6/10 · HighNo Trustpilot profile, no forum discussion and no user reviews on the platforms that list the broker, which for a firm advertising millions of users is itself a signal; the directories that do cover it place it at the bottom of their scale for lack of regulation.
Website claims
8/10 · CriticalImplies licensure three times over without naming any authority, claims to be one of the first online brokers in Latin America on a 2024 domain, and advertises millions of users worldwide beside a restricted list that excludes most of the world.
Operational history
6/10 · HighVerified operating history of about two years from the May 2024 domain registration and August 2024 first archive, with the company itself undatable, set against a marketing claim of pioneer status in the region.
Who they are
A quick desk file on the company behind the brand.
- Brand: Treten (tretenfx.com), trading as an online forex and CFD broker aimed at Latin American clients.
- Legal entity: Treten BKR, S.R.L, formally TRETEN BKR SOCIEDAD DE RESPONSABILIDAD LIMITADA.
- Registered: Costa Rica, company ID 3-102-904685, at a residential address in Heredia, San Francisco, Santa Cecilia (Vista de las Flores condominium, house number three).
- Operating office: 16th Street 6-17, Edificio Piale, office 206, Zone 10, Guatemala City, Guatemala. Telephone +502 2236-8800.
- Website: tretenfx.com, with a client portal at dashboard.tretenfx.com and a managed-account platform at pamm.tretenfx.com.
- Only licence: none. No financial regulator is named anywhere on the site, and no licence number is published.
- Offers: CFDs on forex, indices, commodities, cryptocurrencies and stocks on MetaTrader 5; a PAMM managed-account product; and a '10X' promotion that multiplies deposited capital (deposit $250 to trade with $500, or $5,000 to trade with $50,000).
- Deposits: Visa, Mastercard, American Express, Discover, bank transfer, and Bitcoin, Ethereum, USDT and USDC. Minimum deposit from $10.
- Not accepted: the United States, Canada, the United Kingdom, all EU member states, Australia, New Zealand, every African country, most of Asia and the Middle East, and Costa Rica itself.
- Age claim: describes itself as 'one of the first online brokers in latinamerica' serving 'millions of users across the globe'. The domain dates from May 2024.
Regulation
Who really oversees this broker, and what each licence is worth to you.
Proof of regulation on an official register: No
We could not confirm this broker on any genuine regulator’s register.
Licences the broker publishes
National Registry of Costa Rica, Registry of Legal Entities
Why we reached this verdict
How the evidence adds up.
Treten is not a clone and we found no evidence of money being withheld from clients. It is rated high risk because it takes retail deposits, and pools client money in a managed-account product, with no financial authorisation at all, and because there is almost nothing independent to weigh against that.
- There is no licence to verify. Treten publishes no regulator name and no licence number. A third-party broker directory also records no forex licence held by this operation. There is therefore no register entry for this broker to show you, because there is no licence claim behind it.
- Neither country involved supervises this business. Costa Rica, where the company is incorporated, has no licensing regime for retail forex brokers. Its securities supervisor, SUGEVAL, states that firms absent from the National Register of Securities and Intermediaries are outside its oversight, and that it holds no evidence of their legitimacy. In Guatemala, where the offices are, bank and insurance supervision by the Superintendency of Banks does not extend to retail forex and CFD trading.
- The company registration is not a licence, and the site blurs that line. The footer correctly describes the Costa Rican entity ID. Elsewhere, though, the site speaks of 'obtained licenses in the respective countries', of cryptocurrency falling outside 'the Company's licensed activities', and of practices that ensure a 'secure and regulated trading environment'. Each of those phrases tells a reader there is a licence somewhere. There is not one.
- The government record does not match the business. Costa Rica's tax registry lists one registered economic activity for this company: management consulting. It records nothing financial. The same record marks the company as a delinquent taxpayer.
- Two advertised claims do not survive checking. 'One of the first online brokers in latinamerica' sits on a domain first registered on 31 May 2024 and first archived in August 2024, with no predecessor brand behind it. 'Millions of users across the globe' sits beside a restricted-countries list that excludes most of the globe, including the whole of Europe and North America.
- Client money is pooled with no custodian named. The PAMM product lets investors hand capital to a chosen account manager. No independent custodian, no segregation arrangement and no supervisor is named for it. If that money goes missing, no authority has jurisdiction.
- Why the figure is 65%. The evidence on its own produced 64%. The published figure reflects the floor we apply to any broker that is under three years old and has no verifiable client footprint, and the uplift is small here because the evidence had already placed Treten in the high-risk band. This number reflects how little can be confirmed about a young, trace-less operation. It is not a finding of misconduct, which we did not make.
