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ChampionFX Review – is it scam or safe?

ChampionFX Review  – Is www.champion-fx.com scam or good forex broker?

RATING: 1.5 / 0 REVIEWS ChampionFX
ChampionFX is an offshore broker. Your money is not safe.

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Trading accounts and conditions

 

Account type Minimum deposit Minimum trade size Maximum leverage Average spreads
Cent None   1:1000 Fixed
Standard None   1:300 variable
STP None   1:100 variable

 

ChampionFX is a very new forex broker. Probably this is the reason for the incomplete information about trading accounts and conditions. So far the only information available is that there will be no minimum deposit requirements for all three types of live accounts, the maximum leverage can go up to 1:1000 and the spreads will be “tight”. There will also be a swap-free version for Muslim traders.

 

There is also a free demo account with virtual $10 000.

 

The broker will be offering trading in forex – major, minor and exotic pairs, CFDs and binary options.

 

 

The Company. Security of Funds

 

Company Country Regulation
Champion Group Ltd Vanuatu  VFSC

 

Launched by former General Manager at ThinkMarkets Australia Athol Nourse, ChampionFX is yet another offshore broker from Vanuatu. It says it is regulated by the Vanuatu Financial Services Commission (VFSC) and it is probably so, but the Vanuatu regulation hardly amounts to much. Like most other offshore zones, Vanuatu does not have very strict requirements for the registered businesses and offers a tax haven. Respectively, the financial regulator is not known for its robust oversight, despite its pledges to step up its game.

 

As always, we recommend our readers to choose a properly registered and regulated broker instead. Like we already said, not all regulators offer the same level of protection and some, like UK's FCA and the Australian Securities and Investment Commission (ASIC), are better than others.

 

 

Trading platform

 

ChampionFX is in the growing ranks of forex brokers that offer the successor of the popular MetaTrader 4 (MT4) MetaTrader 5 (MT5).

 

Despite being released several years ago, until recently MT5 has been in the shadow of its predecessor. Since the introduction of the hedging option in the spring of 2016, however, it is gaining popularity and increasing numbers of brokers are offering it.

 

MT5 is more advanced than MT4, but has most of the well-familiar and loved features of its predecessor. MT5 allows trading in futures, options and shares, in addition to CFDs and forex.

 

Additionally, ChampionFX offers the Champion Trader, which is intended for trading in binary options.

 

 

Promotions

 

ChampionFX offers an $10 welcome bonus to new clients. We could not find additional information on the eventual

 

 

Payment methods

 

ChampionFX accepts client deposits through bank transfer, money wire through Western Union, credit/debit card and the following electronic payment systems: Union Pay, OK Pay, FasaPay, Perfect Money, Neteller, Skrill, MonetaRu, WebMoney, Qiwi, Yandex Money and Paysafe Card.

 

 

Conclusion

 

ChampionFX is yet another offshore broker. It seems it has not started actively operating yet and does not provide specific information on important trading conditions like spreads, so we can't decide whether or not it is worth the risk opening an account with it. From our experience with the trading conditions of the hundreds of other offshore forex brokers, however, we'd think that one shouldn't hold their breath.

 

Pros Cons
MT5 Offshore
No deposit Incomplete trading conditions info
Islamic account  

 

 

Latest news about ChampionFX
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Traders` reviews for ChampionFX

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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Cons

 

 

Customer service

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Summary

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