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ForexVox (Seychelles) Financial Services Limited
Pyramid scheme complaint
Dear readers, I am writing this article to share my trading experience with ForexVox Forex company and to urge everyone to be cautious about their behavior. In past trades, I chose ForexVox as my platform for trading gold. However, I have to reveal to you that I encountered serious problems in this process. Firstly, ForexVox forcibly deducted my profit of $43,848 under the pretext of abusing trading strategies. This practice is completely unacceptable for investors. By exposing this situation, I hope to make more people aware of the risks and unfair treatment that ForexVox may pose. What is even more worrying is that when I tried to log in to my account, I found that my account had been deleted and could not be accessed again. This behavior made me very disappointed and confused. As an investor, I hope to be able to view and manage my funds transparently, rather than facing problems where my account cannot be accessed. I urge all investors and potential ForexVox customers to consider their choices carefully. Based on my experience, I recommend that everyone temporarily stay away from ForexVox and look for other more reliable and trustworthy Forex trading platforms.
|Company Name||ForexVox (Seychelles) Financial Services Limited|
|Years of Establishment||2-5 years ago|
|Office Locations||CT House, Office 9A|
|Regulations/Licenses||FSA (Offshore Regulatory)|
|Tradable Assets||Forex, Indices, Metals, Commodities|
|Account Types||Standard, ECN|
|Leverage||Up to 1:500|
|Trading Platforms||MetaTrader 4 (MT4) and MetaTrader 5 (MT5) (White Label)|
|Educational Content||Glossary, Mentorship Program|
ForexVox (Seychelles) Financial Services Limited is a company established 2-5 years ago, based in Seychelles with headquarters in CT House, Office 9A, Providence, Mahe. As a regulated entity under the Seychelles Financial Services Authority (FSA), they offer retail forex trading services to traders. The company operates on the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms, providing traders with access to trade a wide range of financial instruments, including forex, indices, metals, and commodities. They offer different account types, such as Standard and ECN, with leverage of up to 1:500.
In addition to their trading services, ForexVox offers educational resources and community features. They provide a glossary and mentorship program to enhance traders' knowledge and skills. Traders can also benefit from community engagement through chatrooms where they can share ideas with industry experts.
ForexVox has 3 licenses:
ForexVox (Seychelles) Financial Services Limited is regulated by the Seychelles Financial Services Authority (FSA) under license number SD142. The FSA is the regulatory agency responsible for overseeing financial services in Seychelles. Being licensed under the FSA's Retail Forex License signifies that ForexVox has met the regulatory requirements to offer retail forex trading services. However, it's important to note that this license is classified as offshore regulation, which may carry different levels of investor protection and regulatory oversight compared to licenses from major financial jurisdictions.
2. ForexVox claims to be regulated by the Financial Conduct Authority (FCA) in the United Kingdom with license number 498199. However, this license is suspected to be a clone, indicating that another entity is falsely claiming to be regulated under the FCA. Engaging with brokers that possess suspected clone licenses can expose traders to significant risks, including a lack of investor protection and potential fraudulent activities.
3. ForexVox also claims to be regulated by the Financial Conduct Authority (FCA) in the United Kingdom with license number 586541. However, this license is also suspected to be a clone, raising concerns about its legitimacy. Trading with a broker that possesses a suspicious clone license can result in a lack of regulatory oversight and inadequate investor protection.
ForexVox offers a range of educational resources and features that can benefit traders. Their partnership with premier tutors, exchanges, and news providers allows them to provide comprehensive knowledge and instruments for traders at all levels. The certified courses, along with chatrooms facilitated by industry experts, foster a supportive trading community where traders can share ideas and gain insights. The inclusion of a live audio news stream ensures traders stay updated with the latest market developments. Additionally, the availability of an Islamic account option caters to the needs of traders who adhere to Islamic principles.
