PolaxGroup Review: The Shady Website Has Been Shut Down

PolaxGroup is the perfect platform if you want to lose money. The more we investigate this platform, the more pieces of evidence of fraud keep popping up. Negative reviews, regulatory warnings, lies, etc. Even the website has been taken down due to a regulatory warning.

That is why you should read our PolaxGroup Review and learn how to identify cyber trading scams. Also, we can help get your money back from such schemes.

Legal Info: Is PolaxGroup Regulated?

PolaxGroup claims to have an office in Switzerland. This is a lie, of course, and the fake address was exposed by the Financial Conduct Authority (FCA) on August 4, 2023. The warning against the platform from the UK regulator resulted in the scammer shutting down the previous website and switching to the new one (polaxgroup.co).

Therefore, we do not recommend you trade on this platform, or any other unlicensed offshore provider such as SPmarket24. You won’t benefit from security features such as negative balance protection, segregated funds, or a compensation contract, which is available via the UK FSCS agency.

You should find a regulated broker operating under the supervision of a reputable financial authority such as the FCA (UK), CFTC & NFA (US), ASIC (Australia), IIROC (Canada), CySEC (Cyprus), etc.

Who Are PolaxGroup’s Targets?

According to godaddy.com/whois, the polaxgroup.co website domain was created on September 5, 2023. For about a month now, the cyber con artist has been targeting primarily traders who reside in the following countries:

• United Kingdom;
• Netherlands;
• Israel;
• Canada;
• Thailand.

Each of these jurisdictions is unique in a certain way in terms of regulations. To reiterate, the PolaxGroup brokerage was recently flagged as a scam by the UK’s FCA.

The fraudulent provider is not compliant with the regulations in force in these states. For instance, it offers a maximum leverage cap of 1:50 but the legal limit in the UK and the rest of Europe is 1:30 for retail clients.

The webparanoid.com data shows that the trickster’s website has extremely low traffic, i.e. number of visits. 

Trader Reviews – Sharing Experiences

Whichever trading forum we checked, negative reviews were not missing. The broker received numerous complaints on sites such as scamadviser.com and trustpilot.com. Traders expressed their frustrations due to withdrawal issues, saying that the firm “refused to accept withdrawal and they have stopped responding in the chat and email…”

You can read a detailed summary of how the scheme works and which deceitful methods are used on personal-reviews.com as well. As for the good feedback, the reviews.io forum warned us that the positive “reviews on this page do not meet our trust signals are were likely submitted by PolaxGroup.”

Please avoid trading on unregulated platforms and instead stick to licensed and transparent brokerage companies that provide safe trading conditions.     

Which Trading Platforms Are Available?

It turned out that PolaxGroup supported only a simple web-based platform, devoid of any remotely advanced features and tools. The online trading terminal looked unpolished and lackluster with just some basic charts and indicators.

There was no mobile trading app available. This just shows that the whole trading thing is not serious at all. Providers that only offer a web platform (e.g. UltraBrokerz) are usually up to no good.

You ought to stick to licensed brokers that support credible and proven third-party trading software such as MetaTrader 4, MetaTrader 5, or cTrader if you want access to cutting-edge options. 

Available Live Account Types

Leverage, Spreads, Commissions, Demo Account

The maximum leverage that PolaxGroup offers is 1:50. As mentioned, the legal cap in Europe is 1:30. High leverage allows traders to control larger positions with a relatively small amount of capital, but significantly increases the risk of greater losses.

Trading costs, i.e. spreads and commissions were not disclosed so traders were basically left in the dark in that department.

If you are a novice, you shouldn’t be risking real money straight away. Try out a demo account first. All legitimate brokers nowadays have a demo account option. Those that do not, like PolaxGroup, are most often phonies.

Deposit and Withdrawal Process

PolaxGroup failed to specify which funding options are available. Since the payment methods are not disclosed, fees are unknown as well. Judging by the trader reviews, it’s highly unlikely that you will be allowed to withdraw funds or get a refund. 

In that case, you should know that funds deposited via MasterCard and VISA credit/debit cards can be refunded via a chargeback, which can be requested at the issuing bank within 540 days. 

Wire transfers can be reversed via a recall but this action can only work for transactions that are not yet complete. As for crypto payments, you’re going to need professional assistance to get your money back.

Key Facts To Consider About PolaxGroup

To sum up, PolaxGroup is an anonymous scam broker that defrauded several unsuspecting traders. This website was illegally offering services mainly to traders from the UK, the Netherlands, Canada, Thailand, and Israel.

We do not recommend this platform because it is blacklisted and many traders had major issues with it. In case you’ve already deposited funds into your account, you must seek our professional help to recover your money!

Use the form below to book your free consultation with Scam Brokers Reviews and tell us more about your case. Our team will gladly guide you through the chargeback process and assist you every step of the way.

Book your consultation with us today and start the chargeback process.

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