Thinking of getting into business with Trade Lax? Here is what you must know about this broker. Carefully read this review to find out if tradelax.com is the trading platform you will want to trade with.
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About Trade Lax Broker
Trade Lax is an offshore brokerage company with a lot of promises for traders. The broker is located in the UK. It claims to offer forex traders with the tools needed for expert trading.
Trade Lax claims to be an “innovative online trading platform for everyone”. Also, it helps forex traders to reach their goals fast. There are different account types presented by the broker — Starter, Advanced, Expert, VIP and Islamic.
In spite the trading instruments Trade Lax claims to offer, traders must know they are dealing with an unknown broker whose regulation claim is false.
tradelax.com: Reasons to Avoid This Broker
tradelax.com is a platform with no financial authority overseeing its financial services. Its regulation claims are not legit as Financial Conduct Authority, UK does not recognize the brokerage company.
Another red flag we noticed on tradelax.com is that there is no demo account for traders. If traders can’t test Trade Lax broker on a free account, how then can we know its viability in the forex market.
Since this broker does not offer money back guarantee, trading on any account type is clearly a risk. This is a big warning for forex traders to avoid losing money with this broker.
Withdrawal and Deposit
Withdrawal process
Trade Lax states a withdrawal request for forex traders only when there is a minimum trading volume of 30 times for each unit bonus.
Trade Lax places an inactivity fee of 50 units on a dormant account of 3 months. See below.
This is just a way to reap you of your money and also frustrate the withdrawal process.
Minimum Deposit
Trade Lax minimum deposit is indicated $250.
The payment method on tradelax.com are Credit card and Wire transfer. You should not consider making any payment with this broker in the first place because it is a risk. So beware!
Trade Lax Platform
Trade Lax operates as a Web Trader. The refusal to make use of industry standard such as MT4 or MT5 that are widely accepted for trading is one of the reasons why you should avoid this broker.
Trade Lax leverage is mentioned 1:400. It is advisable you don’t consider doing that. In fact, it is against the regulatory leverage set by FCA, UK.
In spite the attractive offers Trade Lax broker presents, we can’t find a free account for traders to test the platform before considering a deposit.
Trade Lax Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation that means your money is at risk. Its licensed and regulation claims are false and must be avoided.
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Conclusion: Is tradelax.com a Reliable Broker?
No, tradelax.com is not a reliable broker for traders and because of that, you are advised to stay away from this broker.
The scam is on the wall for forex traders to avoid crossing path with tradelax.com because its claimed license and lack of transparency are red flags.
Therefore, we do not recommend this broker for trading.
Kindly share your comment about this broker in the comment section.