FazoFX

Note: FazoFX' official website: https://fazofxcorp.com/ is currently inaccessible normally.

FazoFX is a forex broker based in Saint Vincent and the Grenadines, offering trading on a variety of instruments including forex, cryptocurrencies, metals, commodities, indices, and stocks. They allow trading through the popular MetaTrader 5 platform and offer features like a demo account, mobile app, and 24/7 customer support.

However, FazoFX is subject to regional restrictions and is not available to residents of certain countries, including the USA, Canada, and EEA countries. Additionally, they are not regulated by any major financial authority.

Pros and Cons

Is FazoFX Legit?

There are numerous unlicensed brokers based in Saint Vincent and the Grenadines, and FazoFX certainly falls into this category. Given the lack of information about any legal license or jurisdiction of registration, we are compelled to classify FazoFX as a scam and completely unlicensed broker.Besides, recently, traders have no access to their website.

What Can I Trade on FazoFX?

On FazoFX, you can enter CFDs on Forex, Commodities and Metals, Indices and Cryptos.

Account Type

FazoFX offers three kinds of live accounts - the Raw ECN, Professional and Standard account with the minimum deposits of $10,000 and $ 1,000 and $100 respectively.

Leverage

FazoFX offers 1:500 for the Standard accounts. Besides, it also offers 1:300 for the Raw ECN and 1:400 for the Professional accounts. High leverage can lead to substantial profits, but it also involves a high level of risk, resulting in significant losses.

Fees

FazoFX charges $5 commission with swap free for the Raw ECN account. Besides, it offers the spread of 2.2 pips, higher than regulated brokers.

Trading Platform

FazoFX officially provides the MT5 trading platform. But the exact method by which they obtained it remains unclear. Due to the broker's unlicensed and illicit status, which raises concerns about potential hidden malware within the MT5 file.

Deposit and Withdrawal

The deposit methods accepted by FazoFX are bitcoin and wire transfers. Both NganLuong e-wallet and wire transfers lack a chargeback feature, which is a common reason why scammers often use these methods for deposits. Additionally, traders dealing with illegitimate firms frequently find themselves restricted to using one of these two options.