What is Foraxi？
Foraxi is an unregulated trading platform that provides access to the global foreign exchange (Forex) market. It offers traders a range of account options tailored to different experience levels and preferences. The platform offers competitive spreads and leverage, allowing traders to amplify their trading positions effectively. Additionally, Foraxi offers WebTrader and Mobile Trader platforms as well as various deposit and withdrawal options.
Pros & Cons
Pros:
Diverse Account Types: The platform offers diverse account types, including the MICRO Account, the STANDARD Account, the ECN Account, and the CPT Account, catering to various trading needs and experience levels.
Multiple Customer Support Channels: Foraxi provides various customer support channels including phone, email, and address, enhancing accessibility and assistance for clients.
Cons:
Is Foraxi Legit or a Scam？
Foraxi currently lacks valid regulation, which raises significant concerns about its safety and legitimacy. Regulatory oversight is crucial for ensuring that a financial services provider operates within established standards and adheres to specific rules and requirements designed to protect investors and clients. Without proper regulation, there is an increased risk of fraudulent activities, scams, and inadequate consumer protection.
Market Instruments
Foraxi provides traders with access to the dynamic world of Forex trading, offering a wide range of currency pairs to suit various trading strategies and preferences. With Forex as its primary trading instrument, Foraxi enables traders to participate in the global currency markets, capitalizing on fluctuations in exchange rates to profit from currency movements. Traders can choose from major, minor, and exotic currency pairs, allowing for diversified trading opportunities and the ability to take advantage of different market conditions.
Account Types
Foraxi offers a range of account options tailored to accommodate the diverse needs and preferences of traders.
The MICRO Account stands out as an entry-level option, requiring a minimum deposit of $100, making it accessible to traders starting with smaller capital. With the MICRO Account, traders can access basic features and tools to begin their trading journey.
The STANDARD Account maintains the same minimum deposit requirement of $100, offering a broader range of trading features and services compared to the MICRO Account. It caters to traders seeking a standard trading experience with competitive pricing and reliable execution.
For those looking for enhanced trading conditions and direct access to interbank liquidity, the ECN Account is available with a minimum deposit requirement of $1,000. This account type is designed for experienced traders and high-volume investors, offering tight spreads and fast execution speeds.
Additionally, Foraxi offers the CPT Account with a minimum deposit requirement of $100, providing access to advanced trading tools and premium features for traders looking to optimize their trading strategies.
How to Open an Account？
Leverage
Foraxi provides traders with a maximum leverage of 1:100, allowing them to amplify their trading positions and increase their returns. With a leverage ratio of 1:100, traders can control a larger position size relative to their invested capital. Foraxi's maximum leverage offering enables traders to access greater market exposure and capitalize on trading opportunities while managing their risk effectively.
Spreads & Commissions
Foraxi boasts competitive spreads across its range of accounts, ensuring cost-effective trading conditions for its clients.
The MICRO Account features spreads starting from 30 pips, providing traders with accessible pricing dynamics suitable for beginners or those trading with smaller capital.
For traders seeking tighter spreads, the STANDARD Account offers spreads from 20 pips, striking a balance between affordability and competitive pricing.
For more experienced traders looking for enhanced pricing transparency and execution quality, the ECN Account and CPT Account both offer spreads from as low as 0.5 pips.
Notably, Foraxi imposes no commissions on trades across all account types, allowing traders to execute trades without incurring additional costs beyond the spreads.
Trading Platforms
Foraxi provides its clients with access to two advanced trading platforms: WebTrader and Mobile Trader.
The WebTrader platform offers a user-friendly interface accessible directly from web browsers, allowing traders to execute trades conveniently without the need for software downloads or installations. With WebTrader, clients can access real-time market data, analyze charts, and manage their portfolios seamlessly from any device with internet access.
On the other hand, the Mobile Trader platform caters to traders who prefer to trade on the go, offering a mobile-optimized interface compatible with iOS and Android devices. With Mobile Trader, traders can monitor market movements, execute trades, and manage their accounts from their smartphones or tablets, ensuring flexibility and accessibility to the markets wherever they are.
Deposits & Withdrawals
Foraxi prioritizes convenience and accessibility for its clients by offering a diverse range of deposit and withdrawal options. Clients can fund their accounts securely and efficiently using various digital currencies, including Bitcoin, Tether, USDCoin, and Ethereum, providing flexibility for traders who prefer cryptocurrency transactions.
Additionally, Foraxi accepts traditional payment methods such as VISA, ensuring seamless funding for clients using fiat currencies. With the inclusion of popular e-wallet options like WebMoney and Yandex Money, clients have the flexibility to choose the payment method that best suits their preferences and needs.
Customer Service
Foraxi provides a 24/7comprehensive and accessible customer support network. Their support team can be reached through different channels for ultimate convenience.
Phone: +971 569408947
Email:support@foraxi.com
Address: Charlestown, Nevis P.O. Box 590, Springates East, Government Road, Charlestown, Nevis
Conclusion
In conclusion, Foraxi offers Forex trading instruments, various account types, multiple trading platforms, and a wide range of accepted payment methods, making it an advantageous platform for various investors with varying investment styles and goals. However, the lack of valid regulation raises significant concerns about the safety and trustworthiness of the platform.
Frequently Asked Questions (FAQs)
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.
