Beware! VolumeFX 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.
VolumeFX is an offshore forex and CFD broker offering over 60 currency pairs and plenty of crypto CFDs on the MetaTrader4 platform with leverage as high as 500:1.
Among the forex pairs on the trading platform we came across a good selection of exotic currencies including Czech Krona, Danish Krone, Hong Kong Dollar, Hungarian Forint, Mexican Peso, Norwegian Krone, Polish Zloty, Swedish Krona, Turkish Lira, South African Rand, Singapore Dollar, Chinese Yuan, Israeli Shekel, Russian Ruble and Thai Baht.
On top of that VolumeFX offers a variety of crypto CFDs with major coins like Bitcoin, Litecoin, Ethereum, Bitcoin Cash, Zcahs, Monero, OmiseGO, Santiment Network Token, NEO, IOTA, Metaverse, Eidoo, Dash, Ripple, EOS and Tron.
The rest of the trading instruments include CFDs on stocks, indices, precious metals like platinum, palladium, silver and gold, as well as copper, natural gas and oil.
As tested with a demo account the bench mark EURUSD spread floated around 0,4 pips, which is pretty good especially when there is no minimum deposit requirement, as is the case with VolumeFX. That, however, only counts if you are funding your account with crypo coins. Otherwise the minimum deposit is set at 200 USD.
VolumeFX regulation & safety of funds
VolumeFX is owned and operated by VolumeFX Ltd – a company based on St. Vincent & the Grenadines.
Our main issue with VolumeFX, however, is that the broker does not hold a legit license to offer its services on regulated markets like the European Union, the US, Australia or Japan.
Brokers, with valid licenses from well respected regulators like the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC) are completely reliable as they are required to follow a very strict set of fiscal and ethical rules, among which to provide a negative balance protection to their clients, to keep their money in a segregated account, to file regular reports, to allow external audits, to maintain a certain minimum capital adequacy ratio, to refrain form offering trading bonuses and in some cases even to insure traders money.
Thus, if you are with a FCA broker your trading account will be insured for up to 50 000 GBP, while with a CySEC broker you will not have to worry for the first 20 000 EUR.
VolumeFX deposit/withdrawal methods and fees
At VolumeFX you can fund your account either with a bank transfer or with cryto coins like Bitcoin, Ethereum, Litecoin, Dash, Bitcoin Cash, Ripple, Monero, NEO and NEM. And while if choose to use crypto coins there is no minimum deposit requirement, with a wire transfer you will have to deposit at least 200 USD.
Also, we miss some major e-wallets like Skrill, which recently adopted a new anti scam policy according which all brokers, that want to use its services, should present a valid forex license.
How does the scam work?
Be aware of any promises of risk free and easy money, because exactly that is the offer you will hear if you happen to stumble upon one of the so called robo scam web sites like Crypto Revolt and Bitcoin Evolution. But if you get tempted and fill the small registration form, leaving your e-mail and phone, you will instantly be transferred to the website of a unregulated, offshore broker, where you will be asked to invest your first 250 USD. And if you start trading, do not be surprised by how successful your first trades will be. Actually your account will probably double in no time.
That however, will happen not because of your trading skills, but simply because your account will be manipulated, so that you will be more easily convinced to invest a larger amount. And that is when you will receive a phone call as well. It will be your “senior account manager”, who will professionally advice you to invest at least 10 000 USD, if you want to start making some real money.
And chances are you will invest those money as well and will not know you have been scammed until the very moment you decide to withdraw some of your funds. Than it will suddenly turn out you can not withdraw, because of some minimum trade volume requirement possibly linked to the welcoming bonus you have so carelessly accepted in the first place. The pretext might surely be different but the end result will be the same – you will not be allowed to withdraw anything.
What to do if scammed?
Now, if you have lost money to scammers immediately file for a charge back with your credit card provider. The good news here is that you will be able to do that within 540 days as this is the new ant-scam policy of both VISA and MasterCard.
If scammers have managed to trick you to give them your credit card number and online banking password immediately change your password and block your credit card.
And one last final warning – do not trust the services of the so called recovery agencies. They will simply charge you some upfront money without rendering you any service.
We appreciate the feedback from your review for volumefx.com. I wanted to note that as of this week we have integrated Skrill as a payment method as well as upay, and we will be adding further options in the new year also.
At the beginning of April 2019, I opened two trading accounts, 2108954569 and 2108954572, with a VolumeFx broker. Passed a complete verification, as received a letter from the broker. I made a deposit through Skrill at 270 dollars. For the month earned a total profit of 630 dollars. On May 11, 2019, I made a request for a withdrawal of $ 332.
A week later I wrote letters to the broker – when I get the money. Broker is not responding. So I wrote more than 7 letters asking: when will I get the money ??? On May 27, the broker told me that they could not work with clients from Russia. Here is such a trap. First, they register, verify, receive money from clients and then say – we do not work with your country. Broker VolumeFx – a real thief !!!