Beware! VarinFx 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.
VarinFX claims it can “take your investment to a whole new level”, however this can’t simply be the case here. Just because this broker is absolutely unregulated and unauthorized. On top of that VarinFX falsely claims to be “globally licensed” and tries to mislead its clients that all deposits are well-protected. No such thing is possible with a shady firm like this one, just the opposite – once you make your first investment you may realize that no withdrawal is possible anymore.
Also bear in mind that this broker requires an ID image to be uploaded in order to register – something we do not recommend doing. Especially given the fact that you can’t preview its platform and the trading conditions are quite unfavorable. You can find more details on VarinFX in the following review.
VarinFX Regulation and safety of funds
| Guaranteed Funds | Segregated Accounts | Negative balance protection | |
| VarinFx | ❌ | ❌ | ❌ |
| UK regulated brokers | £85 000 | Yes | Yes |
| EU regulated brokers | €20 000 | Yes | Yes |
| AU regulated brokers | No | Yes | Yes |
| US regulted brokers | Yes | Yes | No |
At first, VarinFX posted some quite confusing and misleading data regarding its place of residence and authorisation. This broker claims to be “licensed locally and internationally” without actually making it clear which jurisdictions are supposed to oversee its activities. Secondly, the address displayed in its contact section actually turned out to be of some pre-school, based in Iraq.
If you take a closer look at the bottom of the homepage however, you can spot some quite intriguing details. There with tiny letters the broker claims to be based in St. Vincent and the Grenadines and posts an address, that probably is the real one. In addition, the company behind this website is said to be iDraw Tech LTD. But what stunned us the most was the fact that VarinFX claims to be authorized in this country and even posts a license number. This can’t possibly be true. Beware that SVG does not regulate or license forex brokerage activities in general. In fact it’s a huge scam haven, hosting thousands of unregulated firms. Don’t trust any broker who claims to be authorized there as it’s obviously a blatant lie. The local Financial Services Authority (FSA) also warns of the potential danger by posting an important notice the moment you land on its website. You can see it down below:
As you see, even FSA clearly states that forex trading brokerage activities are not licensed in St. Vincent and the Grenadines. For more information on the topic you can visit the website of FSA.
So obviously VarinFX is neither regulated or authorized by any financial authority, and what’s even worse – it shamelessly lies and claims otherwise.
It also claims to use “fully segregated accounts” that are meant to keep your funds safe from any kind of fraud. You can definitely expect such protection from reputable brokers, but not from VarinFX. Just the opposite – scammers will take every cent you deposit and then walk away with all of it.
VarinFX Trading software
| Analytical tools | Auto trading | Custom indicators | Mobile apps | |
| VarinFX platform | ❌ | ❌ | ❌ | ❌ |
| MT4 | 30+ indicators | ✅ | ✅ | Android |
| MT5 | 50+ indicators | ✅ | ✅ | Android |
| cTrader | 40+ indicators | ✅ | ✅ | Android and iOS |
VarinFX claims to offer MetaTrader 5. And even though this may seem pretty attractive for any new customer, don’t hold your breath. It’s quite possible that this broker doesn’t provide such awesome software at all. Here’s why.
First of all, VarinFX requires a passport or ID image to be uploaded in order to register, so we couldn’t open an account here and see the software. Secondly, there seems to be a way to preview the WebTerminal of MT5, however once you click on the link nothing is displayed there – just a plain platform with no data or charts.
For this reason we highly doubt that VarinFX really offers MT5 or any other advanced piece of software. Keep away from it and definitely don’t provide it with your personal documents!
VarinFX Trading instruments
| Currency | Stocks | Indices | Crypto | Commodities | |
| VarinFx | ✅ | ✅ | ✅ | ✅ | ✅ |
| XM | Yes | Yes | Yes | Yes | Yes |
| FBS | Yes | Yes | Yes | Yes | Yes |
| FXTM | Yes | Yes | Yes | Yes | Yes |
This broker claims to offer several trading instruments like forex, crypto, futures, stocks, and indices. However since we couldn’t register we can’t really confirm that. Anyway, reputable brokers tend to provide a variety of assets so there’s no need to detail with such shady firms like VarinFX.
VarinFX Spreads and cost of trading
| VarinFx | XM | FBS | FXTM | |
| Spread EURUSD | 30 | 1.7 | 1 | 1.1 |
| Spread GBPUSD | Not specified | 1.3 | 1.2 | 1.4 |
| Spread USDJPY | Not specified | 1.3 | 1.2 | 1.4 |
VarinFx claims to offer three account types – Standard, Professional and Premiere. Take a look at some more details about them:
The spreads for the first two accounts is said to be of 30 pips which sounds more than ridiculous. We don’t know if this is some kind of mistake or what, but a spread of 30 pips would come with enormous costs. Such insane amounts can rarely be seen even with the worst scam brokers, so we definitely recommend giving this firm a pass.
VarinFX Maximum leverage
| Forex | Stocks | Crypto | Gold | Indices | |
| VarinFX broker | 500:1 | No information | No information | No information | No information |
| UK regulated brokers | 30:1 | 5:1 | ❌ | 10:1 | 10:1 |
| EU regulated brokers | 30:1 | 5:1 | 2:1 | 10:1 | 10:1 |
| AU regulated brokers | 30:1 | 5:1 | 2:1 | 10:1 | 10:1 |
| US regulated brokers | 50:1 | ❌ | ❌ | ❌ | ❌ |
The leverage is not clearly specified. On the registration form however there was an option to choose your leverage as well. So the volumes started from 1:100 all the way up to 1:500. Both of these amounts are definitely too risky and are not recommended for retail traders. As a matter of fact, a lot of the forex regulators around the world have limited the leverage – 1:30 for the EU and the UK, 1:50 for the US and 1:75 for Canada for example.
VarinFX Deposit and withdrawal methods
There is no data about the payment methods you can use with this broker. And as we couldn’t open an account here we are uncertain what options are there. Just be extra careful and don’t deposit even a red cent here, especially with crypto coins. Remember that these transactions are not eligible for a chargeback so your investment will be gone for good.
VarinFX Minimum deposit
| VarinFx | XM | FBS | FXTM | |
| Minimum deposit | $200 | $5 | $10 | $5 |
The minimum deposit that VarinFx requires is said to start from 200 USD to 5000 USD for its Standard account. Beware however that this may also be deceitful information and better refrain from investing here as a whole. There are many legitimate brokers who ask for way less – for example 10 or even 5 USD.
VarinFX Withdrawal requirements
| Trading volume | Fee/Tax on withdrawal | Minimum withdrawal | |
| VarinFX | Not specified | Not specified | Not specified |
| UK regulated brokers | No | No | No |
| EU regulated brokers | No | No | No |
| AU regulated brokers | No | No | No |
| US regulated brokers | No | No | No |
To be honest, there is no legal documentation across this website – no Terms and Conditions or Withdrawal Policy, and that’s quite a worrisome fact. For this reason we don’t have a clue if this broker requires any fees upon withdrawals, trading volume or a minimum withdrawal amount. But let’s be honest – it’s totally possible. Scammers like this one usually ask for high fees like 20% and set a minimum trading volume that’s almost impossible to get.
Genuine brokers on the contrary – don’t charge any fees in order to get your money and certainly don’t set such silly and disrespectful requirements.
Withhold from dealing with this bogus website or you can be left stone broke in a second!
