If you are looking for an answer to whether TradesXM is a fraudulent company or not, then you’ve come to the right place. I won’t beat around the bush and will answer you straight away — yes, it’s a scammer engaged in illegal activities to swindle as many people as possible out of their money. Now that you know the answer, you can either stay and read the arguments or leave the reviews with peace of mind.
- TradesXM General Information
- Registration and Client Portal Review
- TradesXM Trading Conditions
- Account Types Review
- Trading Platform
- TradesXM — Deposit and Withdrawal of Funds
- Verification
- Additional Options
- Is TradesXM a Scam?
- Legal Information and License
- Tradesxm.com Domain Info
- Contacts Review
- More Details
- Pros and Cons
- Frequently Asked Questions (FAQ)
TradesXM General Information
| Website | https://tradesxm.com/ |
| Phone Number | — |
| support@tradesxm.com | |
| Address | Republic of South Africa |
| License | — |
| Minimum Deposit | — |
| Assets | Forex, commodities, stocks, indices, bonds |
| Leverage | 1:300 |
| Trading Platform | MetaTrader 4, WebTrader |
Registration and Client Portal Review
I’ll start the review with the official website, which essentially is the first thing a potential client gets acquainted with, so it’s every company’s task to attract the trader and provide them with all the necessary information about the broker’s activities and trading conditions. However, TradesXM has utterly failed in this task.
The firm forgot to include important information: duration of operation, business model, licenses, and even a legal address. Some legal documents are available on the website, where it is mentioned that this is a South African organization, but there’s no specific address, nor registration documents.
The official site lists account types, available trading platforms, some useless information about the company, and fake advantages. The resource is only in English, so the notion that this is a global broker with an international presence can be dismissed.
TradesXM used a dark green shade with a few inserts of images in the form of currency pictures, charts, and gadgets. It looks rather dry and boring.
To create an account, one needs to click on “Register Now” at the top right corner. Clients also have the opportunity to create a demo account to practice and test the service without the risk of losing real money. When registering a demo account, the user does not need to provide a residence address, passport number, nationality, and source of income.
The personal account interface is presented without innovations and unique graphic design. Clients have access to the main dashboard, where they can see the current balance, download the platform, go to WebTrader, and learn the current account status.
Other sections include deposit and withdrawal operations, trading and transaction history, opening new accounts, including demo, uploading documents for KYC, and editing personal data. By the way, the client portal supports translation into more than 10 languages, so why then is the site only in English?
TradesXM Trading Conditions
This is a typical CFD broker, providing access to 250 CFDs of different asset classes. Traders have access to leverage, a modern platform, and additional options, which I will examine in more detail further on.
Account Types Review
TradesXM offers just three tariff plans:
- Basic. This tariff includes a personal trading specialist, a highly qualified portfolio manager, personal consultations, 4 different platform options, 24/7 support, educative videos and e-books, and real-time trading lessons.
- Advanced. Adds two services: Professional trading tools and direct news and market events.
- Premium. All features are available, including market trend analysis and special VIP trading offers.
It is worth noting the absence of key information: the size of the minimum deposit, spreads, commissions, and leverage. The last parameter can be found in the personal account, where there is a choice of leverage from 1:1 to 1:300. By the way, such high leverage is an obvious sign of a lack of regulation by financial commissions.
TradesXM does not explain or comment on each of its additional services. For example, what is a trading specialist? What are their tasks, and can they confirm their qualifications and competence? And how are personal consultations conducted? By phone, mail, or messenger? So, there are still many questions, and fraudsters do not want to give answers to them. I also cannot determine whether it is profitable to trade here or not.
Trading Platform
For trading operations and analysis of charts, the MetaTrader 4 terminal is used. Clients can utilize desktop, mobile (Android/iOS), or web versions. Download links are available in the client portal.
Commenting on the MetaTrader 4 platform is pointless, as it is a popular software. There are many educational materials, guides, and videos on the internet on how to use this terminal and what it is capable of. However, another aspect concerns me.
Connection to the account occurs through the TechInvest-Server server, not TradesXM, which is entirely absent from the list of brokers connected to MetaTrader.
TradesXM — Deposit and Withdrawal of Funds
When registering a personal account, the system asks how the trader plans to deposit funds. Meanwhile, many response options are given: credit/debit cards, bank wire transfers, and electronic wallets (Paypal, Webmoney, Skrill, Neteller, and others). The following deposit methods are shown in the personal account: PayWB, Virtual Pay, PayCenter, Wire Transfer, and euPaymentz.
The broker preferred not to disclose the size of commissions and their presence, processing times for withdrawal requests, and other information. Indeed, why should users know such important data? And why isn’t cryptocurrency supported?
Verification
As I’ve already mentioned, at the registration stage, the company requests a passport ID, residential address, and source of income. This is the first part of the mandatory verification. The second part involves uploading documents that confirm this information.
