FoxNewsTrade

Note: FoxNewsTrade's official website: https://foxnewstrade.org/ is currently inaccessible normally.

FoxNewsTrade is a broker registered in the United Kingdom but operates from Saint Vincent and the Grenadines. It offers trading in currency pairs, shares, cryptocurrencies, indices, and commodities, with a minimum deposit requirement of $250 and leverage up to 1:200.

However, FoxNewsTrade currently operates without any legal oversight or regulation.

Pros and Cons

Is FoxNewsTrade Legit?

FoxNewsTrade claims to be registered in the United Kingdom, but in fact, its website indicates that it operates in the offshore fraud haven of Saint Vincent and the Grenadines, where brokers are unlicensed because the country does not regulate its foreign exchange market. Therefore, trading with such an unlicensed broker is extremely risky.

What Can I Trade on FoxNewsTrade?

FoxNewsTrade offers investors financial instruments in currency pairs, shares, cryptos, indices, and commodities.

Leverage

The leverage offered by FoxNewsTrade, up to 1:200, is extremely high for retail investors to safely utilize. In addition, FoxNewsTrade is not regulated by any authority, so it is advisable to avoid trading with this company.

Spread

The spread offered by FoxNewsTrade is set at 3 pips for EUR/USD, which is not typical of industry standards and results in very low profits. At reputable brokers, the spread of these assets usually does not exceed 1.5 pips.

Trading Platform

The website of FoxNewsTrade provides a link for downloading Metatrader 5. Unfortunately, it is not functional and directs to an error page as shown:

Additionally, FoxNewsTrade offers another web-based trading platform that does not have automated trading functionality and is unable to compete with advanced and professional platforms like MT4 or MT5.

Deposit and Withdrawal

FoxNewsTrade accepts deposits via cryptocurrency and credit cards.

Using cryptocurrency for payments at unregulated brokers is extremely risky, as there is a high likelihood of being unable to withdraw funds or reverse transactions.

The withdrawal section indicates a processing time of approximately 24 hours, which contradicts the website's statement that the processing time for withdrawal requests is 4 to 7 days.

In its deposit and withdrawal policy, FoxNewsTrade clearly states that there are withdrawal fees, but it fails to disclose the specific amounts and methods of collection. This means that this unregulated broker may charge withdrawal fees and other unrelated commissions at any time, a situation that may occur frequently and poses a significant risk to your assets.