Foxtradingpro Review – Should you Avoid this Broker?

Foxtradingpro Review

Brokers have been an important element of trading since the concept was first introduced. Even before online trading existed, people used the services of brokerages to make their trades in the markets and this didn’t change when trading shifted online. Even today, you require their services in order to access the markets and execute transactions, which means you turn to the internet to find one. Sure, there are thousands of options you can explore, but it is vital to remember that fraudulent ones also exist. You can check out this Foxtradingpro review to understand how these scammers operate.

It is necessary for you to do so because these fraudulent platforms do not come with a warning sign. A quick look at their offerings does not usually indicate that they are a scam, or there is something wrong with them. It is only after you have deposited your money and try to access their services do you come to the realization that you have fallen into a trap. By then, it is usually too late to do anything. As you would want to avoid such a situation, the best thing you can do is thorough research before opting for a brokerage.

This means you need to check their vital features and offerings in order to ensure they are what the broker advertises. If their story falls apart when you peel away the layers, you can skip that broker and look for a different one. You will have to do the same in the case of Foxtradingpro and this certainly works in your favor because you can discover just why this broker should be avoided. Take a look below:

It has been blacklisted by Spanish authorities

One of the first things that you need to check in a brokerage is their licensing and regulatory status because this will tell you if the broker you are considering can be trusted or not. A properly licensed and regulated brokerage can offer you the right trading environment and peace of mind, so you can make the most of your trading. The problem with Foxtradingpro is that not only is it unlicensed and unregulated, it has actually been blacklisted by a regulatory authority.

This is the worst thing that can happen to a broker because it indicates that it is not trustworthy at all. You will find that the National Securities Market Commission (CNMV), which is the regulatory body in Spain, has issued a warning against Foxtradingpro for illegally providing investment services to people in Spain. This is confirmation that the broker is operating without a license and no authentic and legitimate platform would ever do so.

Its whereabouts are false

You would obviously want to know the corporate background of a brokerage before opening an account with them and this holds true for Foxtradingpro as well. When you go through their presentation, you will find that they have listed an address on their website of London, United Kingdom. In order to operate in the UK, a broker is required to get approval from the Financial Conduct Authority (FCA). This is the regulatory body in the UK that issues licenses to brokerages.

However, if you check the registers of the FCA, you will not find Foxtradingpro listed at all. Most importantly, it is not possible for the brokerage to have the approval of the FCA because it is contradicting several of its policies. You will find that they are offering trading bonuses to their clients, a practice that has been forbidden by the FCA. These bonuses usually come with strings attached and are unfavorable for traders, due to which they were banned by a number of regulatory authorities, including the FCA.

Secondly, you will also find that Foxtradingpro is offering binary options trading to their clients, along with CFD trading and the former is also banned by the FCA. Binary options are also vulnerable to manipulation, which can go against consumer interest. Therefore, these were banned in the UK and a number of other jurisdictions as well.

These offerings indicate that Foxtradingpro cannot operate in the UK because the FCA would never grant it a license. Thus, it is either lying about its whereabouts outright, or it is based illegally in the UK, both of which do not paint it in good light.

It does not have a trading software

Perhaps, the most vital and important offering of an online broker is their trading platform because you need this software to connect to the financial markets and execute your trades. It also provides you the technology and tools that can ensure a seamless trading experience. When you check out Foxtradingpro, you will come to know that the broker is promising you the MT5 trading platform. This is considered the top trading software in the market today, with advanced features and innovative technology.

Unfortunately, you will discover that Foxtradingpro is just leading you on because there is no MT5 available on their website. The broker has its own trading platform, but in order to be able to access it, they first require you to verify your account by submitting some personal documents. This is undoubtedly shady because no genuine broker would ask you to share any such personal data until you are comfortable. They would certainly not block their clients from accessing the trading platform and demand the documents like this.

It only supports crypto payments

You also need to look into the payment options that a broker offers to you because it is essential to ascertain if you can get your money back in case of a problem. This is another issue that you will come across with Foxtradingpro because they only allow you to make deposits in Bitcoins. It may be advertised as a modern payment solution, but you need to bear in mind that it has its downsides. Crypto payments are anonymous as well as final and you will not be able to get a chargeback, as in the case of credit cards, if something goes awry.

Final Word

By all means, it is clear that you need to avoid Foxtradingpro when you are looking for a brokerage to start online trading.