The KYC procedure in TradesXM is standard and does not differ from other companies:
- Proof of Identification. National ID, resident ID card, or driving license.
- Address verification. Bank card statement, utility bill, or certificate of residence.
- Other documents.
The processing times for documents are also not disclosed. It can take several hours or even days, and possibly even weeks or months. It’s also important to remember that without a successful KYC, withdrawing funds is not possible.
Additional Options
Essentially, all the additional features available to traders have been mentioned in the section about tariff plans. Meanwhile, useful widgets such as an economic event calendar and financial news are missing. However, there is a table with online quotes on the main page, taken from the popular service Tradingview. It’s unlikely to be of any use to traders.
Oh yes, the firm also offers an affiliate program, about which one can only learn at the moment of account registration. However, it’s also unclear under what conditions the referral program was created, as nothing is mentioned about it.
Is TradesXM a Scam?
The official website does not inspire trust, just like the obvious opacity and secrecy of the broker. Verified companies would never hide important trading conditions, such as commissions and minimum deposits. Next, I will check when this platform started operating, its licensing, and its legitimate status.
Legal Information and License
The exact legal address is not specified, nor are the addresses of possible branches. However, the jurisdiction of the Republic of South Africa is clearly mentioned in the user agreement, but without a registration number and license.
I checked the registry of the Financial Commission of South Africa and found no mention of TradesXM. Therefore, I can say with 100% certainty that this is an illegal broker.
Furthermore, checking the legal registry of South Africa also yielded no results. Generally, if a company does not specify anything beyond the name of the jurisdiction, it is a serious red flag. A transparent and secure organization should provide the exact address of registration, as well as a number, through which it can easily be verified in the legal registry.
Cooperating with an illegal broker poses a huge risk. Such firms almost always turn out to be fraudulent.
Tradesxm.com Domain Info
By checking the domain with a special service, one can find out its registration date, thus understanding when the platform was launched. This domain was registered on April 6, 2023, which means it was a year ago, so the firm cannot be called experienced and verified. This is too short a period of operation for a brokerage organization.
Contacts Review
In the contacts, I also found several red flags. For example, TradesXM provides only one email address. However, where is the phone number? Where is the online chat for prompt communication with managers? Where are the social media accounts, which are an integral part of the company’s interaction with its clients? And, of course, the absence of a specific office address, which I have already mentioned.
This also shows that it is a minor and unsafe intermediary. Serious companies have several email addresses for different purposes, phone numbers in various languages, and online chat. Moreover, solid firms spend serious money on social media promotion, as this adds loyalty among clients and attracts new traders. None of this is present with this scam.
More Details
Besides the lack of information about the period of operation, licenses, and legal address, I noticed that the company does not specify which business model it operates on. It is not difficult to guess that this is a typical dealing desk.
A dealing desk only earns when traders lose money. Therefore, there is no point in cooperating with such a company; you will lose your money anyway, as the platform will work against you.
Pros and Cons
- A demo account is available.
- The well-known MetaTrader 4 platform.
- Too secretive and non-transparent broker.
- Lack of regulation.
- Illegal activity.
- A short period of operation.
- Few reviews online.
- Important conditions are unknown.
Now you know why this is a fraudulent organization that should not be trusted with money. I have provided you with all the necessary arguments (lack of license, short period of operation, and hidden trading conditions) to help you avoid falling for an outright scam and fake.
Frequently Asked Questions (FAQ)
You can register a personal account here and start trading CFDs with leverage up to 1:300. This can be done with real money, or you can try it on a demo account with virtual funds.
The size of the minimum deposit for trading is not specified on the official website. I also could not find this information elsewhere, so it’s unknown how much money is needed to start cooperating with the platform.
Absolutely not. I found out that such a firm does not exist in South Africa, and it also lacks licenses. The organization does not even list this important information on its site.
I lost $5,000.
Do not invest here, it’s a trash and fake broker. I lost $5,000, and it’s impossible to get the money back. I was a foolish trader, so I believed the scammers. I really wanted to try trading Forex, and then they offered me the help of a personal expert and educational materials, as well as consultations. I took the bait and transferred money to the criminals the next day. After that, they stopped contacting me, and I cannot get my money back. I share my sad experience to help other traders.
It's outright scam
I don’t understand how people can so easily believe blatant scammers and give them their money. Those traders who believed the fraudsters from Tradesxm, what were you thinking when you confirmed the transfer of your deposit to this fake brokerage company? Or were you persuaded to make such a foolish decision?
I see a typical scambroker, which was created very recently. It has no licenses, no registration numbers, and no address. Who in their right mind would invest in something like this? Any company MUST disclose information about itself: a clear registration number and license number, a full legal address, the names of the management, and other data. There’s nothing here. I feel sorry for those who trusted the fraudsters. But if you are just planning to invest money here, I want you to stop and not make this foolish mistake.