Overview of Fox Trading
Fox Trading is a trading company, registered in Cyprus since 2008, specializing in providing diverse trading solutions and platforms, particularly MetaTrader 4, for trading Forex and cryptocurrencies.
Though it is unregulated, it offers various account types including free, silver, gold, and platinum, and leverages as high as 1:500, with spreads as low as 0. The company requires no deposit for subscription services, $10 for Bo Autotrading, and $500 for Fox Autotrading. They facilitate transactions through various mediums, accepting fiat via PayPal, and crypto via CoinPayments and FOXT token.
They also offer a demo account for prospective traders and maintain open channels for customer support through phone, email, and social media, ensuring accessibility and convenience for their user base.
Is Fox Trading Legit or a Scam？
Its crucial to note that the company is unregulated, which can be a red flag as it might mean less protection for users, and potential investors should exercise caution. Prospective traders should conduct thorough research or consult with a financial advisor before engaging with any trading platform, especially those that are unregulated, to ensure the safety and security of their investments.
Pros and Cons
Pros:
Diverse Trading Options:Fox Trading offers a range of tradable assets including Forex and cryptocurrencies, providing users with multiple options to invest in.
User-Friendly Deposit Minimums: With no deposit required for subscription services, and relatively low minimum deposits for other services, it could potentially cater to users with varying investment capacities.
Various Account Types:The availability of different account types like free, silver, gold, and platinum can offer flexibility and cater to the different needs and preferences of traders.
Demo Account Availability:The availability of a demo account allows prospective users to explore and understand the platform before investing real money, reducing the risk of uninformed trading.
Multiple Customer Support Channels:Offering support through phone, email, and social media ensures that users can reach out through their preferred channels when assistance is needed.
Cons:
Unregulated:The company being unregulated can pose a significant risk, as it may mean there is less protection for users' investments.
Potential Hidden Fees: With spreads as low as 0, there may be other hidden fees or charges that are not explicitly mentioned in the provided information.
Limited Information on Security Measures:The provided information does not detail any security measures, raising concerns about the protection of user data and finances.
Limited Platform Options:Only offering MetaTrader 4 may limit users who prefer different trading platforms.
Risk of High Leverage:While maximum leverage of 1:500 can magnify profits, it also magnifies the risks and can lead to significant losses, especially for inexperienced traders.
Market Instruments
Fox Trading (FoxT) operates primarily in the domain of Forex and Cryptocurrencies, enabling trading services within its platform.
Forex (FX):Fox Trading facilitates the trading of over 184+ global currencies, allowing users to engage in the world's largest financial market, where currencies are traded against one another, responding to the fluctuations in exchange rates.
Cryptocurrencies:In addition to Forex, users can trade renowned digital assets like Bitcoin (BTC), Ethereum (ETH), and the platforms native token, FOXT. This provides traders with opportunities to navigate the dynamic and rapidly evolving crypto market.
Fox Token (FOXT):The proprietary token of Fox Trading, FOXT, adds an extra dimension to the trading experience on the platform, potentially offering unique benefits or utilities within the ecosystem.
These trading services are accessible through the MetaTrader 4 platform, which provides diverse tools and features to accommodate varied trading preferences and strategies, although it is crucial for prospective traders to note that the platform is unregulated, which mandates a careful assessment of potential risks involved.
Account Types
Fox Trading offers four distinct account types catering to different trading needs and preferences:
Free Account:
The Free Account is optimal for newbie users interested in starting to copy bot signals on their account at no cost, allowing them a risk-free entry into trading. For Binary Options, this account imposes a 10% commission on profits and limits trade size to $20. When trading Forex, users can access this for free by opening an account with one of Fox Trading's partner brokers, or for a limited two-month trial using any existing account from another broker. This account is recommended for individuals keen on trying out the platform without any financial commitment.
Silver Account:
The Silver Account, costing $49 USD, 980 FOXT, or 0.028 ETH for a lifetime license, is recommended for traders making initial deposits of $500. For Binary Options trading, a 10% commission is applied on profits, and the trade size is limited to $60. Forex trading is accessible for free by aligning with one of Fox Tradings partner brokers or is available for a two-month trial period using an existing account from any broker. This account suits individuals who are relatively new but are willing to invest a modest amount.
Gold Account:
The Gold Account is tailored for traders depositing over $1,000 and comes at a cost of $199 USD, 3,980 FOXT, or 0.115 ETH for a lifetime license. Binary Options trading within this account attracts a 10% commission on profits but offers the advantage of unlimited trade size. For Forex, the balance is capped at $2,500, with no commissions taken on profits. This account is ideal for seasoned traders aiming for significant returns and willing to make substantial investments.
Platinum Account:
The Platinum Account, ideal for traders targeting long-term profit, is available for $449 USD, 8,980 FOXT, or 0.26 ETH, providing a lifetime license. It offers the luxury of a reduced 2% lifetime commission on Binary Options and allows unlimited trade size. When trading Forex, users enjoy the benefit of unlimited balance with no restrictions and no commission on profits. This account is best suited for experienced, long-term traders seeking lower commissions and unrestricted trading.
How to Open an Account？
Opening an account with Fox Trading is a straightforward process that can be completed in a few simple steps:
1. Registration:Visit the Fox Trading website and click on the “Open Account” or “Sign Up” button. You will be directed to the registration page, where you need to provide some basic personal information, such as your name, email address, and phone number.
