RaxTrade: Is Your Money Safe?

Website URL:https://raxtrade.com

Founded:2021

Regulations: Not Regulated/ Blacklisted

Languages: English

Deposit Methods:Bank Wire, Bank Cards, Bitcoin

Minimum Deposit:Unknown

Free Demo Account:No

Number of Assets:N/A

Types of Assets:CFDs/Forex/Cryptos

Trading Accounts and Conditions

RaxTrade has not provided any information on the types of trading accounts it may or may not have. And since we were unable to register for an account, or even access their trading platform, we have no information that we can give our readers about this broker’s trading accounts or conditions.

RaxTrade– Advantages

This is a scammer that has been flagged off by a European financial authority. There are no advantages to trading with RaxTrade.

RaxTrade – Disadvantages

Here are the numerous reasons why it would be best to avoid trading with this broker:

• Unregulated, Offshore Broker

RaxTrade is owned by a company called ROI STOCK LIMITED. This company is based in St. Vincent and the Grenadines, which means that it is an offshore entity.

Sadly, SVG (St. Vincent and the Grenadines) has become a favored destination for scammers and fraudsters. This is because this jurisdiction does not have stringent laws regulating its financial services industry. Furthermore, it does not regulate FOREX markets at all. Therefore, if a company is incorporated in this country, then the broker is required to procure licenses from the authorities of the countries in which they are planning to operate.

This broker has not presented any evidence of being licensed by any other financial authority. Therefore, we can safely presume that this broker is completely unlicensed to offer its forex/CFD/Crypto services.

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• Blacklisted by Austria

We were right in our assumption that this broker is not authorized to operate by any financial authority. And because of this, the Austrian financial regulator, the FMA (Financial Market Authority) has blacklisted RaxTrade and has issued a warning against it for operating illegally.

We would also like to point out that in most circumstances, financial authorities only blacklist a broker if there have been numerous complaints and reports against that entity by scammed traders. Therefore, such a warning is a clear marker that this broker is a scammer.

• Association with Other Scam Brokers

While checking for this broker’s regulation status, we dug up some very interesting information. Its parent company – ROI STOCK LIMITED – also owns other forex brokerages, one of which (CoinFxIndex) is yet another proven scammer.

Thus, it seems like we are dealing with a serial scammer here – a company that creates these shell brokers just to rip people off.

• No Trading Account Types

There is no information on the types of trading accounts that this broker offers. The only thing you can do is open an account with them and then find out what they have on offer. Of course, this is the worst way to find out what a broker is offering you.

• No Trading Conditions

Once again, there is a lack of critical information. There are no trading conditions mentioned anywhere on RaxTrade’s website. These conditions are critical for a trader to know because they will tell you whether it would be profitable to trade with a broker or not. It also lets you know whether the broker’s terms are fair or not.

Therefore, a lack of trading conditions is yet another indication that this is broker that is not one that you can trust.

• Unknown Trading Platform

Things only get worse with this broker. Usually, if there is no (or not enough) information on a broker’s website, we register for an account so that we can take a look at their trading platform for ourselves. This way, we also get to know the real-time trading conditions being offered by the broker.

However, with RaxTrade, there doesn’t seem to be any way to access this broker’s trading platform. Every time we tried to sign in, we got error messages such as high demand or that our region was restricted.

Now, considering the fact that this broker has not even mentioned what kind of a trading platform it has, we actually doubt whether RaxTrade even has a trading platform.

• Unknown Minimum Deposit and No Payment Policies

We do not even know what the minimum deposit requirement to open an account with this broker is. And of course, there are no payment (deposit and withdrawal) policies mentioned anywhere on RaxTrade’s website.

So, we do not even know how much you need to pay to start an account with them, what conditions will you be faced with if and when you try and withdraw your money, or what kinds of charges and fees you will face when you try to withdraw your funds.

• Trading Incentives Offered

Yet another indication that this broker is a scammer is the trading incentive it offers. Trading incentives – bonuses – are illegal is many parts of the world (especially in Europe, which is the region this broker is targeting). This is because these incentives are designed to lure in traders, who then never get a chance to get their money back thanks to some pretty unfair clauses in their bonus/incentive contract.

So, with RaxTrade, if you decice to accept their trading bonus/incentive, you will need to make 40 times the bonus amount PLUS your deposit amount before you will be allowed to withdraw your funds. And if you don’t reach this almost impossible to reach target, then your requests to withdraw your funds will simply be cancelled.

Conclusion

RaxTrade is a scam broker. It is offshore, unregulated, associated with other scam companies and has literally no useful information on its website. We would strongly recommend that every trader avoid dealing with this broker – your money is at risk.

RaxTrade

2.4

User Experience

3.3/10

Payment Options

2.0/10

Security

2.3/10

Support

2.3/10

Reputation

2.2/10

Pros

• None

Cons

• Unregulated, Offshore Broker
• Blacklisted by Austria
• Association with Other Scam Brokers
• No Trading Account Types
• No Trading Conditions