Tradorax. A scam in sheeps clothing

opc10opc10 Posts: 1
Hi all.

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 favorably, 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?"
"No buddy"

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 that 6 weeks of trading and then we'll talk. Then things started to turn.
Statements like:
"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 withdrawal 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 didn't 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 position 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 transferred 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.

Stay away.

Comments

  • RaidenRaiden Posts: 186 ✭✭
    I agree with your Bottom Line opc10. I can add - NEVER EVER EVER EVER LET A BROKER TRADE ON YOUR BEHALF. As a couple of wise men said on many occasions - IT'S A CONFLICT OF INTEREST.

    Your story above just enforces the way I feel about Markets World. You never get a phone call from anybody. No one tries selling the idea of depositing more money let alone to trade for you. And best of all - no withdrawal issues.
  • CamCam Posts: 28
    Do a chargeback if you deposited via a credit card.
  • duns123duns123 Posts: 2
    I thought tradorax were regulated
  • jmombergjmomberg Posts: 1
    My story is about the same. "

    "We agreed on a financial plan" is one of the favorite responses and I just got caught with a new one (I think).

    We have a special trading weekend where you can earn 39%. The minimum deposit is $3000-00 which will be return on the Monday. So here goes. On Monday the profit was in the account but the return of the $3000-00 deposit never happened. All excuses from the broker - in my case Ryan Collins, previously Robert Nixon. Then Mr. David Miller will call me and explain the "withdrawal policy". Th first time I have heard of such a policy but anyway no call. we communicated via Skype and suddenly dead silence.

    Do it even try to close your account.

    You will just be ignored.
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