Table of Content
Beurax Review – Red Flags That This Broker Is a Scam
Table of Content
Beurax Broker is under the ownership of Beurax Corporation PTY Limited. Their headquarters are in Canberra Australia. Since 2020 they are providing CFD and Forex trading services worldwide. And with a trusted license. Or maybe not?
They don’t have a reliable trading platform or any transparent trading conditions. Besides, many negative user experiences are available on Trustpilot. We discovered many irregularities through our research and all the red flags you can find in our Beurax review. Read carefully!
|Review Rating||2.1 on Trustpilot|
|Broker Type||Unlicensed scam broker|
Regulation of the Beurax and Fund Security
Beurax broker was actually licensed by the domestic regulator ASIC. This is one of the strictest regulators in the world. Besides they belong to the Tier 1 group with FCA and BaFin. Yet, Beurax broker very quickly earned a scam tag on their doors.
In less than a month, they were exposed for running a Ponzi scheme. Consequently, ASIC announced and warned traders not to invest any money with this broker. A similar warning was afterward issued by Canadian institutions BCSC and FCNB.
Therefore, all funds that are or were deposited here were immediately lost. As a result of such actions and warnings, this scam broker shut down their website.
Trading Platform Overview
Beurax broker scam worked on a Ponzi scheme principle. All trading conditions, features and securities were not important here. That’s why they didn’t bother investing in a trusted trading platform. Since their website is not active we can’t get access to the platform.
But from Beurax broker reviews we can see that it was just web-based software. Web traders often have limited trading functions and no advanced features. Since all deposits went straight to these scammers’ pockets, it’s not surprising that traders experienced non-expected losses. That is due to the fictive trading platform often used by scam brokers.
From other Beurax reviews we can conclude that on this shady platform, they were offering limited assets. Those were only currency pairs, cryptocurrencies, and commodities. However, more details about assets, trading conditions, spreads, and leverage are missing.
On the other hand, traders should look for some trusted and primarily FCA-regulated brokers. That’s one of the strictest regulators in the world. Their requirements are rigorous, but that’s what brings comfort to traders. Moreover, traders provide in that case stable and reliable trading platforms like Meta Trader or cTrader.
Account Types Available at Beurax
Beurax scam broker didn’t specify any trading conditions or account types. Traders had the option to invest anything more than $20. But depending on the amount that you deposit you get certain status. of course, traders should bring more people into this investment scam.
They are rewarded based on the amount of money deposited and the number of traders. All this falls apart as soon as you require some bigger withdrawal. Moreover, this broker didn’t provide any demo accounts for their traders. Therefore, you can’t inspect anything before you invest. And once you invest your money, it’s too late.
What’s strange is that people still fall for these fairy tales. Without high-security levels, education about trading, and years of experience in the markets it’s hard to make money with trading. That’s why all regulated brokers have a disclaimer that more than 80% of traders lose money.
Before you trust any of your hard-earned money to this broker or any other, do your due diligence first!
Deposit and Withdrawal Process
Another sign of potential and in this case a definite scam is crypto transfer as the only funding method. These transactions are encrypted and hardly traceable. Therefore, you should avoid those at all costs unless you are working with a trusted broker. That’s why we always recommend brokers with Tier 1 regulations that are transparent and secure.
As usual, there are no deposit fees. However, there is an insanely high 75% fee for closing the deposit earlier. But the problems start once you request a withdrawal. On lower amounts, you can even get some withdrawals. Because that’s the principle of how a Ponzi scam works. However, once you start requesting bigger amounts, the broker will make up some nonsense requests.
Some traders experienced verification issues. Some were having delayed processing time. But most of them never got their money back. As you can see in Beurax broker reviews, more than 60% of traders did rate this company 1 star on Trustpilot.
How Do I Receive a Refund for Being Scammed by Red Finance Capital?
Don’t be ashamed if you get scammed. It can happen to anyone. What’s important is how you are going to deal with it. Firstly, you can share your experience with us here. Other traders might see your warnings and avoid jumping into the same illicit scam. Or any other similar to this one.
Secondly, recovering funds through crypto accounts is still hard for many people. Since this broker doesn’t operate anymore and ASIC won’t cover their scam activities you need to try other options.
However, our fund recovery team is there to assist you. Crypto assets have their final destination, which is mostly verified. That destination is traceable with CipherTrace software. You are lucky enough that our fund recovery team is one of those that have access to this software.
Don’t waste your time and get in contact with us. We have a free consultation slot available already for today!
- A fraudulent company practicing a Ponzi scheme.
- Warning from their regulatory body – ASIC.
- The website is shut down.
- Non-transparent trading conditions.
- Untrusted trading platform.
FAQs About Beurax Broker
Is Beurax Regulated?
No. They had the license, but shortly ASIC marked them as a scam.
Is Beurax a Trustworthy Broker?
No. They were running a classic Ponzi scheme and scamming innocent people.
What Funding Methods Does Beurax Accept?
Beurax, a so-called broker, accepted only crypto transactions as funding methods because of hard traceability.