Updated on May 1, 2024
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In our rigorous review process, a team of seasoned financial specialists, boasting more than 20 years of experience in Forex trading, carries out an exhaustive evaluation of various trading services. Our team delves deep into the investigation of fees, assesses the trading platforms, and verifies adherence to regulatory standards. We also interact directly with customer support and conduct actual trades to gain a real-world understanding of the trading conditions. This comprehensive approach enables us to provide informed insights and advice on why we recommend avoiding VolumeFX due to the issues we've identified.
Is VolumeFX Scam or Legit Broker? ▲
The legitimacy of VolumeFX as a Forex broker is highly questionable due to its lack of licensure from any globally recognized financial regulatory authority. This absence of oversight implies that VolumeFX operates without the required compliance checks before its establishment. There is no ongoing monitoring of its operations for safety, allowing the broker to conduct its business without any regulatory constraints. The lack of regulatory safeguards significantly undermines the broker's credibility and raises concerns about its legitimacy, leading us to suspect that VolumeFX may be a fraudulent entity.
About VolumeFX
Registered in: St. Vincent and the Grenadines
Type of License: Offshore License
Is VolumeFX safe to trade: No
Recommended Licenses: FCA in the UK & ASIC in Australia
The absence of a credible licensing authority for VolumeFX points to a substantial risk for traders considering this broker. Operating from St. Vincent and the Grenadines does not offer traders the security of dealing with a regulated entity, as the local financial authority does not issue forex trading licenses nor oversees such operations. Due to these critical shortcomings, we cannot endorse VolumeFX as a safe trading partner.
VolumeFX emerges as an offshore brokerage firm, presenting a trading portfolio that encompasses Forex, Cryptocurrencies, CFDs, Stocks, Commodities, and Indices. The entity, VolumeFX Ltd., finds its base in St. Vincent & the Grenadines. A concerning aspect is the glaring absence of regulatory oversight information, casting a shadow over the broker's reliability. The lack of regulation is particularly alarming, considering that operating from St. Vincent & the Grenadines does not equate to regulatory assurance, as the local authority has explicitly stated its non-involvement in licensing or supervising forex trading activities.
Given these considerations, our stance is to advise against investing with VolumeFX. The forex market presents numerous alternatives that boast stringent regulatory compliance, ensuring the safety of investments through measures like segregation of client funds, negative balance protection, and adherence to a minimum operational capital requirement.
Our final verdict strongly advises against engaging with VolumeFX for investment purposes. The cornerstone of any secure investment strategy is to partner with brokers regulated by reputable authorities, such as the UK's Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), and the Australian Securities and Investments Commission (ASIC). These entities enforce strict regulatory standards, offering significant protection to traders' investments.
Before committing to a broker, conducting thorough personal research is imperative. Opting for a broker under stringent regulation, akin to the standards of FXTM and XM, is crucial for ensuring investment safety. Additionally, it has come to our attention that the VolumeFX website is no longer active, indicating a cessation of its trading services. Despite this, we urge potential traders to remain vigilant and steer clear of any future propositions from VolumeFX or similar entities lacking proper regulatory compliance.
When considering alternatives, brokers like Interactive Brokers, City Index, and AvaTrade stand out. They not only offer the security of stringent regulation but also bring to the table comprehensive trading solutions that can meet the needs of both novice and seasoned traders.
VolumeFX Review 2024
It’s all a scam stay away from them, I was scammed by those crooks but luckily getting my money back was possible with the help of Mr Curtis Howard kindly contact him through his email address: curtishoward270@gmail.com if you are having issues withdrawing your money from your investment broker.