TradeOX Review: A SCAM Project Masquerading as a CFD Broker?

Getting acquainted with TradeOX is worth it only if you want to see what an outright scam project looks like, masquerading as a CFD broker. Disregard its promises of attractive trading conditions – you’re bound to lose your money here regardless. In just 10 minutes, we gathered so much evidence that it would suffice for a dozen similar platforms. We’ll showcase some of these findings in our brief review.

TradeOX General Information

Website	http://tradeox.io/
Phone Number	+61370196928
Email	support@tradeox.io
Address	Ground Floor, The Sotheby Building, Rodney Village, Rodney Bay, Gros-Islet, Saint Lucia
License	None
Minimum Deposit	$2,500
Assets	Forex and CFDs
Leverage	Up to 1:500
Trading Platform	Unknown web trader

Registration and Client Portal Review

We were simply eager to explore and share with you the registration process and the fantastic set of features within the client area of TradeOX. Unfortunately, either higher forces or inept developers behind this project had other plans. Thanks to their efforts, we couldn’t determine the specific country’s clientele they cater to. The list we went through was quite extensive, including:

• UK and several European countries
• USA and Canada
• Mexico, Brazil, and other South American states
• India
• Japan, Australia, Singapore, and Malaysia (and that’s not all).

Each time, we were met with an unfriendly welcome message, stating that citizens or residents of that country were not welcome on TradeOX.

Therefore, all we have left is to explore the broker’s official website. And it’s far from being a shining example of web development creativity.

Here’s what we noticed.

• The “Webtrader” link in the main menu has no relevance to the trading platform and simply redirects visitors back to the current page.
• The section about the three main principles of technical analysis on the homepage is entirely disconnected from the surrounding content as if it was used to fill up empty space.
• No substantial information about TradeOX is provided, except for contact details.

Furthermore, the pages are riddled with unreliable or blatantly contradictory statements. However, we’ll delve into those details further in our TradeOX review.

TradeOX Trading Conditions

The broker promises traders complete transparency, low costs, and arguably the best trading conditions in the world. Let’s put these claims to the test and see how they hold up.

Account Types

TradeOX offers its clients six types of trading accounts:

1. Bronze Account. An entry-level account allows trading with a deposit as low as $2,500 and leverage of up to 1:100. However, the limitations of this account seem to outweigh its benefits. For instance, access to the neural network is only granted for a trial period. Traders receive just one signal and one educational trade with support. Direct WhatsApp support and VIP services remain distant dreams.
2. Silver Account. Clients with a $10,000 balance become TradeOX customers. Their leverage increases to 1:150, and they can enjoy up to 3 educational trades and signals. Access to artificial intelligence becomes limited, and the option to use a desktop terminal emerges.
3. Gold Account is designed for depositors with at least $25,000, this account offers full neural network access, leverage up to 1:200, 5 signals, and 8 educational trades. Additionally, the ability to use a mobile application is granted.
4. Platinum Account. For those who deposit a minimum of $100,000, this account provides access to 7 signals, 10 educational trades, and leverage of up to 1:300. An intriguing option, according to TradeOX, is SMS notification.
5. Premium Account: With a hefty $250,000, traders are offered direct WhatsApp support, a 15-day trial of VIP services, 8 signals, and 12 educational trades.
6. Diamond Account. A deposit of $500,000 allows traders to enjoy leverage up to 1:500, use 8-12 signals, and execute 15 educational trades. VIP services are available for a generous 30 days.

Reviewing this intriguing table, we discern that:

1. Even holders of a $500k deposit at TradeOX don’t receive true VIP status, as corresponding services are only available for a 30-day trial.
2. The allure of a mobile trading app requires a $25,000 account balance.
3. Standard swaps appear uncompetitive (perhaps a message that should be conveyed to banks and other major market participants).

It seems that the company could not agree with itself. In the FAQ section, the minimum deposit is not $2,500 as in the types of accounts section, but $250.

A notable discovery is that TradeOX clients have access to artificial intelligence (the neural network), yet curiously, this is not mentioned anywhere on the official website. The purpose and usability of this AI on the platform remain unclear.

Trading Platform

In the table of account types and on the TradeOX homepage, the broker claims to utilize the popular MetaTrader 5 platform by MetaQuotes for trading. However, due to our inability to complete registration within the project and the fact that all terminal links on the website lead nowhere (either to a registration form or the current page), we could not obtain direct confirmation or refutation of this claim.

There is evidence suggesting that MetaTrader is not even being considered. The MT5 mobile app does not list this broker officially using it.

The objections regarding the possibility of using software under White Label arrangements are also invalid. MetaQuotes ceased such licensing practices as early as 2022. Consequently, brokers established after that point (which includes TradeOX) lack the ability to purchase and provide clients with the MetaTrader 5 trading platform.