- One limit on the data. The age figure of roughly two years is an upper bound. Costa Rica's Registry of Legal Entities offers no free public company search, so the incorporation date of the operating company could not be established and the figure rests on the domain alone.
Evidence ledger
Every finding, with its source and how strongly it points.
E1No financial regulator or licence number appears anywhere on Treten's website. The only official identifier published is the Costa Rican company ID 3-102-904685, and the legal documents page lists terms, a privacy policy, an AML manual and the 10X account conditions, none of which name a supervisor.
E2The site tells readers it is licensed without naming any authority. It states that the brand is operated by companies under 'obtained licenses in the respective countries', that cryptocurrency dealing falls outside 'the Company's licensed activities', and that its compliance practices ensure a 'secure and regulated trading environment'.
E3Costa Rica's Ministry of Finance confirms TRETEN BKR SOCIEDAD DE RESPONSABILIDAD LIMITADA under ID 3-102-904685 with status Inscrito, so the legal entity the site names genuinely exists and matches the number it publishes.
E4The same government record lists one registered economic activity for the company, code 7020, management consulting, and no financial activity at all. It also flags the company as a delinquent taxpayer under the Heredia tax administration.
E5SUGEVAL, the Costa Rican securities supervisor, states that entities operating in or from Costa Rica without registration in the National Register of Securities and Intermediaries are not authorised to provide brokerage services, that it exercises no supervision or control over them and that it holds no evidence of their legitimacy. Its investor alerts name neither Treten nor tretenfx.com.
ModerateSUGEVAL investor alertsE6The domain tretenfx.com was registered on 31 May 2024 through GoDaddy, with expiry in May 2027, which places the operation at about two years old.
E7The About page describes Treten as 'one of the first online brokers in latinamerica' serving 'millions of users across the globe', a seniority and scale claim that a domain registered in May 2024 with no predecessor brand cannot support.
ModerateTreten About pageE8The restricted-countries list excludes the United States, Canada, the United Kingdom, all EU member states, Australia, New Zealand, every African country, most of Asia and the Middle East, and Costa Rica itself, which contradicts the claim of millions of users across the globe and shows the firm declines clients in its own country of incorporation.
ModerateTreten restricted countries pageE9The restricted list genuinely excludes the strictly regulated markets, so there is no sign of the pattern where an unlicensed broker solicits clients in the United States, the United Kingdom, the EU, Canada or Australia.
ModerateTreten restricted countries pageE10The PAMM product invites investors to allocate capital to an account manager who trades the pooled money for a commission on profits. No independent custodian, no segregation arrangement and no supervisor is named, and the company describes itself only as registered in Costa Rica.
ModerateTreten PAMM information pageE11The 10X promotion offers multiplied trading capital on deposit, from $250 to trade with $500 up to $5,000 to trade with $50,000, marketed against prop-firm challenges with no evaluation and no profit split. This confirms the firm takes client deposits for live trading rather than selling evaluations, so it is a broker and the absence of a licence is not a prop-firm artefact.
ModerateTreten 10X capital pageE12Deposits and withdrawals run on Visa, Mastercard, American Express, Discover and bank transfer alongside Bitcoin, Ethereum, USDT and USDC, so the firm is not crypto-only. Card acceptance means a payment processor has underwritten the business.
ModerateTreten payment methods pageE13Archive records for tretenfx.com begin on 11 August 2024 and run continuously to 2025 under the Treten brand, with no earlier business on the domain, no parked gap and no recycled identity, which rules out a drop-caught domain or a rebranded predecessor.
ModerateWayback Machine snapshot indexE14No regulator warning, alert-list entry, enforcement action or fraud-related court record names Treten, Treten BKR, S.R.L or tretenfx.com. Checks covered the FCA, CFTC, IOSCO, CNMV, CONSOB and BaFin lists, and SUGEVAL's own investor alerts for Costa Rica. An FCA warning exists for a similarly named firm at tenfx.com, which is a different operation and is not attributed here.
E15The broker has no independent review footprint of any kind. Trustpilot holds no profile for tretenfx.com, searches of Reddit return no discussion, and the broker-review platforms that list Treten carry no user reviews. No complaints and no positive reviews exist, so there is no evidence either that clients are being harmed or that withdrawals are working.
ModerateTrustpilot, Reddit and broker-review platform sweepE16A third-party broker directory that lists this operation, matched to it by the website tretenfx.com, the Guatemala City office address and the telephone number, records no forex trading licence held by the firm and no user complaint or exposure filings against it.
