TradeLax Review – 5 things you should know about tradelax.com

TradeLax Review – 5 things you should know about tradelax.com

Beware! TradeLax is an offshore broker! Your investment may be at risk.

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Judging by the messages conveyed through the interface of TradeLax website, one day this broker may win Mis or Mister Popularity award by being welcoming and inclusive of all traders. We were moved to tears when we read the following: “Tradelax will hold your hand throughout your time on the platform.” We can’t wait to find out more about this forex broker!

TradeLax Regulation and safety of funds

First of all, TradeLax took us on a jolly ride around the globe! As there is no address whatsoever on this company’s website and only phone numbers for 6 different countries, we had to check country by country whether this broker exists in any of the registers of the financial services authorities for each country. Guess what – in all 6 countries there is no trace of this broker. It’s like it doesn’t exist. Oh, wait, could we perhaps be dealing with a scammer? Red flag!

If a broker is not registered and regulated by the financial services authority in the country where it address is, then we have sufficient ground to think that we are dealing with a scammer. In such cases, it is not advisable at all to invest funds with such brokers. On the contrary, you should avoid them like someone coughing next to you in a COVID-19 situation.

And is you are wondering how to find a legit broker, we are here to help. First of all, you need to select one of the well-established jurisdictions around the world and then do some research on the brokers there. Each jurisdiction offers some advantages to the forex traders, so you just need to see what works best for you. Also, your priorities should be to what extent the regulations in said jurisdiction provide protection for your funds. So, let us begin. In the jurisdictions of the US and Australia, licensed brokers must provide the highest amounts in the form of initial capital. In the US it is $20 million and in Australia, it is 1 million AUD. On the downside, these jurisdictions do not have compensation schemes or funds from which to compensate the traders if the broker goes bankrupt. However, with capitals so huge, they are well-equipped to protect traders in case of unfavourable events.

In contrast, in the EU and the UK, the initial capital that is required of licensed brokers is lower – only 730,000 EUR. However, the brokers in these jurisdictions must contribute to existing local compensation schemes. If the forex broker if regulated by FCA, then its traders can be compensated by up to 85,000 GBP per person in case of bankruptcy. If the broker is regulated by CySec and contributes to the local Investor Compensation Fund, then its traders can be compensated up to 20,000 EUR per person.

These are not the only measures to protect forex traders. In all well-established jurisdictions we mentioned so far, brokers must report their transactions on a daily basis for the purpose of providing transparency and avoiding shady deals. There is also regulation on the leverage brokers can offer and they cannot exceed 1:30 in the EU and 1:50 in the US which helps reduce the risks of jeopardising their funds. Only in Australia, high-stakes adrenaline junkies can enjoy high leverage but not for too long because as of March 2021 Australia will also introduce a cap on leverage that will match the one in the EU.

TradeLax Trading software

TradeLax’s trading software is a browser-based platform (screenshot below). On the left, you see the forex currency pairs with their bid/ask price. In the middle, the display shows the chart of the EUR/USD currency pair and its fluctuation within a selected time frame. In the far right, there are some news article regarding forex trade. From the bid/ask price, we can calculate the spread to be 3 pips which is above the industry average and not beneficial to the trader. High spread increases the cost of transactions and the traders will not be able to make a sustainable profit in the long run.

 

 

As you can see from the image of the trading platform offered by TradeLax, this is a rather basic one that does not offer many trading tools and instruments. On the other hand, there are other trading platforms that offer many more options for trading experiences and that are very popular with forex brokers. We are talking about MetaTrader 4 and MetaTrader 5 trading platforms. They offer a lot of advantages compared to the TradeLax’s platform. For example, they come with an auto trading option, VPS, an app market, trading signals, code base with scripts, a financial calendar, etc. Their charting package is also out of this world and contains different analytical tools to predict the future directions of the exchange rates and make a profit.

