Thinking of getting into business with FoxTradingPro? Here is what you must know about this broker. Carefully read this review to find out if foxtradingpro.com is the trading platform you will want to trade with.
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About FoxTradingPro
FoxTradingPro is an offshore brokerage company with a lot of promises for traders. The address of the broker shows it is from United Kingdom.
There are different account types the broker offers.
Added, it trades on the following instruments like forex, stocks, commodities, crypto, bonds and indices.
To clarify, regardless of the trading instruments FoxTradingPro claims to offer, traders must know they are dealing with an unknown broker which does not have a regulation over its head.
foxtradingpro.com: Reasons to Avoid This Broker
Firstly, foxtradingpro.com is a platform with no financial authority overseeing its financial services. We discover the broker is not worth your money because Financial Conduct Authority (FCA) UK does not approve FoxTradingPro among its licensed brokers. Nothing is known about this broker at all. Sadly, Spanish National Securities Market Commission (CNMV) has warned against this broker.
Secondly, we noticed foxtradingpro.com has no demo account for traders. Since traders can’t test the broker 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 as your money cannot be refunded.
These are cons for forex traders to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
Withdrawal and Deposit
Withdrawal process
FoxTradingPro withdrawal process takes 48 hours maximum according to the FAQ provided for traders. There is a minimum withdrawal amount of $ 0.1.
Minimum Deposit
FoxTradingPro minimum deposit is pegged $350 according to the account type.
As for the payment methods, the broker mentions Bitcoin, Neteller, Skrill and more. Truly, you should not consider making any payment with this broker because it is a risk. So beware!
FoxTradingPro Platform
FoxTradingPro claims to offer MT5 (Industry standard trading platform), however, the option of this platform doesn’t make the broker legit because any scam broker can do the same to lure forex traders.
As for the leverage, the broker discusses no specific info. Truly, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
FoxTradingPro 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 which means wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
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Licensed in Australia(ASIC) and Cyprus(Cysec)
Accepts Traders Worldwide
Minimum Trade Deposit $100
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Conclusion: Is foxtradingpro.com a Reliable Broker?
No, foxtradingpro.com is not a reliable broker for traders even though it promises offers that look good to be true.
Most importantly, 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.
We owe our readers the duty to fish out scam forex brokers as well as share reasons to avoid fraudulent schemes. Meanwhile, we will not recommend this broker for trading.
Kindly share your comment about this broker in the comment section.