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Based on TechFinancial – a popular trading platform – Tradorax offers High/Low, Boundary, One-Touch and Short-Term trading options. The company promises 85% returns…
Tradorax facilitates its clients with various currency options include Norwegian Krone, Turkish Lira, and South African Rand in addition to the major standard currencies. The website is available in English, German and Russian languages.
Despite the fact that the company offers almost everything modern traders are looking for, we need to quest for the facts about its procedures, credibility, and customer support. Tradorax scam complaints are also on the rise so we’ll have a look into these aspects to confirm if this platform is safe and trustworthy.
We conducted a thorough investigation into Tradorax and as a result this review will likely be quite lengthy. To make things easier for you we’ve put together some navigational links below which you can use to jump straight to the specific information that you’re looking for. Just click on any of the links & you’ll immediately be taken to that section of the review.
- Tradorax Background
- Is Tradorax Regulated?
- Tradorax Complaints
- Tradorax Withdrawal
- Is Tradorax a Scam?
- Our Verdict on Tradorax
- Get Your Money Back From Tradorax
- A Better Way To Make Good Money Online
AM Capital Ltd. is believed to be the owner of Tradorax binary options platform based in Mjelatke Island, MH9690. But in August 2016, a new company, BetaTech Ltd. London jumped in to own Tradorax. Even after doing deep research, the reason for the shift wasn’t discovered.
Back in February 2017, a new owner jumped in so Tradorax went through three different hands in just a couple of years. At the same time, serious complaints against Tradorax stormed in and most of these complaints alarmed the traders about the potential inability to withdraw their funds.
Moreover, the same old story was repeated in this case, traders detected unauthorized access to their account that led to the unknown purchases.
The company did well initially but after mid-2016 it started to lose ground and the traffic to the Tradorax website dropped down to 40% of the traffic before June 2016. It was partly due to the fact that CFTC regulations banned Tradorax from facilitating the US citizens.
It started off in an impressive way and attracted scores of investors from different countries and the credit goes to the clear and bold representation of the terms and conditions about deposits, withdrawals, and processing of transitions. The website was maintained professionally but strange things started to happen suddenly. The change of ownership, the increasing number of serious complaints, and the ban imposed by the CFTC regulations, everything contributed to the quick and lethal downfall.
Is Tradorax Regulated?
Here comes the all-important consideration, and yet again the answer is NO. Tradorax is an unregulated binary options broker. The more we know about these amount of money people invest through such unregulated platforms the more we feel the urge to update you about the importance of FCA (UK), ASIC (Australia), NFA (US), and CySEC (Cyprus) regulations.
It is surprising to know that people invest 1000s without even caring about the company’s legal status and they think thrice when purchasing a pair of 50$ shoe. Looking at the complaints, it becomes evident that such unregulated entities easily manage to snatch 1000s just by benefiting from a simple fact i.e. Thugs never die of starvation when greed prevails in a town.
The fact is that Tradorax never revealed the name of its parent company at any stage, neither did it provide any information about the identity and the legal status of its administrators. When talking about the customer’s security, the website boosted the provision of 256-bit encryption protocols to keep away the hackers, malware, and Trojans. The innocent victims never thought that the company itself is going to do the major damage so there was never a real threat from a third-party.
There is a long list of complaints against Tradorax. Let’s first have a look at the legal issues. The FPA Traders Courts issued the first warning against Tradorax in Nov. 2016. Just in less than a month, the FPA Traders Court declared Tradorax a scam. A serious complaint against Tradorax was filed in July 2017. Upon investigation, it was confirmed that the company’s representatives have blackmailed some of its clients into posting false reviews and telling lie about the reception of the due payments.
So here comes another important consideration. There are scammers who tend to use fake reviews to trap their victims. Another popular binary trading platform has already been found guilty of posting fake reviews from a server based in Israel. These things are happening in a systematic way so you need to make decisions with extreme care.
Michael Price, an alleged Tradorax broker tricked a number of clients into making huge investments only days before the website went down. The users were left with no option but to curse their habit of quick and instant decision making.
There are also complaints about a frequent replacement of the trade managers. They just came and vanished within weeks and often then vanished with the funds in the clients’ Tradorax accounts.
Tradorax offered withdrawals through wire transfer, CashU and Credit Cards. The company charged nothing for the first withdrawal. After that, each withdrawal was processed along with a $50 fee (depending on the case) and nobody knew what it really meant. For wire transfer, the minimum withdrawal limit was set at $500 and for Credit Card, it was $100. The most disappointing fact is that the processing of withdrawal required up to 15 working days.
Is Tradorax a Scam?
The verdict of the FPA Traders Courts and the sudden shutdown of the website provide enough evidence that requires no further explanation for criticizing Tradorax scam. The problem with these binary options broker is that it becomes really hard to identify what else they are up to. It is pretty much possible that same players are configuring a new trap to repeat their act snatching peoples’ money from right under their noses.
Our Verdict on Tradorax
We strongly reject the idea of investing in anything that is not regulated by the legal authorities. There is no way you could make big profits by working with an entity that is hidden under cover, unregulated, and on top of that, going through one hand to the next in less than a year. Tradorax and the likes of it are the modern day thugs.
Get Your Money Back From Tradorax
Have you fallen victim to the Tradorax scam yourself? Well we appreciate it can be very worrying but there are actually steps you can take to get your money back from these scammers.
And the good news is that we’ve put together a free scam reclaim guide which walks you through the process step-by-step and shows you exactly how you can reclaim your lost funds.
Therefore if you have lost money to Tradorax we 100% recommend that you check out our free reclaim guide which to date has already helped thousands of other people. You can get access to it by clicking here.
A Better Way To Make Good Money Online
If you were looking into Tradorax then the likelihood is that you were looking to make some money. Well, whilst Tradorax itself is NOT legit (and has now closed down), the good news is that there are indeed some legitimate & very good ways to make money online.
We’ve come across many of them whilst carrying out our investigations, however out of them all there has been one in particular that has stood out from the rest & we have crowned it our number 1 recommendation.
So if you want to get access to our number 1 recommendation for making money you can do by clicking the link below: