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Zoey, JD
Zoey, JD, Criminal lawyer
Category: Fraud Examiner
Satisfied Customers: 24038
Experience:  Active member of the NYS bar since 1989
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Living at 58 hilden park road tonbridge tn11 9bl tel

Resolved Question:

Dear Sir,
My name is***** living at 58 hilden park road tonbridge tn11 9bl tel no.01732833473.
I have invested some money with a Company called TRADORAX. All trsnsactions have been done on line. I have a feeling that these people are not genuine.I have been trying to get my money back but everytime the investment matures they immediately reinvest it for a long period.I started investing with them on 8th of April and over the period I invested 7 times. The amount invested was£38K. THey invested well and after few weeks my credit was showing 48K I asked for some money which they refused and in the morning I found out that they had reinvested my money for 2 months. When it matured the amount was 78k. I again asked for some money they paid me £1000 but again they reinvested the money maturing in Nov/Dec. In total I recieved £1900. I went to my bank to phone the company for a charge back but the person who answered said that my broker will contact me which he did His name is***** called in the afternoon and said if I press on they will call the money back and it will go on for 6 months. He even asked for a further 5k saying that i had to have this money to reach a VIP account. The bank were prepared to call their Fraud Squad in but I refused saying I cannot say for sure whether they are genuine or not.According to one of the email I have shows their addres asn10 PaternosterbSquare London EC4M7LS.Their phone No.is***********
The telephone no does exist but I dont know if such an address exist.
I have been looking at comments on Google and it shows that these people do not like to part with their money.On Google they had
good and bad reports.
I feel very uneasy abiout them and wonder whether you might be able to help me.
Submitted: 5 months ago.
Category: Fraud Examiner
Expert:  Zoey, JD replied 5 months ago.

Hello,

I do not have good news for you. We have had several complaints from customers who invested in Tradorax and were unable to get their money back. We believe them to be operating dishonestly.

Tradorax is a completely unregulated binary broker, and it's always a bad idea to trade with one of those, as the majority of unregulated binary brokers are out and out frauds.

Binary option trading is very volatile even under the best of circumstances. Most financial regulatory agencies around the world do not regulate binary brokers because they think trading is closer to gambling than it is to real investing.

Without regulation, these so called brokerages sucker you in with attractive possibilities but are outside of the reach of your law and can do pretty much as they please.

We hear horror stories every day from investors who are attracted by the stated policies of unregulated binary option brokers and who invest heavily without realizing that they have set themselves up to be swindled. Then they complain that the binary broker made unauthorized trades, for example, and wiped out their entire account, or that they don't allow for them to collect their winnings.

In most instances, no matter where their website says they are, their address doesn't check out. They generally operate from somewhere offshore, but who really knows where. This site provides no contact information except for toll free phone numbers and a dialogue box on the website. 10 Paternoster Square is the London Stock Exchange. This is not a valid company address.

The UK's financial Conduct Authority lists no financial firm named Tradorax authorized to trade in the UK. Companies House, which is the government agency that keeps the annual tax filings for every UK company has no such company as Tradorax on their register either.

Scamadviser.com lists Tradorax's site as unsafe to use.

I can only trace the company website back only as far as November 2014, so it's a new company. The website is presently set to expire on December 1, 2016. The IP address traces to the US where almost all binary trading is illegal. The site has spelling errors in its copy. It is using a private proxy service in the Bahamas to hide its real location and owner.

All in all, you ought to call in your bank's Fraud squad and see if they can reverse this. You can report the scam to Actionfraud.police.uk

I am sorry to be the bearer of bad news.

Expert:  Zoey, JD replied 5 months ago.

Just checking in to see if you need more help or any clarification of my answer. If so, please reply here on this question thread.

Zoey, JD, Criminal lawyer
Category: Fraud Examiner
Satisfied Customers: 24038
Experience: Active member of the NYS bar since 1989
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