Foxane Review 2023 – Scam, Fraud, FCA Warning and Illegal Tactics
Foxane is an offshore forex broker based in St Vincent and Grenadines. The Financial Conduct Authority has issued a warning against them and the broker doesn’t have a license from any other reputed regulators.
Foxane offers multiple account types and claims to be an industry leader. They offer stocks, indices and currency pairs to trade.
Their office address is Beachmont Business Center, 213, Kingstown, St Vincent and the Grenadines. Similarly, their contact number is 1800-8289-937.
However, the broker has too many red flags. Apart from being an offshore broker, Foxane has shady terms and conditions as well as a severe lack of transparency.
The following Foxane review will help you understand why you should avoid dealing with them:
FCA Has Issued a Warning Against Foxane
Financial Conduct Authority aka FCA is among the most reputed financial regulators globally. It oversees financial services providers in the UK.
In February 2022, the FCA issued a warning against Foxane. The warning said this firm doesn’t have authorization to operate and target people in the UK.
The FCA highlighted if people trade with Foxane, they wouldn’t have access to the Financial Services Compensation Scheme or the Financial Ombudsman Service. Hence, if something goes wrong, you are most likely to lose your funds.
The watchdog rarely issues warnings and when they do, they are always about suspicious brokerage firms.
This warning alone is reason enough to avoid trading with this broker.
But that’s not all.
I found several Foxane reviews which further cement my suspicions about this forex broker:
Foxane Reviews and Complaints: What Their Clients Say
I found multiple Foxane reviews sharing their experiences with this broker.
Client Lost $2000 Following Foxane’s Signals
In his Foxane review, Berc says it’s a terrible broker. He says he has lost $2,000 with their signals and when he asked for a withdrawal, they didn’t process the request.
Instead, they asked him why he wanted to withdraw the funds. He says it took them a long time to send money to his account.
Berc doesn’t recommend this broker.
“Foxane Takes Too Long to Give Withdrawals”
Here, the reviewer calls this broker a scum. He says he couldn’t verify his account for a week.
Furthermore, he requested a withdrawal months ago but hasn’t received the amount yet.
“Foxane Tried to Steal Tens of Thousands of Dollars From Me”
Here, the reviewer says the people at Foxane tried to cheat him out of tens of tousands of dollars. They did so by pretending to give him cheap training through a website called Capital Education.
He says he was lucky that he called his bank to freeze the account beforehand.
When he found out that Foxane doesn’t have a license from FCA, he realized that they are a scam. So, he doesn’t recommend trading with them.
Client Lost Their Entire Deposit After Foxane’s Recommendations
Jeff says he lost his entire deposit within 2 weeks of joining.
He explains that he is new to trading and relied mainly on Foxane’s coaching on what to buy/sell.
However, he suspects that their consultant might be lacking experience and professionalism. He tried to contact the consultant but received no response.
“Foxane is a Scam”
Sigrid points out that the platform makes it seem legitimate when it clearly isn’t.
He says the company behaves very professionally and kindly until you request a withdrawal.
According to Sigrid, you shouldn’t sign up at Foxane. He didn’t know that multiple authorities have already blacklisted this forex broker.
Sigrid recommends the clients of this brokerage to report them to BFS-Bermuda so the authorities will take some action against Foxane.
“They are Incompetent with Terrible Customer Service”
Here, the reviewer highlights that in the last 6 months, he has lost 20% of his total investment. Also, it takes 3 minutes to deposit your funds with Foxane but over 5 days to get a withdrawal.
Moreover, the reviewer points out that the firm lacks any sense of customer support. They don’t take any responsibility, according to Jean-marie.
The reviewer points out that his overall experience was very negative in terms of competence and customer relations.
Certainly, the various Foxane reviews indicate that the firm doesn’t have a positive reputation among its clients. However, the red flags don’t end here.
What is a Red Flag?
A red flag serves as a signal or sign that there may be an underlying issue or danger associated with a company’s stock, financial statements, or news reports. These indicators can come in many forms and are often identified by analysts or investors as any notable undesirable trait.
This brokerage has plenty of other problems I haven’t talked about. In the next section of this review, I have shared some of the issues I think you should know about:
Additional Red Flags in Foxane
High Minimum Deposit:
Apart from the warning from FCA and the various negative reviews online, the biggest issue in Foxane is its high minimum deposit requirement.
The minimum deposit limit to start trading with this broker is $1000. This is substantially higher than the industry standard.
Most of the reputed forex brokers keep their minimum deposit limit around $10 or $5.
That’s because the minimum deposit amount is the sum a trader uses to test out a broker. So, legitimate brokers keep this limit small, making sure a trader doesn’t have to take too high of a risk.
