Beware! TradeVexo 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.
TradeVexo tries to confuse users, with a mixture of looks and trading conditions, but its weak magic did not do the trick on us. The moment we saw it, we knew the kind of broker TradeVexo is. Read the following review to find out all about it.
TRADEVEXO REGULATION AND SAFETY OF FUNDS
The only legal claim that we find is a classic offshore statement, that is, in 99 percent of the time, revealing of a scammer. We are referring to the Saint Vincent and the Grenadines registration claim, in TradeVexo’s case a completely useless one.
But why? Well for one, Saint Vincent and the Grenadines is the archetypical scammer broker location: it has no local FX regulator in place, and the local laws are very loose, to the point where it seems that authorities are secretly profiting from scammers. So, even if TradeVexo is somehow registered in Saint Vincent and the Grenadines, it would still make little difference. In fact, the broker is worse off being registered there.
With that said, it’s onbious that TradeVexo is not regulated in this offshore jurisdiction. In fact, the broker is not regulated at all, and is a scam and a risk to all. Do not invest here.
Think about it for a second. An unregulated broker is free to do whatever it wants, with very few repercussions, for the time being. Unlicensed brokers are in a constant rush to steal as much money as they can get their greedy hands on, and then eradicate all traces of their existence, until they pop up as a different scam under another name. It’s the scammer cycle. Investing in any unregulated broker is a risk and it will always be a risk.
On the other end of the spectrum, you have your legal and regulated brokers, those that actually have put countless efforts and manhours into crafting the best version of their vision for an FX broker. We recommend the top of the top, those located and regulated in any European, UK, US, or Australian jurisdiction, but clients should not underrate some offshore regulators as well. Regulated brokers stick to scrupulous regulations and rules whose point is to make sure that all users are treated equally and that there is no shady business going on.
Make sure to check for a license each time you stumble, whether by accident or on purpose, on a new broker.
TRADEVEXO TRADING SOFTWARE
There was a fully downloadable desktop trading software, but the link was very shady, so in the end we only accessed a web trader. The following is what we were given in the user area:
In all honesty, this is a good trading software, but the fact that we see it being used only by scammers is enough to deter us away. There are a good amount of features, and the looks of it meet the requirements. But we do not recommend using is here with TradeVexo.
With that said, we did not recommend trading here. Try out instead these MT4 and MT5 brokers.
TRADEVEXO TRADING CONDITIONS
The ease with which we registered as well as the user area itself are two signs that the broker is a scam: an easy registration translates to a needy broker, while the underwhelming client portal means a lack of effort.
At least we get the trading conditions from the web trader. The available financial instruments are forex currency pairs, indices, metal spots, commodities, cryptocurrencies, and equities. The EUR/USD cost of trade is of 2,5 pips, and the leverage is capped 1:200. The leverage is standard, while the broker is a risk so we cannot recommend it. What we can do is to leave these high leverage brokers here. As for the spread, it’s too high to be lucrative.
TRADEVEXO DEPOSIT/WITHDRAW METHODS AND FEES
From the user area we learn that the available payment methods are credit cards, debit cards, and bank transfer. The minimum deposit requirement is $50. This is a decent minimum deposits and shouldn’t be problematic. But the truth is that the broker is a scam, and therefore we present to you great alternatives for minimum deposit brokers.
We have to mention the revealed deposit fee that ranges between $25 and $50, the value depending on the method of payment, and, we assume, the mood of TradeVexo.
The same methods used for depositing are used for withdrawals. However, there were no withdrawal fees revealed anywhere. But seeing that TradeVexo is illicit, fees may be launched at any time.
We found a scammer provisions in the legal docs, stating that TradeVexo can, at any time it sees fit, to charge a 5% or 25 commission, whichever one is higher, without giving a reason. This can happen on a daily basis, or even every hour. It an illicit fee.
TradeVexo is obviously a risk to all investments, and once deposit the user will lose it all. That is a guarantee.
How does the scam work
It’s crazy to think that the scammer process has been the same for years now, probably more than a decade at the least. It follows the same principles that have not changed over the years, but only adapted to modern tendencies, such as the crypto boom, NFTs, fin influencers, the metaverse, and more.
The phalanx of the scammers, the proverbial spear with which they lead the charge , has always been either misleading ads or direct solicitation over the phone, preferably, or via email or social media channels. Here scammer have evolved over the years to sound more convincing and to include increasing more tempting opportunities. There are dozens of different means by which a fraudulent broker can attract a user, and it all happens over some kind of technology, be it a phone or a PC.
The most suspenseful part for any scammer is to convince any one user to invest for the very first time, which is why call centers are always looking for enthusiastic and charismatic dealers, both illicit call centers and legit ones. An initial deposit can be retrieved by falsely claiming lucrative opportunities, by pretending to be someone else – like a rep of a legitimate investment company or regulator -, by being devilishly charming, and even by blackmailing.
Once the initial deposit has gone through, the user has fallen for the trap and is now ready for phase two, which is to leech as much money from him or her until his/her senses realize that something is not quite right. Usually, this happens after profits are withheld, or the broker does not keep its promises, or stalls all withdrawal requests.
Essentially, the client will not be able to withdrawal any of the invested capital and will be forced to look for an alternative. On the broker’s side, the firm may shut its website, or at least draw all communication with the user to a sudden stop.
What to do when scammed
The best thing you can do is to file for a chargeback with ones credit or debit card provider, just make sure that the broker does not charge for a fee for a chargeback since some do really do that. The chargeback period for MasterCard and VISA is 540 days, giving users a lot of time to try and get his money back.
Wire transfers are harder to get back, since there are certain restrictions depending on the bank and the jurisdiction in which the scam took place. We advice users to change their bank account user names and passwords, and then swiftly contact their bank for further assistance.
Crypto investments are untraceable and therefore lost forever if invested in unregulated brokers. That is the reason why you will see more and more scammer offering exclusively crypto-based payment methods.
If you stumble on a recovery agent or agency do not trust them, nor should you send them any money. They will promise to bring back your lost funds but will require a fee for their “services”. Obviously, these are scammers and will take even more of your money.
