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VolumeFX Review - is it scam or safe?

VolumeFX Review - is volumefx.com scam or good forex broker?

RATING: 1.3 / 0 REVIEWS VolumeFX
VolumeFX is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Trading Accounts and Conditions

 

Trading account Min. deposit*  Min. trade size  Max. leverage Spread
Standard  $50  0.01 1:500 from 0.6

 

*Depends on the payment method - $200 via Bank wire, $1 via Cryptocurrency.

 

VolumeFX is an offshore forex and CFD broker lounched in 2018. It offers trading in wide range of assets on the MetaTrader 4 platform and does not seem to have different account types.

 

Read the full review to see both the strong and weak sides of this broker and why we ultimately gave them this relatively low score, although the broker seems to have a lot of advantages.

 

 

VolumeFX Advantages

 

Trading on the MT4

If a broker allows you to access the global financial markets via the highly praised MetaTrader4 (MT4), this is definitely a strong selling point.

 

VolumeFX's demo MT4. Click to zoom in.

 

The MT4 provides all a trader needs: top-notch charting, a wide selection of built in technical analysis indicators, support for automated trading via the so called Expert Advisors (EAs), as well as the change to create indicators and EAs of your own.

 

 

>> Find the top forex brokers supporting the MT4 <<

 

 

Seemingly attractive trading conditions

First of all, VolumeFX offers high leverage levels, reaching 1:500. While this may actually be a negative for unexperienced traders, some professional ones like having the ability to use high leverage ratios.
 

Second, the cost of trading with this broker seems low: the minimum initial deposit required is not high (in case you don’t use bank wire), and the spreads are really good, starting from 0.6 pips on EUR/USD. That being said, you should keep in mind that the cost of trading is not the most important factor when choosing a forex broker. Instead, it is the broker’s reliability, which means a license issued by a reputable financial regulator.

 

Wide range of CFDs, cryptos included

Apart from a good selection of forex pairs, including exotic currencies, clients of VolumeFX can also trade in a variety of CFDs. The CFD line-up of this broker includes stocks, indices, precious metals, commodities, as well as major cryptocurrencies like Bitcoin, Litecoin, Ethereum, Bitcoin Cash, Dash, Ripple, EOS, Zcash, Monero, OmiseGO, NEO, IOTA, and more.

 


>>Well-regulated brokers, offering Bitcoin and more<<

 

 

VolumeFX Disadvantages

 

Registered offshore

The most serious disadvantage of VolumeFX is the lack of financial regulation. The broker is operated by VolumeFX LTD., a company registered in St. Vincent and The Grenadines, an offshore zone where financial services providers are not licensed, nor overseen by any financial agency.

 

This means that clients of VolumeFX have no guarantee for the safety of their investment. It is dependent solely on the good will of the people operating the broker. Given the fact that many offshore brokers are in fact running investment scams and that VolumeFX is a newly-launched venue, potential clients of this brokerage may be open to substantial risk.

 

Limited payment methods

This is not a significant flaw, but nonetheless some traders will surely miss the option or deposit or withdraw via credit/debit card, Skrill or PayPal, all of which are not available with VolumeFX. Instead, the broker uses bank wire, cryptocurrencies, as well as vLoad & UPay as payment methods.

 

Also, keep in mind that Cryptocurrency withdrawals are charged a 0.5% fee and those with Bank Wire: -$35 USD.

 

 

Conclusion

 

Had this been a regulated broker, we would have had a very different opinion on VolumeFX. Its website is nice and all trading conditions and costs are clearly presented and seem good, which is not very common among offshore brokers.

 

Not that the fully regulated brokers are always entirely honest, but it is always better to do business with brokers authorized by reputable financial regulators such as UK's FCA or the ASIC in Australia. Even if the licensed companies are dishonest, there are a lot of mechanisms in place that would protect their clients’ interests and money. Besides, there is also the consolation that these brokers will be punished.

 


>> A list of FCA-regulated brokers <<

 

 

Let’s sum up the positive and negative sides of VolumeFX:

 

Pros Cons
Trading on the MT4 Registered offshore
Seemingly attractive trading conditions Limited payment methods

Wide range of CFDs, cryptos included

 

 

Latest news about VolumeFX
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Traders` reviews for VolumeFX

Spread

Pros

Cons

 

 

Slippage

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Cons

 

 

Requotes

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Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

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