PolaxGroup – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
PolaxGroup - DO NOT TRADE WITH THIS PROVIDER
2.5/10
$100
Minimum Depositupdated 2023
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://polaxgroup.com
Founded: 2023
Regulations: None
Languages: English
Deposit Methods: Credit Cards, Debit Cards, Bank Transfers, Cryptocurrencies
Minimum Deposit: $250
Free Demo Account: Unavailable
Number of Assets: Not Specified
Types of Assets: Stocks, Commodities, Crypto, Forex
Trading Accounts and Conditions
PolaxGroup offers their clients the following types of trading accounts:
- Starter: The starting deposit is $250. Leverage is 1:10.
- Bronze: The starting deposit is $10,000. Leverage is 1:10.
- Silver: The starting deposit is $25,000. Leverage is 1:20, plus, access to basic events with a starting leverage of 1:50.
- Gold: The starting deposit is $50,000. Leverage is 1:50, with access to VIP signals access and access to all events.
- Platinum: The starting deposit is $100,000. Leverage is 1:25 on managed accounts, no withdrawal charges.
- Black: Account openings for this account type are by invitation only.
Other trading conditions such as spreads, order execution methods, commissions and so on their Account Types page are missing. However, on the Why Polax Group page, the broker claims to offer spreads that start from 0.0 pips.
PolaxGroup – Advantages
There are no advantages to trading with PolaxGroup.
PolaxGroup – Disadvantages
Listed here are all the red flags that tell us that PolaxGroup is a scammer:
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Lack of Regulation
PolaxGroup claims to be based in Switzerland, but does not provide any telephone numbers to that location. Instead, there are two other telephone numbers provided: one for the UK and the other for Canada. The broker also provides us with a generic email address and a form which you can fill up and they will get back to you.
However, this broker does not tell us the name of the company that operates their online brokerage and the name of the authority that regulates them.
To operate in Switzerland, Canada and the UK, brokers would need to be regulated by three different authorities – the Swiss FINMA, the Canadian IIROC and the UK FCA.
Today, it is an easy matter to check if a broker is regulated by an authority; all you need to do is check that regulator’s online database of licensed companies and brokers.
So, we checked the FINMA, IIROC and FCA’s databases. And we found out that PolaxGroup is not, in fact, regulated by any one of these authorities. And this means that this broker is operating illegally – a scammer.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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Blacklisted by the FCA
While investigating this broker’s regulatory standing, we found out that PolaxGroup has actually been blacklisted by the FCA. The UK’s regulatory authority has issued a public warning against this broker, stating that they are operating in their country without proper authorization and that they are not safe to deal with.
This can be no better proof that we are dealing with a scammer.
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Issues with Registration
When reviewing a new forex broker, we register an account with them. This allows us to assess the registration process and also check out the broker’s live trading account, client area and payments section for ourselves. This means that we can verify or refute a broker’s claims about their trading platform, and payment methods.
Unfortunately, try as we might, we were unable to register for an account with PolaxGroup. Every time we tried to register we were met with an error message.
The fact that the very first step in an account opening process is faulty tells us that PolaxGroup is not a broker to be trusted.
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Unknown Trading Platform
Another issue we have with PolaxGroup is that we do not really know what kind of trading platform they have on offer for their clients.
Broker have only two offerings – their product, which is the trading platform, and their services, which are the trading conditions.
If there is an issue with even one of these offerings, then that is a red flag.
In their Terms and Conditions, this broker claims to offer the MT4 and MT5 trading platforms. However, on their main page, the broker claims to offer the Polax Platform.
We do not know that this Polax Platform is, but we do know what the MT4 and MT5 platforms are; these are the world’s top two trading platforms. Had the broker actually had these two platforms on offer, it would have been a big win for them. However, based on what this broker claims, we don’t think that they have any such quality platform on offer. But we cannot check for ourselves as we could not get access to their client area.
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Issues with Trading Conditions
As we stated in the previous issue, problems with trading conditions are a sign of a broker being a scammer.
First the deposit amount. A minimum deposit of $250, which suddenly jumps to $5,000 is a red flag. Legitimate brokers keep their minimum deposits reasonable – between $100 and $250. And the increase in minimum deposits for various account types is affordable.
The spreads of 0.0 pips sound really good, until you realize that the commissions are not mentioned. So, we don’t really know the real cost of a trade.
And the leverage ratios are also skewed.
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Offers Managed Accounts
Another sign of a scam is when a broker offers managed accounts. This is when the broker offers to take care of your account and your trades for you. This is also illegal and called a conflict of interest. It is in the broker’s interest for you to lose money, because that is when they make a profit. So, if they manage your accounts for you, they can easily ensure that you lose money so that they can make money.
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Issues with Withdrawal Policy
This broker claims to offer multiple payment methods, we cannot verify any of these claims since we were unable to complete the registration process. Added to that, this broker has no withdrawal policy in place, which is another sign that PolaxGroup cannot be trusted.
Conclusion
PolaxGroup is a scammer.
PolaxGroup
Pros
- None
Cons
- Lack of Regulation
- Blacklisted by the FCA
- Issues with Registration
- Unknown Trading Platform
- Issues with Trading Conditions
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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