Warning! TradeX Prime is an offshore company! Your deposit may be at risk.
RECOMMENDED FOREX BROKERS
TradeX Prime is an offshore broker that has a couple of things going on about it. Read on to find out more.
TradeX Prime Ltd is registered in St. Vincent and the Grenadines. For new readers out there, the small island nation of St. Vincent and the Grenadines is well known as a top destination for many shady broker firms for the simple reason that the country does not have a financial markets regulator. Which in turn gives unlimited power to brokers registered there. So, TradeX Prime may or may not be registered there; it matters not. The main concern here is that TradeX Prime is UNREGULATED, and thus a risk to all investments made in it.
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)
We registered very easily and were given access to a trader’s area. Once there we had no real way to start up a trading terminal, and thus all trading condition are left missing. The website however reveals that the broker offer a leverage capped at 1:400, and a limited supply of assets: FX, metals, and undisclosed CFDs. The EUR/USD average spread is allegedly 0.4 pips, which is a superb cost of trade.
Yet we are oliged to say that, we cannot vouch that these trading terms are applicable for TradeX Prime is illicit and therefore can write whatever it want on its website.
The languages are English, Spanish, and Russian.
TRADEX PRIME LOGIN
As we already discovered, the alleged MT4 is not made available to users, at least not to us. We discovered that in order to use more of the dashboard one must have his or her account verified. We assume that once this is dealt with, only then does the broker reveal the MT4.
Needless to say, the MT4 encompasses a to-the-point look and feel without sacrificing any accessibility. With MT4 you can set automated bots to trade instead of you so that you can indulge in other activities while profit is made (or lost). MT4 also comes with over 50 customizable trading indicators, great options for managing your charts, a drag and drop feature and many more pros.
TRADEX PRIME MINIMUM DEPOSIT
Even without an approval, we were able to deposit. This contradicts the initial idea that TradeX Prime:requires ID docs from users prior to any access. In other words, the broker contradicts itself, once again proving its illegitimacy.
On the payment area it turns out that you can deposit only via wire transfer and bitcoin. We could not get a minimum deposit amount. According to the website, this is $200.
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
Be sure to never give AnyDesk or TeamViewer access to your PC to unverified agents. These 2 platforms allow for your PC to be taken over by a second party, often times for help or guidance, but in the case of these brokers for the sole purpose of looting your bank account(s) and personal information. However, in order to do so your consent is needed, and this is the only thing standing in the scammers’ way.
TRADEX PRIME WITHDRAWAL TIME AND FEES
For withdrawals users must provide identification documents, yet for deposits such things are not required. What does that tell you?
Aside from that, we cannot give any withdrawal details: the website and legal documents have nothing on it.
ADDITIONAL FEES AND TAXES
Throughout the Terms and Conditions there are numerous references to administrative fees, transfer fees, taxes, and other similar charges.Users should be aware that the broker may issue sch fees at any time.
We want to remind readers that many offshore brokers have no intentions of paying you back. Any effort to withdrawal your money will be unsuccessful. Either the broker will find a loophole in the terms and conditions that is completely made up, will firmly advise you against withdrawing, or they will ask more deposits needed if one wished to withdrawal. Scammers come up with additional fees and taxes for the sole purpose of keeping you on stand-by, and to deplete as much money from you as is possible.
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!
TradeX Prime is a good example of am illicit broker. It has taken time to develop its scheme and as a result is victimising traders. Do not deposit in it!