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DoxFX Review: A FINMA Risk Warning

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DoxFX Review: A FINMA Risk Warning

DoxFX is already facing a warning from FINMA after blocking withdrawals from members. The platform is in gross misconduct of set regulation. New members are having a hard time accessing their funds. And this is the reason why other regulators plan to follow suit. Dox FX claims to offer a real investment platform which is false. Please read all about it in our detailed DOXFX REVIEW.

A Clear Analysis of DoxFX

DoxFX Review

When you land on their homepage, the platform looks appealing. We have to give it to them to create an engaging website. DoxFX is seen as professional even in the eyes of skilled traders. The platform immediately catches the eyes of investors on their homepage.

Details on the about us page show a platform that doesn’t have any background or history. There’s no information on when the platform started its trading business. It’s fair for investors to want to know a little bit more about the platform.

It comes in handy as you want to know their mission and objectives. In the case of doxfx.com, there’s no such information to be found. We also found sketchy details which we must highlight for the reader.

When you decide to start investing, you need a transparent investment platform. Go for platforms that have a proven track record in the industry. It would be best if you also considered groundbreaking investment strategies such as coin staking and DeFi.

Dox FX claims to offer over 42,000 trading instruments. In addition, the platform promises to deliver premium trading services to investors. But, of course, you don’t have to believe anything a platform says, and it’s best to do some research first.

Researching a platform before signing up means you’re covering yourself. It helps to protect you from unforeseen circumstances. So do some research and find out what others are saying about a particular platform.

Accounts DoxFX

DoxFX offers four account packages on their platform. These include Basic, Silver, Gold, and Platinum. Again, we have to give credit for the leverage set on the platform. The platform follows good leverage in all jurisdictions.

Let’s take a closer look at the four accounts

Basic

The basic account is best for beginners and has a set investment amount of 250 to 10,000 Euros. Users get a self-managed account with no help from professionals. You also get a limited number of assets to trade with.

Silver

For the silver account holder, the platform sets leverage of 1:5. The minimum allowed deposit is 10,000 to 20,000 Euros. In addition, members get the promise of low spreads and a senior account manager.

Gold

You have to deposit 20,000 to 100,000 Euros to start trading with this account. The account comes with a leverage of 1:20 and daily trades option. Members also get fixed spreads and an account manager.

Platinum

For the platinum account, the platform has a leverage of 1:50. The minimum acceptable deposit is 100,000. Dox FX is mainly targeting institutional clients with this package. Spreads are set at 0.1, with members getting round-the-clock trades.

DoxFX Accounts and Packages

Account Managers

Here’s where things start getting dicey for anyone who has engaged with account managers. With no information or skill levels, members get numerous calls from account managers. The account manager wants you to deposit more funds.

In most cases, the account manager will claim to have found an exciting investment opportunity. All you have to do is deposit with them. After depositing, the manager promises to deliver a high ROI within a week or two.

To try and sweeten the deal, the manager claims this is a limited option. You have been chosen as one of the few lucky investors to get a piece of the investment. Little did members know that this was all a sham.

Weeks go by, and there’s no word from the manager. When you finally contact support, the manager is replaced with a new one. Unfortunately, the platform will later claim the initial manager is on leave. So you have to wait for their return, which doesn’t happen.

Assets and Trading Instruments

There are five asset classes available on the platform. These include Commodities, Crypto, Forex, Indices, and Stocks. As far as commodities go, investors can trade with leading items such as cocoa and wheat.

Crypto assets include leading digital currencies such as Bitcoin and Ethereum. The platform pairs these assets with USD. Forex trading also takes shape with members trading with Major and minor pairs.

Dox FX Trading Platform

You can also trade in major markets such as Dow Jones and the Nikkei. When it comes to stocks, the platform offers shares from leading international companies. In addition, you can trade using the FAANG group of shares which are the most traded shares.

Business Proprietor

OICS Limited is the entity we are told owns this platform. The platform has a business registry in Switzerland. There’s no way of confirming it, but we are sure this is an offshore-based platform.

We don’t have any names of the CEO or CFO of the company. And this goes to show DoxFX is anonymous. It would be best if you stayed away from unknown websites as they rarely offer investors security.

Contact and support

You would expect a platform claiming international standards to have reliable support. Instead, what members get is the exact opposite. There are three phone numbers listed that don’t go through. We suspect the platform is using the services of virtual phone providers.

Contacting the platform via email is also not helpful. The platform rarely responds to emails on time. It’s a trick to make sure the platform controls the communication process. It makes it easy to reach clients from their end.

Deposit and Withdrawal

Members can only fund their accounts using bank and wire transfers. Once you open an account, you receive an email with instructions on how to deposit funds. The email comes with a bank account and routing number.

After funding the account, the balance will reflect in your trading account. In some instances, the platform will claim not to have received any funds. You will have to trade and hope for the best. At this time, the account will increase or decrease based on your trading results.

When you finally decide to withdraw funds for the first time, that’s when all hell breaks loose. The platform will block all attempts to withdraw funds. In a few instances, the platform only allows partial withdrawal of not more than 1,000 Euros.

DoxFX License and Registration Status

DoxFX is not a licensed or registered entity. We don’t have any information regarding their compliance. There are no documents on the entire page to prove the platforms follow regulatory protocol.

doxfx.com FINMA License Warning

What we do have is a platform that is already on the blacklist of FINMA. Such a warning from a reputable regulator is enough to make you stay away. Regulators warn of such platforms that take advantage of investors.

Fund Safety DoxFX

You should also ensure a platform offers ample security of funds before investing. And this means having to provide insurance cover for deposits made. It’s not the case with Dox FX, as they are also pooling funds in one account.

Segregation of accounts is not available, which puts your funds at risk. In addition, in bankruptcy or insolvency, members won’t receive any compensation from the platform.

Our Verdict

We won’t recommend a platform with a warning from a reliable regulator.

You should instead sign up with transparent investment platforms with a proven track record. It’s the safest way to invest and earn realistic ROI.

Feel free to leave a comment or write to us with any queries.

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