We are thankful that many came forward and shared their own Stockpair horror stories with us. For today, we wanted to address another trading platform that we’ve been asked about: TraderXP. We were honestly hoping that this one wouldn’t turn out to be another Stockpair but, well, life isn’t known for always giving us what we want.
We poured in a lot of time to really research this subject and this is what we’ve found out about them:
Refuses to Let Traders Terminate Accounts
When we were scouring the internet for news about TraderXP, we came across a lot of different people in forums that were complaining about how TraderXP would not let them terminate their account. This is completely absurd especially for those with money in their accounts.
Instead of being helpful, account holders were told again and again that they should submit several documents to facilitate a withdrawal of their funds. In the meantime, since they aren’t using their account to trade, account holders are charged an “idle account” fee. So they effectively slash the money that the account holder has in their account while being given a fool’s errand.
Very Little Company Information
We really tried to find whatever we could about the company that owns TraderXP. We found that this was extremely hard to do. They generally claimed to be from Cyprus but were not listed under the SEC in Cyprus. This is always rather dangerous. This means that they have no verifiable holdings or address and cannot be held accountable for their ill practices.
Any trading platform that you will use needs to be legalized and above board. This is necessary for your own protection. Signing up with such sites will require sensitive information and even credit card information. If they are sketchy, you put yourself at risk not just for now but for the coming days.
Do you know of other sketchy dealings by supposedly above board Forex trading and investment platforms? Let us know and we’ll do some digging around.