FOXITRADE-Overview of Minimum Deposit, Leverage, Spreads

Note: FOXITRADE's official website: https://foxitrade.com is currently inaccessible normally.

Founded in 2021, FOXITRADE is an online forex and CFD broker registered in Malaysia, claiming to offer clients access to the widely-used MetaTrader4 platform. They provide leverage up to 1:100, floating spreads across a range of financial instruments, including forex, CFDs, precious metals, energies, commodities and futures. FOXITRADE is currently under no valid regulation. Please be aware of the risk.

Pros and Cons

Is FOXITRADE Legit?

No. FOXITRADE has no valid regulations currently. Please be aware of the risk!

What Can I Trade on FOXITRADE?

FOXITRADE advertises that it offers a wide range of trading instruments in financial markets, including all forex major currency pairs, to all precious metals, oil, indexes, energies, commodities and futures.

Leverage

FOXITRADE offers a maximum leverage of up to 1:100. Keep in mind that while leverage can amplify both gains and losses, it's not recommended for beginners to use high leverage.

Spread

Through the demo FOXITRADE MetaTrader4 account, we found the spread for EUR/USD pair was floating around 2 spreads.

Trading Platform

FOXITRADE offers traders access to the highly trusted and widely-used MetaTrader4 platform, available on desktop, iPhone, and Android. MT4 is a modern, multifunctional platform known for its user-friendly interface and customizable features.

Deposit and Withdrawal

FOXITRADE claims to accept deposits and withdrawals with Bank Wire and credit/debit cards like Visa and MasterCard.

Please note if you transfer with Bank Wire less than the minimum amount of $100, your trading account will be credited and disabled for trading.

The broker says it does not charge any withdrawal fees, but banks may charge some withdrawal fees.

As for the processing time of deposit and withdrawal requests, the deposits are said to be instant, excluding Bank Wire. While withdrawals with Bank Wire, it usually takes at least 2 working days for the funds to reach your account within the SEPA zone. Other than that, it requires 5 working days and it may take longer due to internal bank producers. By contrast, withdrawal with credit/debit cards, it usually takes 5-7 working days to process.