2. Membership and Token Purchase:Once registered, become a member of Fox Trading to fully utilize its services. Members have the option to purchase FOXT Tokens via the platforms supported exchanges, enhancing their trading experience.
3. Service Selection:Choose the Fox Trading service that aligns best with your trading preferences and goals. Whether you're inclined towards Signals or Auto Trading, select a service that complements your trading style.
4. Account Linkage:After choosing your service, link your account seamlessly with the Fox Trading bot. This ensures the synchronization of your chosen trading preferences and strategies with the platforms automated services.
5. Investment Management:Once your account is linked and set up, you have the freedom to manage your investments as you see fit. Reinvest your money, hold it, or take profits while maintaining full control of your funds and profits in your broker's accounts. The platform provides the flexibility and control needed to navigate through your trading journey effectively.
Leverage
Fox Trading offers a maximum leverage of up to 1:500. Leverage allows traders to control larger positions with a smaller amount of capital, but it also magnifies both gains and losses, so its essential for traders to use leverage cautiously, especially on a platform that is unregulated.
Spreads &Commissions
Spreads
Fox Trading offers spreads as low as 0. Spreads are the differences between the buying and selling prices of a trading instrument and are often how trading platforms generate revenue.
Commissions:
For Free and Silver Account users trading Binary Options, a 10% commission is applied to profits. Gold Account users also have a 10% commission on profits for Binary Options but enjoy the benefit of unlimited trade size. Platinum Account users have a significantly reduced commission rate of only 2% for Binary Options, along with unlimited trade size.
For Forex trading across all account types, there are no commissions on profits, but limitations and conditions vary depending on the account type. For instance, Forex trading is free with partner brokers or limited to a two-month trial using an existing account from any broker for Free and Silver Account users. Gold Account users have a balance limit of $2,500, and Platinum Account users enjoy unlimited balance with no restrictions.
It is crucial for potential users to understand the varying conditions related to spreads and commissions across different account types and trading options, ensuring alignment with their trading preferences and strategies.
*Find other spreads on the website of Fox Trading
Trading Platform
Fox Trading utilizes the MetaTrader 4 trading platform. MetaTrader 4, often abbreviated as MT4, is one of the most popular and widely used trading platforms in the Forex industry. Its known for its user-friendly interface, advanced charting tools, technical analysis capabilities, and algorithmic trading functionalities.
This platform allows users to manage and execute trades effectively and provides various tools and resources to optimize trading strategies and analyze price dynamics in the financial markets. Given its reputation and capabilities, MetaTrader 4 caters to the needs of both novice and experienced traders, offering a versatile trading environment for Fox Trading's users.
Deposit & Withdrawal
Fox Trading has varying minimum deposit requirements depending on the service. There is no deposit required for subscription services, $10 is the minimum for Bo Autotrading, and $500 is the minimum for Fox Autotrading.
For deposit and withdrawal methods, the platform accepts:
Fiat Currency: Via PayPal.
Cryptocurrencies: Via CoinPayments.
FOXT Tokens: The platform's native token.
However, the website does not specify the withdrawal methods or the time each transaction may take.As transaction times can vary depending on the method chosen, users should refer to Fox Trading's policy or contact their customer service for more accurate and specific details regarding transaction times and withdrawal methods.
Customer Support
Fox Trading, officially known as Fox Trading Global OU, places a high emphasis on customer support and interaction. Registered in China, the company maintains a robust online presence to ensure optimal accessibility and support for its users.
Users can visit their official website https://foxtrading.io/ for detailed information and inquiries. Additionally, for real-time updates and interactions, users can follow or contact them through their official social media accounts: Twitter at https://twitter.com/foxtradingauto, Facebook at https://www.facebook.com/FoxTradingSignals, and Instagram at https://www.instagram.com/foxtradingsignals/. These platforms offer varied avenues for users to reach out, engage, and seek assistance or information as needed.
Conclusion
Fox Trading, registered in China under the name Fox Trading Global OU, is a specialized trading platform offering services in Forex and cryptocurrency trading through the renowned MetaTrader 4 platform.
It provides diverse account types including Free, Silver, Gold, and Platinum, catering to a variety of trading needs and preferences. Each account has its unique features, commissions, and limitations. The platform is unregulated and offers high leverage up to 1:500, and has a customer-friendly minimum deposit requirement, starting as low as $0 for subscription services.
Despite its advantageous features like low spreads and multiple customer support channels including social media, potential users should exercise caution and conduct thorough research due to its unregulated status, and ensure the platform aligns with their trading goals and risk tolerance.
FAQs
Q: What are the different account types offered by Fox Trading？
A: Fox Trading offers four account types: Free, Silver, Gold, and Platinum, each designed to cater to different trading preferences and investment capacities.
Q: What is the minimum deposit required to start trading with Fox Trading？
A: The minimum deposit varies: $0 for subscription services, $10 for Bo Autotrading, and $500 for Fox Autotrading.
Q: Can I trade cryptocurrencies on Fox Trading？
A: Yes, you can trade cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), and Fox Tradings native token, FOXT.
Q: Are there any commissions on trades in Fox Trading？
A: Commissions vary with account type and trade options, ranging from 2% to 10% on Binary Options trades. Forex trades have no commission, but conditions and limitations apply depending on the account type.
2023-04-04 18:29
