TradeLax Review – Fishy Offshore Broker

TradeLax is a new broker that mainly caters to the needs of the forex traders. The number of instruments offered by them is around 200 and it goes without mentioning that they help retail traders get their hands on a number of different asset classes.

One of the main problems with this brokerage is that they have an anonymous nature and their customer feedback is not painting them in a good way. On one side, they are unregulated and on the other, their platform is not that intuitive and the lack of details is mind blowing.

Retail clients should be careful while proceeding with this kind of brokerage because entities like that will expose their users to a lot of risk. To learn about the advantages and disadvantages of indulging with this platform, continue reading.

Is TradeLax Regulated?

No, but that is not the worst part about them. TradeLax outright refuses to talk anything about their whereabouts and legality. From incorporation certificates to owner information, everything is missing or hidden and that is a huge cause for concern.

Few firms in the realm of finance maintain anonymous nature, but brokerages should not do that because that is not a desirable trait. Obviously, they do not offer compensation funds or segregated bank accounts which means the users are exposed to a lot of uncertainty.

Moreover, they have earned a bad reputation as well. Simply put, they are not the ones you should trust and the reasoning behind the judgement is rational.

After all, there are boat loads of choices available and finding a regulated broker that compliments your trading style should not be an issue by any means.

Contact Information

TradeLax does not talk about their trading or working hours. Address is not disclosed, but strangely enough, they do list out all of their telephone lines and email address.

By looking at the long list of numbers, it is reasonable to assume that they might have offices in different regions of the western hemisphere. Note that we cannot verify or pinpoint their location because of the ambiguity present.

So, take every bit of information presented by them with a grain of salt. For any reason, if you need to contact them, then you might want the following details.

• Australia – +61272277290
• Sweden – +46317674234
• United Kingdom – +442078801218
• Netherlands – +31203082149
• Finland – +358753265465
• Email – support@tradelax.info

TradeLax Instruments

This platform offers roughly around 200 assets. Trading conditions differ depending upon the asset class and to avoid getting margin calls, it is advisable to know the terms before opening a position.

During our investigation, the trading costs were higher than the industry average and there wasn’t any feature or aspect about them that justifies the additional costs. Although major pairs and indices are present, there is no way to test out their interface without signing up.

Plus, availability of demo accounts is something that is not specified by them. Maintaining a balanced and diversified portfolio is easy when the instruments offered are huge, but without the security factor, everything goes for a toss.

So, focus mainly on security and scalability because they are the kind of traits one needs to master in order to succeed in this industry.

Leverage and other Aspects

Unregulated brokers usually offer high leverage. Due to the incentives present, offshore entities often encourage people to over trade and regardless of whether the client is profitable or not, the brokerages will make money.

TradeLax does not mention the leverage offered. Scarily enough, information on fees is also not highlighted by them. Spreads are way higher than the average.

If any scalper is trying to make money with them, then the chances of him or her succeeding is slim to zero. Account types are not clearly stated and just about everything related to this brokerage has a sense of uncertainty to it.

Think for a moment, is this the kind of brokerage you want to indulge with?

Trading Interface

TradeLax offers a web based trading interface. The platform is not versatile and it lacks a lot of things. Compared to MT4 or MT5, the custom software definitely has nothing to offer.

We do not know whether copy trading or social trading functionality is present. Charting tools and layout also is not that customizable and lack of support for third party indicators is a deal breaker.

Experienced traders will have a tough time using this broker because of so many hassles present at every step. Most newbies will certainly find the entire thing overwhelming and one wrong step might blow your entire account.

The pitfalls and lack of user-friendly experience tells us everything we need to know about them, right?

TradeLax Features

We tried really hard to find something that can be categorised as extra features with regards to this platform. Copy trading was talked about in their homepage. However, the details about the whole process were bleak.

For starters, we did not know who the owners of the master accounts were. The statistics of the top traders were not revealed anywhere and the drawdown percentages were not showcased.

In short, we do not know whether it makes any sense to follow any of the master accounts present on the platform blindly.

Secondly, an economic calendar is present and it works pretty well. All the details regarding press events are put up. Note that this kind of layout is not extraordinary in any way.

Nonetheless, it is nice to have this tool present on the homepage itself. After all, being updated is always a good thing, right?

Is TradeLax Scam or Legit?

TradeLax appears to be a fraudulent entity, but we cannot label them as a full blown scam. There are a lot of things that paint them in a bad way and few users have made serious allegations against them.

Their policies are also not that transparent and most terms and conditions have hidden clauses. Due to obvious telltale signs present, we advise people to walk away from them. Remember, hands down regulated brokers are always the best in this space.

Verdict

TradeLax is an unregulated brokerage that has earned a bad reputation. The number of unanswered questions about their business model is sky high. Transparency is not present and the policies are all not kind towards the clients.

Without any doubts, you need to look elsewhere if you want to get started with trading.

If you are experiencing any issues with TradeLax, feel free to comment below. We will try our best to help you.