Of course, a trading platform is as good as its broker – if the broker is licensed, then the features of the trading platform will be good as well.

TradeLax Deposit/Withdrawal methods and fees

TradeLax offers Starter, Advanced, Expert, VIP and Islamic accounts. The minimum initial deposit for the Starter account is $250. There is no information about what the initial deposit amount for the other account is. If the payment method for making a deposit is via wire transfer, then the minimum amount to be deposited is 500 EUR/GBP. To feed an account, clients can use credit cards or wire transfers.

There are some restrictions on withdrawals as well – the company will charge fees on withdrawals depending on the payment method used. A fee of 20 EUR/GBP will be charged if the withdrawal is requested directly to a bank account. The minimum withdrawal amount for bank wire transfer is 500 EUR/GBP and the minimum withdrawal amount via credit card is 50 EUR/GBP. Withdrawal processing time can be between 5 and 7 business days.

Trading accounts that stay inactive for 3 months will be charged 50 EUR/GBP dormant fees.

As you can see, these are not ideal deposit/withdrawal method conditions – this broker charges too many fees, the minimum initial deposit amount is high compared to what licensed brokers ask and the withdrawal processing time is too long.

We suggest that you look for a licensed broker that will offer you better conditions.

Similarly to other non-legit brokers, this one also offers bonuses and other one-time credits. Potential traders not familiar with the pitfalls of bonuses may think that this is a good deal. However, they can’t be more wrong! Bonuses come with heavy to fulfil requirements that can mess up your funds and withdrawal options. This one, requires traders who accept a bonus, to execute a minimum trading volume of 30 times for every 1 EUR/GBP of bonus received. On the other hand, the client cannot withdraw more than 50 EUR/GBP from the withdrawable winnings when credited as a single promotion. If the client wants to withdraw funds from his/her account before fulfilling the bonus conditions, then a penalty will be applied depending on the existing trading positions and all profits gained in these transactions will be cut.

We hope that the above information about the bonuses offered by this broker will make you think twice before accepting any bonuses in the future. Please be aware that licensed brokers never offer bonuses and that is a distinctive characteristic between non-legit brokers/scammers and legit brokers.

If you read carefully the next two sections of our review, you will see that we mention chargeback as a possible option to get some of your funds back if scammed. You need to be aware that if you decide to trade with this broker and later on apply for chargeback, then the company may charge you an administrative fee of the total of the chargeback that may be levied by your credit card provider. This means that you won’t be able to get your funds back as they will be withheld by the broker in the form of an administrative fee.

How does scam work?

A lot of people get scammed in different scammers’ schemes not because they are naive but because scammers are masters of persuasion and manipulation. It all starts with unsolicited telephone calls or a flashy ad on the Internet or social media. Sometimes people give up to temptation and invest money in shady schemes made to look legit and attractive and always promising quick and easy money fall. Once you deposit money into any of these schemes, you reach a point of no return! Your money is gone down the scammers’ food chain and you’ll have a lot of trouble recovering it. Scammers will do anything in their power to delay you, so you miss the opportunity to file for a chargeback. They will ask you for this and that document and will find hundreds of reasons not to let you retrieve your money. The trick with offering bonuses in forex trading is one of those as your funds are mixed with the bonus money and it takes a lot of hassle to fulfil the broker’s requirements before you are able to withdraw any funds.

What to do if scammed?

Speed does it! You need to act very quickly if you want to recover your money. Immediately apply for a chargeback if you have made your deposit via credit card. Fortunately, VISA and MasterCard give you 540 days within which to apply for a chargeback.
If you have paid via wire transfer or Bitcoin, chances of retrieving your fund are grim. Anyway, we want to warn you that some of the so-called recovery agents may approach you and offer to retrieve your funds. For a fee, of course! Be cautious when dealing with them as it may be another form of scam! Always check if the recovery agency is legitimate and visible to the public!
Another thing we advise you to do is to immediately cancel any credit cards if the scammers have your CVV code. Also, make sure to erase any programs on your computer that give scammers access to your personal data on your PC.

