The websites www.tradixa.com, www.tradi-xa.com, www.tradixas.com, and www.tradixa.net are used by the broker scam Tradixa. The fraud, which is purportedly run by All Media EOOD, Bulgaria, and Tradixa Ltd., St. Vincent & the Grenadines, is now operational on the latter domain. The scam’s website was blacked out by the Italian Consob in December 2020, and investor advisories were released by numerous additional European regulators. The payment processors for the scam, Praxis Cashier and Epay, are still in operation.
Investor warnings were released in May 2020 by the Spanish regulator CNMV and in August 2020 by the Austrian FMA. Since early 2020, a number of attorneys have posted warnings about the Tradixa fraud on their websites. However, Praxis Cashier appears to have continued doing business with the scammer as it is still active on the internet. We could have made a credit card payment simulation today.
Scams Related to Tradixa
We already know that the Australian ASIC (here) and the FMA (here) both issued investor warnings in January 2019 about the Brokerz scam operator, which is the Bulgarian All Media EOOD. The www.brokerz.com domain was used at the time to run the Brokerz scam. Kindly click this link to read the report. Under the URL www.brokerz.co, the Brokerz scam is still in operation today. Even now, Praxis Cashier serves as a supporting payment processor for this scam.
We discovered RazorPay and Introrix Technology (www.introtechdigital.com) on the back-end of the Praxis Cashier with Brokerz. Located in West Bengal, India, Introrix Technology provides a wide range of services, including financial services.
The “anti-money laundering terms” of Brokerz and Tradixa are even exactly the same in wording.
The PandaTS Scam Hub
Brokerz and Tradixa are two scams that pose as Israeli PandaTS white-label solutions. Maor Lahav (LinkedIn, shown left) is one of the PandaTS who is currently making a big difference in the Vienna Cyber Crime Trials. Gal Barak, the leader of the cybercrime group E&G Bulgaria, was given a four-year prison sentence and acknowledged that the software he employs can be used to alter transactions.
Barak used PandaTS’s white label solutions for his late scams, which included XTraderFX, SafeMarkets, and Golden Markets. Gal Barak has confessed that PandaTS is to blame for all fraud and manipulation. The trial against his wife Marina Barak is going on right now. There will soon be more indictments.
What is Tradixa?
It is purported that Tradixa is a UK-based broker that offers its customers a web-based trading platform, variable spreads on several tradable assets, leverage up to 1:400, and six distinct account types.
What is Praxis Cashier?
Praxis Cashier supports the majority of card issuers and integrates with nearly all PSPs. Praxis Cashier handles payment processing without the need for a third-party processor, unlike other alternatives. With the help of this program, you may take payments from any major credit card company and accept a wide range of payment options.
Using Praxispay has a lot of benefits. The program is simple to use and offers customizable payment management settings. You can select the payment option that best suits your business needs and set restrictions for each customer and VIP level. Furthermore, you may set up BIN country rules and credit card regulations directly in the back office software. Praxis will automatically route all of your transactions to the top-performing payment service provider once you’ve configured your payments. You might wish to think about the Praxis Cashier for larger firms. Brokers can get a complete payment processing solution from our hosted payment page. With a comprehensive multilingual support service, the organisation operates in Spain, Cyprus, and Ukraine.
What scams involve forex trading?
Scams involving forex trading can take many different shapes, but they all have the same fundamental objective: to embezzle funds from gullible forex traders. Forex scams can include a plethora of unethical and (mostly) illegal ways to defraud traders and investors, such as selling products that don’t live up to expectations, posing as well-known traders or investors to obtain personal information, creating phoney websites that look like well-known brokers to steal deposits, and much more.
It could be a warning sign that your broker is not acting in your best interests if they do not reply to you.
- Make sure there are no complaints, do your homework, and carefully study all the fine print on paperwork to ensure you are not being taken advantage of by a dishonest broker.
- Before attempting a withdrawal, try starting a modest account with a small balance and making trades for a month.
- Your broker might be churning if you notice purchase and sell transactions for assets that don’t align with your goals.
- Before pursuing more extreme measures, go over all of your documentation and talk through your options if you are trapped with a terrible broker.
The top three indicators that you may be a victim of a forex scam
Fraudsters who engage in forex trading may pose as brokers, instructors giving trading courses, money managers, software developers, event planners, or even educators. There are a few telltale indicators that you may be dealing with a scam despite the huge range of forex scam kinds.
The following are my top three cautionary indicators to watch out for when spotting forex scammers:
1. Inequitable assertions
Scammers will make false promises to you. They will minimise any risk involved in trading and assert that they can ensure both significant returns and trading success. This could be the clearest sign that you are working with a scammer: Reputable brokers never promise profits and never make imbalanced claims.
2. Financial requests
Frequently, con artists will request that you transfer them money, or in certain situations, digital currencies like bitcoin. A fictitious sense of urgency generated by high-pressure sales techniques frequently drives these requests. When it comes to deposits, reputable, strictly regulated brokers will never push you until you’re ready to make one.
3. Images of their lifestyles or endorsements from “successful” traders
These depictions frequently exalt a fictitious “trader’s lifestyle,” complete with expensive vehicles, yachts, private planes, and other conventional symbols of opulence. Real brokers don’t post content about the ostentatious lifestyles of “successful” traders; instead, they focus on market research, technical and fundamental analysis, and trader education.
Brokers are sometimes to blame for traders’ losses, even if traders sometimes hold them accountable. Before opening an account, a trader should be rigorous in their research on potential brokers. If the broker passes this scrutiny, the trader should make a small deposit, make a few trades, and then withdraw their money. If all goes according to plan, a bigger deposit may be made.
If things are already bad for you, though, you should confirm that the broker is engaging in illicit activity (like churning), make an effort to get your questions addressed, and if that doesn’t work, you should report the broker to the SEC, FINRA, or another regulatory agency that has the authority to take legal action against them.