TradoFX

TradoFX should get in line… this is yet another brokerage company that offers illegitimate trading conditions. Read the review for more details.

TradoFX is owned by BNC Holdings OÜ, saif to be regulated by the FCA, the FSA in Estonia, and the FSCA in South Africa.  Furthermore, the Terms and Conditions claim that the company is incorporated in the Marshal Islands.

First of all in Estonia the Finantsinspektsioonacts (FI) acts as a regulatory entity for all financial services institutions, and not the FSA. All regulated companies being officially included in an online register. We went through the online registry and found no results of broker and parent company , so we can conclude that FXOne is not regulated in Estonia. We found no result of a BNC Holdings OU nor a TradoFX in the online database.

Nor were we able to find either names in the FCA's and FSCA's online registry of licensed companies. As for the Marshall Islands,  they are one of the ideal destinations for all sorts of shady companies, because of the nation’s looser laws, plus the country does not have a financial regulator, thus TradoFX , even if registered there, most certainly is NOT regulated there.

Thus TradoFX  is NOT REGULATED anywhere, and is therefore a risk to investors money!

Always check for a proper broker license within the domains of the regulatory agencies. All of them have access to either an online database of regulated financial services providers, or separate lists of authorized companies. We advise traders to go with FCA/CySEC regulated brokerage firms, since these two agencies are some of the best for the job.

There are no real applicable trading assets, spreads, or leverage for the reason that there is no real trading platform to speak of. More on this in the following section.

The languages in which the website can be translated to are English and German.

TRADOFX LOGIN

Once we opened an account, the trader dashboard did not offer us any platform. However, the website offers a trading web based terminal that is accessible to everyone, including non-registered users. Only illicit brokers offer their platform so easily.

What can we say about this one? It's your typical scammer platform, with a third party provided chart, and some assets laid down to look authentic. Even with a registration, we were not allowed to buy/sell positions.

TRADOFX MINIMUM DEPOSIT

The following info is taken from the client dashboard's payment terminal. Users can depsit via bitcoin, Master Card, and Credit Card. The minimum sum is €250.

If you choose fund an account with this broker it will put you directly at risk of loosing all funds. For safekeeping your money, we strongly advise to avoid all brokers who do not have a proper license from renowned regulatory bodies. Agencies like the FCA and CySEC stand out as some of the top license issuers in the world, notorious for their severe requirements and close relationships with the law.

DON’T PROVIDE YOUR CREDIT CARD CVV CODE

Furthermore, for safekeeping your money NEVER share your credit card number and CVV code with a salesperson. All online payments require this 3 digit number in order to complete purchases or transactions, and by giving yours away to some offshore broker may lead only to the complete drainage of funds from your credit card.

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.

TRADOFX WITHDRAWAL TIME AND FEES

The withdrawal area is hidden very well and is nothing to ponder over.We haven't seen a simpler withdrawal section.

Furthermore, the broker makes it clear that users cannot withdrawal any profits gained.

Why bother trading then?

ADDITIONAL FEES AND TAXES

The broker has the right to terminate an account for any reason, or for no reason at all!

On multiple occasions the broker talks of indemnification, which is basically saying that it is not responsible for any damages, financial or otherwise, that it has caused a user. Here are tow such clauses:

Brokers that have no regulation are known to launch incoming fees without notice. For this reason they try to postpone any withdrawal request. 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.

ACCOUNT VERIFICATION

If a broker is unlicensed, never give you ID and personal details to it, because the broker will use these details against you once you file for a charge back. Furthermore, any allegation held against the brokerage will be easily refuted if they have in their possession a copy of your ID and proof of address.

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

The only thing that is left to do is to file for a chargeback, and hope that the minimum amount of damage has been inflicted on your account.

If you have given a CVV code to the broker, be sure to cancel your credit card as soon as possible, because the broker will not delay with draining every cent from it.

At some point or another you might stumble upon a “recovery” agent or agency that promises to retrieve all your money back. This sounds all too good to be true, and that’s because it isn’t. Before proceeding with the recovery they will ask a payment for their services. If you chose to indulge them, they will disappear with the money without a hint of remorse.

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!

BOTTOM LINE

Only money loss awaits those that deposit in TradoFX. Stay away form this one!