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.
Tradorax Is Not Recommended
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.