Rich Snippet Data
Review Date
Reviewed Broker
TradeLax
Broker Rating
11stargraygraygraygray

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14 Comments

  1. Please see the reviews on Trustpilot. This is an out and out scam. The company has reviews that have been written by people that died a year before they supposedly posted their review. There are plenty of positive reviews – but check the grammar, despite the reviewer living in UK, Canada or New Zealand they all have the same grammatical errors.

    Tradelax will disappear very soon taking a few £m with them.

  2. Just send this to my broker at TRADELAX as he wanted to see why my mistrust in him after just depositing 500 eur and he was looking for another 500 eur
    I WILL BE CLOSING MY ACCOUNT AND WE WILL SEE WHAT HAPPENS

    1. Hi the same thing happened to me. how could you close your account?

    2. Yes, this happened to me too. Scam for sure. Please do not invest a penny from Canada.

  3. Scammers
    Scammers! Stay away!!!
    I have been with tradelax for about 2 months now. I worked with Andrew Deveraux, account manager. He is excellent to talk to on all subjects, investment related and personal. We exchanged our experiences with raising children, US elections, etc. I really enjoyed dealing with him as a person.
    He explained to me the trading strategies he used and my account started growing.

    Then very carefully and diplomatically he convinced me to invest more (from original $250 US) explaining that if I wanted good return on investment, I should invest more. I trusted him and invested more funds multiple times. He was accurately checking on the transfers of my funds to tradelex and advised that the best way was to first transfer $$ to a Shakepay account, exchange fiat to bitcoins and send the BTCs to tradelax. He gave me a few phone calls when the transfers took more time then he expected.

    On the meantime, the balance on my account materially grew.

    He then advised me to borrow funds from the bank and invest into tradelax hedging account where the profits are from 35-80%.

    It was a very pleasant relationship until a week ago, when I needed some money and asked him to transfer them to me (I asked for about 1/5 of the balance on my account). On the phone call when I requested the withdrawal, Andrew’s voice changed so much, became unrecognizable, like I stabbed him. He said that it was time for some big movement on the market and it will be beneficial if I keep my money at least 2-3 days longer to get the profits. I agreed.

    The next day I emailed to him and asked for some clarification on the withdrawal. He replied that he is in the hospital as his daughter is having double sided bronchitis and his wife is out of town (in London UK when the whole city is locked down during COVID the wife managed to get out of town for a number of days, leaving a very ill 5-year-old behind !!!)

    Then I sympathized with his situation and we asked to help with the withdrawal – there were series of emails and eventually he summarized: “I don’t know what to say. I will ask someone from the office to call you”.

    No one called from the office for a few days. Then I started to chat with tradelax support team. On all my enquires I received the same answer: “We will let our finance team know and someone will contact you”. I sent about 10 different messages in the chat when I finally received a call from a person who was speaking with heavy English accent. He introduced himself couple of times, but I didn’t understand who he was. He said that my manager was out of office and my request to withdraw the funds was sent to finance department. He couldn’t answer when the funds will be available. He ended the conversation saying that there is nothing he could help me with.

    Then I asked to close my account and transfer the whole balance to me on the chat to support team. They said they will forward my request to proper department.

    Then I was sending multiple emails to Andrew- no replies. However, his reply came very fast when one of my friends posted a negative review about
    Tradelax on Trustpilot on my behalf. Andrew responded instantly expressing his disappointment: he regretted making such a great effort on my account. He found minor discrepancies with the review (my friend didn’t have all the details), called it fake and demanded to remove it from Trustpilot.
    He apparently contacted Trustpilot and made them remove that review (as I received an email from Trustpilot that they removed it).

    According to his last email, he was supposed to be in the office today. I emailed to him many times asking for a phone call. No reply.

