Finding a good binary options broker is very difficult with all the scams out there. But is Tradorax any different? Is Tradorax a scam? In this short review I’ll be going over a few things that you should know before you decide whether or not to invest through them and I’ll be going over whether or not they are a scam broker.
To start things off let me go over the regulation of this broker. Oh wait! they are unregulated!
Is Tradorax Regulated? Nope!
The fact that Tradorax is completely unregulated is a big problem for me. This doesn’t necessarily mean that they are a scam. It could mean that they just do not want to pay the fees associated with regulation, but it also could mean that they can’t pass regulation standards.
Tradorax is not listed as a regulated broker by the Cyprus Securities & Exchange Commission (CySEC), the SEC, or the CFTC.
If a broker like Tradorax is unregulated this means that no one is checking in on them making sure they are treating their investors properly and abiding to other important rules. Without regulation they are free to operate much how they please.
If they were regulated it would pretty much prove that they are not a scam, knowing that a 3rd party is watching them and making sure they conduct business appropriately. But this is unfortunately not how it is.
Who Owns Tradorax & Can They Be Trusted
For some reason many of the reviews of Tradorax that I have come across say that it is owned by AM Capital Ltd, but its not. Maybe it used to be or something but right now it is owned by BetaTech Ltd and you can clearly see this at the bottom of Tradorax’s site…
Upon further research of BetaTech Ltd there are a lot of Google results that come up for this term. But the results are puzzling.
For some reason there BetaTech is coming up as an electronics company, a medical company, a maintenance and repair company, and more.
This is very strange and also results say that its location is in Latsia, Nicosia. But the BetaTech Ltd listed at the bottom of the Tradorax website says otherwise.
Could this be a different BetaTech Ltd? It shouldn’t be because they shouldn’t be able to use the same exact company names.
Something is definitely strange with this company and what I found out next makes things a bit more strange..
Their Location Is Suspicious
As shown on Tradorax.com, BetaTech is supposedly located at 49 Patriarch Evtimii blvd, Prestige Business Center, 1463 Sofia, BG.
Upon researching this location I found that there are at least 3 other binary options brokers listed at this same address. The part of it that really raises my suspicion is that I have reviewed 2 of these brokers and don’t trust either of them.
Both Morton Finance and Starling Capital are located here and as you can see below I took screenshots of both of their locations. The address is written a little different but its the same country, same city, and same exact building. And they even are both located on the 4th floor of this building.
Pretty strange isn’t all of this? There is no way that I trust Starling Capital nor do I trust Morton Finance.
If you look up complaints you will find a good bit, but not an overwhelming amount.
The Tradorax app (yes they have an app) is available on Google Play and this provides excellent insight into the legitimacy of this company. Right now the app has 92 total ratings and is at an average of 4/5. So its actually pretty well rated. I was pleasantly surprised by this.
However you do have the occasional reviews that say they steal your money and what not. And it is possible that the positive reviews are fake and were put there by the Tradorax broker themselves. But who knows, all you can do is take what you see and trust it to some extent.
If you go to Ripoff Report you can see a couple of scam warnings from investors of Tradorax. They are both the same and claim that after depositing their money they were unable to withdrawal it. Even after contacting Tradorax and arranging to withdrawal they were still not able.
This is how most binary broker scams operate, by not letting you withdrawal.
Although there are a good bit of bad reviews saying that it is a scam, there isn’t an extreme amount. At least not like some of the scam brokers I have reviewed.
Is Tradorax a Scam? Final Thoughts
I don’t think I would go as far to say for sure that they are a scam, but I would say that I don’t trust them. There just isn’t enough evidence to prove they are a scam, but there are a lot of things that make me suspicious of it.
Tradorax is owned by a company that has no information about them, they are located at the same building as 2 other known binary broker scams, and their are complaints saying that they are a scam, and… the main problem I have with them is that they are unregulated. Why would you invest through them when you can find a regulated binary options broker?? It makes no sense. Play it safe and invest through a regulated broker, you will have a lot more investor protection.