RaxTrade Review: A FMA Blacklisted Broker


RaxTrade Review: A FMA Blacklisted Broker

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All that RaxTrade is professing to offer are unrealistic win margins and trading conditions. The broker boasts of having 52M in average daily volume. Most of their website’s information is found on other scams related to the parent company. ROI Stock Limited is the parent company synonymous with other scams such as CoinFXIndex. And that’s reason enough to stop you from signing up with this clone website. Get the facts straight as we uncover the traps in this RAXTRADE Review.

RaxTrade Review

A suitable broker has a strong online presence with a proven track record. This is the broker you need to start making realistic profit margins. Make the bold moved today and sign up with befitting brokers who offer ample and fair trading conditions. It’s what you need to take your trading to the next level. Start the signup process and trade with industry-backed experts who have what it takes.

A Brief Introduction to RaxTrade

The broker claims to revolutionize online trading by providing various solutions. According to the broker, they emphasize education and market analysis. There’s no mention of how they do so or if they offer live trading sessions.

These are false claims meant to entice newbie investors into signing up. Rax Trade is bound to flop with the platform already on the blacklist of one of Europe’s regulators.

On their about us page, the broker claims to offer risk management services since 2011. They go ahead and claim that Rax Trade is one of the longest-serving online trading platforms. We have concrete evidence that blows their claim away.

Raxtrade is another offshore-led brokerage service trying to steal from investors. Our review will expose the traps they set as well as what victims are going through.

Advanced security claims

The broker claims to offer a secure trading environment by offering a stable platform. They claim to use advanced security protocols such as Peer-to-Peer encryption and SSL encryption. Over the years, we have seen offshore brokers using such claims to enlist thousands of investors. The platform ends up being another well-designed scam to steal funds from investors. We won’t allow this to happen on our watch. The broker must be exposed at all costs.

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Assets and trading instruments

There’s a call to trade CFDs on commodities, Crypto, forex, and shares. Some of the Crypto pairs we see include BTC/USD, BCH/USD, and more. The broker also claims to offer portfolio management services.

We couldn’t see any information on trading conditions such as leverage and available spreads. The broker fails in their quest to inform users on what to expect with their trading conditions.

Becoming a member

Signing up with the broker did not happen as the broker claims to close the process. According to the registration page, there’s high demand, and limited spots have been filled up. The broker confirms your IP address and will later open up the slot if you return another time.

With your PC address, the broker knows when a user visits the website. If you use the same device, it makes it easier for them to allow registration.

One thing we implore our readers is not to share their banking information with anyone. The platform uses this avenue to harvest banking information from wealthy clients. During the verification process, the broker insists on a copy of your ID and credit card information.

Within a short time, they will gain access and clean out your account.

Domain and website online footprint ( review) features

You can verify a domain’s online footprint by using domain checker tools. The website went live on June 17, 2019. Claims of being online since 2011 are false as this broker clearly misleads investors. As we publish this post, the website is 665 days old.

That doesn’t warrant the claim of being a reputable broker. We are exposing the lies they use using valid credentials from credible sources.

Is RaxTrade Licensed and Registered?

RaxTrade is not a validly licensed trading platform. The broker has a warning from the FMA. Thanks to complaints from the Australian trading community, this broker is now blacklisted. We hope other regulators in Europe will ban the use of this broker.

The FCA is concluding its investigations and plans to expose the broker. Please stay away from the platform or else risk losing your funds.

RaxTrade License and Registration Process

Once you read the terms and conditions, you understand all liability falls to the member. We couldn’t find any information on the platform regarding their license status. The broker does not offer any credentials to the members.

Signing up with such a broker is throwing away money. No recovery agent will help you recuperate lost funds. The best option is to stay away from blacklisted trading platforms.

RaxTrade Features

Account Types

There’s no mention of available accounts which go to show the broker’s ill-intent. All they want users to do is deposit funds and claim to double it. The broker intentionally leaves out the account types for a reason.

With the broker claiming to be an expert, they want users to wait for ripen profits. This doesn’t happen as there’s no way a blacklisted broker makes any effort to trade. We don’t even have the acceptable minimum deposit for signing up with the broker.

Contact and support

On their contact page, you can see that this platform’s address is St. Vincent and the Grenadines. This is a hot spot for brokers who don’t want to face any regulation. There’s a message board the broker uses to track down investor’s motives.

When you send a withdrawal request, the broker knows you want out of the platform. That’s when they block all access and shut down your account.

Deposit and withdrawal options

Rax Trade furnishes users with various depository options, including Bitcoin. Before making any deposits, you should note that there’s no withdrawal policy. The broker fails to inform users on how long it takes to withdraw funds.

This isn’t an anomaly, as the broker intentionally leaves the information out. Stay away from the platform, or else risk losing your entire funds. This is a broker that only allows deposits with no withdrawals taking place.

Trading platform

Information missing from their homepage is the type of trading terminal available. With the signup process being a burst, there’s no telling which platform is available. If you do get the chance to trade with a reliable broker, go for MT4, MT5, or SIRIX terminals.

These are some of the best as they offer a trading advantage to users.

Safety of funds with RaxTrade

RaxTrade Account types

With all facts pointing to a serious online scam, funds’ safety is out of the question. The broker does not follow trading rules such as segregating accounts. We believe the broker is transferring all funds to their personal bank account.

No member will receive any compensation once the website shuts down. With regulators circling, the platform will shut down soon. Please stay away from Rax Trade.

Scam or Legit RaxTrade

RaxTrade is a scam waiting to pounce on investors. All the proof you need is there, share this post and help expose this scam website.

Our recommendation

We won’t recommend the use of this platform. Avoid any interaction with their staff members.

Stay safe and sign up with reliable brokers who offer reliable trading services. It’s the recipe for success.

We wish you all the best.


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