Frex Trade reviews: innovative trading platform or money scam?
Feedback and Reports on Frex Trade
Frex Trade is an innovative trading platform that promises to help traders achieve their financial goals. However, customer opinions are not in its favor. Former users claim that it is just a mechanism to drain funds from newcomers. Let’s take a look at what we have learned about Frex Trade and the principles on which this brokerage company operates.
Assessment of the frextrade.com Website
Externally, the Frex Trade website looks like a typical layout that was launched quite recently, on January 18, 2022. On its inexpensive web resource, the broker claims to have been providing services since 2016 and has received many positive reviews. This is completely untrue! It is not surprising that the company hides its historical path and the origin of the project. The fact is that the company appeared recently and simply does not have anything to present. As a result, clients have to listen to tales about an ultra-modern trading platform and a team of professionals ready to help at any time.
The available contact information is limited to just an online chat. Frex Trade does not provide phone numbers, email addresses, and other communication channels with customer support.
Inconsistencies in the Company’s Legend
Frex Trade claims to have started its operations in 2016 and is actively developing an innovative platform for investors in Russia. The orientation solely on Russian traders is immediately evident: the only language variant of the interface is Russian. There are no scanned copies of licenses and registration documents on the actual site confirming the legality of operations. Reviews of Ionoption.com indicate that the Client Agreement mentioned the Cypriot company Binarius LTD, which also became the subject of negative reviews. When Frex Trade was launched, documents within the company were replaced, and now only Ionoption.com is present in the lists.
The Central Bank of Russia included Ionoption.com in the list of suspicious companies. Frex Trade does not have a license from the country’s main regulator, indicating a lack of guarantees regarding client profits and fund withdrawals. In the event of financial loss, the company leaves its clients to deal with the problem on their own.
Collaboration Terms and Tariffs
Frex Trade claims to specialize in binary options. There are no details about tariff plans on the website, so the information had to be found independently. However, the following facts have been discovered:
- A promised profitability of 91% per trade;
- A wide selection of deposit and withdrawal methods;
- High order execution speed.
At the same time, the starting deposit amount, available assets for trading, and payment systems are not specified anywhere. In the FAQ section, it is stated that the minimum withdrawal amount is 5,000 rubles, and there are restrictions on withdrawals by weeks and months. According to users, Frex Trade is not a reliable platform for financial operations as the company is focused on deceiving and extracting money from traders.
Customer Opinions on Frex Trade
The Frex Trade platform has not been around for long but has already received a sufficient number of negative reviews from former clients. Investors call this company fraudulent and do not recommend opening an account here.
A similar situation occurred with Frex Trade’s predecessor, Ionoption.com, which also received a lot of negative reviews and was blocked by Roskomnadzor.
Fraudulent Scheme
Frex Trade is a copy of a fraudulent platform with a suspicious website aimed at newcomers. Criminals rely on users not scrutinizing the terms of cooperation and checking for legal grounds for operating.
The scammers individually persuade each victim to invest money, assuring them of high profitability. They bear no financial responsibility and forge unprofitable deals, taking funds from others. Users who lose money on this platform are left only with regret for their decisions.
Conclusion
The investigation showed that criticisms of Frex Trade are not unfounded. This unregulated structure is beyond the control of regulators. Although the scammers attempted a rebranding a month ago to conceal their actions, the truth still came out.