FoxNewsTrade Spreads, leverage, minimum deposit Revealed

WikiFX | 2024-11-26 17:11

Abstract：FoxNewsTrade is a broker registered in the United Kingdom but operates from Saint Vincent and the Grenadines. It offers trading in currency pairs, shares, cryptocurrencies, indices, and commodities, with a minimum deposit requirement of $250 and leverage up to 1:200. However, FoxNewsTrade currently operates without any legal oversight or regulation.

　　Note: FoxNewsTrade's official website: https://foxnewstrade.org/ is currently inaccessible normally.

FoxNewsTrade Review Summary
Founded	/
Registered Country/Region	United Kingdom
Regulation	Unregulated
Market Instruments	Forex pairs, shares, cryptos, indices, and commodities
Demo Account	❌
Leverage	1:200
EUR/USD Spread	3 pips
Trading Platform	Web
Min Deposit	$250
Customer Support	Tel: +44 2030972588
Customer Support	Email: support@foxnewstrade.org

　　FoxNewsTrade is a broker registered in the United Kingdom but operates from Saint Vincent and the Grenadines. It offers trading in currency pairs, shares, cryptocurrencies, indices, and commodities, with a minimum deposit requirement of $250 and leverage up to 1:200.

　　However, FoxNewsTrade currently operates without any legal oversight or regulation.

Pros and Cons

Pros	Cons
Various trading choices	Inaccessible website
	No regulation
	High spreads
	No MT4/5
	Limited payment options
	High minimum deposit
	Withdrawal fee charged
	Long withdrawal time

Is FoxNewsTrade Legit?

　　FoxNewsTrade claims to be registered in the United Kingdom, but in fact, its website indicates that it operates in the offshore fraud haven of Saint Vincent and the Grenadines, where brokers are unlicensed because the country does not regulate its foreign exchange market. Therefore, trading with such an unlicensed broker is extremely risky.

What Can I Trade on FoxNewsTrade?

　　FoxNewsTrade offers investors financial instruments in currency pairs, shares, cryptos, indices, and commodities.

Tradable Instruments	Supported
Forex	✔
Commodities	✔
Indices	✔
Shares	✔
Cryptocurrencies	✔
Bonds	❌
Options	❌
ETFs	❌

Leverage

　　The leverage offered by FoxNewsTrade, up to 1:200, is extremely high for retail investors to safely utilize. In addition, FoxNewsTrade is not regulated by any authority, so it is advisable to avoid trading with this company.

Spread

　　The spread offered by FoxNewsTrade is set at 3 pips for EUR/USD, which is not typical of industry standards and results in very low profits. At reputable brokers, the spread of these assets usually does not exceed 1.5 pips.

Trading Platform

　　The website of FoxNewsTrade provides a link for downloading Metatrader 5. Unfortunately, it is not functional and directs to an error page as shown:

　　Additionally, FoxNewsTrade offers another web-based trading platform that does not have automated trading functionality and is unable to compete with advanced and professional platforms like MT4 or MT5.

Trading Platform	Supported	Available Devices	Suitable for
Web Trader	✔	Web	/
MT4	❌	/	Beginners
MT5	❌	/	Experienced traders

Deposit and Withdrawal

　　FoxNewsTrade accepts deposits via cryptocurrency and credit cards.

　　Using cryptocurrency for payments at unregulated brokers is extremely risky, as there is a high likelihood of being unable to withdraw funds or reverse transactions.

　　The withdrawal section indicates a processing time of approximately 24 hours, which contradicts the website's statement that the processing time for withdrawal requests is 4 to 7 days.

　　In its deposit and withdrawal policy, FoxNewsTrade clearly states that there are withdrawal fees, but it fails to disclose the specific amounts and methods of collection. This means that this unregulated broker may charge withdrawal fees and other unrelated commissions at any time, a situation that may occur frequently and poses a significant risk to your assets.