Investor warning against TradeLax broker scam facilitated by BridgerPay

FCA warns against TradeLax broker scam facilitated by BridgerPay
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The U.K. Financial Conduct Authority (FCA) has issued an investor warning against the broker scam TradeLax (www.tradelax.com). The scam is allegedly operated by TradeLax Ltd, registered in St. Vincent and the Grenadines. On TrustPilot, Tradelax has been labeled as a scam for quite some time and has a 2-star rating with a “poor” trust level. As a payment processor have once again discovered the Cypriot-Israeli BridgerPay by Ran Cohen. Scam warnings against its merchants have never bothered BridgerPay.

TradeLax has been active since at least fall 2020, attacking consumers in Australia, Sweden, United Kingdom, Netherlands, and Finland. These are at least those languages or countries where the boiler room (they call it support) offers its services. Currently, victims can only lose their money via credit and debit cards. The bank wire option does not work.

Registered VISA partner and high-risk payment processor BridgerPay are considered a coming star in the FinTech sky in Cyprus. This is according to our sources on the ground. Ran Cohen has raised money from various investors over the past few years and management support. However, in our estimation, BridgerPay’s growth is coming from merchants in the illicit space. Therefore, in our estimation, it is only a matter of time before BridgerPay runs into regulatory and criminal problems as a scam and cybercrime facilitator. Well, that’s high-risk, isn’t it?

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