Foxane is a foreign exchange company with offices in St. Vincent and the Grenadines. The Financial Conduct Authority has warned against them, and the broker doesn’t have a license from any other reputable authority.
Foxane has different types of accounts and says it is the best in its field. They let you swap stocks, indexes, and currency pairs.
Their office is at Beachmont Business Center, 213, Kingstown, St. Vincent and the Grenadines. In the same way, their number is 1800-8289-937.
But there are too many red flags about the dealer. Foxane is an offshore broker with shady terms and conditions and a very low level of openness.
The following review of Foxane will show you why you shouldn’t do business with them:
FCA has issued a warning about Foxane
The Financial Conduct Authority, also known as the FCA, is one of the best-known financial regulators in the world. It keeps an eye on people who offer banking services in the UK.
In February 2022, the FCA told Foxane to be careful. The warning said that this company isn’t allowed to work in the UK or try to reach people there.
The FCA said that if people deal with Foxane, they won’t be able to use the Financial Ombudsman Service or the Financial Services Compensation Scheme. So, if something goes wrong, it is likely that you will lose your money.
A warning from the FCA is enough proof to show that Foxane might be a scam.
The watchdog doesn’t send out many warnings, and when they do, they’re always about trading firms that seem to be doing something wrong.
This warning is enough to make you want to stay away from this broker.
But there’s more.
I looked for reviews of Foxane and found several that confirmed what I already thought about this forex broker:
What Foxane’s clients say about the company in reviews and complaints
I read several reviews of Foxane where people talked about their experiences with this company.
After following Foxane’s tips, the client lost $2,000
In his review of Foxane, Berc says that it is a bad dealer. He says that their signs have cost him $2,000, and when he asked to get his money back, they didn’t do what he asked.
They instead asked him why he wanted to take the money out. He says it took them a long time to send the money to his account.
This provider is not one that Berc would suggest.
“It takes too long for Foxane to work.”
This customer says that this broker is scum. He says it took him a week to prove his account.
Also, he asked for a release months ago but still hasn’t gotten the money.
“Foxane tried to steal from me for tens of thousands of dollars.”
In this review, the person says that the people at Foxane tried to steal tens of thousands of dollars from him. They did this by making it look like a website called Capital Education would give him cheap training.
He says it was a good thing he called his bank ahead of time to freeze the account.
He knew Foxane was a scam when he found out they didn’t have a license from the FCA. So, he doesn’t think it’s a good idea to trade with them.
After Foxane’s suggestions, the client lost their whole deposit.
Jeff says that he lost his whole deposit in the first two weeks after he joined.
He says that he is new to dealing and mostly followed what Foxane told him to buy and sell.
But he thinks their consultant may not have enough knowledge or professionalism. He tried to get in touch with the specialist, but he didn’t hear back.
“Foxane is a rip-off.”
Sigrid says that the site makes it look like it’s real, even though it’s clear that it’s not.
He says the company is very professional and nice until you ask to get your money out.
Sigrid says that you shouldn’t join Foxane. He didn’t know that this forex company had already been put on a blacklist by more than one organization.
Sigrid tells clients of this brokerage that they should report Foxane to BFS-Bermuda so that the officials can do something about him.
“They are not skilled and have awful customer service.”
Here, the writer brings up the fact that he has lost 20% of his total investment in the last 6 months. Also, Foxane lets you pay money in 3 minutes, but it takes over 5 days to get your money back.
The writer also says that the company doesn’t seem to care about its clients. Jean-Marie says that they do not take any blame.
The reviewer says that his general experience was very bad in terms of how well the business did its job and how it treated its customers.
The different reviews of Foxane show that the company does not have a good image among its clients. But this isn’t the end of the warning signs.
There are a lot of other problems with this company that I haven’t mentioned. In the next part of this review, I’ll tell you about some things I think you should know:
Additional Red Flags In Foxane
High Minimum Deposit
Besides the warning from the FCA and the many bad reviews online, Foxane’s biggest problem is its high minimum deposit requirement.
To start dealing with this broker, you have to put down at least $1000. This is a lot more than what the industry average is.
Most reputable forex firms have a $5 or $10 minimum deposit limit.
That’s because a trader uses the minimum payment amount to try out a broker. So, real brokers keep this cap low so that traders don’t have to take on too much risk.
Most of the time, scammers make sure that the minimum deposit is big so that they can steal at least a large amount from a victim.
