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ForexPay-Some Important Details about This Broker

WikiFX | 2023-01-12 17:45

Abstract：ForexPay claims that it is an online investment platform offering a series of trading services. with its registered place undisclosed to all, we assume that this is probably a scammer. ForexPay’ inaccessible official website and lack of essential information make us struggle in presenting a comprehensive picture of this broker. When it comes to regulation, obviously, ForexPay disappoints us a lot. This broker is not regulated by any regulatory authority, and here we can see that WikiFX has given it a very low score of 1.10/10. Trading with an unregulated broker is like playing fire. Please be aware of the risk involved.

Basic	Information
Registered Countries	N/A
Regulation	No License
Company Name	ForexPay
Minimum Deposit	N/A
Maximum Leverage	N/A
Minimum Spread	N/A
Trading Platform	N/A
Trading Assets	Not specified
Payment Methods	N/A
Customer Support	Twitter, Facebook, Instagram

General Information

ForexPay claims that it is an online investment platform offering a series of trading services. with its registered place undisclosed to all, we assume that this is probably a scammer. ForexPay inaccessible official website and lack of essential information make us struggle in presenting a comprehensive picture of this broker.

When it comes to regulation, obviously, ForexPay disappoints us a lot. This broker is not regulated by any regulatory authority, and here we can see that WikiFX has given it a very low score of 1.10/10. Trading with an unregulated broker is like playing fire. Please be aware of the risk involved.

Leverage

Trading leverage is not mentioned anywhere. However, this is the leverage rule set by most regulatory authorities: the maximum leverage for major currencies up to 1:30 in Europe and Australia, and 1:50 in the United States and Canada.

Since leverage can amplify both gains and losses, it can result in devastating losses for investors who lack experience. If you're just starting out in the trading world, it's best to stick with the lower size, no more than a 1:10.

Customer Support

No contact channels are provided for clients who have any inquiry or trading-related issues to get in touch with this broker. You can only follow this broker on Twitter, Facebook, or Instagram.

Risk Warning

Trading leveraged products such as forex, cryptocurrencies and derivatives may not be suitable for all investors as they carry a high degree of risk to your capital. Please ensure that your fully understand the risks involved, taking into account your investments objectives and level of experience.

The information presented in this article is intended solely for reference purposes.

Pros & Cons

Pros	Cons
None	No regulation
	Insufficient company information
	Poor customer support

Frequently Asked Questions

Is ForexPay regulated？

No, ForexPay is not regulated anyway.

What trading instruments can I trade with on ForexPay？

What trading instruments provided by ForexPay is not specified.

How can I contact ForexPay？

You can only follow ForexPay on some social media platforms, Twitter, Facebook, and Instagram.

Forex trading Forex Broker

Related broker

No Regulation

ForexPay

Company name：ForexPay

Score

1.41

Website：https://www.forexpay.io/

2-5 years | Suspicious Regulatory License | Suspicious biz area | High potential risk

Score

1.41

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