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No Regulation
Score
1.44 /10
Danger
Foptrade
2-5 yearsSuspicious Regulatory License
Suspicious Scope of Business
High potential risk
Add brokers
Comparison
Quantity 2
Exposure
Open Account
Website
Score
Regulatory Index0.00
Business Index6.49
Risk Management Index0.00
Software Index4.00
License Index0.00
Open Account
Website
Licenses
No valid regulatory information, please be aware of the risk
VPS Standard
No restriction on the broker account. Support service provided by WikiFX
Single Core
1G
40G
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Warning: Low score, please stay away!
Previous Detection :
2024-12-31
- It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
WikiFX Verification
Exposure
2 pieces of exposure in total Pyramid scheme complaint
ExposeNote: Foptrade' official website: https://foptrade.com is currently inaccessible normally.
| Foptrade Review Summary | |
| Founded | 2021 |
| Registered Country/Region | Vanuatu |
| Regulation | Unregulated |
| Market Instruments | Forex, CFDs, equities, commodities and indices |
| Demo Account | ✅ |
| Leverage | Up to 1:200 |
| EUR/USD Spread | Floating around 3.0 pips |
| Trading Platform | A simple version of MT4 |
| Min Deposit | / |
| Customer Support | Service time: Mon-Fri: 07:00 - 16:00 GMT |
| Email: support@foptrade.com | |
Foptrade is allegedly a broker founded in 2021 and registered in Vanuatu. It offers trading in forex, CFDs, equities, commodities and indices with maximum leverage of 1:200 and floating spreads around 3 pips via the MetaTrader4. However, it is not a legit broker.
Pros and Cons
| Pros | Cons |
| Various trading products | Inaccessible website |
| Demo accounts available | Unregulated |
| High spread set | |
| No info on minimum deposit | |
| Only email support |
Is Foptrade Legit?
No. Foptrade has no regulations currently. Please be aware of the risk!
What Can I Trade on Foptrade?
| Tradable Instruments | Supported |
| Forex | ✔ |
| CFDs | ✔ |
| Commodities | ✔ |
| Indices | ✔ |
| Equities | ✔ |
| Stocks | ❌ |
| Cryptocurrencies | ❌ |
| Bonds | ❌ |
| Options | ❌ |
| ETFs | ❌ |
Account Type
Apart from free demo accounts, Foptrade claims to offer four types of trading accounts, namely Micro, Classic, Premium and VIP. However, it says nothing about the minimum initial deposit requirement to open an account.
Leverage
The leverage provided by Foptrade is capped at 1:200. It is important to keep in mind that the greater the leverage, the greater the risk of losing your deposited capital. The use of leverage can both work in your favour and against you.
Spread
The spread for the EUR/USD pair is as high as 3 pips, while the industry average is just 1.5 pips.
Trading Platform
Foptrade provides access to a distribution of Metatrader 4, as well as a simpler, web-based version of the platform.
Deposit and Withdrawal
Foptrade only accepts deposits via Bitcoin, which is a final and irreversible method and thus often favored by scammers. Exercise caution when using it for deposits!
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