VolexFX Global – Can You Trust Them?

Website URL: https://volexfxglobal.com

Founded: 2022

Regulations: Unregulated

Languages: English, All Yandex Translate Languages

Deposit Methods: Bitcoin, Ethereum

Minimum Deposit: $1,000

Free Demo Account: Not Available

Number of Assets: Not Specified

Types of Assets: Options, Futures, Bonds, Currencies, Cryptocurrencies

Trading Accounts and Conditions

VolexFX Global offers its clients the following plans:

• Starter Plan: The deposit range is from $1,000 to $1,500. You are promised a daily earning of 4% for 520 days. The minimum withdrawal amount is $10,000.
• Silver Plan: The deposit range is from $1,501 to $5,000. You will earn 5% everyday for 600 days. The minimum withdrawal amount is $50,000.
• Gold Plan: The deposit range is from $5,001 to $15,000. You will earn 6% daily for the next 700 days. The minimum withdrawal amount is $30,000.
• Platinum Plan: The deposit range is from $15,001 to $30,000. You will earn 7% daily for 900 days. The minimum withdrawal amount is $40,000.

There is no information provided about the trading conditions offered by VolexFX Global. And since we could not access their trading platform, we could not get this information for ourselves.

VolexFX Global – Advantages

There is nothing advantageous about trading with VolexFX Global. They are proven scammers and it is best to stay away from them.

VolexFX Global – Disadvantages

Given below are all the disadvantages we found out about VolexFX Global:

• Unregulated Broker

VolexFX Global provides a US address and contact number in the footer of its website. The broker also states that it is regulated by multiple financial authorities – the FCA (Financial Conduct Authority) in the UK, the IIROC (Investment Industry Regulatory Organization of Canada), the ASIC (Australian Securities and Investments Commission) and the CFTC (Commodity Futures Trading Commission) in the US. The broker also provides a registration number, but it is unclear which regulator that number belongs to.

We checked the online registers of all these financial authorities and found that there was no broker by this name listed anywhere. Therefore, all the information that this broker is listed on their website with regard to their legal status is simply fabricated. This broker has lied about being regulated and is actually operating illegally – without any proper licensing.

Plus500

$100

Minimum Deposit

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82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money

Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

 

AvaTrade

$100

Minimum Deposit

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The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.

• Blacklisted by FCA

While checking up on VolexFX Global’s, we also found out that we aren’t the only ones who have noticed this broker’s lack of regulation. The FCA, the UK regulator, has actually issued a warning against this broker, stating that they are targeting UK traders without having the authorization to do so. The regulator also clearly stated that this broker is a scam and should be avoided.

• Lack of Trading Software

Nowhere on VolexFX Global’s website is there mention of the type of trading software they offer. We tried to register for an account with them to find out what type of software they offered, but when we did, we were shown a message that stated that our application to open an account with the broker would first be reviewed.

This means that this broker is actually reviewing all applicants and is picking and choosing who to let in. This is a strategy typically used by scammers, who choose their victims carefully – usually targeting novice traders who don’t know how the forex industry works.

The fact that there was no information about a trading software and that we could not even register for an account leads us to believe that this broker doesn’t have a trading software at all.

• Investment Plans with No Trading Conditions

The suspicion that this broker has no trading software (and is a scam) is further validated by the fact that this broker does not offer trading accounts. Rather, they offer investment plans.

These investment plans have massively high minimum deposit and withdrawal requirements, no trading conditions such as spreads or leverages, and promises of huge returns on investments.

Here is what is wrong with all of these points. First, a lack of trading conditions tells us that this broker is not transparent about its trading costs and conditions. There it cannot be trusted. Furthermore, if there is no trading software, then trading conditions are a moot point.

Next, the minimum deposit needed is much too high. Legitimate, regulated brokers allow traders to open accounts for as little as $5 and the industry average ranges from $100 to $250. Therefore, a $1,000 minimum deposit is just way too much – even for a regulated broker, let alone a scammer such as VolexFX Global.

Added to that, most legitimate brokers allow withdrawals of as little as $100, therefore a minimum withdrawal of $10,000 is just another red flag.

And finally, these promises of daily returns of 4%, 5%, 6% and 7% are a clear sign of a scam. There is no forex broker that can guarantee profits, let alone such massive daily returns. This is because of the very nature of the forex market. The forex market is a wildly volatile one, which means that traders tend to lose more money than they make. Because of this, regulators insist that brokers publicize the percentage of their clients that have lost money while trading in this market. This percentage ranges from 75% to 85%. So, this promise is just another way of attracting unschooled novice traders into their scam.

• Only Cryptos as Payment Methods

The only way you can make deposits is through cryptocurrencies (Bitcoin and Ethereum). Another red flag that indicates a scam. This is because crypto transactions are completely anonymous and permanent, which means that once your money is gone, there is no way you can get it back – which is exactly why it is so popular with scammers. 

Conclusion

VolexFX Global is yet another unscrupulous scammer that is out to get your money. It is best to avoid this broker completely.

VolexFX Global

2.5

User Experience

3.3/10

Payment Options

2.4/10

Security

2.4/10

Support

2.0/10

Reputation

2.2/10

Pros

• None

Cons

• Unregulated Broker
• Blacklisted by FCA
• Lack of Trading Software
• Investment Plans with No Trading Conditions
• Only Cryptos as Payment Methods