BEURAX Forex Broker

Note: BEURAX's official website: https://beurax.com/en is currently inaccessible normally.BEURAX Review SummaryFounded2020Registered Country/RegionAustraliaRegulationNo regulationMarket InstrumentsCryptocurrencyDemo AccountNot mentionedLeverageNot mentionedSpreadNot mentionedMin Deposit$20Trading PlatformAutomated trading botCustomer SupportEmail: support@beurax.comBEURAX Information BEURAX is an Australia-based financial firm who only offers crypto trading. It's reported that they started to provide CFD and Forex trading services worldwide in 2020. Several red flags emerge, indicating that the broker is not reliable and might be a scam broker.Is BEURAX Legit? The broker operates without any valid supervision from any regulatory authorities. It raises a question about its legitimacy and credibility because regulated brokers usually adhere to strict industry standards to protect customer funds.Downsides of BEURAX Unavailable website: BEURAX's website cannot be opened currently. Not any reliable broker will behave like this. Regulatory concerns: The company operations without any regulations, meanig that it does not comply to rules from any regulatory authorities. This heightens trading risks with them. Hefty premature penalty: The broker charges 75% on deposit amounts as penalty if you withdraw prematurely, which is a hefty burden for most investors. Limited customer support: The broker can only be accessed by email, limiting contact windows for customers to connect with them and seek assistance and support. Negative reviews on WikiFX: Exposures on WikiFX revealed that things went wrong when some traders tried to withdraw funds, indicating that you might lose your money trading with them.Market Instruments BEURAX offers crypto trading through a trading bot around the clock and promises a daily return of 1.4%. Since there's never guarantee for profit for any investment, you should be vigilant about such promise on high-yields which is usually the tricks of scam brokers who attract investors with impossible commitments. You will gain substantial profits at first, then bad lucks come and you lose all your money. Though it's reported that the company also offers trading in CFDs and forex since 2020, we can never know now due to unavailable website.Account The company does not disclose any information about accounts, but it offers a tiered referral bonus plan which reward active members who increase the percentange of returns on investments. The broker said that clients can receive bonuses as well from their partners' deposits. There are 12 levels of the leadership bonus plan, financial turnover request range from USD 0- 100,000,000, this is so typical Ponzi Scheme that lure customer to invest more money with high claimed returns. Be extremely careful about this.Deposit and Withdrawal You can only fund your accounts by cryptos-Bitcoin, Etherum, Litecoin, PerfectMoney, Tether, etc. The broker does not charge any handling fees on deposits but there will be a penalty of 75% of premature withdrawal, a hefty burden for investors. Minimum withdrawal varies depending on the payment methods you choose. For example, 0.001 BTC, 0.025 ETH, $5 Litecoin, etc. Negative BEURAX Reviews on WikiFX On WikiFX, “Exposure” is posted as a word of mouth received from users. Traders are encouraged to review information and assess risks before trading on unregulated platforms. Please consult our platform for related details. Report fraudulent brokers in our Exposure section and our team will work to resolve any issues you encounter. As of now, there's one BEURAX exposure on WikiFX, details as below: Exposure 1. Withdrawal issueClassificationUnable to WithdrawDate2021-04-05Post CountryHong Kong An investor from Hong Kong reported that the broker changed their web address and he could not withdraw his money.Customer Support So far BEURAX traders can only connect with the broker via email at support@beurax.com, which is not as timely as phone and live chat. We do not know where their office is either. Such circumstances deteriorate customer experience and delay responding to customer requests.Conclusion We highly recommend traders, no matter beginners or vetrans, stay away from the possible fraudlent brokers as BEURAX. The unregulated status imply less compliance to industry standards. Inaccessible website and limited customer support channels prevent customers from getting necessary information on trading conditions. Not to mention the high penalty for premature withdrawal, reported withdrawal issues and possible Ponzi Scheme of referral bonuses. Ignore this broker and turn to those well-regulated brokers is wise choice.