In this review we analyze the OrangeFX247 Forex broker and we provide you with proofs why it is a scam and cannot be trusted.
OrangeFX247 is a Forex and CFD trading broker that will allow you trade the world markets. The broker claims over 7 million traders and more than 17 million daily successful trades.
OrangeFX247 has plans to offer its users access to the most powerful instruments from one trading account that includes Standard, Premium or Mega. All their account types are commission free and give access to the webtrader platform.
Firstly, the Standard account goes for a minimum deposit of $250 and offers leverage up to 1:100 or 1:200 depending on choice.
While the Premium account type offers leverage up to 1:200 and requires minimum deposit of $2500, spreads is the same with the Standard account which amounts to 0.1.
The Mega account comes with a minimum deposit requirement of $25000 and with variable spreads starting from 1.3pips. Outstanding features of this account include trading signals, morning market report and daily technical and fundamental analysis.
The broker claims to offer two types of bonuses, a first time deposit bonus of 20 – 30% of your first deposit and a bring your friend bonus which amounts to 30 % of your friend’s deposit
Bear in mind that profits from bonuses cannot be withdrawn unless you execute a minimum trading volume of 25 times the deposit amount plus the bonus issued.
- Type: Forex, Gold, Bitcoin, Indices and Ethereum broker.
- Regulation: Unlicensed
- Location: UK?
- Minimum deposit: $250
- Maximum leverage: 1:300
- Minimum spread: 0.1
- Payment methods: Credit cards and wire
Is OrangeFX247 Legit?
According to their web page, the company is operating out of the United Kingdom. However, no owners have been introduced either. They continue to remain faceless despite demanding that we send them a minimum deposit of 250 Euros.
Also, we have the FCA in the United Kingdom. But this broker does not have a license with this financial watchdog.
Not to mention that the Spanish regulator, CNMV has ruled OrangeFX247 as a potential scam and should be avoided.
This means that customer funds will definitely be at a great risk.
In case the company goes under, compensating victims will be a fantasy. Also, since they are unregulated, investors can’t raise complains or report them as the broker is not reporting its activities to any financial oversight.
In general, we would like you to avoid these unregulated brokers.
Should one trade with OrangeFX247?
A detailed investigation about the OrangeFX247 broker revealed that it is a scam. It is an illegal operating firm that has been blacklisted by the spanish CNMV.
The illegal broker allows for $100 minimum deposit and access to the popular MT4 platform, but the safety of your funds are not guaranteed.
On top of this, the broker charges an outrageous fee of $50 for wire wihdrawals and $25 for credit card withdrawals. Also there is a processing fee of $10 for all withdrawals and $25 for ePayments. You shpuld also know that 10% withdrawal levy will be placed from an account that is not verified or that has not traded more than 200 turnovers. This is a clear indication that this people wants to steal all your money even before you make a withdrawal request.
Bear in mind, OrangeFX247 is also charging an inactivity fee of %10 each month in the event that customers don’t login and execute trades in a period of 6 months.
This is clearly an illegal act because this fee is unwarranted for. It’s a form of stealing from traders.
The company’s website appears to run by a cunning individual. They make all the flowery promises but we don’t trust that they’ll deliver the quality they speak about.
If you would like to trade or invest with a peace of mind, my advice is to consider these highly rated trading platforms.
There is absolutely no reason to trust an anonymous broker that has no license for authorizing their trading services.
Majority of people out there have traded with brokers such as OrangeFX247 and lost money even without placing a single trade.
These Forex brokers do not have a sense of responsibility to anyone. Their work is to manipulate your trades so you can lose money.
And even if you make money, withdrawal requests will not be honored. This is the risk that you shall face if you proceed to sign up with OrangeFX247.