Traderfex Review: Security Measures and Regulations
Traderfex is an unknown and very poor forex “trading” platform operating from St. Vincent and Grenadines. That’s why in this guide we give some facts and reasons why you shouldn’t invest with this company and how to keep your money safe.
|Regulated by:||Unlicensed brokerage|
|Minimum Deposit:||250 USD|
|Cryptocurrencies:||Yes, BTC, LTC, XRP|
|Types of Assets:||Forex, cryptocurrencies, stocks, indices|
|Free Demo Account:||Yes|
|Accepts US clients:||No|
Traderfex Regulations and Security
If you just look at their poorly designed website, you should already know there is something wrong.
Yes, the primary business is, as per their saying, to make money, but they should take care of their website. The first impression lasts. You see a site where you don’t have any information about the company, team members, regulators, license number, or anything else that would make you think that these are good guys.
Since they don’t have headquarters, they don’t go under any jurisdiction. Red flags all over.
Fund Withdrawal Issues
Practically impossible. As per the broker, you can withdraw 500 Units of gained profits through bank wire transfer. Yeah, right. But right after that, they claim that they can delay or, even worse, reject withdrawal without any explanation. Just ask yourself, is that your money or theirs? With a regulated broker, you can withdraw your funds within 24 hours, without questions asked. Here, the procedure can take up to 14 business days. We believe that it’s not that hard to make a few clicks to send money if you want it, of course.
Traders’ experience is that wherever you see catchy advertisements like CryptoEngine that will make money for you, you should run away from it. According to many Traderfex reviews, this company has good marketing and nothing else. If you planned to get your money back, it wouldn’t work.
How Does Online Trading Scam Work?
It usually starts with a hot advertisement, cold call, or fake social media post. Once you accept to play their game and just listen, they will manipulate you. After you put your first money, usually $250, that’s where their game begins.
They will show you a couple of winning trades to get your trust, to show you what they can do, but in the end, it’s all a basic setup. They will sell you some logical stories that might have sense in real life, but that won’t happen that fast.
When you feel first to win, you will crave more, especially after introducing fake potential profits. If you try to withdraw money, you will face a new urgency for investment, a new great opportunity, a life-changing one. If you fall for it, you will lose every time. They will try to take everything away from you, the last penny from savings if needed.
If you are persistent in your decision, it can happen that they will tell you that you need to pay something to withdraw your funds; after that, you can forget about reaching them ever again. They will just cut all communication with you or even move to another website doing the same thing.
Scammed by Traderfex?
If you get scammed by a Traderfex broker, you should first report it to authorities and ask for help from your bank to get a chargeback. Try to ask for advice, but don’t rush to jump into “Recover your funds” deals and to get double scammed!
But What Is a Chargeback?
Chargeback or payment dispute is a usually complicated and time-consuming process, where a client (cardholder) questions a transaction and asks a card-issuing bank to reverse it. For further details and assistance, contact our support via online chat and book your free consultation.
What is Traderfex?
Traderfex is an online trading brokerage without a license for financial services.
Is Traderfex a scam?
The broker is unregulated and didn’t provide any of the information regarding the owner.
Is Traderfex regulated?
Traderfex is not regulated nor a licensed online brokerage.