So, it’s a big red flag and doesn’t make me trust them.
At Foxane, there are also:
- Plus Account (Minimum Deposit $2500)
- Account for the future (minimum deposit of $5,000)
- Premier Account (Minimum Deposit $10000)
- Platinum Account (Minimum Deposit $25000)
- Platinum PRO Account (Minimum Deposit $50000)
- VIP Account (Minimum Deposit $100000)
Also, if you want to open an Islamic account, you would need to put down a minimum of $10,000. I think this is a very high number. Extremely High Leverage: Another big problem I have with Foxane is that it gives very high leverage.
Here, you can get a 1:400 advantage. It’s too high because you can lose your whole deposit all at once and even end up with a negative sum if the leverage is that high. Most buyers shouldn’t use a lot of leverage. Because of this, EU, Australian, and UK regulators have limited how much leverage licensed brokers can give.
For example, a broker with a license from the UK’s financial regulator, the FCA, can only give leverage of up to 1:30.
In the same way, US brokers can only give a maximum of 1:50 leverage. Brokers that offer very high leverage are generally not regulated, so it’s common sense to stay away from them.
High leverage might seem appealing, but there are too many risks involved.
Suspicious Trade Platform
At Foxane, you can use a trading platform called FoxTrader, which is made by Foxane. I tried to use this tool to see how it worked, but I couldn’t.
Having a proprietary platform, on the other hand, is not a good sign, since most regulated and well-known brokers use the MT4 or MT5 systems. This is because these platforms have many features that make trading faster and more profitable.
But this isn’t true of Foxane.
Here, you get an in-house tool that has gotten a lot of bad feedback. I didn’t see many reviews that said good things about FoxTrader, so I can’t say anything good about it.
Instead, I think the platform has too many problems, which isn’t a good thing. It’s a very big warning sign. Also, it’s pretty usual for forex scams to “rig” their clients’ trades by using their platforms. Fiatvisions is a forex trader who is known for doing this.
As I was writing this review of Foxane, I read through their terms and conditions. I didn’t see anything there about their fees and costs. Even though the firm says it has commissions and fees, it never says how much they are. This is another big warning sign.
When a service company doesn’t explain how they charge, hidden fees are common. So, you can’t know how much you’ll have to pay, and you might lose your whole deposit. Broad Financial is a service company that is known to charge hidden fees. It’s an IRA service that has been criticized for not being clear about how much it costs.
Bad Terms and Conditions
Another problem with this forex company. There are a lot of rules in this broker’s terms and conditions that make things worse for you.
For instance, Foxane can charge you if you don’t use it for a while. But it doesn’t say how long you have to be idle for this risk to happen. Also, it doesn’t say how much you’ll have to pay as an “inactivity fee.”
As I said before, it puts you at risk of having to pay secret fees, which can change depending on how much money you have in your Forex account.
The fact that you have to keep your trade course in “quality condition” is another problem with their terms and conditions. If not, you would have to pay fees of an unknown amount. They say that the company can charge you fees if you don’t meet the statistical standards. But nowhere on their website or in this paper do they explain what these rules are.
So, this is another reason why I don’t think Foxane is a good idea.
Trying to hide complaints in illegal ways
I thought I wasn’t the only one who thought this broker was sketchy. So I did some digging.
I found out that there have been a lot of bad reviews and issues about Foxane. But instead of fixing the problems, the dealer is using illegal marketing techniques to hide the complaints. Someone who works for Foxane put up a fake DMCA warning against a review of Foxane.
Whoever posted this DMCA notice took the content from the original newspaper, copied and pasted it on their free website, and said they were the original owner of the content.
Hiding bad things from the internet is wrong and against the law.
Many con artists hide the hard truth behind fake DMCAs. Vasily Zhabykin, a criminal, used this method to hide news stories that showed he was involved in a scheme to launder money.
There is a chance that this Foxane story could also get a fake DMCA notice. If that happens, I’ll say why it’s wrong and update this page.
Foxane Review: The End
After looking at the points above, it’s clear that Foxane isn’t as effective as it says it is.
This broker has too many warning signs for me to suggest to anyone. I don’t think it’s a good idea to trade with them. I don’t believe it is a real trading business.
There are a lot of choices on the market. You should look for a licensed and well-known forex broker that hasn’t been accused of ripping off its customers too many times.
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