VolumeFX is a self-proclaimed forex and cryptocurrency trading broker. It claims to offer a wide range of trading products and services, including competitive spreads, high leverage, and a variety of account types. However, a closer look at VolumeFX reveals that it is a scam broker that should be avoided at all costs.
Company Overview:
VolumeFX is an offshore forex and CFD broker launched in 2018. It is registered in Saint Vincent and the Grenadines, a notoriously lax jurisdiction with a reputation for being a haven for financial scams. VolumeFX does not have any physical offices and its website is poorly designed and unprofessional.
Does VolumeFX Have Any License?
VolumeFX is owned and run by VolumeFX Ltd, a business based in St. Vincent and the Grenadines.
What we don’t like most about VolumeFX is that the broker doesn’t have a real license to work in controlled markets like the EU, the US, Australia, or Japan.
Is VolumeFX Regulated By Any Authority?
No, VolumeFX is not regulated by any authority. This means that it is not subject to any oversight or regulation, and traders have no protection if something goes wrong.
Pros and Cons:
Pros:
- Wide range of trading products and services
- Competitive spreads
- High leverage
Cons:
- Not licensed by any reputable financial regulator
- Not regulated by any authority
- Poorly designed and unprofessional website
- No physical offices
- Numerous negative customer reviews
How Does VolumeFX Reach To Their Prey?
VolumeFX uses a variety of methods to reach potential victims, including:
- Online advertising
- Social media marketing
- Cold calling
- Email marketing
VolumeFX typically targets inexperienced traders who are looking for a broker with competitive spreads and high leverage.
Technical Details
VolumeFX offers a proprietary trading platform that is available in web and mobile versions. The platform is basic and does not offer any advanced features.
Minimum Deposit:
The minimum deposit required to open an account with VolumeFX is $50. This is relatively low compared to other brokers, but it is still a significant amount of money to risk with a scam broker.
Trading Platform:
VolumeFX offers a proprietary trading platform that is available in web and mobile versions. The platform is basic and does not offer any advanced features.
Spread:
VolumeFX claims to offer competitive spreads, starting from 0.6 pips. The spreads on VolumeFX are actually quite high, especially on major currency pairs.
Leverages:
VolumeFX offers high leverage, up to 1:500. This is very average leverage and can be very dangerous for inexperienced traders.
Packages and Products They Offer
VolumeFX offers a wide range of trading products and services, including:
- Forex
- Cryptocurrencies
- Stocks
- Indices
- Commodities
They only offer 1 account this time. The minimum deposit amount for this account is $50, which depends on the payment method – $200 via Bank wire, and $1 via Cryptocurrency.
Withdrawal and Deposit Method
VolumeFX offers a variety of deposit and withdrawal methods, including:
- Credit/debit cards
- Bank transfers
- E-wallets
What Do Their Previous Traders Say?
VolumeFX has a very poor reputation among traders. There are numerous negative customer reviews online, accusing VolumeFX of fraud, manipulation, and theft.
Summing Up- Why Should Not You Trust VolumeFX
There are many reasons why you should not trust VolumeFX:
- It is not licensed by any reputable financial regulator.
- It is not regulated by any authority.
- It has a poorly designed and unprofessional website.
- It has no physical offices.
- It has numerous negative customer reviews.
If Bad Things Happen, Where Can You Get The Quick Solution?
If you have been scammed by VolumeFX, there are a few things you can do:
- Report the scam to your local financial regulator.
- Contact your bank or credit card company to see if you can chargeback the deposit.
- Contact a fraud recovery specialist to see if they can help you recover your lost funds.
You can also contact us for a quick solution. We will provide you with a free consultation and service recommendations to help you in recovering the lost funds.
File A Complaint Against Scam Broker's
Final Thoughts
VolumeFX is a scam broker that should be avoided at all costs. It is not licensed, regulated, or reputable. There are numerous negative customer reviews accusing VolumeFX of fraud, manipulation, and theft. If you are looking for a trusted forex or cryptocurrency broker, there are many other options available.
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