VoyaFX Review: Avoid VoyaFX.Com at Any Cost

VoyaFX is a Bulgarian-based broker that offers clients the possibility to invest in forex and CFD. 

Although their partner is Alchemy Prime Limited UK, which is regulated and registered by the FCA, VoyaFX holds an offshore license that presents a risk for clients’ safety and the safety of their funds.

With all of this being said, we decided to do this review so we can give you a better understanding of what exactly VoyaFX is and if they are a good broker to invest with.

So read this VoyaFX broker review to find all the information about them, from their offshore license to the minimum deposit amount.

Also, read our 70Trades and RaceOption scam brokers’ reviews to keep your money safe.

Regulation and Fund Security of VoyaFX

After entering their website, we saw that VoyaFX has a lot of partners that are actually registered by Tier 1 regulators. However, the Ever Financial AD entity, which is the owner of VoyaFX, doesn’t hold any licenses issued to them personally and seems to give us information only about their partners that follow FCA and FSC. 

As we have mentioned, their partner, Alchemy Prime Limited, is the only one that is regulated by the FCA. They are registered and based in England and Wales.

And here comes the shady part of the VoyaFX. Alchemy Prime Limited is regulated but VoyaFX doesn’t have any license issued to them by the FCA. In other words, just because they have a partnership between them, it doesn’t actually mean that your funds are safe and that you should invest with VoyaFX. 

That’s why it’s important to always do your diligence and only invest with the companies that are regulated and not only their partners. 

Trading Platform Available at VoyaFX

We have to give credit where it is due. In regards to the trading platform, VoyaFX broker offers a unique, modern-looking web-based trading platform with a decent number of charting and analysis tools.

The web-based trading platform gives clients an option to set a Stop Loss/Take Profit, or place pending orders, and are provided with real-time economic news. However, it’s important to note that algorithmic trading and social trading did not seem to be possible.

In addition to that, you will not be able to download a mobile version of the platform from the Apple Store or Google Play.

On top of that, VoyaFX also allegedly offers an account on the leading trading platforms that are MetaTrader 4 and MetaTrader 5. Unfortunately in order to be able to open it you need to undergo a complex process of account verification. As a result, we ultimately gave up as this may be just a statement written on their website. 

Account Type Offered at VoyaFX

When it comes to trading accounts, VoyaFX has only three options. Those options include the following ones: 

• Silver – $500
• Gold – $10,000
• Diamond – $25,000

The difference in the accounts besides the minimum deposit is in the pips. The silver one offers 2.1 pips, the Gold one offers 1.5 pips and the Diamond one offers 0.9 pips. 

Additionally, VoyaFX also missed offering a Demo account which is a bit suspicious considering that they are presenting themselves as regulated. All regulated brokers will offer you a Demo account so you can test their trading software before depositing money with them.

Deposit and Withdrawal Methods

It has been stated on their website that depending on your location the payment methods available at VoyaFX might vary. Luckily, we found that the broker usually accepts the following payment methods:

• Wire transfer 
• VISA and Mastercard debit or credit cards
• E-wallets

The clients have the possibility to open their accounts in  USD, EUR, GBP, and CHF.

We also have managed to find out that VoyaFX also charges no commission on deposits and withdrawals but they do warn clients that some payment service providers might charge up to 4% of the deposited amount.

So, in case you have not used your account for more than 3 consecutive months, there will be a fee VoyaFX charges and it should be around 1%. 

How Does The Scam Actually Work?

This broker probably uses the same tactics as 70Trades does. In case you decide to leave your personal information online, dishonest brokers may come into possession of it. Additionally, it is possible that VoyaFX gets clients through the partnership it has with some other companies. In other words, it looks like they are basically paying regulated companies to get clients from them.

Regardless of the actual tactic, you should always take time to check the broker you are thinking of working with. If the information isn’t clear or you can’t find any legit license number, stay away from them.

Although this broker doesn’t have that many complaints online, the ones we read usually report some sort of withdrawal issues. Nonetheless getting your money back is possible, you just have to be diligent about it. 

VoyaFX Summary

This VoyaFX review was made with the intent of introducing you to this allegedly licensed CFD broker. As for trading software, it does have some nice features but it is far from industry standards MT4 and MT5. The fact that the licenses they claim to hold usually belong to their partners, just means that they follow no regulations and therefore offer no safety for your funds.

It can be hard to be sure if the broker is a legit thing or not, especially for brokers that operate in this manner. Although we didn’t find many complaints about the broker online, the ones we did find state long wait times to get the profits people made. 

We once again highlight that you should always be cautious where you invest your funds, and stay away from brokers that don’t disclose how long this wait will be as well as some other crucial information.

FAQs About VoyaFX Broker