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8.1
  • Tradorax

  • Bonus: up to 50%
  • Options Payout: 70-85%
  • Rating: 8.1 / 10
Broker Name: Tradorax
Platform: Tech
Founded: 2014
Bonus: up to 50%
Return/Refund: 70-85%/0-4%
Tradorax Overview
No. Of Assests: 120
Regulated:   No
Demo Account: No
Minimum Deposit: 250
US Traders:   Accepted
Read Users Reviews

Tradorax Review

Tradorax recently listed a new company at the bottom of their homepage as their owners: AM Capital Ltd, Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960. Billing and Clearing services are provided by BetaTech Ltd. of 49 Patriarch Evtimii blvd, Prestige Business Center, 1463 Sofia, BG. They are not regulated and as far as we know, they are not taking steps towards getting regulated. They can be contacted via email at support@tradorax.com; UK clients can contact them at telephone number 442038088839 and US clients at 16469346204.

 

Is Tradorax A Scam?

Tradorx comes with a cutting edge platform operated by known providers. It will no doubt get complaints like all brokers do but rest assured most if not all will come down to bonuses, withdrawals and reading the terms and conditions before making a deposit. This is not unusual, it is unfortunate because so many people still jump into trading without knowing what they are doing, but it does not make Tradorax a scam. We love the fact they have their Legal notifications right next to the trading platform links. Tradorax are not yet regulated by CySEC, yet they make sure to comply with the rules of transparency. If you’re already planning to trade, why not going through the complete T&C plus other Legal facts? No reason you shouldn’t, even though we already did for you. Thumbs up for Tradorax for allowing such easy access to TC, now it’s up for you traders to read and understand.

Update August 2016: This brokerage is now owned by another company (see above). We do not know the reason for such a change but recently it seems like brokers are changing owning companies too often. Of course, the reason could be purely business oriented, not a warning sign or a red flag but caution is recommended nonetheless. Complaints about their service start piling up and it looks like Tradorax is losing ground lately.

 

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Editor’s Note – Why Tradorax Doesn’t Suck in 50 Words

Ok, first thing first. Built on the TechFinancials platform, parent of some of the biggest brands in today’s market, Tradorax supports a large number of assets, long term and short term expiry, cutting edge charts and all comes to us in 1 package supporting US based clients.

 

Why does Tradorax Suck in 50 Words

User interface is not the best. Tradorax website looks pretty outdated, and demands complete renovation. The trading panel is flawless; however I would expect much better all around UI and UX from a top notch TechFinancials Broker.

 

 

Should I Open An Account With Tradorax?

Based on TechFinancials platform technology, Tradorax is one of the newest generation versions and includes both binary and Forex trading on one platform. This synergy is fantastic for those who want to trade both spot binary and spot-FX, or are at least interested in both. Along with this come some of the top tools in the binary arsenal including above/below, range and one touch options. The above/below are my favorite on this platform as they trade just like standard digital with the added bonus of higher payouts.

Expiry is also very good at this broker. Short term trading includes 60 seconds, 2 minutes and 5 minutes from purchase expiry while the longer term includes multiple intra-day for each asset and some long term for the heavily traded ones including forex. These expiries will range from end of the week to end of the month and next month out to 6 months or more. The asset list is stellar so don’t worry about that. The platform is focused on Forex, not surprising given its dual nature, and has over 30 pairs but they have not forgotten the other asset classes. There are 24 indices, 9 commodities, 3 commodity based pairs and dozens of stocks.

Overall, as I said on the “why this broker sucks” part, the overall layout of the webpage is not the best. I cannot ignore an average minus User Interface; it really annoys especially when it’s a TechFinanciels platform. The trading panel is top notch, nothing to complain about (: But come on Tradorax, make us proud on the other parts of your website!

 

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Tradorax Complaints

The most important thing to do before you choose your broker is to search for any complaints. It’s very simple, everyone can do it at home: Google Tradorax complaints, scam, fraud, experience, etc. Search inside posts and comments, search forums and dig some information. When we searched for Tradorax we couldn’t find many complaints, some old complaints on FPA (updated last oct 2014 by the user) but nothing to catch our eyes. We also saw a complaint on Forexfraud that came along with a replay and explanation by the broker’s support. That’s one point extra for good customer service. Overall, we couldn’t find any real meat on those complaints. Our team will keep following and updating this review.

Update August 2016: As promised, we kept monitoring and things are not bad overall, but definitely worse than before. The complaints have increased in number and some of them are quite worrying: clients have lots of trouble withdrawing, alleged price manipulation occurs and trades are placed without the consent of the client. This makes us recommend caution when doing business with Tradorax.

 

Tradorax Ratings

User Friendliness 18/20

This is one of the most user friendly platforms there is. All binary options brokers are user friendly but few have the appeal and professional feel that make TechFinancials a top technology provider. Add to this the extra tools, charts, and you have a top platform in a category all of its own. Available in 3 languages only.

 

Number of Assets and Expiry 18/20

Tradorax has a Hugh number of assets to trade: 32 Currency pairs (FX), 10 commodities, 55 Stocks and 20 indices. That’s a pretty big numbers of assets, but not all assets are always available to trade. Expiries stretch from 60 seconds to 2 minutes and intraday expiries, to a week and a few months expiry. Lots to play with.

 

Customer Service, Support & Effective Return 15/20

Customer service is a top priority for this broker; they know that keeping traders happy is the best recipe for long term success. Support begins at sign up when you talk to your account rep and is available through chat, email and phone. Additional support in the form of lessons and training is also available. Returns are average for standard accounts, in the range of 70-85%, but can be enhanced for larger accounts. Silver, Gold and VIP accounts get increased returns in the amount of 2, 3 and 4% respectively.

Update August 2016: We tried contacting Live Chat support during the middle of the day (GMT time) and all we got in return was the option to leave a message. The lack of this feature is not professional and needs fixing.  

 

Deposits, Payouts & Bonus 13/20

Deposits methods include credit cards, wire transfers and CashU. Withdrawals are limited to those methods. Minimum deposit is $250 but larger deposits get enhanced features like higher pay-out, higher bonuses and cash back options. Withdrawal is limited to original method of deposit, credit card withdrawals limited to the original amount of deposit. Wire will cost $25 but all others are free. The one thing that drags the score down is the time to get paid which can run up to 15 full days. Several types of bonuses are available, all with a 30X deposit + bonus minimum, high compared to others so make sure you accept a small bonus only. Bonuses include up to 200% deposit bonus, risk free trades and VIP signals.

Update August 2016: They have added Neteller and Skrill to the list of deposit/withdraw methods. And also 2 new account types: Saving Account and Self-Managed Account. To get more info about either of them, you will have to talk to one of their representatives. For Forex trading the required volume is (Bonus + Deposit) x 50 and for Binary options the wager is the same as before. Keep in mind that you will not be able to withdraw your own money (the deposit) before you reach these trading volumes (which, by the way, are very high).

 

Website Extra’s 17/20

This broker has a lot of features. One bonus is the addition of forex to binary, or binary to forex, that makes it one of only a handful of dual service brokers. Another extra that makes this broker a top choice for me is the charts. They have a set of highly, extremely, useful charts that are far beyond what the typical broker has to offer. They include up to a full year of data, can be set to any durations, includes bars/candlesticks and have all of the standard indicators. This means no more using two platforms and no more trading from useless charts.

 

 

Tradorax Overall Ratings = 81/100

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