Tradorax is now owned by BetaTech Ltd and registered at London, 35-37 Ludgate Hill, ECM 7JN in UK where over 2400 other companies are registered which leads us to believe this is a virtual office. They are not regulated and we also found out that CySEC added them to their warning list of unauthorized domains on December 2016. They can be contacted via email at [email protected]; UK clients can contact them at telephone number 442038687870 and US clients at 16469346204.
Is Tradorax A Scam?
Tradorx comes with a cutting edge platform operated by known providers. It will no doubt get complaints like all brokers do but rest assured most if not all will come down to bonuses, withdrawals and reading the terms and conditions before making a deposit. This is not unusual, it is unfortunate because so many people still jump into trading without knowing what they are doing, but it does not make Tradorax a scam. We love the fact they have their Legal notifications right next to the trading platform links. Tradorax are not yet regulated by CySEC, yet they make sure to comply with the rules of transparency. If you’re already planning to trade, why not going through the complete T&C plus other Legal facts? No reason you shouldn’t, even though we already did for you. Thumbs up for Tradorax for allowing such easy access to TC, now it’s up for you traders to read and understand.
Update August 2016: This brokerage is now owned by another company. We do not know the reason for such a change but recently it seems like brokers are changing owning companies too often. Of course, the reason could be purely business oriented, not a warning sign or a red flag but caution is recommended nonetheless. Complaints about their service start piling up and it looks like Tradorax is losing ground lately.
Update February 2017: Tradorax changes company for the third time, see above for details on that. In addition, there are many serious complaints when searching online such as being completely unable to withdraw any funds and account managers wiping accounts and since most of them are confirming each other we can only assume the worse. Find out more below under complaints. We can also notice that Tradorax has lost about 40% of their traffic since around summer 2016 which is due to them applying with the CFTC rule that bans them as an offshore broker from accepting US citizens – hence the loss in traffic from the US.
Editor’s Note – Why Tradorax Doesn’t Suck in 50 Words
Ok, first thing first. Built on the TechFinancials platform, parent of some of the biggest brands in today’s market, Tradorax supports a large number of assets, long term and short term expiry, cutting edge charts and all comes to us in 1 package. Update 2017, they no longer allow US traders.
Why does Tradorax Suck in 50 Words
Too many withdrawal issues. Judging by all the reports we found, it is pretty much impossible to withdraw and your account manager will do whatever it takes to deplete your account once you ask for a withdrawal.
Should I Open An Account With Tradorax?
Based on TechFinancials platform technology, Tradorax is one of the newest generation versions and includes both binary and Forex trading on one platform. This synergy is fantastic for those who want to trade both spot binary and spot-FX, or are at least interested in both. Along with this come some of the top tools in the binary arsenal including above/below, range and one touch options. The above/below are my favorite on this platform as they trade just like standard digital with the added bonus of higher payouts.
Expiry is also very good at this broker. Short term trading includes 60 seconds, 2 minutes and 5 minutes from purchase expiry while the longer term includes multiple intra-day for each asset and some long term for the heavily traded ones including forex. These expiries will range from end of the week to end of the month and next month out to 6 months or more. The asset list is stellar so don’t worry about that. The platform is focused on Forex, not surprising given its dual nature, and has over 30 pairs but they have not forgotten the other asset classes. There are 24 indices, 9 commodities, 3 commodity based pairs and dozens of stocks.
The trading panel is top notch, nothing to complain but Tradorax is not acting like a serious broker towards their clients which is not hard to believe, they show up on our Scam Watch articles frequently. You should also know that they are no longer allowed to accept US clients due to the CFTC ban on offshore binary options broker.
The most important thing to do before you choose your broker is to search for any complaints. It’s very simple, everyone can do it at home: Google Tradorax complaints, scam, fraud, experience, etc. Search inside posts and comments, search forums and dig some information. When we searched for Tradorax we couldn’t find many complaints, some old complaints on FPA (updated last oct 2014 by the user) but nothing to catch our eyes. We also saw a complaint on Forexfraud that came along with a replay and explanation by the broker’s support. That’s one point extra for good customer service. Overall, we couldn’t find any real meat on those complaints. Our team will keep following and updating this review.
