WikiFX Review: Is Varietyfx a scam or a legit broker?

We are reviewing Varietyfx, an offshore brokerage that‘s allegedly based in a regulated jurisdiction. The broker promises to deliver a seamless experience, reliable and straightforward trading solutions, in-depth charts and easy-to-use charting tools. Well, none of this is actually correct, and we’ll show you the true nature of this broker in the full Varietyfx review.

First, lets move to the WikiFX APP. We find that Varietyfx is listed, but with a score of only 1.04/10. The words unregulated and unlicensed are clearly visible. Also, WikiFX warns investors to stay away from this broker!

Next, please read the review below to learn more about this sham entity and how to trade safely on the forex market.

1. Unclear Regulatory Status

On the home page we see the statement that the website is managed by the Varietyfx Corp , a company authorized by the Securities Commission of the Bahamas. It is claimed that Varietyfx Corp is a subsidiary of Varietyfx PLC, which in turn is authorized and regulated by the Financial Conduct Authority (FCA) in the UK:

The contact sub-section states that Varietyfx has offices in Switzerland and the United Kingdom:

But in the section “About us” we find a third version – that Varietyfxhas a license from Australian Security and Investment Commission (ASIC) under the name Varietyfx Australia Pty Ltd, and from Vanuatu Financial Services Commission under the name Trademax Global Limited. The name of the latter company is familiar to us from the review of another fake broker, UltimatePristineFx.

On top of all that, the website lists an address in another offshore zone, Saint Vincent and the Grenadines (SVG):

A fact check shows that all these claims are lies. Varietyfx is neither licensed by the aforementioned leading financial regulators nor registered under that name in the listed offshore areas where there are no broker regulations in place. In fact, the UK FCA database contains an explicit warning that Varietyfx is a fraudulent website and is not authorized to offer financial services and products:

Before investing money in the financial markets, make sure that the broker you choose is indeed licensed by an institution such as FCA, ASIC or some EU regulator like Cyprus Securities and Exchange Commission (CySEC).

To sum up, there are too many contradictory claims about who is the owner of this alleged broker and where it is located.

2. Trading Platform

Varietyfx claims to offer a wide selection of trading software – its proprietary platform as well as the industrys most popular platforms, MetaTrader 4 (MT4) and MetaTrader 5 (MT5). But like the claim of multiple licenses, this does not hold true.

After registering an account, we find no trace of MT4 and MT5, nor of the advanced Varietyfx platform. Instead, in the “trading room” we see only a poor imitation of trading software.

This imitation consists of a simple chart with current prices, taken for free from the data provider TradingView, and a non-functioning buy and sell menu. This menu lacks the options to place orders needed for forex trading. Instead, it appears to be designed for binary options trading, which is prohibited in all regulated jurisdictions in which Varietyfx claims to be licensed. When attempting to use the menu, a warning pops up stating that the “feature is under maintenance”.

You could always use the services of a regulated broker, the vast majority of which offer clients MT5 and MT4. This will enable you to use the advanced features of these platforms without fear of being scammed. These platforms are preferred by the majority of brokers around the world because of their powerful automated trading capabilities, including Expert Advisor bots and customized scripts for backtesting trading strategies.

3. Deposit & Withdrawal Methods

We werent surprised to find only one payment method on the Varietyfx deposit menu – cryptocurrencies.

As we all know, scammers prefer cryptocurrencies because these transactions are not subject to refunds. While there are some legitimate brokers that accept digital currencies like Bitcoin, they do so alongside other transparent payment methods such as credit/debit card, bank transfer or popular e-wallets like Skrill, PayPal, Neteller or Sofort.

In addition, Varietyfx does not provide access to Terms and Conditions or other legal documentation. This means you don‘t know who you are dealing with and what the terms are. Scammers use hidden fees and unfeasible terms to ensure you can’t get back the money you made the mistake of giving them.

Conclusion

In summary, Varietyfx is extremely risky and may be a scam. If youre scammed by this broker, please keep the evidence and contact us as soon as possible. You can also log in to our official website or mobile app for self-exposure, copy this link to the browser to open it, and check how to expose the scam https://bit.ly/3dWv4N1

Official website: https://bit.ly/wikifxIN

APP for Android: https://bit.ly/3kyRwgw

APP for iOS: https://bit.ly/wikifxapp-ios

Remember, “when in doubt, reach out to WikiFX” because we are your one-stop Forex broker solutions!