TradeNext is an offshore broker regulated by the Financial Services Commission (VFSC) in Vanuatu and focused primarily on Indian clients, from where almost 100% of the website visitors come. Besides the Vanuatu entity, Progressium LLC on St. Vincent & the Grenadines is also listed as the operator. Bank deposits are processed via an account of the Indian Priyanka Industries, which means red flags for us. We have given TradeNext a Red Compliance rating. You should avoid the broker.
Key Data
| Trading name | TradeNext |
| Activity | CFD, forex, crypto broker |
| Domains | https://tradenext.com |
| Social media | |
| Legal entities | Explore Global Limited Progressium LLC |
| Related individuals | Martin St-Hilaire (LinkedIn) Peter Houghton (LinkedIn) Wim De Cat (LinkedIn) |
| Jurisdictions | Vanuatu St. Vincent & The Grenadines |
| Regulators | VFSA (Vanuatu) for Explore Global Limited FSA SVG for Progressium LLC |
| Leverage | up to 1:500 |
| Payment options | Bank wire, credit/debit card, e-wallet, crypto |
| Payment processors | PRIYANKA INDUSTRIES, Union Bank of India UPI, Finrax |
| Trustpilot | 4.3 stars with an Excellent trust level |
| Compliance rating | Red |
Short Narrative
Some officers of TitanFX, such as Martin St-Hilaire, Peter Houghton, or Wim De Cat, are also officers at Explore Global Ltd d/b/a TradeNext, also regulated by the VFSC. Evidently, TitanFX and TradeNext are related or at least share officers and resources.
We have information that justifies the assumption that the people in the Vanuatu entity are only front men for the beneficial owners who do not declare themselves.
Compliance Check
TradeNext is operated by Explore Global Limited, which is registered with the Vanuatu Financial Services Commission (VFSC). However, this registration is not sufficient to offer the financial products in other jurisdictions in North America, Europe or Asia. However, clients from these regulatory regimes can register with TradeNext without any problems.
The broker also allows pre-KYC deposits, i.e. deposits made by clients before confirming their ID or address, of up to $10,000.
In addition, TradeNext offers retail clients a maximum leverage of up to 1:500. In most western jurisdictions, a maximum leverage of 1:30 is allowed.
Deposits from customers via bankwire are processed to an account held by Priyanka Industries of India at Union Bank of India. According to our findings, this is a metal processing company in India.
For the above reasons, the issuance of a Red Compliance rating is warranted. Customers should stay away from TradeNext. They are not protected by any investor compensation schemes and are not entitled to Financial Ombudsman Services.
Share Information
If you have any information about TradeNext, operators, or facilitators, please share it with us through our whistleblower system, Whistle42.
