Forex Trading Platform
Is TraderX Fake or Real?
Why Is TraderX Fake?
TraderX is a website that claims to be an award-winning platform for Forex trading. The website contains only the home page and provides vague information. TraderX also has iOS and Android apps, but these are not available on the Apple App Store or Google Play Store. Instead, they have to be downloaded directly from the website, which is a red flag as there are several other trading apps on both the stores.
A domain name lookup of the website shows that it was registered on 14th September 2020 in Hong Kong. The registrant’s name and contact details have not been provided.
Even though the website has been registered in September 2020, the website footer claims that the platform has been active since 2019, which is clearly a lie. Additionally, the company claims to have won six awards in less than two months of operation. This is also a complete lie as there is absolutely no proof of them having won any of the awards mentioned.
The home page mentions that the company was founded in 2001 and has offices in cities across the world. Not a single address has been provided and the website has clearly not been running since 2001. The content itself is weirdly written and seems to be copied, but I could not find the original source.
The sign-up form on the website is one of the strangest I have ever seen. It is unclear what information I am supposed to enter and it asked me to enter a security code even though there wasn’t one; the verification was done through a puzzle captcha that did not give me any code.
Even the password field wasn’t protected as it openly showed the password I typed in. This shows that the website is not run by professionals. Ultimately, I failed to register on the website as it kept giving me the error ‘6 length digits’.
TraderX does not seem to have a social media presence. There are no contact details provided on the website even though TraderX has supposedly won awards for its customer support too. Curiously, they only offer support through email and WhatsApp, which suggests that the people running it are trying to remain anonymous.
There are almost no user reviews for TraderX available online, except for a review on TrustPilot which alleges that it is a scam.
However, I received information from one of the clients of TraderX, who showed me some strong proof that it is a scam. I was provided with chat logs and payment details that reveal how TraderX’s scam works. Firstly, the person was persuaded to invest in the platform after matching with a fake account on Tinder. The person was going by the name Kaiwen and was using a fake profile picture.
After investing through the platform, the user was shown fake profits through the TraderX app. However, instead of being able to withdraw the amount, he was convinced to invest more for higher returns. An ‘expert’ from TraderX promised that they can generate profits of 500% to 1,000% and the company’s commission would be 10%. The deposit also had to be made into a personal account.
When he wanted to withdraw after some time, he was asked to pay 30% of the profit upfront as a ‘withdrawal fee’. He came to know from others who had also invested in the platform too that there are no payouts being given even after paying the fee.
It is quite obvious that TraderX is a scam. The company does not seem trustworthy at all as the website is full of lies. The domain was registered in September 2020, but the website claims that they have been operating since 2001.
The website states that TraderX is headquartered in London, but the domain was registered in Hong Kong. They also claim to have offices across the globe, but not a single office address has been provided. The website does not even have any contact details, despite claiming to have ‘award-winning’ customer support.
They claim to have won six awards, five of which are for Forex trading, even though the website is less than two months old. They have apps for Android and iOS, however, these apps are not available on any app store.
I was contacted by a user of this platform who shared evidence that TraderX is just another forex trading scam. The payments have to made into a personal account and their app shows fake profits. They promise profits up to 1,000%, which is quite ridiculous.
When users wish to withdraw, they urge them to reinvest bigger amounts instead. When the user insists on withdrawing, they ask for a withdrawal fee and do not release any payment even after the fee has been paid. It is advisable to avoid investing in TraderX, as it quite clearly seems to be a scam.
To read about other Investment Scams, click here.
Remember: If something seems too good to be true, it probably is.
If you have been a victim of an investment scam, you can take the following steps:
- File a complaint with the payment portal. However, investment scammers mostly use methods such as Bitcoin, Western Union, MoneyGram and other untraceable methods which make refunds impossible.
- File a formal police complaint with the Cybercrime department.
- Leave a negative review on review portals such as Scamadviser and TrustPilot
- Report the website to Google using the Suspicious Site Reporter extension for Chrome
- Give a low rating to the website on Web of Trust. You can also install their extension for the same.
- If the company has a listing on Google My Business or Google Maps, file a complaint using the Business Redressal Complaint Form. Also, leave a negative review explaining what kind of experience you had.
Disclaimer: This review is intended for information only and should not be relied on when making financial or business decisions. If you are a website owner and would like to provide clarifications regarding your business and/or website, please get in touch using the Contact Form.