Tradorax – Scam or Not

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Tradorax

It’s hard to say for sure where Tradorax is located or who owns it because they don’t list the information on their website or in the terms and conditions. At last check they claimed to be operated by Beta Tech LTC, registered in London at 35-37 Ludgate Hill, ECM 7JN, London, UK. Just FYI this is a virtual office address headquartering more than 2,500 other businesses. Basically it’s a PO Box. This company is not registered or regulated by the British FCA or CySEC. They can be contacted by live chat if you want to get a canned response or email.

The Tradorax Platform

The Tradorax Platform is proprietary and called TDorax ™ . It is built by a group of “professional” brokers with an entrepreneurial mindset and vast experience in the world of trading. Trading is standard ‘old school’ binary digital contracts with high/low, one touch, boundary and short term options. Expiry for high/low isn’t bad. There are multiple intraday starting with 10 minutes and moving out to end of day, end of tomorrow, next week and next month to the 5th month out on most assets. The asset list is pretty good, not quite as full as SpotOption but everything I saw was trading or scheduled to be open soon. All four categories are present; stocks, indices, commodities and forex. Each categories is flush and what I would call above average; at least a dozen international indices, at least 75 international stocks, 12 commodities including a few pairs and 30 forex pairs.

Deposit And Withdrawal

Banking with this broker is super easy, at least on the way in. Deposits can be made with CC, wires or over 2 dozen internationally accepted web payment services. The minimum deposit is only $25 in the currency of your choice, very low and accessible for anyone who wants to trade. Of course this is the minimum re-deposit after you make the initial $250 they tell you about once you try to sign up. The maximum is unlimited but I’d be careful giving these too much. The minimum withdrawals is $100 and there is 1 free per month, after that it will cost $30 per payment. Withdrawals are made back to the card/account originating the deposit but if you take a bonus you may never have to worry about that.

The company gives an attractive 100% initial deposit bonus for “qualifying” customers. Qualifying of course means you give them real money and they give you some fake money, with strings attached. The bonus terms require 30X turnover of deposit + bonus before withdrawals and say bonuses can not be retracted once given.

When first launched we held high hopes for them, they claimed to be here for the traders and offered great terms and payouts. The bad news is that since then they have devolved into the stereotypical scam broker using all the tricks we have come to know and loathe. This broker uses high pressure sales tactics with cold calls and leads generated through marketing programs. The website makes promises of easy riches with little said in the way of caution, what is there is in the fine print. Once you join the bonuses are there to lock in your deposit with onerous turnover rates preventing you from making withdrawals. Trading tips and managed accounts are offered with promises of guaranteed win rates that never pan out. Basically, Tradorax is a money funnel designed to suck your wallet dry.

Tradorax Review

Tradorax

Broker Tradorax
US Traders Accepted
Company Name AM Capital Ltd.
Headquarters Marshall Islands
Regulation No
Bonus Type Match bonus
Bonus Size 200%
Max Payout 85%
Out-of-Money Reward 0%
Trading Platform TechFinancials
Early Closure
Deposit Options Credit/debit cards, wire transfer, Neteller
Deposit Currencies Euro, US Dollar, British Pound, Japanese Yen, Russian Ruble
Minimum Deposit $250
Minimum Trade $25
Maximum Trade $5,000
Online Since 2020
Trading Instruments Forex:
AUD/CAD, AUD/CHF, AUD/JPY, AUD/NZD, AUD/USD, CAD/JPY, CHF/JPY, EUR/AUD, EUR/CAD, EUR/CHF, EUR/GBP, EUR/JPY, EUR/NZD, EUR/USD, GBP/AUD, GBP/CAD, GBP/CHF, GBP/JPY, GBP/NZD, GBP/USD, NZD/JPY, NZD/USD, USD/CAD, USD/CHF, USD/DKK, USD/HKD, USD/JPY, USD/RUB, USD/SGD, USD/TRY
Indices:
ASX-200 Future, BUX, Bombay 30, CAC-40 Future, DAX-30 Future, DUBAI, Dow Jones, Dow Jones 30- Future, FTSE 100 -Future, Hang Seng Future, IBEX -Future, Kospi 200, Kuwait Index, MICEX, NIFTY-Future, Nasdaq 100- Future, Nikkei 225-Future, Qatar Index, RTSI, S&P 500-Future, SMI-Future, South Africa Future, TADAWUL
Commodities:
Coffee, Copper, Corn, Gold, Gold/EUR, Gold/JPY, Gold/Silver, Oil, Platinum, Silver, Sugar, Wheat
Stocks:
AXA, Adidas, Alibaba, Amazon, Amex, Anz, Apple, BBVA, BHP Billiton, BNP Paribas, BP, Baidu, Barclays, CITIGROUP, Cisco, Coca-Cola, Deutsche Bank, Disney, EXXON, Ebay, FERRARI, Facebook, Gazprom, GoldCorp, Goldman Sachs, Google, IBM, ICICI Bank, Intel, JPMorgan Chase, Linkedin, McDonalds, Microsoft, NIKE, Netflix, Orange France, Pfizer, Priceline, Renault, Rio Tinto, Royal Dutch, Samsung, Sberbank, SilverWheaton, Societe General, Sony, Sumitomo, Tata Motors Ltd, Telefonica, Tesco, Twitter, Verizon, Vodafone, Westpac Banking, Yahoo
Number of Trading Instruments 121
Binary Option Types High/Low, One Touch, Short Term, Boundary
Customer Support Types Email, live chat, phone, web form, paper mail
Education Offered FAQ, glossary, videos
Tools Offered Personal broker, trading signals, cash back, risk-free trades, early close, double up, rollover
Commission First withdrawal of the month is free, there are fees after that
Languages English, German, Russian
Demo Account No