Usually, scammers keep their minimum deposit high to make sure that they can steal at least a considerable sum from a victim.
Hence, it’s a huge red flag and doesn’t instill confidence in me.
Other accounts at Foxane are:
- Plus Account (Minimum Deposit $2500)
- Advanced Account (Minimum Deposit $5000)
- Premier Account (Minimum Deposit $10000)
- Platinum Account (Minimum Deposit $25000)
- Platinum PRO Account (Minimum Deposit $50000)
- VIP Account (Minimum Deposit $100000)
Also, if you want to start an Islamic account, the minimum deposit you would need to make is $10,000. This is extremely high in my opinion.
Extremely High Leverage:
Another huge problem I have with Foxane is the high leverage it offers.
Here, you can get 1:400 leverage. It is too high as you can lose your entire deposit instantaneously and even get a negative balance with such leverage.
High leverage is unsuitable for most traders. That’s why regulatory authorities in EU, Australia and the UK have put limits on how much leverage their licensed brokers can offer.
For example, a broker with a license from FCA (UK’s financial regulator) can only offer leverage up to 1:30.
Similarly, US brokers can only offer maximum leverage of 1:50.
It’s common knowledge to avoid brokers that offer extremely high leverage as they are usually unregulated.
High leverage might seem attractive but it comes with too much risk.
Suspicious Trading Platform:
At Foxane, you get a proprietary trading platform with the name FoxTrader.
I tried to test this platform out but I couldn’t.
However, having a proprietary platform is not a positive sign as most of the regulated and reputed brokers offer the MT4 or MT5 platforms.
That’s because these platforms offer many features that make trading easier and more profitable.
But that’s not the case with Foxane.
Here, you get a proprietary platform which has received a lot of negative reviews. I didn’t see many reviews praising FoxTrader so I can’t make any positive comments on it.
Instead, I believe the platform has too many issues and that wouldn’t be good.
It’s a major red flag in itself.
While writing this Foxane review, I went through the terms and conditions of this broker.
There, I didn’t see any mention of their fees and charges.
Although the broker mentions that it charges certain commissions and fees, it never specifies how much.
This is another major red flag.
Service providers which don’t clarify their fee structure usually charge hidden fees. So, you can never predict how much you will have to pay and you might end up losing your entire deposit.
A service provider notorious for charging hidden fees is Broad Financial. It’s an IRA provider which has received multiple complaints for not being transparent about its charges.
Unfavorable Terms and Conditions
This is another issue in this forex broker.
The terms and conditions of this broker contain a lot of provisions which put you in an unfavorable position.
For example, Foxane can charge you fees for being inactive. However, it doesn’t specify how long you need to remain inactive to face this risk.
Furthermore, it doesn’t even mention how much you will have to pay as inactivity fee.
Like I mentioned earlier, it exposes you to the risk of paying hidden fees which can be variable and depend on how much money you have in your forex account.
Another problematic clause in their T&Cs is that you must maintain a “quality condition” in your trading course.
Otherwise, you would need to pay an unspecified amount of fees.
They mention that the company reserves the right to charge fees if you don’t qualify the statistical requirements. But they don’t explain these requirements anywhere on their website or this document.
Hence, it’s another reason why I don’t recommend Foxane.
Using Illegal Tactics to Hide Complaints
I suspected that I wasn’t the only person to think this broker is suspicious. So I did some digging.
I found out that Foxane has received plenty of negative reviews and complaints.
However, instead of addressing those issues and fixing them, the broker is using illegal marketing tactics to hide those complaints.
Someone representing Foxane has posted a fake DMCA notice against a Foxane review.
Whoever posted this DMCA notice, they copied the content from the original publication, copy/pasted it on their free website and claimed that they are the original owner of the content.
It’s an unethical and illegal tactic to hide negative content from the internet.
Many scammers use fake DMCAs to hide their harsh truths. For example, Vasily Zhabykin is a criminal who used this tactic to hide news articles exposing his involvement in a money laundering enterprise.
Foxane Review: Conclusion
After going through the above points it’s clear that Foxane is not as reliable as it claims to be.
There are too many red flags in this broker for me to recommend it to anyone.
In fact, I don’t recommend trading with them. I don’t think it is a legitimate forex enterprise.
There are plenty of options in the market, you should look for a licensed and reputed forex broker which hasn’t received this many complaints for scamming its clients.
Foxane is an offshore forex broker which has received many complaints for scamming its clients. Also, the Financial Conduct Authority has issued a warning against this broker for being unauthorized.
- FCA issued a warning against them
- Received too many complaints
- High minimum deposit requirement
- Unfavorable terms and conditions