We’ve got a case of a fraudulent offshore entity here. If you want to know more about this broker’s regulation, trading platform, conditions, and funding methods, then the Foxane Review is a must-read.
This analysis will show you the methods Foxane uses to defraud traders. Without further ado, let’s expose this nasty scheme.
What you should know right off the bat is that Foxane is an offshore provider from Saint Vincent and the Grenadines (SVG). The name of that domain in connection to brokers makes us shiver.
The reason is that SVG’s Financial Services Authority explicitly stated on its website that it doesn’t regulate Forex trading. So much for the Foxane regulation.
Instead of trusting unlicensed offshore con artists, we suggest you find a broker that’s regulated by a reputable Tier 1 financial market authority (FCA, FINMA, BaFin, ASIC, etc.).
For example, the European Securities and Markets Authority (ESMA) imposed tight regulatory conditions that all EEA zone regulators must implement. Broker companies must possess a minimum operating capital of 730,000 EUR.
Furthermore, they must offer clients negative balance protection, segregated funds, leverage restriction (1:30) and a compensation scheme (up to 20,000 EUR) in case of insolvency. Now those are conditions worth your investments.
Foxane is an offshore broker from SVG without a Forex trading license. This shady entity has been blacklisted by several authorities for scamming traders from the UK, Australia, France, Canada, and New Zealand.
Saying that the company-client relationship complies with SVG’s governing law is pointless. We already mentioned that Forex trading isn’t regulated in that offshore domain.
An unregulated broker can embezzle your funds at any given moment and disappear, leaving you without compensation. The Foxane reputation is going down the drain.
Foxane doesn’t accept US clients so the financial swindler went looking for victims in Europe, Canada and Australia. Here’s a list of countries where Foxane was active:
It seems that speakers of English and French are the main targets. Luckily, the UK’s FCA and the French AMF have warned their traders about the Foxane trading scam. We need to urge other regulators to do the same.
Foxane probably used several methods to find victims. Common fraudulent practices include buying Google ads, creating Facebook, Instagram & YouTube content, posting fake LinkedIn ads, and running deceptive marketing campaigns.
WhatsApp & Telegram are swarming with shady private chats where scammers present their offers. Beware of suspicious dating app accounts on Tinder and Bumble. A more direct approach would be unsolicited phone calls or persistent emails.
Foxane’s Trustpilot page is chaotic. The website has warned us about numerous fake reviews, presumably written by the scammer’s agents.
Real traders left sharp complaints against the broker. We’ve taken bits from this lengthy complaint to show you:
The Australian Cyber Security Centre said Foxane is a scam financial company and advise me not to contact them again… I am on the phone and telling them to close the account… Said I have a trade going at a loss on $7k… When I told the representative to close it at a loss and return the rest they didn’t listen… They may appear polite and professional as they have to lure victims into depositing large sums of money…
Foxane offers a proprietary platform called FoxTrader. This trading software is available for desktop, web, Android and iOS.
According to Foxane’s website, FoxTrader offers multiple trade order types, algorithmic trading, hundreds of markets, 21 timeframes, and more.
Since there’s no demo account, we weren’t able to check this platform. Foxane doesn’t support legitimate third-party platforms such as MT4, MT5, or cTrader.
Foxane included a mobile version of FoxTrader. It’s available for both Android and iOS. There’s also a web-based version.
Given that Foxane has been blacklisted as a scam by three regulators, we aren’t keen on downloading this shady mobile app.
According to Foxane’s website, the broker offers Forex and CFD trading:
Foxane didn’t disclose its spread ratios. In the legal documentation, the broker said that commissions do exist but didn’t specify them.
Without a demo account, we weren’t able to find out the trading costs for ourselves. Such a lack of transparency is alarming.
Foxane offers seven different account types:
Quite pricy, we must add. There are many better alternatives, i.e. licensed brokers that offer micro-accounts for just 10 $.
As for the leverage, Foxane’s maximum level is 1:400. That’s extremely high and risky. You could profit big but chances are, you’re going to lose everything as soon as the market moves against you. Hence the common regulatory cap of 1:30.
No. Foxane doesn’t offer a free demo account. Without it, we weren’t able to check the trading platform, spreads and commissions.
Directly opening a live account and investing real money is a huge risk and one you shouldn’t take with this fraudulent broker.
Foxane accepts deposits via two payment methods:
The minimum deposit amount is 1,000 $. Fees do exist but the broker didn’t disclose them. The Foxane withdrawal policy is shady.
Namely, the broker awards bonuses to traders and then requires them to reach a certain trading volume before allowing withdrawals. Keep in mind that ESMA banned brokers from issuing bonuses.
If Foxane violated any terms and conditions or if you’re having withdrawal issues with the broker, please let us know. With your help, we could try to finally shut down this foul scheme.
In case you lost money to Foxane scam, we have a solution for that as well. Global Fraud Protection’s experts specialize in bank chargebacks and crypto-tracing software such as CipherTrace.
If this broker steals your money, start the chargeback process. If you’re unsure what to do, use Online Chat to book your free consultation with us!
Foxane is terrible. The broker has been blacklisted by three regulators. Do not invest in this trading scam.
No. Foxane has no demo account, which is a huge red flag.
Yes. Foxane’s trading platform is available for both Android and iOS systems.
We couldn’t check because there’s no demo account but we highly doubt that FoxTrader is a legit platform.
Foxane is terrible. The broker has been blacklisted by three regulators. Do not invest in this trading scam.
No. Foxane has no demo account, which is a huge red flag.
Yes. Foxane’s trading platform is available for both Android and iOS systems.
We couldn’t check because there’s no demo account but we highly doubt that FoxTrader is a legit platform.
The post Foxane Review – Do Not Trust This Illicit Fraud Broker appeared first on Global Fraud Protection.