Update August 2016:As promised, we kept monitoring and things are not bad overall, but definitely worse than before. The complaints have increased in number and some of them are quite worrying: clients have lots of trouble withdrawing, alleged price manipulation occurs and trades are placed without the consent of the client. This makes us recommend caution when doing business with Tradorax.
Update January 2017 – More bad comments have surfaced. Mostly regarding withdrawals not being processed, followed by accounts getting wiped by account managers after “milking the clients for as much as possible”. Due to the lack of regulation, there is not much you can do once that happens, we still advise extreme caution on dealing with Tradorax.
Tradorax Regulatory Announcements and Warnings
13.12.2016: The CySEC regulator added Tradorax to their list of unauthorized domains/websites. Source: CySec.gov 12/16.
30.11.2016: The Québec regulator AMF adds Tradorax to their list of illegally operating platforms. Source: Lautorite.qc.ca.
6.07.2016: The Australian ASIC adds Tradorax to the list of unlicensed brokers. Source: ASIC.gov 7/16.
User Friendliness 17/20
This is one of the most user friendly platforms there is. All binary options brokers are user friendly but few have the appeal and professional feel that make TechFinancials a top technology provider. Add to this the extra tools, charts, and you have a top platform in a category all of its own. Available in 12 languages including Japanese which the Japanese regulator JFSA would not be so happy about as they are known to blacklist brokers offering platforms in Japanese that do not hold a license in Japan. So, offering Japanese could be seen as another unprofessional behaviour rather than a plus.
Number of Assets and Expiry 18/20
Tradorax has a Hugh number of assets to trade: 32 Currency pairs (FX), 10 commodities, 55 Stocks and 20 indices. That’s a pretty big numbers of assets, but not all assets are always available to trade. Expiries stretch from 60 seconds to 2 minutes and intraday expiries, to a week and a few months expiry. Lots to play with.
Customer Service, Support & Effective Return 13/20
Customer service is a top priority for this broker; they know that keeping traders happy is the best recipe for long term success. Support begins at sign up when you talk to your account rep and is available through chat, email and phone. Additional support in the form of lessons and training is also available. Returns are average for standard accounts, in the range of 70-85%, but can be enhanced for larger accounts. Silver, Gold and VIP accounts get increased returns in the amount of 2, 3 and 4% respectively.
Update August 2016: We tried contacting Live Chat support during the middle of the day (GMT time) and all we got in return was the option to leave a message. The lack of this feature is not professional and needs fixing. Update 2017, once again their so called 24/6 live chat is offline. We wonder if they even have a live chat at all?
Deposits, Payouts & Bonus 13/20
Deposits methods include credit cards, wire transfers and CashU. Withdrawals are limited to those methods. Minimum deposit is $250 but larger deposits get enhanced features like higher pay-out, higher bonuses and cash back options. Withdrawal is limited to original method of deposit, credit card withdrawals limited to the original amount of deposit.. The first withdrawal is free but the subsequent withdrawals will cost 50 or more “depending on the case” what that means is not clear… Minimum withdrawal via wire is 500 currencies and 100 for C.C. The one thing that drags the score down is the time to get paid which can run up to 15 full days. Several types of bonuses are available, all with a 30X deposit + bonus minimum, high compared to others so make sure you accept a small bonus only. Bonuses include up to 200% deposit bonus, risk free trades and VIP signals.
Update August 2016: They have added Neteller and Skrill to the list of deposit/withdraw methods. And also 2 new account types: Saving Account and Self-Managed Account. To get more info about either of them, you will have to talk to one of their representatives. For Forex trading the required volume is (Bonus + Deposit) x 50 and for Binary options the wager is the same as before. Keep in mind that you will not be able to withdraw your own money (the deposit) before you reach these trading volumes (which, by the way, are very high).
Website Extra’s 15/20
This broker has a lot of features. One bonus is the addition of forex to binary, or binary to forex, that makes it one of only a handful of dual service brokers. Another extra that makes this broker a top choice for me is the charts. They have a set of highly, extremely, useful charts that are far beyond what the typical broker has to offer. They include up to a full year of data, can be set to any durations, includes bars/candlesticks and have all of the standard indicators. This means no more using two platforms and no more trading from useless charts.
Tradorax Overall Ratings = 76/100