Tronxwallet.com claims to provide Crypto currency trading and exchange services. With regards to the trading side of things, Tronx wallet claims that users can either receive Bitcoin instantly by making a market order or place a limit order which will wait for specific market conditions before the trade can be executed. There are 3 types of contracts offered by Tronx wallet which require a minimum deposit of between 0.1 BTC to 20 BTC. The trading conditions for these contracts have not been specified.
Tronx wallet also claims that they have some of the best prices and fees for trading on their platform. Tronx wallet is allegedly a safe exchange where investors can buy Bitcoins instantly using methods like Visa, MasterCard or PayPal Debit MasterCard. To address the issue of why they should be trusted, the site claims that they are a registered company in the UK and has a Money Services Business status in FinCEN (USA). According to the fine print at the footer of this website, Tronx wallet is a trademark of a company called TRONXWALLET LTD. When we conduct a background investigation of the said company, we hit a dead end. There is no such company anywhere on the internet, meaning that it has never been registered in the UK at any given time.
Also, when we look at the details of the domain where Tronx wallet is registered at, we realize that the site is only 1 day old. This is quite disturbing as people no longer trust newer crypto currency exchanges. It is just common logic. Due to the risky nature of Crypto currencies, you cannot just trust any random exchange based on the promises they make to you or even the features they claim to have. So this is the number one disadvantage of working with an exchange like Tronx wallet.
And of course there are many other concerns regarding the legitimacy of this website. One of the serious concerns here is that Tronx wallet has combined trading with gambling. They are offering Roulette on their website and your question should be whether a serious exchange does offer a casino on the same site. It looks like they are just trying things out to see whether they will cash out on gaming as well. But from the perspective of an investor, this is an attempt to try out things just to see which one will work. It means that the operator of this site has no special focus or mission with their site. That is not a very safe place to transact Crypto currencies in.
Rather than buying Bitcoin on a site like this, we advise that you should mine them because the risk will be less compared to if you trusted a new site like Tronx wallet. The risk is just too much to fathom. Having said this, we need to discuss the various reasons why this site cannot be trusted and there are plenty of them.
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Tronx wallet claims that they are transparent with their fees and are also taking security of their clients funds very seriously. Other advantages which they are promising include speedy processing of orders, exceptional customer support backed by years of experience. Of course we can discredit the last statement because as we have seen in the above paragraphs, this exchange is only one day old. There is no way they can bring years of experience on the table when they don’t even have a reputation yet.
Tronx wallet is not one of the most attractive Bitcoin exchanges out there and this is lowering their credibility in some way. By the way, if a site is not aesthetically appealing, then it usually means that the owner is not serious about it. This exchange lacks important pages like FAQ and About us pages. What is more, their terms and conditions page is quite vague as it does not address typical things that are usually found on this page. Basically, the site gives the impression that the owner was not ready to roll it out to the public yet.
We really doubt whether someone can successfully buy Bitcoin through Tronx wallet. Due to its anonymous nature and the fact that it still has no reputation of its own, one cannot assume that such a site will stick to its word. But we can bet that if you attempt purchasing Bitcoin here with your credit card, then two things will most likely happen. You will lose your money and secondly, they will still charge your card illegally from time to time.
The best thing to do would be to avoid these new Bitcoin exchanges because they keep cropping up every now and then. 99% of them are scams and you should always stick to established Crypto currency exchanges.
They claim to offer trading in Crypto currency CFDs meaning that whoever owns this site needs to register it with the FCA. Reason being, the site is registered in the UK and the FCA is the financial regular that is in charge of supervising brokers registered in the UK.
On one hand, this site is operating like a broker and on the other, they are operating like a Crypto currency exchange. The main thing is that they should seek a brokerage license before they can even think of offering Crypto currency CFDs for trading.
Another disturbing thing is that we never saw any trading software or platform on this site. We are not sure whether Tronx wallet uses the regular MT4 platform or some other software. Besides, their trading conditions have not been disclosed, which is even worrying. Trading commission is disclosed as 0%-0.2% depending on the pair that is being traded. For high volume traders, special conditions can be discussed.
Generally its not wise to trade with an unregulated broker and secondly, you need to avoid new exchanges at all cost. If you’re into trading, make use of these brokers.
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