So many offshore brokers on the market. Since offshore countries are usually not even checking companies and their regulations, those places are like heaven for illegal brokers. They can be safe there, far from the eye of any regulatory body, conducting a scam easily. Is RaxTrade regulated? Let’s see in our RaxTrade review.
|Broker status:||Offshore Broker|
|Regulated by:||No regulation|
|Headquarters Country:||Saint Vincent and the Grenadines|
|Supported Platforms:||Web trader|
|Cryptocurrencies:||Yes – BTC, XRP, LTC.. (total 6)|
|Types of Assets:||FX, commodities, indices, crypto, stocks|
|Free Demo Account:||No|
|Accepts US clients:||No|
RaxTrade Regulation and Security
RaxTrade is a brand owned by Roi Stock Limited, a company based in Saint Vincent and the Grenadines. We’ve checked if there is RaxTrade regulation in the FSA SVG register.
What’s Wrong With RaxTrade Regulation?
Nowhere in the FSA register, we didn’t find RaxTrade broker nor Roi Stock Limited. This practically means that even though the company might have headquarters in this offshore country, it is not regulated and operates illegally. When the company is illegal, there is no security of funds or personal data.
Be aware of the RaxTrade scam!
Warnings From Financial Regulators
Since the broker is not regulated, some of the regulatory bodies noticed its activities. For example, the Austrian FMA blacklisted RaxTrade forex broker and warned its citizens not to trade with it. Be aware that the broker is running a scheme and do not fall for it!
What Trading Platforms Are Available?
The choice of RaxTrade trading platform is their own designed web trader. The company provides a platform that is not the most comfortable we’ve ever seen. Why? Simply because it’s much slower than MT4 or MT5, and it does not look so good. Experienced traders that are used to MetaTrader would never be happy to use this web trader. Even if you do not have experience, you can see that the platform is slow, and the price is changing during the time necessary for the trade to be executed on the platform.
The leverage this broker provides is unknown, meaning that, since the broker is offshore, your funds are at great risk.
When it comes to the RaxTrade minimum deposit, it’s another unresolved mystery. According to the client’s reviews, the minimum is $250, but it’s not specified anywhere on the broker’s website. There are 4 account types, but none of them has the deposit listed.
In which countries does this broker work?
Since RaxTrade has no regulation, it should not be operating anywhere. However, seems that the only restriction from its operations is the USA.
According to the FMA warning, we can say that the broker is operating in Austria, as well as other parts of Europe such as the UK, Germany, Italy, Spain.
Be aware of the RaxTrade broker!
Scammed by RaxTrade broker? What to do?
If you were scammed by a RaxTrade broker, there is a possibility to get your money back. Now, you need to understand that you are not the only victim of the RaxTrade scam. There are many people in your situation that managed to get money back by requesting a chargeback. To get more details about the chargeback procedure contact our support immediately!
Book your FREE consultations today, and let’s get your hard-earned money back! Do not let the scam broker get away that easily! Chat with us now!
What is RaxTrade?
RaxTrade is an online trading broker based in Saint Vincent and the Grenadines, operating unlicensed.
Is RaxTrade regulated?
The broker is not regulated by any authority body.
Is my money safe with a RaxTrade broker?
Since the broker is offshore and not regulated, no, your money is not safe!