Tarex Trading FX Review
With the financial markets bursting at the seams with opportunities to make money, it is understandable that there is a high demand for online brokers. They are the ones who provide people with access to the market of their choice from anywhere these days, a flexibility that did not exist before. To meet this demand, an increasing number of companies have been founded, but what is important to note is that not all of these platforms are genuine and professional. Impostors are abound in the market, so you need to find a legitimate company and this Tarex Trading FX review can help you in this task.
At first glance, you will discover that most online brokerages appear to be quite similar. They promise excellent trading services and a variety of features that are bound to catch your attention and convince you to sign up. But, this is where caution is needed because even fraudulent platforms take the same approach to fool people. You do not want to get conned this way and lose your hard-earned money, or have your personal data compromised. Therefore, you have to evaluate a brokerage’s offerings in order to determine if they are what they claim.
This should be done in the case of Tarex Trading FX as well, which has advertised itself as a legitimate British broker that offers you a great opportunity to trade in the financial markets. Some of the attractive features you will notice right away include fast withdrawals, negative balance protection and client account segregation, making it a safe platform for you to engage in the forex market and make the money you want. But, when you begin your evaluation, you will come to an entirely different conclusion because it does not seem to a legitimate brokerage at all. Why? You can find some of its flaws below:
Blacklisted by the FCA
One of the key features that can usually help traders in identifying legitimate brokerages is their licensing and regulatory status. Most authentic brokers have a license to operate from the regulatory authority in the jurisdiction they operate it. This regulation ensures that they comply with the highest possible standards, offer protection to their clients as well as transparent and fair services. Unfortunately, when you check out Tarex Trading FX, you will find that the FCA i.e. the Financial Conduct Authority (FCA), which is the regulatory authority of the United Kingdom, has actually blacklisted the brokerage.
When you first check out Tarex Trading FX, you will be impressed because it claims to be licensed by the FCA, as it has presented itself as a British brokerage. However, this is just a ruse because the FCA has actually issued a warning about the company offering its services illegally to people in the UK. This means that it certainly does not have a license to operate and is only trying to mislead its clients. After all, being licensed by the FCA is quite impressive, as it is one of the most renowned regulatory authorities in the world. Hence, being blacklisted by the entity certainly does not help Tarex Trading FX’s case.
The fact that you are dealing with a blacklisted brokerage is enough to turn people away from Tarex Trading FX and look for another option. But, if you are looking for more proof about it being fraudulent, you can find it easily. If you look closely at their website, you will notice that it looks more and more like a high-yield investment program (HYIP) scam, rather than a genuine brokerage. How? All you have to do is look at the trading accounts they are offering.
There are three options, which are Bronze, Silver and Gold and each account, you will find that Tarex Trading FX is actually offering guaranteed returns of 270%, 360% and 510%, respectively. The fact is that no brokerage in the financial markets can guarantee you such returns for several returns. First off, there is no way for anyone to predict these markets because by nature they are quite volatile, which is what makes them profitable and risky at the same time.
Even the most expert and professional people cannot guarantee you returns, so anyone who is doing so should immediately be doubted. Secondly, the fact that Tarex Trading FX is a brokerage means that it is a market maker. It implies that the company will make profits when its clients lose a trade. Therefore, it should not be guaranteeing returns to its clients, as this would mean losses for the company. It is a conflict of interest and no authentic brokerage would ever do so.
Lack of trading software
One of the most important features that an online broker offers to its clients is the trading software, which is used for executing your transactions in the market. It has to have the right technology and tools to help you during the trading process, but the problem with Tarex Trading FX is that it does not appear to have a trading platform at all.
This is definitely shocking because there can be no trading without a trading software, which confirms that Tarex Trading FX is just a sham. Legitimate brokers will offer you a professional trading platform like the MT4, MT5, or the cTrader, which have award-winning technology and powerful tools for their users. As for Tarex Trading FX, they only have a cluttered and disarrayed user dashboard, which is only meant to propel the illusion of a trading platform and nothing more.
Only crypto payments accepted
The final nail in the coffin that you will come across at Tarex Trading FX is when you check out their payment methods. This is when you learn that they are only accepting crypto payments, which should be a big warning. Crypto payments are final, which means they cannot be reversed and you cannot file a chargeback. They are also used by scammers because they give them anonymity.
Considering the flaws that you uncover when you evaluate Tarex Trading FX, you can easily conclude that it is not a legitimate brokerage.