One major drawback is the regulatory status of ForexVox. While they claim to be regulated by the Seychelles Financial Services Authority (FSA), which grants them a retail forex license, it's important to note that this falls under offshore regulation. Offshore regulations may offer different levels of investor protection and regulatory oversight compared to licenses from major financial jurisdictions. Furthermore, the suspicion surrounding the claimed licenses from the Financial Conduct Authority (FCA) in the United Kingdom raises concerns about the legitimacy and trustworthiness of the company. Dealing with unverified or suspected clone licenses can expose traders to potential risks, including a lack of investor protection and fraudulent activities.
|Comprehensive educational resources||Regulatory status falls under offshore regulation|
|Supportive trading community||Suspicion surrounding claimed FCA licenses|
|Live audio news stream||Potential risks of inadequate investor protection and fraud|
|Islamic account option|
ForexVox offers a diverse range of market instruments for trading, including Forex, Indices, Metals, and Commodities. In the Forex market, traders can access a wide selection of currency pairs to trade, providing opportunities to capitalize on currency fluctuations. The Indices category allows traders to speculate on the performance of global stock market indices, enabling them to participate in broader market movements. Metals, such as gold and silver, provide an avenue for trading precious metals as a means of diversification and hedging strategies. Lastly, the Commodities category offers trading opportunities in various commodities like oil, natural gas, agricultural products, and more, allowing traders to speculate on price movements in these markets.
Below is a table comparing the available market instruments of ForexVox with other popular brokers:
|ForexVox||Forex, Indices, Metals, Commodities|
|FXPro||Forex, Indices, Metals, Commodities|
|IC Markets||Forex, Indices, Metals, Commodities|
|FBS||Forex, Indices, Metals, Commodities|
|Exness||Forex, Indices, Metals, Commodities|
ForexVox offers two types of trading accounts: Standard and ECN. The Standard account is the most popular choice among traders. It provides leverage of up to 1:500, meaning traders can amplify their trading positions. There is no commission charged for trades, making it cost-effective for traders. The account is denominated in USD, providing convenience for international traders. On the other hand, the ECN account is designed for professional traders. It also offers leverage of up to 1:500 but comes with a commission fee. The ECN account provides traders with direct access to the market, offering potentially tighter spreads and faster execution speeds.
|Account Type||Standard Account||ECN Account|
|Leverage||Up to 1:500||Up to 1:500|
Visit the ForexVox website: Go to the official ForexVox website at https://forexvox.com/ to begin the account opening process.
Select an account type: ForexVox offers two account types, Standard and ECN. Evaluate the features and benefits of each account type, such as leverage, commission, and account currency. Choose the account type that suits your trading preferences.
Complete the registration form: Fill out the registration form provided on the ForexVox website. Enter accurate personal information, including your name, email address, and contact details.
Read and accept the terms and conditions: Carefully review ForexVox's terms and conditions, taking note of any specific requirements or restrictions. Make sure you understand the risks associated with trading and agree to the terms before proceeding.
Account verification: ForexVox may require you to verify your identity and address. Follow their instructions to provide the necessary identification documents and proof of address.
Fund your account: Once your account is verified, proceed to deposit funds into your ForexVox trading account. ForexVox accepts various deposit methods, including bank transfers, credit/debit cards, and electronic wallets. Choose the most convenient option for you and follow the provided instructions.
Access the MetaTrader 5 platform: ForexVox uses the MetaTrader 5 trading platform. Download the MetaTrader 5 platform from ForexVox's website or use the web-based version. Log in to your account using the provided credentials.
Familiarize yourself with the platform: Take the time to explore the MetaTrader 5 platform provided by ForexVox. Learn how to execute trades, analyze charts, use indicators, manage your account settings, and access customer support.
Start trading: With your ForexVox account opened and funded, you are ready to start trading Forex, Indices, Metals, and Commodities. Develop your trading strategy, conduct market analysis, and execute trades based on your trading decisions.
ForexVox offers a unique advantage when it comes to minimum deposit rates, as they allow traders to start with a minimum deposit of 0 dollars. This low barrier to entry enables individuals with varying levels of trading capital to participate in the financial markets. This feature allows potential traders to test the platform and experience live trading with minimal financial commitment.
ForexVox provides traders with leverage options of up to 1:500. Leverage is a powerful tool that allows traders to amplify their trading positions and potentially increase their potential profits. With a maximum leverage of 1:500, traders have the ability to control larger positions in the market with a relatively smaller amount of capital.
|Market Instruments||ForexVox||FXPro||IC Markets||FBS||Exness|
|Forex||Up to 1:500||Up to 1:500||Up to 1:500||Up to 1:3000||Up to 1:2000|
|Indices||Up to 1:500||Up to 1:200||Up to 1:500||Up to 1:500||Up to 1:200|
|Metals||Up to 1:500||Up to 1:200||Up to 1:500||Up to 1:500||Up to 1:200|
|Commodities||Up to 1:500||Up to 1:50||Up to 1:500||Up to 1:500||Up to 1:200|
ForexVox provides traders with the MetaTrader 5 (MT5) trading platform. MT5 is a widely recognized and highly regarded platform in the financial industry, offering advanced trading features, comprehensive charting tools, a wide range of technical indicators, and the ability to execute trades across various financial markets. With MT5, traders can access real-time market data, analyze price movements, implement trading strategies, and manage their positions effectively. The platform is known for its customizable layout and support for automated trading through expert advisors.
