Foxane esteems itself pretty high: a market-leading broker, providing supreme trading conditions and complete transparency in an often shady industry. Well, there are two main problems here. First of all, Foxane is not even a broker you can easily find during online research- leader claims disproved. Secondly, it’s as shady as heck- it’s an offshore broker, which ultimately means that you should avoid it. Find out why we claim so in the full Foxane review.
FOXANE REGULATION AND SAFETY OF FUNDS
Foxane is an offshore broker formed in St. Vincent and the Grenadines, which means it’s anonymous and unregulated, so your funds will be at risk if you deposit. Now, let’s explain why.
SVG brokers are risky because the local authority SVGFSA doesn’t issue licenses or monitor the local market. As these businesses are held responsible by no one, they can do anything with your money, even steal it if they want to do so. Also, the country allows the creation of IBCs with hidden ownership that are not required to submit financial reports or grant access to their accounts. In other words, Foxane is run by people with an undisclosed identity who handle money while bearing no responsibility for their actions. An excellent reason to avoid the broker.
Instead, go for regulated companies holding licenses issued by trustworthy authorities that are bound by law to keep your money in segregated bank accounts. The segregation benefits clients in numerous ways, but above all, if a broker goes insolvent, deposits won’t be lost due to the event. In such a case, people will simply get refunded.
Now, we’d like to offer the high-rated EU brokers and British brokers on both lists instead- note that the licensed ones are also covered by deposit insurance funds. Hence, clients of CySEC brokers can get up to €20 000 in compensation, while the British protections are even greater- up to £85 000 per person. The licensed European brokers are safe, so you can go for it if eligible to open accounts there.
FOXANE TRADING SOFTWARE
Allegedly, Foxane has a web-based platform called FoxTrader, but we couldn’t access it due to registration issues we know nothing about. However, while trying to sign-up, we found evidence that the broker reviewed is somewhat linked with Vlom– a shady brokerage also registered in SVG with a terribly low score in Trustpilot. That doesn’t actually change anything, but it’s worth noting.
At any rate, Foxane is untrustworthy, so we’d like to offer the high-rated MetaTrader4 brokers and MetaTrader5 brokers on both lists instead. We recommend MT brokers because both terminals are market leaders packed with sophisticated indicators, reliable charting tools and EAs making automated trading possible.
As there is no platform, we can’t talk about spreads and trading costs. However, in the Terms, we found indications that Foxane imposes commissions, but it fails to specify anything further- a red flag nonetheless. Commission payments are critical, so brokers should always explicitly reveal the rates that apply.
As to leverage, it’s allegedly up to 1:400– a risky ratio that happens to be prohibited in many countries. Namely, licensed EU, British, and Australian brokers have to limit clients to 1:30, while the US brokers to 1:50. In contrast, most of the high-leverage brokers are unregulated, and you’d better avoid them.
FOXANE DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit is $1000, a hefty requirement nonetheless. Usually, brokers ask for no more than $100 to provide services, while some are happy with as little as a $5 deposit. The funding methods are allegedly Credit/Debit cards and Bitcoin- mind that payments via the latter are anonymous and final, i.e., no chargebacks possible.
Anyway, since the broker reviewed is a suspected scam, check the high-rated Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have a trusted payment system. The brokers at the top of the lists are adequately regulated, and you won’t come across fraudsters.
As for withdrawal and fees, there is no comprehensible information. The broker mentions that people are obliged to pay charges but fails to designate anything whatsoever.
HOW DOES THE SCAM WORK
Foxane is an unregulated offshore broker, which is more than enough for you to avoid it. We can’t straightaway label it a scam, but it’s unreliable- if it were serious about its business, it would get a license to prove itself legit. Below, we’ll quickly describe how scams typically happen, and we won’t get surprised to see Foxane using some of these tricks.
It all starts when you click on a fraudulent ad or suspicious social media profiles offer you deals that sound too good to be true. Once scammers get your e-mail and phone numbers, they will immediately approach you, and being seasoned manipulators will start insisting that you should deposit as quickly as possible. They will promise bonuses, promotions, risk-free offers, Bitcoin opportunities, and anything else you could possibly imagine to lure you. To make an impression, scammers often pretend to work with reputable firms, banks, governments and so on, and if you are not careful enough, you may get tricked into believing it’s a serious business.
Usually, scammers pretend to manage your account, and soon, they’ll show you fake profits on your name. Thinking that you are in the money, you’ll probably ask for a withdrawal, but they’ll promise even greater gains. If you believe them, you’ll increase the deposit size, and those criminals will ask for even more, again and again. At some point, you’ll insist on getting your funds back, and as soon as the cons realise they have milked you for your savings, they’ll disappear. But before they get lost, they’ll give it a last try, asking you to pay a hefty tax if you want to withdraw all the money in the account.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is safe from scams. If you get defrauded, the first thing you need to do is 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. Seek help actively!
Remember, it’s crucial not to rush blindly to recover your funds because fraudulent fund recovery agencies are trying to double scam the victims. They ask for upfront payment, take the money but don’t do a thing to help you!
FOXANE.COM REVIEW
When it comes to the maximum rating, there is not really much to talk about. So the foxane.com review is short but to the point. As a super high authority website that earned its reputation online a long time ago, it is no surprise that our VLDTR® tool came up with a 100 rating. This means the business is, indeed, Safe. Secure.
However, some people are always going to be challenging, even in regards to big brands. When it comes to foxane.com website, all 53 factors of our algorithm checked good on every box. Nevertheless, here is the always-ironic situation: the more popular a business is - whether it is from the same Investments industry or not - the more complaints it gets online. Think PayPal, your cell phone network, or eBay. They are 100% legit companies, but you can always find complainers about something they are not happy about or feel that they've been scammed. Sometimes it's not the platform but the user - that's where you need to pay attention. It could be the case with foxane.com as well.