VolumeFX Review (2023)

Is VolumeFX a scam or a legit broker? 

VolumeFX is not a secure Forex broker since it does not hold a license from any worldwide serious Forex authority. Meaning the broker is suspected of being a fraud company since it was not checked for its compliance before establishment, never monitored in terms of its safety and simply may operate the business in any way it wishes.

VolumeFX is an offshore broker that offers trading in Forex, Crypto, CFD’s, Stocks, Commodities and Indices. The company is owned and operated by VolumeFX Ltd., based in St. Vincent & the Grenadines. There is no information about broker’s regulation and that could be the biggest concern, as unregulated entities have no legal rights to provide financial services. Also, St. Vincent & the Grenadines location doesn’t mean the broker is regulated there as we have already wrote that St. Vincent & the Grenadines Financial Services Authority has announced that it does not issue any licenses for forex trading or brokerage nor does it regulate, monitor, supervise or license international companies, which engage in such activities.

Conclusion

Considering all the mentioned facts, we don’t recommend investing in VolumeFX. There are a lot of other well-regulated brokers to do business with. Regulated brokers are obliged to follow very strict rules, among which are reporting, keeping all clients funds in segregated accounts, providing traders with a negative balance protection and also maintaining a certain minimum of operational capital. Some regulators, like FCA and CySEC, give an opportunity to participate in traders compensation schemes. Check the list of the FCA-regulated brokers.

VolumeFX website is no longer active.