Here’s my experience with Tradorax, and one of their Account Managers, David Miller (if thats his real name)
I was looking at Binaries about 4 months ago and came across Tradorax. It seemed ok. Some websites had even reviewed them favourably, with only a couple of complaints. And one of those seemed like someone who didn’t really know what they were doing.
I’ve done a fair bit of trading of various instruments in the past and thought I’ll proceed cautiously…
So I opened an account and put a few hundred dollars in.
I then get a phone call from David Miller. “Hi Buddy!” (yes i’m his buddy already, lucky me).
I get the spiel how he can make me 10% per week (yes you heard it right) easily, by depositing $5000 and having a silver managed account. I asked how it works. He said we trade for you for one day a week, and that’s it! “I guarantee you buddy, we are going to make a lot of money!”
Wow. How fantastic. Imagine a person so altruistic he would give up the chance to make himself 10% and retire within 12 months and be worth billions in a few years just to help little old me?
David was making this money by short term binaries (30sec, 1/5/10 minute etc). and only trading $25 per trade.
So I thought i’d play along. Asked all the right questions:
“I can withdraw all my money whenever I like David?”
“Yes buddy, it’s your money and you can do whatever you like with it”
“I’m not tied in with any bonuses, etc?”
And away we went.
First week. Bang! $500. Yippie! David was excited. He even transferred the $500 into my bank account and said, “See buddy, how easy is it.
Now why don’t you deposit $25k and we’ll make some real money”
“err, not yet David, how about i see some consistency. Lets trade for 6 weeks and then we’ll talk”
“Sure buddy, it’s your money”
So a few weeks went by and one more trade and another $500. Only this time no transfer and excuses why there wasn’t. But at least my balance was on the up.
More phone calls, more pressure. I pointed out we had agreed thay 6 weeks of trading and then we’ll talk. Then things started to turn.
“Oh we don’t want to transfer out of your account. We need to build equity”
“You need to understand we are trading at risk and we don’t want that. We need to build your account”
Sorry David, risky? I thought you said this was easy and no risk?
More calls, and even a call from his main broker trying to talk me into longer term strategies. I declined at this stage. I then spoke to David who basically said it’s to risky to proceed unless i deposit more money. I said hold fire for a little while and we’ll talk.
So this went back and forth for a few weeks.My balance was now at around $6500 and i thought ok enough, it’s clearly dodgy and i dont even know if they are actually trading for me, perhaps just throwing money into my account to lure more investment.
David would never give me info on the actual trades they made on my behalf, and dodged requests to do so.
So i thought i’ll withdraw $6000.
I go to my Account details page and sure enough the words ‘available funds to withdraw’ was my full account balance. So i made the withdraw request.
Waiting. a week. Nothing. Still a pending withdrawl on my account. I contact them via email and they state your account manager will be in touch, to which i said whats that got to do with withdrawing? They didnt answer.
So a couple of days later David calls me. And things really went downhill. To cut a longer story short, he said it needs voice verification. I said “Well here it is”.
He then said hold on a few minutes. And then came back saying all my money was tied up in a posistion for another month and i could withdraw after that.
Needless to say after a very heated exchange (and more attempts to pump money out of me) he said he can give back my initial deposit.
And then it got downright nasty.
“So it’s not my money David? How come my account said Available for withdraw if its in a position. You are basically making this up as you go along. I said hold fire and you’ve committed the money”. Etc etc.
Anyway after calling him a snake oil salesmen etc i thought well better to get out with something than him making up some more lies and saying that my balance was 0.
Fast forward a month. Nothing happened for a week. I rang them. I get transfereed to another broker trying to convince me to keep trading. FFS i said, give me my money. Ok he said.
Another 10 days. Nothing.
I try to contact my buddy David. Nothing
I get on their website, i chat and get assured i will get my finds. I then get an email stating the funds will be transferred.
Hopefully this occurs.
Bottom line. These guys are sleazy scammers in sheeps clothing.
Deposit your money and lose trades. You lose. Fair enough
Deposit money and win, then try and withdraw, you lose.
There is a whole lot more to the lies that were told, and a whole lot more false promises.
Please post this this in reference to Tradorax, I happen to agree with everyone here they are scammers and result to unethical tactics to steal people’s funds, I have snap shots of skype conversations from one of their traders Flavio Santos to where he personally told me that he took up on himself to go in to my bank card account and withdraw 500.00 to wit it cost me several hundred dollars on bank fees. I tried to close this account several times by withdrawing my funds so what do they do? THEY CANCELED THE WITHDRAWALS AND PUT THE FUNDS SPREAD SEVERAL MONTHS AHEAD SO YOU CAN’T TOUCH IT. When I contacted my bank and ask them why was my account overdrawn they told me it was because of the withdrawal from Tradorax. I did not authorize this and I was not even asked to do this, so my bank ask me if I wanted my funds returned to me and of course I did say yes, now Tradorax is telling me that I have FORFIETED my account for requesting my funds back. It seems that this could be a tactic or a way for keeping people’s funds, I mean think about it all they have to do is set this from the beginning with your personal trader, tell him to CREATE this situation so they can wash their hands and say, HEY YOU JUST LOST YOUR ACCOUNT! At the present time I have 3,400 dollars that I have being requesting for a withdrawal sitting on pending. They are not planning to let go of this funds, so I will ask anyone out there to PLEASE LET US ALL UNITE AND STOP THIS PEOPLE FROM STEALING ANY ONES ELSE MONEY! Let us post everything we can to put them out of business.
Send me your information at: [email protected] and I will make sure that this gets post it on every site out there especially here in the US. I will do everything within my power so you people don’t take one cent from the US. I’m retired and I have plenty of time to do this. I’m tired of losing money to crooks like Tradorax. I’m also sending a copy of this the editor in chief of the wall street journal and letting know how we are being swindle by al this false companies from overseas.
I’m sure that they will like to see something like this since it will make more people here to start looking for more reputable companies here in the US. Perhaps they will not do anything on just one persons word, however if I manage to collect thousands of signatures from people that have had a bad experience with your company I’m willing to bet that they will look more in to it.
In most cases there will be an evaluation of one broker on how they/he or she has managed ur money.
But it will not be possible in my case because I did not want them to do it when I repented it, and did not want their service.
They did also send my money back i deposited and then everything was okay – I thought.
They waited one week and then emptied my MasterCard account without my knowledge and consent.
I do not know how it is at all possible and it is certainly forgery and unparalleled.
My card has now been blocked as they seem to think that it’s okay to raise money as if it were their own.
and the case is now redirected provided to the appropriate authorities.
Meanwhile Tradorax excels with – as always their excellent lack of response and i’m in the meantime without any money for my bills and maintenance.
I do not know how it is possible to withdraw money from a bank account that is legit not your own?
They would like the image of one’s paying bank cards in order of Anti-Money Laundering policies.
I had covered everything, the only thing that was visible was the last 4 digits of the account number and my signature, but it’s apparently enough to make forgery.
I do not know how else that is even possible but apparently my broker does .. Ryan Collins
My advice would be to steer well clear of this company, they have no credibility. It’s okay if you lose money as you yourself have put in and lost because of bad business, I can understand that.
It is under my dead level and Tradorax is Unfortunately one with a poor integrity and poor management.
If find a god broker and want to try binary trading. And have the opportunity to make some god money. It should and bod be my decision when and with how much capital and not the other way around.
This first experience haven’t not at all been a god introduction.