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Volume Groups FX Review - is it scam or safe?

Volume Groups FX Review - Is volumegroupsfx.com scam or good forex broker?

RATING: 1 / 1 REVIEWS ForexBrokerz Volume Groups FX
Volume Groups FX is an offshore broker. Your money is not safe.

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Trading Accounts & Conditions

Account type
Minimum deposit Maximum leverage Spread
Standard Unspecified 1:100 Fixed, 2 pips


Volume Groups FX is a forex broker, which focuses the Arab-speaking market. While this may be an issue to the majority of our readers, we also found several other disturbing things about the company. Read the review for all the details.


Volume Groups FX Advantages


Top-tier trading platform (MT4)
One of the positive things about Volume Groups FX is their choice of trading software. MetaTrader4 has truly been tested throughout the years and while it may look a bit more complicated than some of the web-based platforms it is more functional and stable. The desktop client offers lightning fast execution, great charting and support for the plethora of custom-made technical indicators and automated trading systems. On the other hand, the mobile app and web-based version allow you to catch up with the market whenever you are travelling. To illustrate, here is the platform offered by this broker:



MT4, as offered by Volume Groups FX


>> Other MT4 brokers<<


Sharia‐compliant accounts
This is a major feature in the world of Islamic finance. In essence, all accounts with this broker are swap-free to be suitable for the faithfull.


>>Find a better Islamic broker here<<


1:100 leverage
We know leverage will always be a controversial issue, as the bigger ratios can lead to big losses. That being said, 1:100 is a classic level, which not only makes the calculations easy, but also allows most reasonable trading strategies to be executed.


Popular payment methods
The ways to deposit funds to deposit funds at Volume Groups FX include Bank Transfer, Credit Cards and PayPal. The latter is very interesting and provided by few brokerages, as the company generally wants to be associate with shopping more so than trading (unlike Skrill and Neteller).


Volume Groups FX Disadvantages


Not regulated, unusual claims
Volume Groups FX allegedly has offices in Istanbul (Turkey) and London (England). That being the case, not much information about their legal status is given. They claim to be "authorised firm", which doesn't mean that much. We only get a number (Click to zoom-in):



First of all, the website, which they provide isn’t associated with the UK’s financial regulator, the Financial Conduct Authority (FCA), but is merely the register of all UK companies. Our search at the website didn’t yield any results. We event went to the FCA register and found a consumer credit lender with the similar number. At this point, we have to treat Volume Groups FX as an unregulated company.


Minimal presentation
This broker’s website doesn’t feel like the typical one. While some may like the design, with many pictures being thrown left and right, one gets almost no meaningful information on their service. There is no list of available assets, target spreads and other trading conditions. We assumed the maximum leverage through the demo platform, which means it may not be completely accurate.


2 pips fixed spread
The only way to see the costs of trading at Volume Groups FX was through the MT4 platform. The spreads we saw were fixed, and not that impressive. Some may argue 2 pips is acceptable, but it’s one can find much better conditions with other brokers.


Focus on Arab-speaking clients

As we stated in the beginning, this is simply a choice made by the company. Still, we aren’t certain if their support team will be able to handle requests in English, so this may not be the ideal broker for you, if you don’t speak Arabic. Then again, the regulatory concerns are much more important.


Conclusion


Volume Groups FX is an unregulated broker allegedly operating out of Turkey and the UK. The trading conditions offered aren’t that bad, but also aren’t impressive. The fact they target Arab clients may limit some potential clients, but the legal status of this broker should be a much bigger red flag.


As we discussed above, this broker isn’t overseen by any financial regulatory agency, which means your investment with them may not be safe. The UK’s FCA, which we also alluded to is one of the most respected such watchdogs. 


>>Find FCA regulated brokers here<<


All brokers registered with them must follow very strict rules. One of them is the segregation of client accounts. It implies, your balance must be kept separate from the company’s other funds. This way the broker can’t spend it on marketing campaigns, salaries or “corporate bonuses”. Additionally they must be a part of the Financial Services Compensation Scheme (FSCS), which provides you with protection against their bankruptcy. Even if your broker goes under, this system will cover your trading account to £ 50,000.


Here is a summary of Volume Groups FX:

Pros Cons
Top-tier trading platform (MT4) Not regulated, unusual claims
Sharia‐compliant accounts Minimal presentation
1:100 leverage 2 pips fixed spread
Popular payment methods Focus on Arab-speaking clients

 

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Traders` reviews for Volume Groups FX

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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