PolaxGroup Review 2023 – Is PolaxGroup a scam or a legit broker?
PolaxGroup is suspected to be a scam broker and we want the readers to invest only with the brokers who are reliable and not the ones who have negative reviews and trader complaints. This is the reason why we have written this comprehensive PolaxGroup review. Millions of investors are driven to the financial market because it offers a great opportunity to earn money. This industry, like many others, is not immune to scams, and brokers. The presence of Forex scams, Cryptocurrency scams, Investment scams, Romance/Dating scams, Pet scams, Binary scams, etc., are common these days. The fraudulent acts of such brokers can result in huge losses suffered by the innocent traders
Here are some important facts related to PolaxGroup Review.
- Website: https://polaxgroup.com/
- Address: Uraniastrasse 31, Zürich, SWITZERLAND, 8001
- Regulation: Unregulated
- Warning by – Financial Conduct Authority (United Kingdom)
PolaxGroup functions as an unregulated broker, undermining the vital reliability and credibility required in finance. A thorough assessment reveals that despite portraying as a reputable Swiss brokerage, PolaxGroup fails to meet Swiss Financial Market Supervisory Authority (FINMA) regulatory standards. This deficiency in regulatory compliance raises a significant concern.
Signs of a Scam Broker
Scam brokers have a common method of duping victims. They either cold call, create bogus websites or use pop-up adverts. Similarly, after examining PolaxGroup broker, we discovered numerous proofs of PolaxGroup scam activity. The goal is to warn brokers about PolaxGroup potential fraudulent operations.
While trading, it is immensely important to identify a broker that is reliable and legit. But, there are some reasons why we have tagged this PolaxGroup Review in our scam broker 2023 list of scam brokers. Here are some points that you need to know if a broker is a scam or not. Check these points with PolaxGroup broker by reading our PolaxGroup Review further.
License and Regulation
When choosing a broker online, the regulation status is one of the most critical points. Here, PolaxGroup seems not to be regulated in its jurisdiction of operation or they do not follow the rules of regulation and are engaged in scam activities. There is a high possibility that the broker has been warned by reputed regulation authorities like CySec, ASIC, FCA, CNMV, FINMA, etc. Warning issued by any of these authorities clearly indicated that the broker is not a good fit to invest your hard-earned money. Thus a scam broker seems to be lacking such regulation or there is no proof of it.
Leverages and Accounts
Genuine brokers that are operating in the market often require low deposits. High deposits are not in the favor of the regulatory bodies. Whereas, this broker tends to charge a huge deposit amount which is a major red flag to avoid moving further with your investment journey. The same criteria apply to leverage, as the leverage offered by legitimate firms is low and in small amounts. Whereas, the broker tends to offer high leverage, shaping it as a scam broker. This broker offers high leverage, which can cause a big loss to traders if things go wrong.
Withdrawal Issue
Unfortunately, unregulated broker sometimes refuse to process your withdrawal or suspend your account for minor reasons.
It is advisable to steer clear of unregulated brokers, particularly those that are not licensed in your jurisdiction by the regulatory authority. It’s also a good idea to avoid brokerages that are regulated but located outside your jurisdiction. Conducting thorough research before investing with a suspicious broker can help you avoid potential losses and unnecessary stress. If you are facing withdrawal issues with PolaxGroup broker, it is a big red flag and PolaxGroup is a scam. Many PolaxGroup Reviews online have shown this issue.
Complaints in PolaxGroup Reviews
A number of complaints and negative PolaxGroup reviews have been found regarding the scam broker on various online review sites. A low rating of PolaxGroup Review on several online platforms makes it clear that the broker has a negative reputation among investors. The investors have accused them of being scam brokers and stated how they have been victims of the PolaxGroup scam and lost all their money and efforts to them.
Suspicious Activities of a scam broker.
If your broker promises high leverage, ensures returns, professes to demand no expenses, and then all of a sudden asks for more money later, these are instances of problematic exercises that make the broker a suspect of scams.
- They guarantee high benefits that sound too good to be true.
- They may not be regulated by any major authority like FCA, FMA, FINMA, ASIC, SEC, etc.
- They promise to offer risk-free trading.
- They ask you for personal information, like your bank details or passwords.
- Share no contact information like email address, postal address, chat option, etc.
- Asks for large investment and commission.
- Have no or less transparency.
- They follow some unprofessional practices and dubious strategies.
- Stop communication once you ask for a withdrawal.
- They ask you to quickly transfer money.
Got scammed by PolaxGroup? File a Complaint against PolaxGroup for a recovery process
It is tough to recognize fake brokers at first glance, yet that is the place where we can help. If you want to invest in online trading, it is a good idea to look at the list of scam brokers 2023 and avoid the brokers present on the list. This will help you in safe trading and keep your investments safe with the right broker.
All Scam Reports have a team of experts who work to get your money back from scammers. We have broad involvement in chargebacks, forex scam recovery, crypto scam recovery, and the ability to manage a wide range of cases. All Scam Reports Team advises the user to avoid investing here, as we have found that the PolaxGroup broker is suspicious, and exhibit many features similar to scam brokers as shown above in PolaxGroup Review.
So it can be concluded from this PolaxGroup review that this broker is a potential scam.
Investors should always remember that scammers don’t have any right to take away their funds in illegal ways and hence, it is their responsibility to fight for it and get it back from the scammers. All Scam Reports Team is here to help you out in this situation of fund recovery. All you need to do is to fill out a small complaint form, and we will be in touch with you shortly with a Free consultation
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