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31FX Review - is it scam or safe?

31FX - Is 31-fx.com scam or good forex broker?

RATING: 1.3 / 7 REVIEWS 31FX
31FX is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


31FX is a forex and CFD broker offering six account types and a variety of crypto CFDs on the cTrader platform. If you are thinking about opening an account with them be sure to read this review first.

 

Account type Min. deposit Max. leverage Spreads
Basic Account 500 EUR 1:100 0,1 pip
Bronze Account 5000 EUR 1:100 0,1 pip
Silver Account 25 000 EUR 1:200 0,1 pip
Gold Account 50 000 EUR 1:400 0,1 pip
Platinum Account 100 000 EUR 1:500 0,1 pip
Diamond Account 150 000 EUR 1:1000 0,1 pip

 

31FX Advantages:

 

Leverage up to 1:1000

 

Leverage of up to 1:1000, which you can get on the Diamond Account with 31FX, is basically as good as you can get on the market. Higher leverage helps traders score higher profits with relatively small deposits. Still, you should keep in mind that higher leverage also means higher risk of loosing your funds much faster. Experienced traders know that risk well and seldom trade with leverage exceeding 1:100.

 

Just for the record maximum leverage with the Basic and the Bronze accounts is 1:100, with the Silver Account – 1:200, with the Gold Account – 1:400, while with the Platinum Account – 1:500. This, however, is a bit counter intuitive, as most brokers offer higher leverage with their starting accounts, while with the premium accounts, were higher deposits are at stake, the leverage is usually more conservative.

 

Competitive spreads

 

On its website 31FX says that spreads start at 0,1 pip with all account types and that, in our view, is too good to be true. So we opened a Demo Account to get a first hand feel of the trading conditions. The EURUSD spread was almost there – 0,2 pips and no commission on the trade was taken. Still here you may check our list of brokers, offering similarly tight spreads:

 

>> Lowest spread forex brokers<<

 

Bitcoin accepted as payment

 

You can deposit or withdraw funds with 31FX using credit or debit cards like MasterCard and VISA, e-wallets like EPay and PayPal, bank wire and even Bitcoins. Still, as crypto payments are getting more and more popular, here you may check our list of brokers accepting Bitcoins as well:

 

>>Forex Brokers Accepting Bitcoin<<

 

A variety of crypto CFDs

 

Opening the Demo Account we came across a good variety of crypto CFDs, including popular coins like  Litecoin, Ethereum, Ripple, Bitcoin and Dash. Besides, the broker offers the option of a special crypto currency account with a minimum deposit of 500 USD. Still here you may check our list of brokers also offering Bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

31FX Disadvantages:

 

Lack of regulation

 

31FX is a brand name of JRV Market Ltd, which is registered on the British Virgin Islands and does not have a license to operate as a forex and CFD broker.

 

This is unfortunate, as unregulated brokers are not obliged to follow any rules and most often than not are involved in scam.

 

On the other hand, brokers holding a license from respected financial institutions such as the Financial Conduct Authority (FCA) in the UK, CySEC in Cyprus and the Australian Securities and Investment Commission (ASIC) have to follow strict financial and ethical rules. FCA and CySEC brokers for example have to keep operational capital of at least 730 000 EUR, while the minimum operational capital set for the ASIC brokers is 1 000 000 AUD. In some cases brokers are even obliged to insure traders money.

 

FCA and CySEC brokers for example have to participate in client compensation schemes. Under the FCA backed Financial Services Compensation Scheme, in case the broker goes insolvent, traders can be compensated with up to 50 000 GBP. A similar CySEC insurance mechanism, guarantees up to 20 000 EUR of the trading capital. Here you can check our list of brokers, licensed by the FCA:

 

>>FCA Regulated Forex Brokers<<

 

Excessive minimum deposit requirement

 

To open a Basic Account with 31FX you have to invest at least 500 EUR and that, in our view, is excessive as with most forex brokers you can open an account with a hundred dollars or so, while with some big players like XMFXTM and IG you can start trading with just 5 USD.

 

Here we should note that to open a Bronze Account you should invest at least 5000 EUR, to open a Silver Account – 25 000 EUR, a Gold Account - 50 000 EUR, a Platinum Account at least 100 000 EUR, while for a Diamond Account you should cash in at least 150 000 EUR.

 

cTrader supported but we miss MetaTrader4

 

cTrader is a well developed trading platform, suitable for beginner and experienced traders alike. It supports automated trading and has a variety of in-build market indicators.

 

 

Still, some traders may prefer the better known MetaTrader4, which dominates the markets for the better half of the past decade. Here you may check our list of brokers offering the MetaTader4:

 

>>Find other MT4 brokers here<<

 

Conclusion:

 

Despite the competitive trading conditions and the nice array of crypto CFDs, 31FX remains an unregulated, offshore broker, offering little security for any potential investment. As we already discussed, traders may feel secure only with brokers, regulated by well established financial institutions.

Latest news about 31FX
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Traders` reviews for 31FX

Spread

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Lost 50000 Euros

Don't trust them. I invested 50000 Euros and they traded on my behalf and lost all 50000 Euros iin 1 week. When I asked, they said - market fluctuated and money is lost. Cheaters!

Anonymous 07/11/2019

Need money back from 31fx

I just joined 31fx funded my account then read about their reviews ...asked for my money back ..they are not giving it how can i get ny money back please advise .

Preetika Prasad 07/06/2019

Ruined by 31-FX and their broker Josh Wellner

As soon as I asked for my money back after loosing nearly 12000 euro in one night a week or two later my balance of nearly 30000 euro disappeared from late on a Friday night to the following Monday. Josh Wellner if there is such a person is a crook, thief, a conman and a compulsive liar. Now it appears 31-FX have taken down their web site and gone into hiding.

ian black 06/30/2019

Withdrawal request

I deposited 350eur on 31fx now i told the broker josh wellner that im no longer interested i want my money back and he doesnt wanna give back so i want to know i how can i get my funds back. It all happened November 2018

Sibongile Sebobe 06/17/2019

Ruined by 31-FX and their broker Josh Wellner

31-FX have traded away, lost perhaps stolen over $50,000.00 Australian dollars of mine, the bulk of it in 2 days from the 30th of May 2019 t0 the 2rd of June 2019. All money was converted to Euros with 31-FX

ian adair black 06/08/2019

SCAM - Beware

They keep ringing up. "We are licensed" ! When asked where and by who they say "Do you have anydesk ? Let me share that with you over Anydesk" Have you ever heard a Broker say that. Avoid avoid avoid avoid avoid avoid avoid avoid avoid avoid avoid avoid avoid avoid avoid avoid avoid avoid avoid avoid avoid avoid avoid avoid avoid

Nick 05/08/2019

31FX is scam!

31FX is nothing but a big fraud. Just try to withdraw money from your account and find out yourself - you will never see a penny. My "trader" is Josh Wellner (if that's his real name), he was lying to me from the beginning.

Lars Schiffmann 08/21/2018
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