Foxane Review: Learn More About This Scam Broker
Foxane has a parent company that operates under the name of Foxane LTD. The broker website alleges that this company is incorporated in St. Vincent and the Grenadines, and also gives us a registration number. Needless to say, this is all false information.
In reality, Foxane is far from legal. Their fraudulent activities are known to multiple financial regulators. Here are the scam warnings issued by regulatory agencies:
UK FCA Warning:
Belgian FSMA Warning:
Find out more in our Foxane Review, as we crack this fraud broker wide open!
|Warning||FCA, AMF, FSMA, CMNV|
Foxane Regulation and Security
Not only is Foxane not a registered company, they would also not be able to trade unless they procure an authorization from a regulator from outside of SVG. The main financial regulator in SVG, an agency called the FSA, does not regulate brokers anymore.
Foxane offers its services to clients in Europe, Canada and New Zealand. For this reason, they would need to acquire at least 4 regional licenses. We have checked the registers of a number of financial regulators, namely the UK FCA, and French AMF, as well as Spanish CMNV, Cypriot CySEC, Canadian IIROC and New Zealand’s FMA.
Not only does Foxane not have a license in any of these jurisdictions, but many regulators from the EU have also posted a public warning about Foxane being a scam!
The best way to illustrate why you shouldn’t deal with unregulated brokers, we will show you which safety standards European nations have implemented. By dealing with unauthorized brokerages, you forfeit all these safeties.
Here is what French AMF requires from their brokers:
- The initial capital of 730 000€ or more
- Compensation fund of 20 000€
- Max leverage allowed is 1:30
- Client accounts must have negative balance protection
- Client funds must be in separate bank accounts
- Bonuses are forbidden
- MiFID-compliant full financial transparency
Foxane offers bonuses, and a leverage as high as 1:400. These both substantially increase the trading risks, and they do not adhere to EU strict regulatory standards.
Broker’s Trading Software Overview
Unlike the vast majority of these scam brokers, Foxane actually has a proprietary trading platform. Now, a snake has many colors. Where other scam brokers use a compromised Web Trader to manipulate the market information, Foxane can do it completely hassle-free. Their trading program is undoubtedly created with the sole purpose of defrauding traders. Alas, we couldn’t create a trading account in order to test this software, and a demo is just not available.
If you are looking for a safe broker to grow your capital, elect one that uses an industry standard MT4 and MT5 trading software. These programs are safe, secure and quite versatile. MT4 has a very long and proven track record. MT5 is a new generation software that allows for trading automation among other great options.
Deposit and Withdrawal Process
If you were to believe what Foxane advertises on their website, this broker accepts Bank Cards and Cryptocurrency payments. We couldn’t create an account, as you will see later in our Foxane Review, so we couldn’t check the validity of this claim. Knowing how other scam brokers, notably BitmartExpo, operate, it is quite possible that Foxane only accepts Crypto payments.
As per Terms & Conditions, Foxane reserves the right to restrict, or even terminate an account when a client requests a withdrawal! Payout processing can take up to 5 days, or even longer for Bank Card methods for “security reasons”.
All payouts require an identity confirmation every time. The minimum amount to withdraw is $50. This broker doesn’t mention any withdrawal fees, but there is a minimum trading volume requirement for accounts with more than 10% added bonus funds.
Account Types at Foxane
It seems that you may not create an account with Foxane without an intervention from a broker’s agent or a referral. The server simply returns a message that states that your request has been denied, and you should reach out to the company. The situation is similar to how Quanta Trade, another scam broker, operates.
Take a look at the accounts on offer here:
- Beginner – $1 500
- Plus – $3 000, trading signals
- Advanced – $5 000, trading signals, personalization
- Premier – $10 000, trading signals, personalization, stocks trading, Islamic available
- Platinum – $25 000, trading signals, personalization, stocks, Islamic, personal manager
- Platinum PRO – $50 000, all of the above + personal swap, personal communication line
- VIP – $100 000, all of the above + VIP events, accelerated withdrawal
The absence of a demo account makes this broker a moot deal for beginners. Advanced traders only gain access to some pretty basic merits once they’ve committed a large sum of money. Islamic trading is available only on high-end accounts.
How Does the Scam Implement?
Foxane has very pricey initial deposit amounts. Once you start trading, the information they give you through their trading software will let you believe you’re losing money rapidly. This is exacerbated through very large leverage. In reality, you were set up to lose from the start.
The broker does not want you to withdraw funds. For this reason they have made the withdrawal procedure costly, complicated, and full of hidden fees. They may even terminate your trading account for even trying to withdraw!
Foxane is a known scam broker. Many regulators have posted warnings about this broker, namely FCA, AMF, FSMA and CMNV. Their trading software is tailor made with the purpose of defrauding people.
Exceptionally high leverage needlessly increases the risk of asset loss. Their withdrawal procedure is dubious, and is one of many reasons why you should avoid this fraud!
FAQs About Foxane Broker
Is Foxane Broker Regulated?
Foxane is an unregulated offshore entity and you should avoid dealing with them!
Is my Money Safe with Foxane?
There are multiple scam warnings about Foxane, which speak a lot of the broker’s lack of financial safety.
Does Foxane Offer a Demo Account?
Foxane does not offer a demo account, only live trading accounts are available.