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Tradex1 Review - is it scam or legit?

Tradex1 Review - is tradex1.com scam or good forex broker?

RATING: 1 / 16 REVIEWS Tradex1
Tradex1 is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Tradex1 is an unregulated, offshore based, forex and CFD broker that in February was ordered by the Italian financial regulator CONSOB to stop attracting Italian clients and cease its operations in Italy.

 

Account type Min. deposit Max. leverage Spreads
Micro Account $500 1:400 2 pips, fixed
Standard Account $1000 1:400 2 pips, fixed
Silver Account $2500 1:400 0,5 pips, floating
Gold Account $10 000 1:400 0,5 pips, floating
VIP Account $25 000 1:400 0,3 pips, floating

Tradex1 Advantages:

 

Various Account Types

 

Tradex1 offers 5 different account types. Micro Account with a minimum deposit of 500 USD, Standard Account with a minimum deposit of 1000 USD, Silver Account with a minimum deposit of 2500 USD, Gold Account with a minimum deposit of 10 000 USD and VIP Account with a minimum deposit of 25 000 USD. 

 

Exotic currencies and trading instruments

 

Tradex1 offers trade with 48 currency pairs, including more exotic currencies such as the Czech Krona, Russian Rubla, South African Rand, Mexican Peso, Romanian Leu, Hungarian Fornit, Israeli shakel, Swidish Krona, Norwegian Krona, Danish Krona, Polish Zloty and Turkish Lira, as well as commodities, stock and indices CFDs.

  

Tight spreads on the premium accounts

  

The broker advertises fixed spreads starting form 2 pips for the Micro and the Standard accounts, fixed spreads starting from 1 pip and floating spreads starting form 0,5 pips for the Silver Account, fixed spreads starting form 0,7 pips and floating spreads starting from 0,5 pips for the Gold Account and fixed spreads starting form 0,4 pips and floating spreads starting form 0,3 pips for the VIP Account. The spreads for the three premium accounts are rather competitive and as no commission on the trade is mentioned, this seem like quite a good deal. However as we were not able to open a demo account to check the live spreads we recommend a list of regulated brokers that offer similar tight spreads:

 

 

>> Brokers authorized by UK’s FCA <<

 

Competitive leverage

 

Maximum leverage offered by Tradex1 starts at 1:400 which is within the range of what most brokers offer. Still traders should not forget that highers leverage means higher risk. Here is a list of brokers offering competitive leverage to their clients:

 

>>Brokers offering leverage of 1:500 or more <<

 

Various Payment Methods 

 

Payment methods include Visa, Master Card and Maestro, PayPal, Neteller, Webmoney, Qiwi, Moneta, Cashu, OkPay, Payeer, Klarna and bank wire. 

 

Customer Support

 

Tradex1 website has an English, German, Spanish, Italian, Polish, Russian, Swedish and Arabic version. Support is provided via live chat and a callback option. The live chat however was not available when we tested the site.

 

Various trading platform options

 

Tradex 1 offers the popular MetaTrader4 platform, a web based platform solution and a Tradex X1 Mobile platform. The MetaTrader4 option is definitely a plus as most traders are well acquainted with it. It has excellent charting capabilities and can be used to implement various trading strategies and even automate trading through the customizable Expert Advisor software. The program can be modified by a proprietary programming language called MQL4, with which traders can write their own custom indicators and strategies. Here you can check a list of brokers that provide the MetaTrader4 platform.

 

Tradex1  Advantages Disadvantages:

 

Tradex1 is in the focus of a scam investigation

 

In February Tradex1 was ordered by the Italian financial regulator CONSOB to stop attracting Italian clients and cease their operations in Italy.

 

Tradex1 is operated and owned by Black Parrot Ltd., registered at Trust company complex, Ajeltake road, Ajeltake Islands, Majuro, Marshall Islands MH96960. A number of other unregulated forex brokers, including Novatrades, iForex24 and AvaInvestments are registered on the same address. The IT and Finance administration services for Tradex1 are processed by Blond Bear OU, registered at Laeva tn2, Tallinn City, Harju County, 10111.

 

The owner of Tradex1, the Black Parrot Limited - Blonde Bear Ou company has been in the focus of investigations by financial regulators before. Voretex Assets, Mib700 and TradersPrime are all associated with the Black Parrot Limited or Blonde Bear Ou and have been marked as scam. Another broker Iforex24, that also has been banned form Italy by CONSOB is registered at the same address on the Marshall Islands as Black Parrot Ltd.

 

Lack of regulation

 

Tradex1 is an unregulated, offshore based, forex and CFD broker and that by definition means uncertainty for any investor. Unregulated brokers are not obliged to follow any rules about how they manage their client's  money or to keep any minimum amount of operational capital to guarantee their financial stability. 

 

Established and well respected financial authorities such as the Financial Conduct Authority (FCA) in the UK, CySEC in Cyprus and the Australian Securities and Investment Commission (ASIC) force all of their brokers to follow strict ethical code and to maintain a minimum capital adequacy ratio. FCA and  CySEC require their brokers to keep at least 730 000 EUR of operational capital, while the minimum operational capital set for the ASIC brokers is 1 000 000 AUD.

 

Also FCA, CySEC and  ASIC brokers are obliged to keep their clients' trading capital in a segregated account, ensuring the money will not be spend for operational expenses. In that way also clients' funds are protected against creditors' claims in case the broker goes insolvent.

