Is ForexVox Legit or Scam?
ForexVox is a UK-based broker offering trading in various assets like Forex, Indices, Precious Metals, and Commodities. While they claim FCA regulation and some attractive features, several drawbacks raise concerns about their legitimacy.
Company Overview:
Feature | Details |
Company Name | |
Location | UK |
Regulation | FCA (SD142) |
Trading Platform | MetaTrader 4 (MT4) |
Minimum Deposit | None |
Services or Products:
ForexVox offers trading in various asset classes, including:
- Forex: Access to over 70 currency pairs.
- Indices: Trade major stock market indices.
- Precious Metals: Invest in gold, silver, and other precious metals.
- Commodities: Trade energy resources, agricultural products, and more.
If you have lost money to companies like BitFX, or TokpieDEX; please report it to us on our Report a Scam form.
Trading Platform & Leverages:
The broker utilizes the widely used MetaTrader 4 (MT4) platform, offering desktop and web versions. However, their leverage is capped at 1:30 due to FCA regulations, limiting potential gains and losses.
Spreads and Cost of Trading:
While ForexVox claims “tight spreads,” the platform screenshot shows a spread of 2.2 pips for EURUSD, exceeding the average for regulated brokers (1-1.2 pips). This translates to higher trading costs for users. Information regarding other potential fees like commissions and inactivity fees is also absent.
License and Regulations:
ForexVox claims regulation by the (FCA) Financial Conduct Authority, a reputable UK financial watchdog. While this provides some level of protection, it’s important to exercise caution with the following:
Legal Warning Against ForexVox:
Despite claiming FCA regulation, ForexVox’s website lacks transparency regarding trading conditions and account types. This lack of information is a major red flag and raises concerns about the broker’s legitimacy.
Deposit and Withdrawal Methods:
ForexVox offers various deposit and withdrawal methods, including credit cards, bank transfers, e-wallets, and local options. They have no minimum deposit requirement, but withdrawals incur a 5% fee after the 4th withdrawal in a month. Processing times are stated as 24 hours.
ForexVox Pros and Cons:
Pros | Cons |
FCA regulation | Lack of transparency in trading conditions and account types |
MT4 platform | Wider spreads compared to competitors |
No minimum deposit | Fees associated with withdrawals |
Various deposit/withdrawal methods | Unclear information regarding commissions and other fees |
Why Dealing With An Unlicensed Broker Is Risky:
Unlicensed brokers operate outside regulatory frameworks, leaving you vulnerable to various risks like:
- Fraudulent activities: Without regulatory oversight, they can manipulate trades, steal funds, or engage in other fraudulent practices.
- Impossibility of recovering funds: If disputes arise, resolving them through legal channels is extremely difficult due to the absence of regulatory bodies involved.
- Limited recourse options: In case of scams, recourse options like filing complaints with financial regulators are unavailable.
Client Feedback:
Limited information is available regarding client experiences with ForexVox. It’s crucial to research independent reviews and conduct thorough due diligence before making any investment decisions.
How Can “Reviewsadvice” Help You If You Get Scammed?
While recovering funds from scams is challenging, “Reviewsadvice” aims to:
- Educate and inform users about potential scams and red flags to avoid them in the first place.
- Provide resources and guidance on identifying scams and reporting them to relevant authorities.
- Emphasize the importance of using licensed and regulated brokers for safe trading experiences.
Our professionals will help you by providing you with a free consultation call and recovery service recommendations to help you recover the lost funds. Contact us immediately if you have been scammed by this scam broker.
File A Complaint Against Scammers
Final Thought:
While ForexVox claims FCA regulation, the lack of transparency raises concerns about its legitimacy. It’s essential to prioritize thorough research and choose brokers regulated by reputable authorities to ensure safe and secure trading. Consider exploring other options with clearer terms and conditions before making any investment decisions with ForexVox.
