Beware! Radix Invest 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.
Radix Invest has a shiny website that’s indeed enjoyable to browse through. While doing so, we saw the broker claiming to help clients get in the right mindset to trade successfully by providing expert knowledge and institutional analysis. Sounds good, only if the broker weren’t a proven scam that’s already blacklisted by numerous financial authorities. In the following review, you can find out which regulator was the first to expose Radix Invest as fraudulent.
Radix Invest REGULATION AND SAFETY OF FUNDS
Radix Invest was initially detected by the French regulator AMF, which issued a warning against the brokerage, exposing it as a scam scheme. Later on, the Belgian FSMA, the Spanish CNMV and other authorities, too, blacklisted the broker reviewed so as to raise awareness among investors. After the warnings, we can only conclude that you’ll waste money on fraud if you deposit.
Now, let’s look closely at the brokerage and discuss the scheme in detail. As seen from the screenshot above, it claims to be a brand of an Estonian company, which we didn’t bother tracking down as Radix Invest is already exposed. Nevertheless, it’s not licensed in Estonia as the local regulator FI also issued a warning against it. At the end of the day, Radix Invest is just an unregulated brokerage that was caught red-handed while carrying out fraudulent activities.
The warning aside, it’s strongly not recommended to deal with unregulated entities like Radix Invest as these are totally unaccountable and, in 99.9% of the cases, anonymous. In other words, whenever you deposit with Radix Invest, you’ll send money to some people who are not bearing responsibility for their actions, meaning they won’t face any consequences whatsoever if they take you for a ride. It goes without saying that the absence of adequate regulation is more than enough to dismiss any brokerage as a suspected scam.
That’s why we urge people to stay away from unregulated brokers and go for CySEC (Cyprus) and FCA (Britain) licensed ones. Companies holding European licenses should keep deposits segregated, which guarantees that clients won’t lose their money if in case of insolvency. The segregation also improves transparency, speeds withdrawals up and makes chargebacks easier and helps prevent fraud. On top of all that, though, European companies are covered by deposit insurance funds laid down to reimburse clients in case of unforeseen events- CySEC brokers’ clients can get up to €20 000 in compensation, while the British guarantees are even up to £85 000.
Now, back to Radix Invest, we’d like to show you the alert published by the Belgian regulator FSMA:
Radix Invest TRADING SOFTWARE
Radix Invest claims to offer MetaTrader 4 and a Webtrader, but we could access neither of both as the broker required a Promo code to let us register. We didn’t have one, so the platforms, if any available, remained out of reach for us. Anyway, that’s not such a miss as it’s already officially confirmed that Radix Invest is a scam scheme.
In such a case, we can’t talk through real-time spreads, trading costs or leverage levels provided, and the brokerage fails to mention even a word on the matter. Still, the absence of any information whatsoever is a red flag because Radix Invest knowingly hides critical information about its services from the public.
Radix Invest DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit, funding methods available, withdrawal conditions, fees and anything else viewed as critical is unknown. The red flag raised for the absence of information in the previous section suddenly became massive as the broker reveals literally nothing about its services.
Nevertheless, there are indications that Credit/Debit cards and Wire Transfers are the funding methods accepted, but we can’t prove this either.
Oh, and it’s worth mentioning that Radix Invest has three types of accounts with rather uncommon names- Eureka, Imperio and Sensei. Still, we know nothing about either of those.
HOW DOES THE SCAM WORK
Radix Invest is a proven scam, and now we’ll tell you what scammers usually do to snavel as much as possible from their victims. So, when the cons get hold of your contact numbers, you’ll be approached immediately, promised the moon and the stars to make you begin investing. To gain your trust, those criminals usually pretend to work for governments, financial authorities, banks, reputable companies etc. Scammers will be confident in what they are saying, and if you don’t recognise the warning signs, you may end up depositing. However, just then, the Forex fraud actually begins. Once they have your money, the cons will distort prices and forge fake reports to make you believe that you are on the winning side, manipulating you to start thinking big and consider more deposits.
Gradually, the fraudsters will ask you to increase the size of your investment and will make up stories claiming that you need to fund your account for whatever reasons. Sooner or later, you’ll get determined to withdraw your money, and then scammers will ask you to deposit again because, according to their words, there are taxes and fees that you should pay. At this point, you’ll probably realise something wrong is happening, and when the scam becomes too apparent, the fraudsters will simply cut the communication and disappear. Later, the whole website will be brought down, replaced with a new one so that the scammers can carry on with their criminal activities.
WHAT TO DO WHEN SCAMMED
It would be best if you first call your bank to inform it and deactivate your card to avoid getting exposed to additional risks, as the scammers may as well have obtained your details.
Then, call the police, inform the financial authorities, file complaints and don’t forget to spread the word online so that other people can find out about the fraudulent scheme. Still, it’s crucial not to rush trying to reclaim your funds as numerous scams are disguised as chargeback agencies set up to double-scam victims.
Finally, we know it’s an awful experience to get scammed, but please share your story to help protect others!