Beware! FoxicaTrading is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
In this review, we are going to show you a pure scam scheme, but hardly a sophisticated one. In fact, FoxicaTrading is a ridiculous broker giving tons of conflicting information, which makes it easy to confirm it’s a fraudulent enterprise. Moreover, a European financial authority blacklisted the broker, so it’s 100% a scam. Find out why this is a ridiculous fraud in the full FoxicaTrading review.
FoxicaTrading REGULATION AND SAFETY OF FUNDS
FoxicaTrading claims to be a broker licensed by many financial authorities, including FCA in Britain, MFSA in Malta, BaFin in Germany and so on. They even proudly claim on the Main Page that it’s been MFSA regulated for over 7 years now. Well, precisely, the Maltese regulator issued a warning against FoxicaTrading, exposing it as a scam scheme. Your funds are in danger.
Otherwise, it’s a highly bamboozling broker that doesn’t really care about details. They call themselves P240 Limited, SmartCryptoFx and NFSX Ltd, which comes to show how fraudulent this entity is. In fact, the Maltese regulator has already issued warnings against brokers operated by P240, so FoxicaTrading is just another brand name created by scammers.
Avoid FoxicaTrading, and consider the high-rated regulated EU brokers and British brokers, instead. The companies on both lists are suitably regulated and also participating in the deposit insurance funds laid down to protect customers in case of insolvency or fraud. For example, CySEC brokers’ traders can claim 20 000 EUR in compensation, while the British guarantees are even up to 85 000 GBP per person. Europe is financially secure, so you can safely open accounts with EU and UK regulated companies.
FoxicaTrading TRADING SOFTWARE
FoxicaTrading claims to offer MetaTrader5, but that’s falsehood. They also claim to be a Binary Options broker but can’t confirm this either. In fact, it was impossible to sign-up due to some technical errors, so we can’t verify they can provide any platform whatsoever. Anyway, FoxicaTrading is a proven scam, so stay away and find genuinely regulated brokers instead.
To do so, see the high-rated MetaTrader4 brokers and MetaTrader5 brokers on both lists, which deliver high-class software and excellent trading conditions. MetaTrader distributions are super stable and provide advanced features such as Expert Advisors, Algo Trading, as well as sophisticated, complex indicators and charting tools. The platforms also include a marketplace, where you can find more than 10 000 apps and third-party developed solutions developed for traders by traders.
The maximum possible leverage is said to be 1:200, which is yet another fraudulent assertion. Nevertheless, 1:200 is a ratio that’s risky for retail clients, especially for those with little or no trading experience. In fact, leverage is utterly dangerous, so various financial authorities worldwide even agreed on regulations to restrict its usage. Consequently, EU, British and Australian brokers have to limit the retail clients to 1:30, while the Canadian brokers and the US brokers can’t provide more than 1:50. Nonetheless, risk-tolerant traders may as well consider the Swiss brokers, which are credible, but not leverage restricted.
FoxicaTrading DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit with FoxicaTrading is $300, which is 3 times more than the regulated brokers’ requirements on average. The funding methods enlisted on the website include Credit/Debit cards, Wire Transfers, Skrill, Neteller, WebMoney, QiwiWallet, Yandex Money and Bitcoin, but we can’t validate this information. Anyway, it’s always safer to deposit directly via bank cards because you can later dispute transactions and eventually get a refund if things go wrong with the broker.
Speaking of funding methods, see the Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have a preferred payment system. The high-rated companies on the lists are well-regulated, and you won’t face scammers.
The legal documents are highly irrelevant because they mention a plethora of companies throughout, so we can’t validate anything within the Terms and Conditions. Nevertheless, they mention nothing about withdrawal requirements, fees, inactivity procedures, refund policy, bonuses etc.
Overall, FoxicaTrading is an exposed scam, so you should avoid it. If they contact you, make sure to report to the authorities as soon as possible.
HOW DOES THE SCAM WORK
New types of investment scams come about literally every day. However, most of the new schemes represent a modification of common fraud. These are not typical for the local markets but very similar from country to country.
Nowadays, scammers search for victims on the Internet and social media. Classical tactics, such as cold calling, became less widespread as the Internet got prevalent. The offers scammers make look legit and present exciting opportunities to invest money in the Forex market. Traders got reassured that the people behind the broker have an excellent track record, and they promise high returns, seamless trading and guaranteed profits. The scammers deliberately make people believe that the Forex market isn’t a risky place, but actually, the opposite is true.
What usually happens is that scammers just pocket traders and investors money. Sooner or later, clients would ask for a withdrawal, but scammers would delay or straightforward refuse to send any money back. Whenever traders persist, the guys standing behind the fraudulent broker would usually cut the communication or even ask for additional deposits. Either way, traders are likely to lose some or all of the capital invested. The end is always the same. When fraud becomes evident, the scammers would simply rebrand and start afresh, creating a new scheme under a different name.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is immune to scam. If you get scammed, the first thing you need to do is to protect yourself from further risk. Deactivate your card immediately, contact your bank and ask for advice.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing, call the police if you feel necessary. Seek help actively!
Remember, it’s crucial not to rush blindly trying to recover your funds because many scam chargeback agencies and individuals are trying to double scam the victims. They ask for upfront payment, take the money, but won’t do anything to help you!
Share online your experience; it’s important to protect others, as well. Be responsible!
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