 

Finally FCA, CySEC brokers are forced to participate in a compensation scheme under which clients can receive a portion of their trading capital back if the broker files for bankruptcy. FCA brokers' clients can receive back up to 50 000 GBP of their trading capital, while traders with CySEC brokers can receive up to 20 000 EUR under the scheme. Here is a list of  FCA brokers that participate in clients' money compensation schemes: 

 

>> Brokers authorized by UK’s FCA <<

 

Excessive  minimum deposit

 

The required minimum deposits are excessive compared to the industry standards. Big international brokers such as FxPro and IG don not require minimum deposit for opening an account at all. Here you can check a list of regulated brokers where you can open an account for a 100 USD or less.

 

Minimum withdrawal amount

 

The minimum withdrawal amount is set at $100. Here you can check a list of CySec regulated brokers that have no conditions for the amount of money you can withdraw form your account.

 

Conclusion

 

Tradex1 is an unregulated, offshore, forex and CFD broker, owned by a company that has been in the eye of financial investigations several times. The sole fact that a broker is not regulated by a trusted financial authority should be enough for any investor to reconsider his or her investment decision.

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Traders` reviews for Tradex1

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Price feed

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tradex 1 a scam

tradex is defnitely a scam company

do not invest

mahomed yunus omar 08/20/2019

Regarding funds at TRADEX 1

I have been trying for months now to retrieve funds that was awarded to me . I have received many emails from them that I have to transfer the funds to my account. After months of trying to do so I still did not succeed. Could someone please assist me to retrieve my funds .

Errol Warne 06/12/2019

scam!

invested big money. Thousands. They trapped me by opening positions that were against me, so I would not withdraw anything and kept asking for more investment. The moment I closed positions that were against me, and requested withdrawal, they opened dozens of new exotic positions without my knowledge or authorisation and zeroed 15k in one day. They are pure criminals

mike 03/14/2019

Where’s my money?

I’ve been tryin to access my money from forex1 for 6 weeks can’t even get email from them there arseholes

Sean gallagher 02/22/2019

TRADE X No ! Scammers

TradeX- the No:1 Scammers in the trading history!

Very smooth to take your money, promising you the world with 99% assurance and with a none existence trading system, which they claim to guaranty your winning in 3 days, that is the biggest lying of a scam!
They promise you your monies back from deposit to winning, but that day will never come?

You will get someone calling you everyday to invest your deposit and monies, but no one exist to get your money back and regardless of your investment.

They scam you into believing you're a winner to invest more, that your winning will be greater, but it's a phycological scam to take more money from you?

Please, what legal and financial regulated authority in this world, is allowing these blatant systematic criminal, constantly extorting monies from innocent people who is trying to earn legally and sincerely trying to make end meet, as they earn legitimately whilst these thieving criminals getting away with rubbing and scamming us???

Please shut them down, lock them up and throw away the key forever!

Gerard 01/13/2019

Scam

It is a scam!!! Friend lost big money. Don’t try, don’t even think!

Do not get scammed 11/10/2018

They are criminals

I invested big money. Thousands. They trapped me by opening positions that were against me, so I would not withdraw anything and kept asking for more investment. The moment I closed positions that were against me, and requested withdrawal, they opened dozens of new exotic positions without my knowledge or authorisation and zeroed 15k in one day. They are pure criminals, I've lost 20k.

T 11/02/2018

tradex1 scam

i deposited $ 250 on 24-01-2018 . Been trying to get money out . No one replies to emails . Rebecca Steele asked for info which was supplied . Total scam

Allan Hogan 08/14/2018

Tradex1 scam

They blackmail you to put more and more money into it, otherwise you account will be put in zero. And they do that in the end anyway, when you don’t put more money in. You don’t get money out of it. And if you do, it’s only to get more money from you. You will never get back what you put in. Get a good lawyer and report there methods to the police. We will.

B 08/10/2018

TradeX1 scam

After depositing funds with Tradex1, I requested my funds to be refunded. This has not happened and Tradex1 do not reply to emails or phone calls. A scam by any other name

Tom 06/12/2018

SCAM! Do not trust it!

All what the previous guys said is simply true. I wonder why they were not already in jail. No other comments to put.

Ander Smith 06/09/2018

tradex1 is a scam

This company in my opinion is a scam I have been trying to get my money returned but they keep cancelling it and phone me to say they are sorting it out a pack of lies

john rackham 05/25/2018

I want to end

I deposited a large amount of money to the some of $19800.00 since December 2017. I tried to withdraw no one to help.4 different account managers and even a lady called Laura Williams manage my account. Numerous requests for withdrawal but no response.
What can i do more.
Please advice

Wouter Janse van Rensburg 05/22/2018

I want to end

Broker is very reluctant to release the withdrawal of money. How can End the Account withdraw all my balance.

Deposit of USD250

I’ve deposited USD250 with tradex1.....15/01/2018 there was no news until yesterday someone from billing department by the Rebecca Steele requested some if my personal documents for payment to my acc purposes. Am I caught in a scam? I have forwarded all the request unfortunately. Please revert. Thank you

Razalina Abdul Rahman 05/04/2018

Trade x1 is scamming company

their customer service is very good when they want to take your money, but when you ask them to withdraw your money their customer service becomes non existent leaving you to chase for your money.
Their live chat never works.
They never pick up the telephone.
there's no contact number for their accounts.
consider all your money gone after you deposit.

Mark 04/25/2018
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