Тradexn.com Review – 5 things you should know about Trade XN

Тradexn.com Review – 5 things you should know about Trade XN

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

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Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

 

Тradexn.com is definitely not the right choice if you are looking for a reliable broker to invest your money with. It is evident that this is nothing more than an insolent scam. The broker is completely anonymous, does not provide any sort of legal documentation, and does not even allow clients to register accounts at the moment. All in all, this is the last broker you would want to trade with – turn to a legitimate company instead.

Тradexn.com REGULATION AND SAFETY OF FUNDS

Тradexn.com is one of these brokers who can only be reached via email – no phone number or address were provided which means that you would not be able to reach the broker unless they want you to. Тradexn.com also has not mentioned anything about being licensed by any sort of financial authority – because they are most certainly not. No self-respecting regulator would grant a license to a broker who is completely anonymous and has not thought it is important to provide clients with any sort of legal documentation. You should not trust Тradexn.com with your hard-earned money – it would be like throwing that money away because you will certainly get scammed.

Choose one of these brokers licensed in the UK, the EU, or Australia instead. All such companies are obligated to report to authorities regularly, maintain a good reputation, conduct business in a fair and transparent manner, and follow all laws strictly. Licensed brokers have to prove their financial stability by maintaining a capital of at least €730 000 in the UK and the EU, and A$1 million in Australia. The number could, however, go up to a few million for brokers with many clients. Your deposited funds must be kept in segregated bank accounts  – this proves that the broker would not be able to use your investment for their own financial operations, speeds up withdrawals, promotes transparency, and protects your funds in case of broker insolvency. Negative balance protection is mandatory – this prevents you from losing more money than you have in your account, at least as a retail client. Finally, if you choose a UK or EU broker specifically and that broker goes bankrupt, you would receive a compensation of up to £85 000 in the UK and €20 000 in the EU because all such brokers participate in compensation schemes.

As you can see, the protections are many – chose a broker who can offer them.

Тradexn.com TRADING SOFTWARE

Тradexn.com was supposed to provide access to some web-based platform – but we were unable to see what this broker has to offer since we were not allowed to open an account. The website malfunctioned and just presented us with a few lines of code when we tried to register.

At any rate, the platform this broker could offer would probably not be that great anyway. Such scammers are rarely willing to invest in more advanced platforms such as MetaTrader 4 and MetaTrader 5 – two popular industry staples. Both platforms are fairly accessible and user-friendly but also provide access to a full charting and analysis package – all the indicators, timeframes, and chart types you might need, tools like a  Strategy Tester, Expert Advisors, and VPSs, get the chance to create custom scripts, set signals or subscribe to those set by others,  a market for add-ons, and far more. Try out MT4 or MT5 as soon as possible – with a legitimate, licensed broker.

Тradexn.com TRADING CONDITIONS

Without an account, we would have to believe the information the broker has provided on its website when it comes to trading conditions. The maximum leverage the Тradexn.com offers is 1:400 – which proves for a fact that they could not be licensed in many jurisdictions around the world. Leverage is a trading tool that is often subject to certain restrictions – trading with high leverage could potentially lead to bigger profits and that is why many traders, even complete beginners, are tempted to use it. But it could also lead to much bigger losses – and that has become the reason behind the already mentioned leverage restrictions. Brokers in the US are not allowed to offer more than 1:50 on the least volatile asset, forex majors, while those in the UK, the EU, and Australia cannot go higher than 1:30. The rates are even lower in countries like Japan – 1:25, and Turkey – 1:10. Always be careful with your leverage settings and only trade with leverage you are sure you can handle.

The spreads Тradexn.com promised started from 1.6 pips on EURUSD – which is not that bad but without access to a platform, we cannot confirm this information.

The minimum deposit this broker claims to ask for on all account types is $25 – which is great but since they are a scam we strongly advise you to not transfer any sort of money. Better check out the offers of these affordable brokers.

Тradexn.com DEPOSIT/WITHDRAWAL METHODS AND FEES

The only payment method Тradexn.com seems to accept is wire transfer – or at least this is what they claim. This is less than great since bank transfers can rarely be reversed – the chance of getting a chargeback if you have already deposited with this broker is almost non-existent. That is why you should be especially cautious and not deposit with Тradexn.com under any circumstances.

The broker did not provide us with Terms and Conditions – which is a big enough of a red flag on its own since you should always read those carefully – and as a result, we are unable to say anything about Тradexn.com’s non-trading fees.

HOW DOES THE SCAM WORK?

Scam brokers are becoming more and more of a constant feature in the world of financial frauds – which means that more and more people are losing their hard-earned money by depositing it with such unreliable companies. We advise readers to always turn to licensed enterprises and thoroughly check registers. Let’s take a look at how such scams usually work and how you can protect yourself from them.

You stumble upon a broker who seems to offer fast, effortless, sometimes guaranteed profits – and decide that there is no harm in opening an account with it to see what it has to offer. After all, you have heard stories of people earning a decent income by trading – why not be one of them. You would not have to deposit, not immediately. But the moment you provide the broker with your phone or email, they would not leave you alone before you do so. You will be promised all sorts of great things – after all, these are people who scam people for a living and who are well-accustomed to convincing. The initial deposit might not be big – but you would be asked for more and more money with time. In some cases, you might even see that money grow – but that is nothing more than a trick that usually involves some sort of platform manipulation.

A time will come though when you will want to withdraw money – and you would not be allowed to do so. The broker will claim that you have not fulfilled a clause in the Terms and Conditions, that there are additional taxes, and that you are obligated to wait a certain time before withdrawing. At this point, you will understand that you are being scammed – but the broker will disappear as soon as they discover they can no longer milk you.

WHAT TO DO WHEN SCAMMED?

The first thing you should do is change all your banking passwords, and uninstall any remote access software (if you have installed any). After all, you would not want the scammers to have any sort of access to your bank account so they could drain it.

Do not trust any so-called “recovery agencies” who ask you to pay a fee so they could track down the broker and retrieve your money – this is a whole other type of scam targeting desperate people. What you should do instead is inform the actual financial authorities, and look into chargeback options – both Visa and MasterCard, for example, battle scams by allowing chargebacks within 540 days of the transaction.

One final thing – it is important to share your story with as many people as possible. The more people know about this sort of scam, the fewer people will fall victim to it. Unfortunately, such stories rarely get a happy ending – which is why prevention is key.

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