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31FX Review - is it scam or safe?

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

RATING: 1.3 / 6 REVIEWS ForexBrokerz 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
Forex
Broker Country Regulation Platform Min Deposit Review
US CFTC, NFA MT4, Web,
in-house
$50 Review Website
US NFA, CFTC MT4 $250 Review Website
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
Australia, Cyprus ASIC, CySEC MT4, MT5, Iress $100 Review Website
Cyprus, Australia CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website
UK FCA MT5 $5 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website

Traders` reviews for 31FX

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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scammed by Josh Wellner and 31-FX

I also was scammed by Josh Wellner ( If that's his real name ) and 31-FX. After about 3 months of having Josh Wellner calling and smooth talking and convincing me to transfer 5000 Euros and 31-FX would match it, Which I now realize was a scheme just to get me to transfer more money. The bonus doesn't add any more hedging then the amount of hedging that the clients money provides. As soon as the bad trade reached the last bit of cash in my account at the 4% stop out, It closed of the trade before it got near the brokers so called bonus. Also when I first came across 31-FX it was 31-FX.com then they changed their domain name to 31-FX.co probably to cover up a previous reputation. I would also be caution reading any positive reviews about them because its possible the staff themselves are going around posting fake reviews to try and fool new victims.

They are not regulated and licenced under a government oversight which is a concern and they don't have segregated accounts to protect their clients money in case they go bust.

I can't get my money back from the scammers but I hope this post helps others avoid being scammed by them. Avoid 31-FX like the plague.

Jason Wright 12/04/2019

31FX complete scam

Deposited the 450 plus euros back in August then read the reviews, silly me, missed appointment calls from Josh Wellner, then I advised I no longer wished to trade at all and wanted money back, have since placed four withdrawal requests and the last one has been pending for over two weeks. They adamant that I should discuss with a broker, I have sent them e-mail trails between myself and Josh Wellner and the last reply was a load of BS, again insisting I discuss with a broker and invest. Now I have spoken to 31fx over the phone and via e-mail and advised I am not investing and just want my money back, but so far to no avail. As earlier threads on 31fx advise stay well clear of this company they are a scam and a fraud, it should not take this lng to withdraw money. I have traded with other companies and been able to easily make a withdrawal, but forget it with 31FX avoid at all costs.

Michael Balfour 10/18/2019

Also ruined by Josh Wellner

When I first started trading with 31FX. I added 1000 euros, then I added another 1400 euros was making some progress, so decided to add another 100000 euros. Josh arranged a 10000 bonus to be add to the account and insisted on opening a trade at 7 lots on the GBP/NZD Pair because of a w patterns that he said was an indication that was going up. After waiting 4 days it closed with a 1000 Euro profit. Then he said because there's a lot of upward momentum left mindset as well open another one at the same volume and take profit so I did with hesitation. Then the trade went bad and transferred another 2000 euros and it still kept going down until my account hit the 4 % stop out and lost the lot. All up it was about 22000 euros I lost. I highly recommend not doing business with this broker and be sure to go through a regulators and licensed broker and one that doesn't have control over your trading account. Stay away from this broker they

Troy 10/10/2019

You cannot get your money back from 31 FX

I lost around 15,000 AUS$ equiv. when a guy operating as "Josh Wellner" (doubt that is his actual name) refused to allow me to withdraw my money. He opened some losing trades and it was all wiped out in minutes. He is a real criminal who just lies and cheats you same as you and I breathe, and I would warn anyone to stay away from 31FX. DO NOT INVEST IN THIS SCAM or YOU WILL LOSE EVERYTHING. Hopefully they will be closed down and arrested soon. The police in Sydney told me they already have file on him and 31 FX and they are working with the Metropolitan Police in London where he is based.

Richard 10/03/2019

Also ruined by "Josh Wellner"

This man and this company are scam artists. Josh Wellner is a serial liar and quite clever and manipulative at coercing you into funding his operation. As soon as you get wind that he is a crook he will plunge your account into the abyss. We need to get together and bring this guy to justice.Let's form a whatsapp group and pool evidence. I recorded incriminating phone comversations and have emails to back up those vital details. He is only smart in a one dimensional way.

James Richmond 09/26/2019

My trading since 1918

My balance is now 694.48 € Give me the procedure to withdraw this amount. I need it urgently for health reasons. Thank you.



Marcel Guillaume 09/04/2019

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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