Today’s review is about Fox Markets broker which provides trading on over 40 instruments including Forex, Crypto, Indices, Commodities and Metals.
Fox Markets presents 2 account types for their users with up to 1:400 leverage. These are Standard and STP.
This is in addition to a demo and customized account which basically means the broker is willing to give its clients the conditions they want.
Their trading platform is nothing but the popular MT4 software. Account currency can be in USD, EUR, CAD and MBT respectively.
Broker claims that they charge no hidden costs, has extremely low spreads, minimum deposit, plus a dedicated account manager is provided.
They also boast of fast execution of orders on their platform.
Is Fox Markets legit broker?
We look at their regulatory status as well as location to determine whether or not this broker is legit.
We find that Fox Markets LLC is not a regulated broker and is trying to feign legitimacy by creating the impression that it’s FCA-regulated.
Secondly, this is an offshore broker which means opening, funding and trading in an account held by this broker comes with all the risks associated with investing in an offshore company.
In addition to this, they claim to be a member of the Financial Services Compensation Scheme.
I’m not sure whether such a body exists, though they claim that deposits of their clients are insured by this organization up to the sum of £85,000.
It is only recommended that traders should open an account with a well-trusted and regulated broker, not an offshore broker like Fox Markets.
Should you trade with Fox Markets?
Some brokers have managed to convince their clients to deposit funds despite not having a proper regulator’s license.
They do this by investing in sleek salesmen and a bunch of features that traders love.
In the end, problems arise because there’s always a good reason behind some broker not getting a license in the first place.
Based on this, I would not open an account with FoxMarkets.
Also, they say that traders will be provided with Straight Through Processing (STP) trading account.
There’s no assurance that this broker is not a market maker instead.
Also, they claim to offer tight spreads. They should have posted live spreads widget on their website for us to view them in advance.
The only thing that seems to be going well for this broker is the variety of trading instruments they’ve prepared for traders to use.
Because of the reasons mentioned above, I would never use Fox Markets to trade any market.
Thanks for reading our review. An off shore broker is dangerous no matter how their website looks like.