TradeX Prime (Tradexprime.com) is a relatively new online scam ripping off from investors who sign up. TradeXPrime is professing to be owned by a company with the name TradeX Prime Ltd. Based in St. Vincent and the Grenadines, it automatically makes it an offshore broker. It would be best to stay away from offshore platforms as recovering funds is impossible. Read this genuine and honest TRADEX PRIME Review for more.
TradeX Prime Review
What the platform is showing is an increase in the number of complaints from investors who signed up. A closer look at the website reveals some shocking details regarding this wannabe trading platform. TradeX Prime is another bane offshore platform which is looking to steal from unsuspecting investors. To keep the online trading world safe, such platforms should be exposed for all to see. Investors should also use recommended and top rated brokers for a safe trading experience.
After receiving a number of email complaints from members of this platform, we decided to investigate. Our investigation reveals some damning facts which make TradeXPrime a scary platform. From using false information to refusing to allow withdrawals, the platform is a scam. Continue reading this review as we expose the features and tricks used to entice investors.
Features of TradeX Prime
TradeX Prime is claiming to offer an attractive package to whoever signs up with the platform. Some of the enticing features include $200 minimum deposit and 9 pips spread from. You are also promised 0.01 lot minimum volume and leverage of up to 1:400. They claim to have 0.01 seconds execution time which seems fast enough. Never trust any of the empty claims and promises offshore based platforms throw. Most of these are tactics to lure investors into signing up with them.
The platform has three different account types to choose from. TradeX Prime is furnishing users with Mini, Standard, and Pro account types. The features in some of the accounts include overnight swap fees, EAS, Hedging and scalping. Leverage and stop out is stated at 20, 40, and 80 percent respectively. Minimum acceptable deposit to start trading is $200, $1,000, and $5,000. Instruments offered include CFDs, Forex, and Metals. You don’t get to have an account manager with any of the accounts listed.
And this is where matters get dicey as they only accept Bitcoin funding. No other depository channel has been listed on their funding method page. It makes the platform a bit secluded as most traders would also prefer to use notable depository channels. Some of the best trading platforms offer credit/debit card, Neteller, Skrill, and Wire transfer depositing. With one single depository channel, it secluded most traders from joining. It also allows them to steal Crypto currency by claiming the transfer never materialized.
Contact and Customer Support
The three contact channels listed include phone number, Whatsapp, and Telegram. TradeX Prime is not offering a live chat support team. Traders need a support team available 24/7 especially if they are in different time zones. Without quick response, users have to wait for hours before getting any real support. The problem with using chat mobile services is that they tend to call you at odd hours. Most of the calls will be the platform urging members to deposit more funds.
TradeX Prime offers a demo account and is not as impressive as one would expect. The demo account is also on web platform which means stability is an issue. It is best to completely ignore the platform and use alternative methods. Such proven alternatives include authentic and transparent Forex trading robots.
Looking at the company profile, they claim the platform was created by a group of market professionals in 2017. A closer look at the domain website whois.net reveals another story. The website was actually updated in 27th December 2019. It means the website is barely a year old and has been scamming investors with a false website.
At the header of their homepage, they claim to use MT4 trading platform. A closer look at the account of one victim shows the platform uses a web based platform. The problem with web based platforms is lack of rigorous testing by professionals. You will usually find that the terminal is unstable and not compatible with most devices. And this is why their execution time is well below the one second mark. Security is also an issue as the platform lacks basic security features such as DDoS and SSL encryption.
The funny thing with TradeX Prime is they do not list any withdrawal information on their website. You will not see any withdrawal time or acceptable withdrawal channels. From the victims who reached out, they could never get withdrawal request go through. It appears that once you deposit funds with this platform, it is the last you see of them. No member has come out with evidence of ever withdrawing funds with this platform. That goes to show how untrustworthy offshore brokers have become.
Disadvantages of TradeX Prime
License and Registration of TradeX Prime
What really matters is whether the platform has a valid trading license from Forex regulatory bodies. TradeX Prime is an offshore brokerage firm with no trading license. No known regulatory body has issued the platform with a valid trading license. We also deduct that the company registration number listed at the footer of their homepage is a random number.
Safety of funds with TradeX Prime
Another issue with TradeX Prime is safety of funds which is not guaranteed. The platform is refusing to segregate accounts which mean they are pooling funds in one account. Members are depositing funds straight to owner’s bank account. You are filling the pockets of these scam artists every time you make a deposit. These are scam artists who will never offer real secure depository methods and fund storage.
Scam or legit
Evidence is clear we are dealing with a shoddy online scam platform. From the number of complaints to lack of a valid trading license, TradeX Prime is a scam. Watch out for any marketing promos that entice you to join them. Joining any of their affiliate programs will not earn you any commissions. Start by warning your family and friends from joining any of their affiliate programs. Never receive calls from their call agents as they will likely be asking for more funds.
We have to add this platform to our scam blacklist to ensure our readers are safe. Stay away from this platform and stay safe with recommended products.