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DoItFX Review - is it scam or safe?

DoItFX review - Is doitfx.com scam or good forex broker?

RATING: 1 / 0 REVIEWS DoItFX
DoItFX is an offshore broker. Your money is not safe.

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DoItFX says to be offering over 50 currency pairs and lots of CFDs with leverage as high as 1:500 and a deposit bonus of 300%. Although this may sound attractive, there are a lot of issues about DoItFX – for instance the website is completely anonymous, so if you are considering opening a trading account with them be sure to read this review first.

 

Trading account  Min. deposit Max. leverage Spread

Standard Account

n/a 1:500 n/a

 

DoItFX Advantages:

 

Leverage as high as 1:500

 

Because we always start our reviews with any positive sides about the broker, we will credit DoItFX for the generous leverage – 1:500. Actually we do not see such leverage levels so often today, especially after the European Securities and Markets Authority (ESMA) capped the maximum leverage allowed with forex transaction on the European market at 1:30, following similar steps by the regulators in the US, Canada and Japan. 

 

Basically that has left Australia the only major regulatory hub, where higher leverage is still allowed. So here, if you are tempted to risk trading with such leverage levels, you may also check our list of brokers, regulated in Australia:

 

>>Brokers regulated in Australia<<

 

50 plus currency pairs available

 

At least that is what DoItFX tells us, because we were not able to open a demo account and check their trading platform first hand - they offer over 50 forex pairs as well as CFDs on oil, silver, gold and 10 major indices. They do not mention any crypto assets however, so here you may also check our list of brokers trading with bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

DoItFX Disadvantages:

 

Anonymous website, no license

 

DoItFX is completely anonymous – nowhere in their presentation were we able to find a clue about the company behind the brokerage service. 

 

And it was not a surprise that their website is not regulated too, as it should be if they want to target customers on regulated markets like the US, the European Union, Canada, Australia or Japan.

 

Bear in mind that your funds will be safe only with brokers, properly licensed by well known institutions like the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities Exchange Commission (CySEC) or the Australian Securities and Investments Commission (ASIC) – the three major regulatory hubs, where most legit brokers are registered.

 

And besides with a FCA broker you will even get an insurance of up to 85 000 GBP on your account, so here you may check our list of FCA regulated brokers as well:

 

>>FCA Regulated Forex Brokers<<

 

Unusual withdraw conditions and trading bonuses

 

As attractive as it may seem 300% bonus is not a thing to be excited about. In fact the practice of offering trading bonuses is so controversial that it was banned in Europe and on many other regulated markets. 

 

The issue with all trading bonuses is that they always come with some additional withdraw conditions as for example a minimum trade volume requirement. In the case of DoItFX you will have to trade all the bonuses you have accepted, multiplied by 25, in standard lots. So if you accept a 40 USD bonus, you will not be able to withdraw until you trade at least 100 million USD, and this is not a joke, because 1 standard lot equals 100 000 base currency units.

 

DoItFX do not commit to any time frame regarding withdraws

 

We always check what brokers say in their Terms and Conditions and honestly this is quite disturbing. See for your self:

 

 

Actually a bank wire transfer do not take more than 2 to 5 working days, while transfers with most e-wallets like Neteller, PayPal and Skrill, as well as credit or debit cards like VISA and MasterCard take less then 24 hours.

 

No information about the minimum deposit requirement

 

With most brokers you can start trading with about 250 USD and with some big ones like FBS and IG you can trade with as little as 5 USD – the minimum amount you can transfer with a credit card.

 

No information about the payment methods

 

This is another piece of information we miss. With most brokers you can use major credit cards like VISA and MasterCard, bank wire and e-wallets including NetellerSkrill and PayPal. With some you can even pay with crypto coins so here you may also check our list of brokers accepting bitcoins:

 

>>Forex Brokers Accepting Bitcoin<<

 

MetaTrader4 not supported

 

DoItFX offers a downloadable trading platform called Xonetrader, which we have not heard of before. So basically we miss the MetaTrader4 – the most widely used trading platform on the market, preferred by professional and beginner traders alike. MetaTrader4 is light, highly reliable, has an excellent package with advanced charting tools, almost 100 customizable market indicators and even trading robots with the help of which you may run automated trading sessions. So here you may check our list of brokers supporting the MetaTrader4 as well:

 

>>MT4 Brokers<<

 

Conclusion:

 

DoItFX is an anonymous website, which most probably is involved in scam. As usually in such cases our general advise is to trade only with brokers regulated by reputable financial institutions like the FCA in the UK, CySEC in Cyprus and ASIC in Australia.

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Traders` reviews for DoItFX

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