Judging by the broker’s website, Tradelax offers something innovative compared to other brokers. Everything is so simplified and nicely presented, you should feel like trading is just another work task that will bring you money daily. However, there are still questions to be answered. All that innovation doesn’t matter if the broker is not legit. So, is Tradelax regulated? How does it operate?
Read our Tradelax review and find it all out.
|Broker status:||Unregulated Broker|
|Regulated by:||Unlicensed Brokerage (Illegal)|
|Blacklisted as a Scam by:||FCA (UK)|
|Types of Assets:||Forex (FX), Commodities, Indices, Stocks|
|Free Demo Account:||No|
|Accepts US clients:||No|
Tradelax Regulation and Security
Tradelax is an entirely anonymous, shady brokerage. There is no mention of a company owner, headquarters, or regulatory jurisdiction. This led us to believe that the broker is hiding in an offshore country since there you can establish an office far from the regulator’s sight. The FCA agrees with us since they tracked the broker to Saint Vincent and the Grenadines. Yet, this is not verified information. However, there are 5 different support numbers provided. So, let’s start the journey through registers.
What’s Wrong With Tradelax Regulation?
After reviewing the FCA, ASIC, AFM, FI, and FSA Finland, we can say that Tradelax regulation doesn’t exist. So, could we be dealing with a scam? Most likely, yes! So we would advise you to be careful with Tradelax and do not provide your banking details in any case.
Scam Warnings From Financial Regulators
As aforementioned, the UK FCA received significant complaints about the broker and tracked it down to an offshore country. According to this regulatory body, the broker is conducting a scam and clients that fall for it will hardly be reimbursed.
The Quebec authorities issued the same warning. Tradelax was added to a warning list, and Quebec’s regulator warned Canadians not to deal with this scam brokerage.
What Are Trading Platforms Available?
Tradelax trading platform is based on a web trader. If you were expecting to see a reputable platform such as MT4, bear in mind that it is not a reputable broker. Besides the design that didn’t even deserve comment, we were able to see that the spread for EUR/USD pair is almost 3 pips. That is double the standard in the trading industry. On the platform, we also noticed that the broker offers leverage up to 1:200. Again, higher than any regulated brokerage could provide,
Countries Allowed and Prohibited by the Broker
Like we already mentioned, there are five different support phone numbers – from the UK, Australia, Finland, Sweden, and the Netherlands. Based on this, we know the countries the broker is targeting the most. Besides these, a broker is present in South Africa, New Zealand, and Singapore.
The only prohibited area is the USA.
What Can You Trade With This Broker?
A short glance at the tradelax.com website gave us everything we need to know. First, there are currency pairs, commodities, indices, and shares, while cryptocurrencies are absent. Second, and more important, all the payment methods, ways to withdraw funds, and everything related to financing is absent.
The Tradelax minimum deposit is $250, and according to many reviews we’ve seen, only credit cards are accepted. Sounds rather limited and not safe.
Scammed by a Tradelax broker? We Know What to Do!
If you were scammed by Tradelax, there is a possibility of getting your funds back. Global Fraud Protection recently found out new ways in assisting clients in chargeback procedure.
You are not the only victim of the Tradelax scam. Let us show you what we know.
Contact us via chat now, book your free consultations, and learn everything you need to know about getting a refund.
Don’t Let the Scammers Go Away for Free!
What is Tradelax?
Tradelax is an online trading brokerage without regulation for providing financial services.
Is Tradelax regulated and licensed?
No, Tradelax has no regulation nor license by any authority body.
Is Tradelax legit and reliable?
Tradelax is an unregulated and not trustable online trading brokerage.
Who is the owner of Tradelax broker?
The broker does not explicitly give information regarding the brand owner.
Are My Funds Safe with Tradelax?
Since broker is not regulated, your funds are in danger. Beware of fraud!