TraderFex is an unlicensed / offshore Forex & Crypto CFD broker, that opened in November 2020.
Investors having problems making a withdrawal from this broker should go here.
Our review of the broker TraderFex finds that they are offering clients, the CFD trading platform made by Tradologic. The trading platform has the full range of underlying assets including: Currencies, Crypto Coins, Crypto Tokens, Stocks, Indices and Commodities.
You will find two trading platform choices, either their Simplex or Forex CFD trading software. Shown below is a screenshot of their Forex trading software, the Simplex version is so basic, it does not even show charts. Investors will not be able to use the popular MT5 trading platform, or any mobile trading apps. Their website is only available in English, and they are working with Crypto Apps like CryptoSoft, that is being promoted in Norway.
The minimum deposit requirement for a new account at TraderFex is $250. When you try to make a deposit via Wire Transfer, it does not work. When you deposit via Credit Card, you are redirected to BridgerPay. After your initial deposit, you will surely get a phone call from a salesman offering you a managed account with high monthly returns. Before chasing dreams of high returns, read this.
You will lose money using a fake trading app!
Check the Popular Trading Apps, look here.
Is TraderFex a Legit Broker?
No, TraderFex does not have a license, and they are not a regulated broker.
The official corporate entity that owns this broker is not mentioned, although in their terms and conditions, they list an address of: First Flооr, First St. Vinсеnt Bank Ltd Building, James Stгееt, РO Вох 1574, Kingstown, VC0100, St. Vincent and the Grenadines. This is almost identical to another broker called TradeLax.
On the Scam Broker website you will find hundreds of reviews of CFD brokers, in which we check to see if they are licensed and regulated brokerage firms, or possible scams. The way an investor should properly assess a new CFD broker, is by checking to see if the FCA in United Kingdom or Australia’s ASIC regulates them. ASIC and the FCA have warned investors in Australia and England to only invest with a locally licensed Forex broker, read more.
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You can find reviews of popular regulated brokers listed here. Many people get overwhelmed by the choice of online brokers, because there are so many of them. Below is a popular broker to try out.
Try a Free Demo Account on their unique trading app, signup here.
If you are currently an investor at TraderFex, please share your experience in the comments below.