DoxFX is a broker that runs business from the web address doxfx.com and claims to offer the best CFD trading platform. If you don’t want to be a victim of the next Forex fraud, we recommend using these Forex brokers.
Meanwhile, this review will discuss DoxFX and why you certainly should stay away from.
DoxFX – Scam or Not?
The broker lacks reputation and it has been blacklisted by the Swiss Financial Watchdog (FINMA).
This means that the broker has been reported severally for fraudulent activities or providing substandard services to their clients.
Therefore, it is very easy to say that DoxFX is a scam and we don’t recommend using them.
DoxFX is an online CFD broker offering trades across a wide range of trading instruments and with a web based trading platform.
The main features that DoxFX wants its customers to be aware of is that they provide premium service, offer competitive prices and intuitive platforms to take control of their financial future.
As always, DoxFX claims to provide a learning center, just like other brokers do. This materials basically skims through the topics of trading and does not offer real value to those who are serious about learning to trade.
- Broker type: Forex and CFD broker
- Location: Swiss
- Platforms: Web based
- Regulated: No
- Minimum deposit: $250
- Leverage: Up to 1:50
However, DoxFX offers 4 account types with various account offerings. Traders will choose between Basic, Silver, Gold and Platinum account types respectively. While the Basic and Silver accounts allows trades only on crypto CFDs, the Gold and platinum account allows for daily trades and round the clock trades respectively.
Minimum deposit required to open the Basic account is $250 and leverage is just 1:2. The Silver account offer leverage of 1:5 with lower spreads and requires a higher minimum deposit of $10,000.
Minimum deposit required to open the Gold account is $20,001 and leverage extends up to 1:20 with fixed spreads.
Following the Gold account is the Platinum account with over $100,001 minimum deposit, leverages up to 1:50, spreads from 0.1 pip and with a dedicated account manager.
Is DoxFX Legit?
Let’s start with the fact DoxFX is a financial broker. You are supposed to deposit a minimum amount of money in order to use their financial services.
Therefore DoxFX is an investment platform that needs authorizations from financial regulators. Does it have a license? No, not a single one.
Which makes DoxFX an illegal investment platform that is not accepted in any country.
In fact, DoxFX is totally anonymous scam broker, the company address on their website is fake and it appears on the warning list of the Swiss Financial Market Supervisory Authority (FINMA) for illegally soliciting funds from that country.
DoxFX Review Verdict – Conclusion
DoxFX is a big scam, an illegal platform where money will disappear.
It is just among the many brokers that have zero reputation but advertise as if they’ve been around for decades. Stay away from it