Thinking of getting into business with DoxFX? Here is what you must know about this broker. Carefully read this review to find out if doxfx.com is the trading platform you will want to trade with.
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About DoxFX Broker
DoxFX is an offshore brokerage company with a lot of promises for traders. The broker’s office shows — 10 Bleicherweg, Zurich, 8002, Switzerland.
There are different account types DoxFX offers. See below.
In spite the trading instruments DoxFX claims to offer, traders must know they are dealing with an unknown broker which does not have a regulation over its head.
doxfx.com: Reasons to Avoid This Broker
Firstly, doxfx.com is a platform with no financial authority overseeing its financial services. The regulation claim is not legit because FINMA does not recognize this broker and its financial activity.
Secondly, we noticed doxfx.com has no demo account for traders. Since traders can’t test DoxFX on a free account, we can’t know its viability in the forex market.
More so, this broker does not offer money back guarantee which means trading on such platform is clearly a risk.
These are cons for forex traders to avoid losing money with a scam broker.
Withdrawal and Deposit
Withdrawal process
Under the withdrawal policy, DoxFX is not specific about the charges it sets for any withdrawal. Nonetheless, the broker charges some fees for an inactive account.
Minimum Deposit
DoxFX minimum deposit is said to be €250 from the account type.
As for the payment methods, doxfx.com accepts Debit/ Credit cards. However, you should not consider making any payment with this broker because it is a risk. So beware!
DoxFX Platform
DoxFX offers web based trading software and not MT4 or MT5 (Industry standard trading platforms) which gives us more reason not to take this broker serious.
As for the leverage, it can get up to 1:50. Nevertheless, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
DoxFX Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation that means your money is at risk. Its unlicensed and unregulated financial activites are truly a red flag and must be avoided.
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Conclusion: Is doxfx.com a Reliable Broker?
doxfx.com does not seem like a reliable broker for traders even though it promises offers that look good to be true.
More so, the broker is unregulated which means it is not authorized to operate in any regulated country and you should definitely not put any money into it.
Because we have taken it as a duty to review forex brokers and also share reasons, we will not recommend this broker for trading. Paragraph
Kindly share your comment about this broker in the comment section.