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Carrax Review - is it scam or safe?

Carrax Review - Is carrax.com scam or good forex broker?

RATING: 2 / 0 REVIEWS Carrax
Carrax is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Trading accounts and conditions

 

Account type Minimum deposit Minimum trade size Maximum leverage Average spreads
Standard $10 0.01 lots 1:500 Variable 
STP $100 0.01 lots 1:500 Variable 
ECN $1000 0.01 lots 1:100 Variable *

*Commission $4.8 per lot.


Carrax is an offshore forex and CFD broker. It offers trading in currencies, stock indices, gold & silver, crude oil, natural gas for the first two types of accounts and on currencies and gold and silver on the ECN account. The broker allows scalping with the STP and ECN accounts.


There is also a demo account for testing purposes.


The Company. Security of Funds


Company Country Regulation
 BravoPro Capital LTD Saint Vincent and the Grenadines FSA

 

 

BravoPro Capital Ltd, the owner of the brand Carrax, is registered in Saint Vincent and the Grenadines and has an address in the UK. The broker is regulated by the SVG Financial Services Authority (FSA).


Recently Carrax also became a category B member of the Financial Commission (FinaCom), the independent external dispute resolution (EDR), whose members include forex, CFD, binary options brokers and cryptocurrency markets. This gives the broker’s clients protection of up to $5000 per submitted claim, backed by FinaCom’s compensation fund, as well as dispute resolution and unbiased arbitration.


According to the company site, the broker is present in Asia, CIS countries, in the Middle and Far East, as well as on the African continent.


Carrax appears to be a reliable broker, but nevertheless, we must not forget that it is registered and regulated in an offshore zone. Many brokers do the same, mostly for financial reasons, but it is also a fact that Saint Vincent and the Grenadines, Vanuatu and other island offshore zones have very lax, if any, requirements for the companies there. The majority are also tax havens. This is why, as a general rule, it is better to avoid dealing with offshore brokers who only have an offshore regulation.


Trading platform


Currently Carrax offers the eternally popular MetaTrader 4, but, according to the broker’s site, it plans to soon deploy MetaTrader 5.


MT4 has been around for over 10 years and it seems its popularity is not waning, at least for the time being. It is user friendly, has many options, charting and analysis tools and allows hedging and automated trading. Its successor MetaTrader 5 is slowly replacing it, as the developer MetaQuotes Software said it is stopping support for MT4 in order to focus its resources on MT5, but MT4 is still widely used.


Promotions


Carrax has several promotions. One is the Lucky Deposit: a raffle for $1000 for those who deposit at least $3000. The Cosmic ECN campaign consists of a “special offer for one month” for those who deposit $10 000. Carrax also gives one PORSCHE Panamera Turbo Executive for those who open a Standard trading account and deposit at least $3000.


Methods of payment


Carrax accepts payments through bank transfers, credit and debit cards and the online payment platforms FasaPay, Pay Sera and epayments.


Conclusion


Carrax is an offshore broker, which suggests that one should be careful if dealing with it. It appears to be more reliable than many of its peers registered on SVG and offers more sensible trading conditions than the vast majority of them. We, however, dislike the fact that there is not clear information on the spreads. “From 0 pips” can mean pretty much anything.

 

Nevertheless, we recommend to choose brokers with better regulation, like the one provided by UK’s FCA or the Australian Securities and Investment Commission.

 

Pros Cons
MT4 Offshore
$10 deposit No info on spreads  

 

 

 

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Traders` reviews for Carrax

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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