We are about to review TradeXtra. The once popular trading platform is no more. In case you didn’t notice, the website is down. Following, we are going to review it and discuss what issues it had. It will help you avoid such scams in the future.
TradeXtra first came to the financial scene in 2014. This broker is a subsidiary of Pacifix LTD, a financial firm from Bulgaria. The registered address is Metropolitan Municipality Sredets, Sofia City.
It deals in 72 different assets. The minimum deposit is $5, and the initial deposit is $250. The minimum payout ratio was 65% while the maximum payout ratio was 85%.
While it lasted, this platform offered the finest options in business. Yes, it skipped on MetaTrader 4 and used SpotOptions software instead. But it provided good ROI with Profitable High Options.
It also offered excellent education material aimed at all traders, from novice to expert levels. There were several trading options including High, Turbo, Ladder, One Touch, long-term and Follow the Spot.
TradeXtra was mediocre at best. It wasn’t the most reliable broker, but it did offer some decent features. Following, we are going to discuss the issues this broker had, and possibly the reason that led to its demise.
- Website is Down
Its official, https://www.tradextra.com is down. Yes, the TradeXtra domain is down. It means the broker has made a run with whatever money it got from traders. We would advise every victim to hire a recovery agency.
You can parent company for reimbursement. Yes, we have provided all the vital information above.
- Not Regulated
No financial authority regulates this broker. Yes, TradeXtra was never licensed to operate in the financial marketplace. Respectable Authorities like FCA and ASIC doesn’t even have the name in their database. Well, there is not much the authorities could do now that the site is officially offline.
But we would advise you to take caution the next time you choose a trader.
- Asks for Account Verification Multiple Times
One common issue almost every TradeXtra user had is TradeXtra asked for Account Verification multiple times. Yes, it asked for confidential documents and data over again and again. It got worse especially when the trader asked to withdraw their balance. There was as user outcry in the community.
- Withdrawal Issues
You should have seen this coming. Not only TradeXtra asked for verification multiple times before processing payments, but it also suffered from several lags in processing the payment. While the company didn’t block withdrawal, the processing was very slow.
It was one of the worst we have seen. Opposing to what the broker said on the website, it usually took 10 or more days to draw payments instead of 2-3 days.
We couldn’t label TradeXtra a scam because of its inefficiencies. But after the broker has disappeared, it’s a no-brainer. Unfortunately, the damage has been done. We don’t think the broker will be back again, not using the same name at least.
If you lost money with it, we advise you hire a recovery service.