Beware! TradeIFX is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
TradeIFX is a pure scam, and we are going to show you why. To sum up, it has no license, no platform, and actually offers no Forex accounts, but fishy investment plans only. In the following review, we are going to discuss critical details about this scam, so you’d better read it before you’ve ended up being defrauded by TradeIFX.
TradeIFX REGULATION AND SAFETY OF FUNDS
We could tell it’s a scam simply by taking a look at the address provided- London, England. Those scammers certainly don’t want to reveal their actual location, and the information seen in the screenshot above is 99% likely to be fraudulent. Nevertheless, we researched for a British license but found none, so your funds will be at risk as TradeIFX is unregulated. In fact, it’s a scam, and we are going to prove it in the following sections.
Avoid TradeIFX and see the high-rated EU brokers and British brokers on both lists instead. The regulated European companies are trustworthy enough, but most importantly, they are covered by deposit insurance funds protecting traders’ money in case of bankruptcy or fraud (depending on the jurisdiction). For example, with a CySEC broker, you can claim up to 20 000 EUR in case of bankruptcy, while the British guarantees are even up to 85 000 GBP per person. The deposit insurance funds provide an extra layer of protection, making participating companies a preferred choice for seasoned traders and investors.
TradeIFX TRADING SOFTWARE
TradeIFX has no software whatsoever. It pretends to deliver MetaTrader, but the downloaded file installed the generic MT4, allowing virtual money accounts only. Anyone can get precisely the same distribution from the MetaQuotes’ website, so TradeIFX is merely taking advantage of MetaTrader’s spotless reputation. Then, upon registration, we ended up with an informative chart, which is also useless for real trading. Eventually, TradeIFX isn’t a broker at all but a fishy investment provider, and we’ll discuss their so-called opportunities in the following section.
Speaking of software, we’d like to offer the high-rated MetaTrader4 brokers and MetaTrader5 brokers on both lists. We do so because the MTs are market leaders packed with advanced features such as Expert advisors, many indicators, and excellent charting tools. The terminals also include a marketplace with more than 10 000 apps and third-party developed solutions, which is an unrivalled advantage. Interestingly, MT5 surpassed MT4 for the first time in terms of brokers delivering the platform, but its volumes are still weaker.
So, as there is no software, we can’t go through spreads and leverage levels. However, TradeIFX pretends to offer up to 1:400 leverage, and the offer itself exposes it as unregulated because British brokers can’t offer such a spread.
In fact, leverage is dangerous, and many financial authorities launched a product intervention restricting its usage. Namely, due to regulations, licensed EU, British and Australian brokers have to limit retail clients to 1:30 for FX majors, while Canadian brokers and US brokers to 1:50, respectively. On the other hand, Swiss brokers are trustworthy but not leverage restricted, so experienced and risk-tolerant traders eligible to open an account in Switzerland can safely go for it. The rest of the high-leverage brokers are either poorly regulated or not at all, so you should be careful with those entities.
TradeIFX DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit is $200, but you don’t open a Forex trading account. Instead, you’ll subscribe to some fraudulent Investment package offering a minimum monthly return of 100%. Well, such profitability is impossible when it comes to fixed-income products. In fact, even the most reputable funds are struggling to deliver more than 10% fixed per year, let alone 100% per month. TradeIFX is a scam!
As for funding, the broker claims to offer cryptocurrencies and wires, but we can’t validate this information. In fact, we tried to deposit, and the only available option was the Indian Razorpay, but we didn’t go any further as TradeIFX is a scam we already exposed.
Anyway, while talking about deposits, see our lists with Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have a trusted payment system. The high-rated companies are competently regulated, and you won’t face scammers, so you can safely open accounts.
As for withdrawals and transaction fees, there is nothing because TradeIFX has no Terms and Conditions, User Agreement or other document disclosing the broker’s services. Well, as we already showed, TradeIFX isn’t a broker at all, so even if the information was available, it would be strictly fraudulent. Nevertheless, the absence of legal documentation strongly indicates a scam, and that’s yet another red flag we will raise as the broker intentionally hides something.
Overall, TradeIFX is a scam we exposed in this review, so make sure to avoid it no matter what.
HOW DOES THE SCAM WORK
The scam usually starts with the deceitful ad, the cold call or the fraudulent social media profile, and once you get enticed, you’ll be constantly manipulated by the con artists. In most cases, the scammers will claim to manage your account and will show you winning trades at the beginning to make you believe it’s worth dealing with them. By doing so, they aim to gain your confidence and trust, which helps them in the following stages.
From there on, scammers won’t let you withdraw profits but will constantly urge you to invest, again and again, asking for much greater sums. Make no mistake about it; those criminals will try to squeeze as much as possible from you, so they’ll advise you to put all of your savings in the scheme.
You’ll probably understand what’s going on as soon as you try to get your money back. At this point, scammers will try to persuade you not to do so and will even shamelessly say that you can’t withdraw unless you deposit once more. If you are persistent and refuse to follow their instructions, they will simply cut the communication and close your account. Then, whenever fraud becomes publicly exposed, scammers will abandon the website and create new ones, carrying on with their criminal activities.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is immune to scams. If you get scammed, the first thing you need to do is to consider the secondary risks. Deactivate your credit card and contact your bank and ask for advice.
Then, report what happened to you, file a complaint, contact the authorities, call the police if you feel necessary. Seek help actively!
Remember, it’s crucial not to rush blindly to recover funds because fraudulent chargeback agencies and individuals are stalking, trying to double scam the victims. They ask for upfront payment, take the money but won’t do anything to help you!
Share online your experience; it’s important to protect others, too. Be responsible