Foxane Review: Find Out Why This Broker Is a Scam
Foxane esteems itself pretty high. They are claiming to be a market-leading broker, providing supreme trading conditions and complete transparency in an often shady industry.
Well, there are two main problems here. First of all, Foxane is not even a broker you can easily find during online research. Which means that leader claims are disproved. Secondly, it’s as shady as heck and it’s an offshore broker, which ultimately means that you should avoid it.
Find out why we claim so in the full Foxane broker review, where we will shine the light onto this investment scam.
|Broker Status:||Unregulated offshore broker|
|Blacklisted as a Scam by:||FCA, AMF, FSMA|
|Broker Owner:||Foxane LTD|
|Headquarters Country:||St. Vincent and Grenadines|
|Online Trading Platforms:||WebTrader|
|Crypto Asset Trading:||No|
|CFD Trading Option:||Yes|
|Available Trading Instruments:||Forex, Commodities, Indices, Stocks|
|Free Demo Account:||No|
|Accepts US clients:||No|
Security and Compliance for Foxane
Foxane is an offshore broker formed in St. Vincent and the Grenadines, which means it’s anonymous and unregulated, so your funds will be at risk if you deposit.
SVG brokers are risky because the local authority SVGFSA doesn’t issue licenses or monitor the local market. As these businesses are held responsible by no one, they can do anything with your money, even steal it if they want to do so.
Also, the country allows the creation of IBCs with hidden ownership that are not required to submit financial reports or grant access to their accounts.
In other words, Foxane is run by people with an undisclosed identity who handle money while bearing no responsibility for their actions. An excellent reason to avoid this and other scam brokers alike. The Foxane broker also received official warnings from FCA, AMF and FSMA.
Website’s Trading Platform Overview
Allegedly, Foxane has a web-based platform called FoxTrader, but we couldn’t access it due to registration issues we know nothing about. However, while trying to sign-up, we found evidence that the broker reviewed is somewhat linked with Vlom. This is a shady brokerage also registered in SVG with a terribly low score in Trustpilot. That doesn’t actually change anything, but it’s worth noting.
At any rate, Foxane is untrustworthy, so we’d like to offer the high-rated MetaTrader4 and MetaTrader5 brokers on both lists instead. We recommend MT brokers because both terminals are market leaders packed with sophisticated indicators, reliable charting tools and EAs making automated trading possible.
Account Types at Foxane
Foxane offers seven different account types:
- Beginner – $1,000
- Plus – $2,500
- Advanced – $5,000
- Premier – $10,000
- Platinum – $25,000
- Platinum Pro – $50,000
- VIP – $100,000
Quite pricey, we must add. There are many better alternatives and licensed brokers that offer micro-accounts for just $5 or even $0.
As for the leverage, Foxane’s maximum level is 1:400. That’s extremely high and risky. You could profit big but chances are, you’re going to lose everything as soon as the market moves against you. Hence the common regulatory cap of 1:30.
Deposit and Withdrawal for Foxane
In regards to the deposit methods, Foxane only offers credit or debit cards and Bitcoin. Mind that payments via the latter are anonymous and final, which means no chargebacks possible.
The minimum deposit is $1000, a hefty requirement nonetheless. Usually, brokers ask for no more than $100 to provide services, while some are happy with as little as a $5 deposit. And in some cases even $0.
As for withdrawal and fees, there is no comprehensible information. The broker mentions that people are obliged to pay charges but fails to designate anything whatsoever.
How Did This Brokerage Perpetrate Fraud?
The fraud is carried out in the same manner as many others of a similar kind. This scam broker will first try to get your information if you have left it on some of those sketchy internet ads. After this, their experienced agents will call you nonstop to get you to invest. They will seem interested in your life, your problems and tell you many get-rich-fast fairytales until you crack under the pressure and invest.
It is easy to fall prey to their sweet talk, and don’t be ashamed if that ever happened to you. On average, it takes 2 to 3 deposits for a user to realize that something unlawful is happening. By that point, however, the broker will cut all communications with the users.
By reading through reviews, this is exactly what we found. There are way too many online complaints with the majority of them stating withdrawal issues and lack of communication as the number one problem.
In this Foxane review, we tried our best to warn you about how offshore frauds operate and how dangerous it can be to deal with them. This scam broker has no license and follows no regulations, therefore, posing a big threat to your funds and personal data.
They allegedly give their clients an opportunity to invest in Forex, Commodities, Indices, and Stocks, but in reality, what they are doing is stealing your money and creating the false picture of it being traded on their cheaply made trading software.
Additionally, Foxane scam broker even got multiple warnings issued by some of the biggest regulatory bodies, including FCA, AMF, FSMA, all for providing fake trading services.
Think twice before taking any risks while investing money and keep in mind that this scam will try to convince you to invest as much as you possibly can while legit brokers will ask for as little as $5 as an initial deposit. Don’t forget to always do proper research as a necessary step especially if you are new to trading. Many phony brokers appear overnight so you need to be cautious.
FAQs About Foxane Broker
Is My Money Safe With Foxane?
No, your money isn’t safe with this unregulated scam broker so avoid trading with them.
What Is The Minimum Deposit for Foxane?
The minimum deposit for Foxane’s customers is set at $1,000.
Does Foxane Offer Demo Account?
No, Foxane does not offer a demo account, only live trading accounts.