TradoFX (Tradofx.com) is offering unregulated online trading services which put investors at risk. Trado FX is claiming to be a global leader in social trading which is far from the truth. The platform claims to have millions of users in over 140 countries. These are all false claims meant to sell their platform as a global recognized broker. Read this genuine and honest TRADOFX Review and find out the truth.
Members who signed up were enticed with the promise of trading commodities via CFDs and ETFs. They claim to have more than 293, 793, 762 trades opened with this platform. And this is the first red flag we raise as the number does not change. A week from today, you will realize the number is the same. Does this mean that no other trades have been opened during the trading period? And if so, what is the underlying problem that seems to be taking route? No actual trading is taking place as TradoFX is a complete hoax.
When it comes to online trading, it is best you get accustomed to reliable and reputable brokers. TradoFX is far from being reliable and as for reputation, a warning has been issued in Australia. The platform is clearly stealing from anyone who deposits and no trading is taking place. The website is a complete clone of a real trading website and the information listed is copied from legit platforms. You better get genuine and transparent Forex trading robots as an alternative to using online brokers.
Landing on their about us page, we realize the platform is owned by ITQ Code Ltd. The company claims to be located in Aerodrome Road, London, England. Scam artists will do or say anything to try and make their platform appear legit. With location being in London, it will make it easy for investors in Europe to sign up. Thanks to our keen eye, we will expose all their dirty tricks and ensure the online trading world is safe.
Anonymity has remained a huge challenge when it comes to tracking down scam artists. And Trado FX is using this feature to stay away from prying eyes. They don’t want to be located by authorities and victims for their hideous business ethics. Stay away from anonymous online trading platforms with no real motive behind them. The platform is a huge hoax and is stealing from investors who deposit. One investor lost all her funds without even placing a trade. It makes the platform a red alert scam.
Disadvantages of TradoFX
License and Registration of TradoFX
When a platform claims to be located in the UK, we have to check with authorities in the region. The Financial Conduct Authority (FCA) does not have any trading platform registered under this name. Another damaging feature we noticed is the lack of proper license and registration details on their website. You would expect a platform to post copies of their license and registration details for all to see. Without a license number to display, it means the platform fails to have proper regulation. Stay away or else risk losing your funds as no depository insurance takes place.
Safety of funds with TradoFX
When it comes to how safe your funds are, TradoFX is not segregating accounts as dictated by law. We noticed that Trado FX is pooling funds in one account which is against set industry regulations. Members are actually depositing funds straight to owner’s personal bank account. When you deposit funds, you believe they will reflect on your trading account. With tradofx, users are actually depositing funds straight to owner’s personal bank account. And this is why you should stay away from this illicit platform.
Warning from Finance Market Authority
When a platform starts to behave in ways against trading rules, they get blacklisted. The Financial Markets Authority in Austria has issued a warning to traders. No one should associate with TradoFX or ITQ Code Ltd. The platform is not entitles to carry out any banking transactions in Austria. What this means is that the Austrian authorities are trying to protect their investors. The platform has been proven to be shrewd and a warning has been issued to investors.
Qualities of TradoFX
TradoFX is suggesting four different accounts on their trading platform. The accounts listed include Basic, Gold, Platinum, and VIP. These accounts come with spreads as low as 2.5pips and 100 percent margin call. Other features we noticed include free withdrawal once a week or month. And the free withdrawal is a huge trick to entice users to sign up. Withdrawals will be charged no matter which platform you use. Bank accounts ensure they list withdrawal charges, this should not fool investors.
Contact and Customer Support
Another feature missing from TradoFX is live chat support. You expect members to get 24/7 support from a real trading website. TradoFX is just furnishing users with email which will take long before prompt response is seen. The phone number listed is busy at working hours which makes it hard for members to get live response. They call you with the number you signed up with, not the other way round.
Deposit and withdrawal
Members can deposit funds using various depository channels. Some of them include AstroPay, Bank Transfer, MasterCard, Visa, and others. Never deposit funds with an unknown platform as they don’t guarantee withdrawals. And as is the case with Trado FX, no one has been able to withdraw funds since the platform’s inception. You should stay away from this platform and never deposit funds with it.
Scrolling down their homepage, you will get to see some testimonials from what looks like members. Scam artists do create their own profiles by downloading images from the web. These are not actual members and are a ploy to fool investors into signing up with the platform. Stay away from this platform and never sign up with their ridiculous platform. Some scam artists will use paid ads such as video testimonials to try and legitimize the platform. You should be aware that the same is happening with Trado FX.
When it comes to the trading platform they use, they never actually reveal it. A screenshot from one of the victims shows Trado FX is using a custom-made web based trading platform. The problem with such platforms is that they never pass rigorous testing. These platforms lack proper security status to protect users from third party attacks. And this is apparent as there is no security software on the website.
Scam or legit
With the platform company profile missing in the UK and a warning listed, TradoFX is a scam. Stay away from it and never use any of their affiliate programs. You should warn your family and friends from clicking on any links sent. The links could be carrying malware which gains access to information on your PC. These are not just online investment scam artists, but they also deal in identity theft. Your credit card information may be at risk with this unsecured and unstable platform.
By adding this platform to our scam blacklist, we will be helping our readers stay away from it. It is our duty to keep the online trading world safe from such illicit platforms.