31FX Review Scam Complaint
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The offshore FX and CFDs broker 31FX provides in a total of six different trading accounts. It provides all of its services on cTraders trading platform. We advise you to read this scam broker review before investing in a 31FX broker.
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The six accounts provided by 31FX are namely Basic, Bronze, Silver, Gold, Platinum, and Diamond. The minimum deposit for each account is dollar/euro 500, 5000, 25000, 50000, 100000, and 150000 respectively. The maximum leverage differs for different account types and is 1:100 for Basic and Bronze, 1:200 for Silver, 1:400 for Gold, 1:500 for Platinum, and 1:1000 for Diamond account. The spreads offered for all the above account is the same at 0.1 pip. The leverages provided by this broker are very competitive. The higher leverages are efficient to make huge profits simultaneously they can be responsible for the high loss. But problem with this broker is it offers higher leverages on higher minimum deposits and is less attractive to many traders. The 31FX offers spreads at 0.1 pip on all accounts. This is a good sign and we tried to open a demo account with it. In reality, we found that the provided spread is at 0.2 pips for the FX pair of EURO/DOLLAR with no commission. With 31FX one can deposit and withdraw their funds using several methods such as Card, E-wallets, Bank transfer and also Bitcoins. While testing the Demo Account we found a plethora of crypto CFDs consisting of cryptos like Litecoin, Ethereum, Ripple, Bitcoin and Dash.
The brand name 31FX is owned by JRV Market Ltd situated in the British Virgin Islands. It means the brokers need a valid license from local financial regulators named FCA to operate in the UK. While checking with FCA we came to know that the broker is not registered with FCA. The broker does not possess valid a license to conduct its operation as a forex and CFD broker. Furthermore, the minimum initial deposits accepted by 31FX is higher than what is anticipated. We know the fact that the trading platform cTrader is also a reputed platform. Sadly it can not compete with world-leading trading platform MetaTrader.
Is 31FX scam or legit?
Given the fact that the 31FX provides its customers with a competitive trading environment and a plethora of trading instruments, it still is a nonregulated offshore situated FX and CFDs broker. The investor’s investment has low-security. Hence, we call it a potential scam broker and advise you to stay away from it.