FoxNewsTrade Review – All The Warning Signs

FoxNewsTrade is a SVG based brokerage without any kind of license. The friendly and inviting website sure makes you feel at home. But the reason the scammer behind it wants you to get comfortable is dreadful. 

The owning company – Canoodle Solutions Ltd is blacklisted in the EU already. Let us inform you the domain is less than 3 months old and already has warnings on their illicit actions. That’s the precise reason that has led us to put together this FoxNewsTrade review, so read on.

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Is FoxNewsTrade a Scam Broker?

FoxNewsTrade is, first of all, unlicensed. How do we know this? The reasons are many. Our first source of information are the warnings published against their parent company. The particularities of these alerts will be presented to you in the next section of this review. 

Firstly, we are pointing out the fact that SVGFSA doesn’t regulate and supervise brokers in this country. So FoxNewsTrade runs their business under no oversight and is, therefore, free to display any kind of behaviors that would bring them profit. 

Because the domestic regulator didn’t issue them a license, FoxNewsTrade would have to apply for another. Preferably by a Tier 1 regulator. That’s why our next move was to check the databases of the leading regulators. By these we mean FCA, BaFin, CySEC, FINMA and CONSOB. The only information that came back are the ones about blacklisting. 

This immediately raises a red flag against this broker, as it means the firm is missing the crucial regulatory implementations. These are, of course, segregated bank accounts, transparency, negative balance insurance, and leverage restriction. 

In the EEA, bonuses are banned. However, we see FoxNewsTrade proudly offering the deposit bonus to all newcomers. Their leverage is also not capped at 1:30, like in the  heavily regulated EU states. FoxNewsTrade website advertises a 1:888 leverage. So please pay close attention to the discrepancies and do not allow the attractive promise to cloud your judgment. 

Warnings Issued by Financial Authorities 

It’s not at all admirable how FoxNewsTrade managed to get on so many blacklists after not whole 3 months of operating. That only proves something to be horribly wrong with this brokerage. If you aren’t taking our word for it, then consider these warnings. They all point out at FoxNewsTrade being unlicensed yet still selling financial services. These are the publications on FoxNewsTrade:

FoxNewsTrade Platforms – A Software Comparison

We’d like to start by mentioning the high hopes we had for this fancy and comprehensive website. The moment we saw the MT5 ad, we thought to check it. Our disappointment was instant. The page leading to the download source doesn’t exist at all. We only got the 404 error. 

Then we saw a Web trader was available through the client panel. As soon as we registered an account we proceeded to the trading zone. The sloppy and quite poorly designed terminal didn’t correspond with the meticulousness and richness of the website. The missing features and options of advanced platforms don’t make FoxNewsTrade an attractive place for trading. It just looks all too common and reminds us of another fraud –  Stam Capital Invest.    

What Financial Instruments Does The Platform Include?

The offer of financial products available isn’t excessive. Some traders may have taste in more exotic tradable assets and they won’t find them at FoxNewsTrade. The broker lists several instrument groups available for buying and selling:

• Forex (EUR/USD, USD/GBP, CHF/JPY, CAD/NZD)
• Commodities (Silver, Gold, Crude Oil, Copper)
• Crypto (ADA, XLM, XRP, DOGE, BTC)
• Indices (DE30, HK50, ESP35, IT40, SWI20)
• Shares (Disney, Boeing, BMW, Barclays, Tesla)

FoxNewsTrade – Countries The Victims Come From

FoxNewsTrade has an obvious preference for European victims. Their scam of an owner has been present in the area through several domains already. And getting blacklisted doesn’t look like it is stopping them for further activities. It seems the best and most lucrative environment for this fraudulent scheme to bloom are the following countries:

• Czech Republic
• Austria
• Spain
• Germany
• Poland

Account Options Offered by FoxNewsTrade

Account types at FoxNewsTrade have prices and names quite common for cyber thieves of this type. They’re all either silver, gold, platinum or starter, pro and elite. The final product is always the same. 

The actual described features are never really an option. But you pay a substantial price for the promise you’ve gotten upon joining. Just so it doesn’t look like we’re making stuff up, take a look at another scammer – GC Option and their offer of accounts. 

FoxNewsTrade has the following packages available: 

• Easy Start – $250
• Standard – $3 000
• Trader – $10 000
• Pro Trader – $25 000
• Premium – $50 000
• VIP – $250 000

Can a Trader Use a Demo Account?

As obvious, we were allowed to register an account. However, during the sign-up process, we didn’t get to choose which account we were opening. Right after getting into the trader’s lounge, we were asked to deposit. At that point, it was crystal clear FoxNewsTrade expects the traders to immediately give them cash. Only real money gets you a passage to the site parts and price speculating. 

Terms of Service for FoxNewsTrade 

The importance of this document lies in its information giving. For example, FoxNewsTrade isn’t clear on the fees they’re charging. But Terms and Service declare the company to have the right to change these elements on their own accord and without previously notifying the customer. 

In the end, the user’s account balance is the source from which the company will feely take funds to cover the fees. Such access to manipulating the clients’ capital is strictly prohibited, yet FoxNewsTrade does it. These and many other concerning details are all revealed in this document. That’s why we keep stressing the importance of reading these texts before agreeing to them.

Leverage, Spreads and Fees

The leverage is known to be a trading parameter that could affect the trading risks and final money gain or loss. When the leverage is higher, the exposure to losing is bigger too. With FoxNewsTrade, the leverage skyrockets to ridiculous 1:888, as the site quotes. 

Spreads aren’t clearly defined. Every account type supposedly includes fixed and floating spreads, but which exactly, FoxNewsTrade does not show. The webtrader, however, displays a floating spread starting at 0.2 on EUR/USD. This is beyond unrealistic. Website also states to charge trading commissions, so this spread isn’t the only price you pay. 

Withdrawing Profits From Your Broker Account

FoxNewsTrade withdrawals are more complex than performing a 12-hour-surgery. First you have to fill in the withdrawal form, then print and sign it, then scan and send it back. Then you have to wait for the processing time to finish, only to find out the firm is not satisfied with all the docs sent. 

Based on that, the broker could afterwards ask you to send in more data, like a copy of your ID and Passport, as well as your bank info and credit card pictures! But wait, that is not all. If you haven’t met the payout conditions like trading volume requirement and paying fees, your withdrawal will be additionally prolonged until completely denied!

What can I do if I was scammed by FoxNewsTrade?

No need to despair and feel lonely in your misfortune. Victims of FoxNewsTrade are many and they include honest retail traders such as yourself. So if you feel like you need guidance in dealing with this or any other scam, do contact us. 

Our agents are tirelessly working on gathering evidence to bring down unscrupulous brokers and alert the authorities. You can help too. Distribute your evidence and info on this scam, and we will guide you on how to restore what was taken from you.