With more and more binary options brokers accepting regulation by CySEC, there are fewer binary option brokers that still operate without any regulation. Most of those sites are pretty low in quality. Tradorax is an exception to the rule. It is an unregulated broker based in the Marshall Islands and owned by AM Capital Ltd. Tradorax is not a perfect broker—there is no demo account and you have to jump through hoops to talk to customer service—but the website is sophisticated, the trading platform is comprehensive, and there are a ton of assets to trade.

Getting Started on Tradorax

You can join Tradorax in a matter of minutes. After you create your account, you need to deposit at least $250 to start trading. As the minimum trade size is $25, I suggest that you deposit more than this for reasons of sound money management (you do not want to go betting 10% of your account on all your trades).

Four different account tiers are offered:

All four levels include access to the web platform as well as the Education Center. Note that you only get access to the first two video lessons at the lowest account tier. When you deposit more money, you get access to more lessons. This is a slight drawback over some other brokers, but there are some other great trading tools and features that make up for it.

At the Silver level and higher you get access to trading signals, cash back, and higher return percentages on winning trades. These are all excellent features, and they are not offered by all binary options brokers! Another cool feature at the Gold and VIP levels that you will seldom find offered on other sites is the chance to take a couple of risk-free trades every month. This is a common promotion for new traders, but very few sites offer it as a recurring benefit.

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There are great bonuses for signing up too. You can qualify for a match bonus up to 200% (which is huge), as well as five risk-free trades.

Wondering about the withdrawal policy? It is not the best I have seen, but it is far from the worst. Your first withdrawal of the month is always free, after which you need to pay for subsequent withdrawals.

Trading on Tradorax

Tradorax is powered by TechFinancials, not SpotOption as most other sites are. While SpotOption is a nice platform, it is a bit minimalist, and TechFinancials is arguably better in terms of layout and information provided. This makes it easier and more enjoyable to trade on the site.

On that note, while you are browsing Tradorax, you will notice that the site as a whole is much better designed than most. Every page and form loads correctly, links take you where they say they will, and navigation is easy. The actual content on the site is above par. This is not just another recycled white label design. Tradorax has put real time and effort into making a functional trading site and service.

As mentioned previously, the minimum trade size is $25. The maximum trade size is $5,000. This is a much wider range than you will find on most other sites, and will help you out as your bankroll increases. There are 121 different stocks, indices, currencies, and commodities you can invest in. Trade types include High/Low, One Touch, Short Term, and Boundary. Boundary trading is an awesome way to make money in markets that are not particularly volatile. Not nearly enough binary sites offer these trades, so it is excellent you can take them here. You can get out of your trades early or stay in them past the original expiry time using early close, rollover, and double up.

What if you need help at any point while you are trading? Customer service is available through telephone, live chat, web form, email, or paper mail. I did test out the live chat feature. It is only available on weekdays, and appears to be staffed somewhat sporadically.

When I did manage to talk to an agent, my feelings about the experience were mixed. On one hand I was pleased at how quickly an agent staffed the line. On the other it annoyed me that the interface did not tell me whether an agent was on the way or where I was in line. And when the agent did arrive, she refused to answer even simple questions unless I provided a phone number. This seemed like a pretty hard sales tactic. Obviously this would not be an issue once you signed up since you would expect to give your number anyway, but it seemed pushy as I was only investigating.

Conclusion

There are a few things that I dislike about Tradorax and a lot of things I really like:

  • Signals are provided at most account tiers.
  • Not only are welcome promotions generous, but so are ongoing promotions (including monthly risk-free trades at the top two account levels).
  • Cash back and higher payouts are both awesome benefits.
  • TechFinancials is a robust platform.
  • The range of minimum and maximum trade sizes is more flexible than you will find on most broker sites.
  • The overall design of the website is superior to most.
  • No app is available for iOS mobile trading.
  • There is no demo account to practice on risk-free.
  • Customer service is a bit pushy.

You can see how even with some criticisms, the advantages of Tradorax seem to outweigh the disadvantages. This is a site that I can recommend, especially for traders seek brokers that provide trading signals. Normally, there is not a big choice in the niche. I do suggest however that you test out customer service and make sure you are happy with the agents before you commit to depositing money in an account.

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Best Binary Options Brokers 2020:
  • Binarium
    Binarium

    Best Binary Options Broker!
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    Free Demo Account! Free Education!

  • Binomo
    Binomo

    Honest broker!

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