The following is a table that compares the trading platforms available by ForexVox compared to that of OctaFX, FXCC, Tickmill, and FxPro.
|OctaFX||Web Platform, MT4, MT5|
|FXCC||Web Platform, MT4, MT5|
|Tickmill||Web Platform, MT4, MT5|
|FxPro||Web Platform, MT4, MT5, cTrader|
ForexVox offers various customer support options to assist traders with their inquiries and concerns. Here is a summary of the available customer support channels:
Email Support: Customers can reach ForexVox's support team by sending an email to email@example.com. This allows traders to communicate their questions or issues in writing and receive a response from the support team via email.
Live Chat: ForexVox provides a live chat feature on their website, enabling traders to engage in real-time conversations with a customer support representative. This instant messaging functionality allows for quick assistance and timely resolution of queries.
Phone Support: Traders can also contact ForexVox's customer support by calling their contact number at +248 4373790. This direct phone line provides the opportunity to speak with a support agent directly and address any concerns or seek guidance.
ForexVox provides traders with a range of educational content to enhance their trading knowledge and skills. Here is a summary of the educational resources offered by the company:
Glossary: ForexVox offers a comprehensive glossary that contains definitions and explanations of key terms and concepts used in the financial markets. This resource helps traders familiarize themselves with industry-specific terminology and improve their understanding of various trading concepts.
Mentorship Program: ForexVox provides a mentorship program designed to guide traders at different skill levels. This program pairs traders with experienced industry professionals who can provide personalized guidance, share insights, and help develop effective trading strategies.
ForexVox offers a variety of community support features to create a supportive trading environment for its customers. Here is a summary of the community support options provided by the company:
FVSocial: ForexVox's FVSocial is a community-based auto copy trading platform. It allows traders to connect with and follow experienced traders, enabling them to automatically copy their trades and strategies. This feature provides an opportunity for traders to learn from successful traders and potentially improve their trading performance.
Chatrooms: ForexVox offers chatrooms where traders can interact with industry experts and fellow traders. These chatrooms provide a platform for sharing ideas, discussing market trends, and seeking guidance from experienced individuals. Engaging in conversations within the chatrooms can help traders gain insights, exchange information, and build connections within the trading community.
Copytrading: ForexVox facilitates copytrading, which allows traders to replicate the trades of selected successful traders. By following and copying the trades of experienced traders, less-experienced traders can benefit from their expertise and potentially achieve similar trading results.
In conclusion, ForexVox is a brokerage company headquartered in Seychelles, which offshore regulated by the Seychelles Financial Services Authority (FSA), which come with an innate risk compared and other negative implications in comparison to a normal regulatory license. In addition to this, the FCA has labeled ForexVox a “Suspicious Clone” on two different licenses, further increasing the potential risk factor. As for tradable assets, ForexVox allows for the trading of forex, indices, metals, and commodities. Traders have the option to choose from different account types such as Standard and ECN, each with its own features and benefits.
ForexVox offers educational resources and community support. Traders can access a glossary to enhance their understanding of trading terminology and participate in a mentorship program. Lastly, The company also provides community features like FVSocial, chatrooms, and copytrading, allowing traders to engage with experts and benefit from their insights.
Q: What is the regulatory status of ForexVox？
A: ForexVox is offshore regulated by the Seychelles Financial Services Authority (FSA) as well as labeled a “Suspicious Clone” by two different FCA licenses.
Q: What types of trading instruments are available with ForexVox？
A: ForexVox offers a diverse range of tradable assets including forex, indices, metals, and commodities.
Q: Does ForexVox offer different types of trading accounts？
A: Yes, ForexVox provides Standard and ECN account types, each with its own unique features and benefits.
Q: What is the minimum deposit requirement for opening an account with ForexVox？
A: ForexVox allows a minimum deposit of 0 dollars, providing flexibility for traders to start with a low initial investment.
Q: How can I contact the customer support of ForexVox？
A: You can reach ForexVox's customer support through email at firstname.lastname@example.org.
Q: Does ForexVox offer educational resources for traders？
A: Yes, ForexVox provides educational content such as a glossary and a mentorship program to support traders in their learning journey.
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