Are you tempted by quick “yes/no” bets on events like market trends, sports, or elections on the platform like TradeX? Before you risk your money, read this TradeX review.
What Was TradeX?
Tradex was an online platform where users could take part in opinion trading. This simply meant predicting the outcome of events and earning money if those predictions turned out to be correct. For example, users could place opinions on market moves, trends, or other real-world events.
Apart from that, Tradex also promoted itself as a proprietary trading (prop trading) company. In this setup, it claimed to give traders access to the company’s own capital. Traders could use these funds to trade, and if they made profits, they would share a portion of those profits with the company.
While the concept sounded attractive, the way Tradex operated wasn’t fully clear. It seemed to mix trading, gaming, and predictions all into one platform. And this is exactly what raised doubts about whether it was a properly regulated trading platform in India.
Is TradeX Legal in India?
The big question most investors had about Tradex was simple: Is it legal?
In India, any platform dealing with trading or investments must be registered with financial regulators like SEBI (Securities and Exchange Board of India) or RBI (Reserve Bank of India). This registration ensures that the platform follows strict rules and that investors are protected.
But Tradex was not registered with SEBI, RBI, or any other financial authority in India. It was a private limited company registered under the Ministry of Corporate Affairs (MCA), but that only means it was legally incorporated as a business, not that it had permission to offer trading or investment services.
Here are some key points one must consider before investing their hard-earned capital in the platform.
| Key Point | Facts |
|---|---|
| Regulatory Status | Not registered with SEBI or RBI |
| State Classifications | Banned in Chhattisgarh, Haryana, and other states as illegal gambling under the 2022 and 2025 laws |
| SEBI Advisory | SEBI issued public warnings calling opinion trading platforms unauthorized and without protection |
Why Did TradeX Shut Down Real‑Money Ops?
Tradex, which previously operated as an opinion-trading and prop-trading platform, shut down its real-money operations in India and switched to a free-to-play model. This move came amid growing regulatory pressure and financial hurdles.
One of the major reasons cited by Tradex was the 28% Goods and Services Tax (GST) imposed on real-money gaming platforms, which made it hard for smaller companies to remain profitable.
There were also legal actions taken in several states against the platform. The Chhattisgarh government blocked Tradex, interpreting its activities under gambling laws. Haryana imposed similar restrictions. At the same time, regulators and consumer bodies like SEBI and ASCI issued warnings about opinion-trading apps not being registered under SEBI and about their advertising practices.
Key points to note:
- Tradex stopped accepting new deposits and trades.
- Users were advised to withdraw their balances by May 30, 2025.
- After this date, all real-money activities on the platform were suspended.
- The shutdown shows how increasing legal scrutiny is affecting such platforms in India.
This development is part of the larger crackdown on unregulated opinion-trading platforms in India.
Scam Behavior and Platform Risks
- Withdrawal Failures: Several users on review platforms like MouthShut reported account lockouts after initial withdrawals, followed by unresponsiveness or total access loss.
- Advance-Fee Tactics: Similar to classic scams, users were asked for repeated payments to “unlock” future payouts. Once sent, the platform vanished, leaving withdrawals unresolved.
- No Financial Transparency: TradeX never disclosed how funds were managed, operating with opaque rules and alleged internal closures. No regulatory audits or trading records were shared.
What If You’ve Already Invested in Tradex?
If you had money on Tradex when it stopped real-money operations, you need to act fast.
Here’s what you should do:
- Withdraw your balance immediately – If the platform is still allowing withdrawals, request it as soon as possible. Don’t wait, as access could be removed completely. Platforms often close withdrawal options suddenly when they wind up.
- Keep all records – Save screenshots of deposits, withdrawals, emails, and chats with the platform. These records act as proof if you need to raise a dispute or complaint with authorities later.
- File a cyber complaint – If you are unable to withdraw your money, report the case on the National Cyber Crime Reporting Portal. The sooner you report, the better the chances of action being taken.
- Inform SEBI – Even though Tradex is not registered with SEBI, you can still file a complaint in SEBI. This helps authorities track the activities of such platforms and issue warnings to other investors.
- Stay away from re-investing – Don’t fall for offers asking you to deposit more money to recover your balance. Scammers often use this tactic to collect even more from worried investors.
Unfortunately, recovering funds from unregulated platforms is often difficult, especially if they operate from outside India. That’s why prevention is always better than cure.
Conclusion
- Is TradeX Legal in India?
No — it was unregistered, unregulated, and classified as illegal gambling. - Is TradeX Legitimate or a Scam?
A scam in disguise—structured as opinion trading but lacking regulation, investor protection, or delivery of promised returns.
If you’re serious about trading or investment, always check for SEBI approval or RBI authorization. Avoid opinion-based platforms masquerading as trading apps, and trust regulated exchanges instead.