ModerateA third-party broker directoryE17The client portal at dashboard.tretenfx.com and the managed-account platform at pamm.tretenfx.com are both live and serve Spanish by default, confirming an operating business actively onboarding Spanish-speaking clients rather than a dormant shell.
ModerateTreten client portal
The other side
The strongest case in this broker’s favour.
There is a real case for Treten being an ordinary, if unregulated, small Latin American broker.
- It does not hide who it is. The operating company, its government ID number, its registered address, its office address, a landline and an email are all published. Costa Rica's tax registry confirms the company and the ID number. Outright scams usually fake this or omit it.
- No regulator anywhere has warned about it. Checks against the alert and warning lists of the FCA, CFTC, IOSCO, CNMV, CONSOB and BaFin, and against SUGEVAL's own investor alerts for Costa Rica, returned nothing naming this brand or this domain.
- Not a clone and no hidden history. The brand is its own, not a copy of a regulated firm. Archive records show the domain has carried Treten and nothing else since its first snapshot in August 2024, with no earlier brand, no parked gap and no recycled identity.
- It is not soliciting the countries where it would be illegal. The restricted list genuinely excludes the United States, Canada, the United Kingdom, the EU, Australia and New Zealand. The aggressive pattern we usually see, an offshore shell chasing clients in strictly regulated markets, is absent here.
- Normal payment rails, not crypto only. Treten accepts major cards and bank transfers alongside crypto. Card acceptance means a payment processor has underwritten the business, which pure boiler rooms rarely pass.
- A third-party platform, not a house price feed. Trading runs on MetaTrader 5 rather than an in-house system of the kind used to manipulate quotes.
- Nobody is complaining. No withdrawal refusals, no frozen accounts, no demands for a tax or fee before release, and no advance-fee reports turned up on any platform. For a two-year-old broker, that is a genuinely better record than many of its peers.
- Being unlicensed is partly a fact about the jurisdiction. Costa Rica issues no retail forex licence, so a Costa Rican broker cannot hold one. Hundreds of brokers operate on weak or offshore permissions without defrauding anyone.
What would change this
What we would need to see to revise the verdict.
This verdict rests on an absence of confirmable facts, so specific facts would move it in either direction.
- Towards lower risk: a genuine licence from a recognised supervisor, published with its number and verifiable on that regulator's own register under the name Treten BKR, S.R.L.
- Removal of the licensing language from the site, or replacement of it with a plain statement that the company is unregulated, which would end the misrepresentation point entirely.
- A body of independent client reviews showing withdrawals being requested and paid, with amounts and dates, across more than one platform.
- Evidence that client money is held with a named third-party custodian or in segregated accounts at an identified bank, particularly for the PAMM product.
- A Costa Rican registry record showing the company incorporated well before 2024 and registered for financial activity rather than management consulting, which would extend the verified track record.
- Towards higher risk: any regulator warning or alert naming tretenfx.com or Treten BKR, S.R.L.
- Credible first-hand reports of withdrawals refused or delayed, balances deleted, or any demand for an extra payment, a tax or a fee before funds are released. A specific, checkable instance of that last pattern would change the verdict sharply.
- The naming of a specific regulator or licence number that turns out to belong to a different company.
Check it yourself
Official registers and warning lists. Verify every claim first-hand.
Costa Rica Ministry of Finance, taxpayer record for ID 3-102-904685
Confirms the company exists and shows its one registered activity, management consulting.
SUGEVAL (Costa Rica securities supervisor), investor alerts
The Costa Rican supervisor's alert page, and its statement about firms it does not supervise.
Treten legal documents page
The broker's own terms, AML manual and 10X account conditions, with no regulator named.
Treten restricted countries list
The countries Treten will not accept, including the US, Canada, the EU, the UK and Costa Rica.
Frequently asked questions
Quick answers about this broker’s safety.
Is Treten a scam?
We have not established that it is. No client has publicly reported losing money with Treten, no regulator has warned about it, and there is no enforcement action or court record against it. We do rate it high risk at 65%, because it takes deposits with no financial licence anywhere, it is only about two years old, and nothing about its conduct can be independently confirmed.
Is Treten a fraud?
No regulator or court has made any such finding against Treten BKR, S.R.L, and we are not making one either. What we can say is factual: the company holds no financial licence, its site implies licences it does not name, and its registered business activity in Costa Rica is management consulting rather than anything financial.
Is Treten regulated?
No. Treten names no regulator and no licence number anywhere on its website, and a third-party broker directory records no forex licence for it either. The only official document behind it is a Costa Rican company registration, which authorises no investment business.
What is the Costa Rican registration number 3-102-904685?
It is a cedula juridica, the ID issued to a Costa Rican company when it is incorporated. The 3-102 prefix marks it as a limited liability company. It proves the company exists and nothing more. It is not a licence and brings no financial supervision with it.
