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Yet another messy broker that dwindles on some unexplained logic, RedoxTrade will no doubt scam you. Read the review to see the ways which will aid you if you already been scammed.
It didn't take us long to notice the issues that define this so called broker. Most users will notice the mess of a website, yet many might miss the fact that RedoxTrade has not included a regulation. And the Terms and Conditions do not help at all.
RedoxTrade is thus UNREGULATED. Brokers that do not hold a license are 98% of the times pure scams out for your money- any deposits made here will certainly be stolen from you.
We strongly advise traders to trade only with regulated brokers that hold a license from renowned and severe institutions such as the FCA or CySEC. Not only do these agencies oversee operations and require regular reports from brokers registered with them, but those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).
Trading conditions have not been revealed, and even if they were, we would not trust them. Furthermore, once we registered, the client dashboard gave us another rough-around-the-edges page to work with, that seemed more preoccupied with pushing for deposits.
As far as we're concerned, there is no trading platform. The dashboard requires users to verify their accounts by sending ID documents, which is something that no one should do- no one knows who sits behind this scammer operation.
REDOXTRADE MINIMUM DEPOSIT
Again, a verification of the account must happen prior to depositing. This is a good thing, yet with an unregulated broker no one really knows how payments are made util confirmed on the dashboard. According to the home page of the company the minimum deposit is $500. The funding methods are unknown.
Due to he broker’s lack of any regulation, we advise against depositing any amount whatsoever. If traders wish to invest in online forex, they will find that any FCA/CySEC regulated broker will surely do. These agencies are at the top of their game, demanding a strict conduct from brokers, and requiring regular reports on their activities.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
The CVV code is the one thing that separates a buyer from a product. Without it, one cannot complete a purchase, even if him/her has given all other necessary information. By giving this detail to someone else, you are essentially inviting them to use your funds for their own means. And be warned that unregulated brokers most certainly plan to do so.
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
It may or may not happen, but if an unregulated broker asks you to install AnyDesk or TeamViewer and give them log in details, consider yourself very open to a complete drainage of your funds from all your online accounts. These software allow for anyone to access your PC from another station and go through all your files and vital information, including credit card, bank and alternative payment method details. Thankfully, these platforms are completely legal and will need your own personal approval in order to be used.
REDOXTRADE WITHDRAWAL TIME AND FEES
As is with the deposits, withdrawals are unavailable before one is a verified user. Furthermore, the client area does not give traders the opportunity to withdrawal, leading us to believe that, yes, in fact withdrawals are not available. However, the terms and conditions mention wire transfer withdrawals, and a hefty fee of $30 per withdrawal. The minimum withdrawal amount per the documents is $100, with a 5 day waiting period.
ADDITIONAL FEES AND TAXES
At this point, we can expect anything from RedoxTrade, and thus the only clause that is of interest to us is the one that absolves the comapny from blame:
Illicit firms do not care who you are and what your situation is; all they see is money, and they will trick you into giving it to them every chance they get. It is only logical then, that any attempt at withdrawing will be unsuccessful. The most popular excuses for denying your withdraw requests are usually smart and for the most part scripted. These include but are not limited to asking for more deposits in order to withdraw, or just prolonging your pending withdrawal by claiming that the market will suddenly propel, multiplying your winnings by unrealistic proportions.
We strictly advise against giving away an ID and proof address to unregulated brokers: they can be literally anyone with enough time and skill to mask themselves as a broker. Usually, these individuals use the anti-money laundering legislation as front for when traders start to get suspicious. Once this suspicion is confirmed and you file for a charge back, they will use your details against you case.
We are positive that this so called broker will not return your funds; the evidence we have laid out before you work in sync against it. The sound thing to do is to direct your attention and investment to an FCA or CySEC licensed broker where the law is integrated in every aspect of their operations.
HOW TO RECOVER
Filing for a charge back is the best advice we could give you. Immediately contact your bank or credit card company and lay out the circumstances.
Cancel your credit card if you have shared any notable details with the fraudulent broker, especially if you have provided them with the card’s CVV code. If such is the case, annul your credit card ASAP.
Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won’t ever hear from them again.
The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!
We have said everything there is to say about RedoxTrade. This unlicensed and scammer broker is not to be trusted with your funds! Stay way!
RedoxTrade compared to other brands
United Kingdom, Cyprus, South Africa, Mauritius
Cyprus, Saint Vincent and the Grenadines