RECOMMENDED FOREX BROKERS
VoyaFX is a legit albeit somewhat unconventional broker, even though it may not look like it. There are questionable elements that constitute its whole, yet the package is overall stable and worth it. Read the review for all the important details.
The broker has two parent firms. The first parent firm of the broker, FH Ever JSCo, is regulated by the Financial Supervision Commission in Bulgaria. The other entity, Global Clearing House Ltd, is regulated by the Vanuatu Financial Services Commission (VFSC).
The Financial Supervision Commission is a governmental organization that oversees all financial activities outside of the banking sector, and this naturally includes FX brokers. The site functions much in the same way as other regulator sources do- there is a list of licensed entities, and the board may issue warnings against certain scammer firms.
Some of you, the more rigorous ones, might detect hints peppered throughout the broker that resemble elements of offshore brokerages. Even we were guilty of thinking the unthinkable at certain points of the review.
But the truth of the matter is that the broker holds a legit license from the watchdog of an EU member. This entails a safe trading environment, and a fair one as well. Furthermore, as a member of the Union, the country’s FX industry follows the guidelines set out by ESMA, which include mainly a leverage cap of 1:30 for retail trading, segregation of bank accounts, negative balance protection, and others.
As for the Vanuatu Financial Services Commission license, it checks out, and even if the regulator is essentially an offshore one, we have encountered some superb brokers that have been licensed by the commission. One notable thing here is that the VFSC requires a $50 000 capital requirement from all its brokers, which is proof that VoyaFX has what it takes to be both regulated and financially stable which in turn increases the safety of users.
The base account type offers an average spread value of 2.1 pips, which in retrospect, is slightly over the average, and many users might not be content with it. However, the next account in the system, the Gold one, offers a superb 1.5 pip spread, however, users will have to deposit a minimum of $10 000 for it.
Users should be notified about the existence of commissions on shares (€2 for shares trading).
The available tradeable instruments are forex currency pairs, commodities, stocks, and indices.
The website of the broker is available in English and Russian.
Without creating a live account, we cannot access the trading software.
What is most peculiar is that VoyaFX has close to no information on the trading software, and we even don’t know its name.
The firm calls its “our trading platform” referring to it in proprietary terms, but this clue leads to nowhere.
What we do know for sure is that there is a platform here.
VOYAFX MINIMUM DEPOSIT
The minimum deposit requirement is $500 for the basic account, but as we have seen the Silver account may not appeal to everyone. The next best thing is a $10 000 deposit requirement for the Gold account.
The base currencies here are BGN, USD, EUR, CHF, and GBP.
The is not very direct in disclosing the payment methods, but in the legal documents, we saw that the broker does accept cards and wire transfers.
There are no depositing fees no fees
VOYAFX WITHDRAWAL METHODS AND FEES
We expect that users can withdraw by means of credit cards, debit cards, and wire transfers.
There are no processing times revealed.
The broker is exempt from withdrawal fees.
However, there are certain charges and commissions, unrelated to withdrawing, that we encourage readers to be aware of. These include an account maintenance fee of 1% (no less than 10 BGN), a fee for users that wish to change their personal data (from 100 BGN to 200 BGN), for issuing a depository slip (100 BGN), an annual 5% commission for safekeeping the users’ funds and assets,
Please refer to the Tariff for Fees and Commissions document for all charges.
VoyaFX might have an unorthodox approach to certain things, but that does not mean that the broker is not worth it. It is, in spite of these, yet it seems that it does foster more advanced and affluent traders.