Where is Treten actually based?
The contracting company is incorporated in Costa Rica, at a residential address in Heredia. Its working office is in Guatemala City, at 16th Street 6-17, Edificio Piale, office 206, Zone 10. The company's own filings give Costa Rica, not Guatemala, as the country of registration.
How old is Treten?
About two years. The domain tretenfx.com was registered on 31 May 2024 and the first archived copy of the site dates from August 2024. That makes the claim to be 'one of the first online brokers in latinamerica' impossible to support. The figure is an upper bound, because Costa Rica's company registry offers no free public search to date the company itself.
Can I withdraw my money from Treten?
We found no reports of withdrawals being refused or delayed, which is a genuinely positive sign. Treten advertises card, bank transfer and crypto withdrawals processed within one business day. Because no regulator oversees the firm, there is no authority to appeal to if a withdrawal is not paid, so test a small withdrawal before depositing more.
Is my money safe with Treten?
It is not protected. There is no compensation scheme, no requirement to keep client money in segregated accounts, no minimum capital rule and no complaints body. The site names no bank or custodian holding client funds. Only deposit what you could afford to lose entirely.
Is Treten a clone of another broker?
No. Treten uses its own brand and its own domain, it does not quote another firm's licence number, and archive records show the domain has only ever been Treten since August 2024. We found no sign of impersonation and no earlier brand behind it.
What is the Treten 10X offer, and is it safe?
It multiplies your deposit into a larger trading balance, for example $250 deposited to trade with $500, or $5,000 to trade with $50,000. Treten markets it against prop-firm challenges and promises you keep all profits. Extra trading capital magnifies losses just as it magnifies gains, and the detailed conditions sit in a separate 10X account agreement you should read in full before accepting.
What is Treten PAMM and what is the risk?
PAMM lets you hand your capital to a chosen account manager who trades it, with managers paid a commission out of profits. No independent custodian, no supervisor and no segregation arrangement is named for the pooled money. That means an unlicensed firm controls funds managed by someone you cannot verify, which is a significantly higher risk than trading your own account.
Does any regulator warn against Treten?
Not as far as we can establish. Checks against the FCA, CFTC, IOSCO, CNMV, CONSOB and BaFin lists, and SUGEVAL's investor alerts in Costa Rica, found nothing naming Treten or tretenfx.com. Warning lists also lag new operations by months, so the absence of a warning does not prove safety.
Which countries does Treten accept clients from?
Its focus is Latin America. The restricted list excludes the United States, Canada, the United Kingdom, every EU member state, Australia, New Zealand, all African countries, most of Asia and the Middle East, and Costa Rica itself. If you are in a restricted country, any account you open can be closed.
What should I check before depositing with any broker like this?
Find the regulator's name and licence number on the broker's own site, then look that number up on the regulator's register and confirm it names the same company and the same website. Check how old the domain is, look for real client reviews mentioning paid withdrawals, and confirm who holds the client money. If any of those cannot be answered, treat the deposit as money at risk.
What we recommend
The practical takeaway from everything above.
If you are considering Treten, treat it as an unregulated counterparty and size your risk accordingly.
- Understand what you give up. With no licence, there is no compensation scheme, no segregation requirement, no capital rule and no ombudsman. If the money is not returned, there is no regulator to complain to in Costa Rica or Guatemala.
- Do not treat the Costa Rican company number as regulation. ID 3-102-904685 confirms a company exists. It authorises no investment business at all.
- Ask for the licence in writing. The site refers to licensed activities. Ask which authority, which number, and which register it appears on, and verify the answer on that regulator's own website before depositing.
- Be especially careful with the pooled products. The PAMM product places your money under someone else's control with no named custodian and no supervisor. The '10X' promotion multiplies position size, which multiplies losses as readily as gains.
- Test small and test withdrawals first. If you proceed, deposit the minimum, withdraw a part of it early, and confirm the money arrives before committing more.
- Prefer card or bank transfer over crypto. Card payments carry chargeback rights; crypto transfers are irreversible.
- If you are already caught up: stop depositing, request a full withdrawal in writing, keep every statement and receipt, and raise a chargeback with your card issuer or bank. Never pay a fee to anyone promising to recover your funds, because that is a second scam built on the first.
This is an independent assessment of risk, not a legal ruling. Scores and verdicts follow the Wikilix broker-safety methodology and can change as new evidence appears. Review scores are treated with caution when a broker’s reviews look manipulated. Last reviewed October 9, 2026. If any detail here is out of date or incorrect, or you represent this broker, please contact us.
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