    I wanted to warn all investors who will ever be dealing with this company: tradelax is fake!!!

    You will never get your money back from them! It’s great relationship in the beginning… but it turns your life intio hell after you ask for withdrawal.

    Do not send them your money!!!
    I lost all my savings with them!

    1. Hi, the same thing happened to me. could we go to police

  4. They are a scam, I was sure they were legit although a newbie in the trading world!
    The Tradelax site looked good, all those graphics, different companies and blah blah blah, so I was certain I was going to make some money so I spent $US300 for my account.
    Fisrt month not bad I had made just over $100, nice!
    Then one day I opened my account like I did every day to see what is going on in the financial world and POW it hit me. I was down to $18.00 without my knowledge, I had been asking to withdraw my money because trading wasn’t my thing, the delayed, delayed delayed any request. SO the morning in question, someone at Tradelax and opened some actions and within minutes my account had gone down from +300 to +18 dollars all between 04:59 to 05:56 AM, 5 minutes that is what it took.
    It was the simplest way for them to prevent me saying you stole, not nice at all.
    So I might go to W5 a Canadian TV show that loves to investigate scam, and crimes. Dont care if I get my funds back even though its Christmas but if they can get answers and give publicity on their scamming technics it would be better.
    Not Happy!

  5. Same thing happened to me. Deposited $300US by credit card,my “financial advisor” had me install a program that would allow him to access my computer so he could show me how the trading platform worked. I had told him I had Bitcoin in an account so he talked me into transferring it to my Tradelax account, something he actually did himself before I knew what was happening. The account made money for several days, no losses. I began to find out more about the company and concluded it was a scam. I told Alexander, the advisor, in writing, that I didn’t feel comfortable with this type of trading and wanted to withdraw all my funds and close the account.
    Almost immediately he opened “trades” that started losing money he said now was not a good time to withdraw and close. Down almost $300 first day, down $600 next day- I closed the trades myself and repeated my request. I would not talk to him on the phone because I wanted everything in writing so all further communication was by email. I had an online request on the platform to withdraw $2900 before he opened the losing trades. He said I couldn’t withdraw anything because the amount I asked for was more than what was in the account. I wrote and said send me my Bitcoin, or what is left. He replied ” I have forwarded the request but currently, the blockchain is experiencing big issues with the transactions and that is why there is a delay.” And so it went. Meanwhile I did file for a chargeback on my credit card which I received. He made several more losing “transactions” taking the account down to $329. The trading platform they use is a modified program which uses real time data but does not conduct real trades from what I can see. Real brokerage houses use similar programs to teach new investors how to trade, without investing any money. That is why there are no commissions charged. They don’t need to because they have your money and you’re not getting it back.

    1. Hi Jim
      I am currently with Tradelax and have a alexander as my financial advisor, what surname did your alexander use

      1. Hi David,

        The name of my financial adviser was Alexander Zoss

      2. Hi David,

        The name of my financial adviser was Alexander Zoss

  6. This is SCAM please do not invest from…
    This is SCAM please do not invest from Canada

    I have been already ripped off by few so called investors of TradeLax. Please beware of some advisors namely Ben Christof, Andrew Deveraux and their boss Frank Castle (who also claims that he is the CEO), they all want more money and deliberately sink your account in bad trade. This is how they make money and use that money to live a life. Just do not invest with these people and this company. If you want more details please contact me. You can google my info.

    When I asked for my money back, Frank Castle assured to give my money back in the phone if I deleted my original comment from TrustPilot but after deleting they just said NO your money is gone. I have all the screenshots of their Fake investments. TradeLax is SCAM. And FYI people from USA can’t invest this may be the reason.

    1. I dealt with Frank Castle as well. Tradelax is a complete scam, once your money goes in there is no way to get it back out! Not sure how this company is allowed to stay in business.

  7. Thank You Jim
    He has denied knowing you, i have accepted my money is gone, any who are reading this stay away from Tradelax

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