TradeOX — Deposit and Withdrawal of Funds

Due to the inability to complete registration, we cannot assert with certainty which methods of deposit and withdrawal are available in the Personal Area. However, insight into this matter can be gleaned from the Withdrawal, Refund & Cancellation Policy.

According to this policy, fund withdrawals to clients are only possible through the same payment methods used for depositing funds. There are a total of 2 options available:

1. Transactions via bank cards.
2. Cryptocurrency operations (Bitcoin).

Furthermore, the document contains noteworthy provisions: each of the mentioned methods can only be used to withdraw the amounts that were not originally deposited using them. How to withdraw profits, if any, is left conspicuously unaddressed by TradeOX. It appears that the platform assumes traders will not be able to earn any profits at all.

Verification

The procedure for verifying clients’ personal data at TradeOX is also outlined in the mentioned policy. The fact is that all operations except for withdrawals, including account funding and executing trading transactions, are accessible to the client without undergoing verification.

The user needs to send color scans or photos to TradeOX of the following documents:

• Proof of identity (passport, driver’s license, ID card).
• The bank card is used for depositing and withdrawing funds.
• A document confirming the address (utility bill or bank statement).

All texts, numbers, and signatures must be clearly visible; otherwise, the account may be blocked.

On the card copy, the middle 6 digits of the card number and the CVV2/CVC2 codes on the back should be obscured.

Additional Options

Regarding additional offerings to TradeOX clients, we have only gathered information from the account types table. This list includes:

• Access to a neural network
• Demonstrative (educational) trading transactions accompanied by TradeOX specialists
• Transmission of trading signal
• Certain VIP services

Detailed information is not available on the official company website, and as we previously mentioned, we were unable to access the Client Area. Therefore, we lack details about this set of options.

Is TradeOX a Scam?

Even the already-mentioned facts are sufficient to understand that we are dealing with a scam platform, and traders will be unable to earn or recover their funds. Further evidence can be found in the official information about TradeOX.

Legal Information and License

On the pages of the official TradeOX website, the company does not disclose information about its place of registration and the presence of licenses. Moreover, some of the information provided by the broker is contradictory and lacks credibility.

For instance, on the contact page, it states that the company is named Fortgate Offshore Investment and Legal Services Ltd and is located in Saint Lucia. However, in documents such as the Terms & Conditions and policies, the company named Terminal Limited Ltd. is mentioned, operating in accordance with the laws of saint vincent and the grenadines (the country’s name is directly copied from the document). Do you believe this could be true?

We are also certain it is not, but we investigated both scenarios. A search for Terminal Limited in the registry of the Financial Services Authority of Saint Vincent and the Grenadines (SVGFSA) yielded no results.

Fortgate Offshore Investment and Legal Services Ltd does indeed exist in Saint Lucia, but it is a serious investment company that assists in establishing businesses in that country. It has no connection to CFD trading. You can verify this on their official website: fortgateoffshore.com.

The straightforward conclusion is that TradeOX lacks proper registration. It is merely a web-based platform collecting funds from traders with the intention to misappropriate them. There is no doubt that this scam platform does not possess, nor can it possess, any licenses, as licenses can only be obtained by an existing (at least in registries) company.

Tradeox.io Domain Info

Details about the domain on which the official TradeOX website is hosted further highlight the unreliability of the information provided by the broker. According to the whois service, the domain was registered on May 19, 2023. It is widely understood that this is a very short period for a broker’s existence and does not inspire trust among users.

There is even more intriguing information here. It turns out that it is registered on behalf of the company “nft market place,” located in London, GB. It seems that to decipher the intricacies of TradeOX’s firms, one would have to become a client of the platform at any cost and utilize artificial intelligence because our natural intelligence can’t help to solve this problem.

Contacts Review

We have already partially mentioned the details on the TradeOX contact page. Yes, right here it is posed as Fortgate Offshore Investment and Legal Services Ltd. However, that’s not all.

Pay attention to the phone number. Yes, you read that right – it’s Australian one. How Australia is related to Saint Lucia, Saint Vincent and the Grenadines, or the United Kingdom, where TradeOX purportedly operates, is quite puzzling for us to comprehend.

Even more captivating is the schematic world map displaying TradeOX ‘s offices. For those unfamiliar with geography, they can simply hover their cursor over the indicated locations. Doing so reveals that within just 3 months of existence, TradeOX has managed to establish a total of 18 offices, including 4 in the United States, where CFD trading is legally prohibited, 3 in Europe and China each, and even one in Moscow. However, curiously absent are any representations in Saint Lucia, Saint Vincent and the Grenadines, and Australia (where the phone presumably laments in solitude).

Pros and Cons

 

Frequently Asked Questions (FAQ)