This review explains why you should not trade currencies or cryptocurrencies with the DoxFX broker.
What is DoxFX
DoxFX is a trading platform that will allow you to trade contracts for difference (CFD) on currencies (Forex) and cryptocurrencies.
There are four account types for you to choose from, starting with Basic with a minimum 250 euros deposit and a 1:2 leverage. The highest Platinum has a 1:50 leverage with a minimum deposit of 100,001 euros.
DoxFX say they are based in Zurich, Switzerland. So, is this a Swiss broker that you can trust, is it legit?
Unfortunately, DoxFX is not a legit broker. It is a broker that you should absolutely avoid. Here is why.
The main problem is that DoxFX is a broker that is not regulated. What is even more important, this broker is breaking the law of Switzerland, it is an illegal investment service.
All brokers in Switzerland have to be registered and authorized by the national financial regulator FINMA. Since DoxFX claims to be based in Zurich, Switzerland, it has to have an authorization from the FINMA in order to be able to operate legally.
You can make your own search on FINMA’s website, and you will see that DoxFX is not licensed to provide investment or any other financial services.
This means that DoxFX is an illegal broker that is committing a criminal offence as a non-authorized broker based in Switzerland.
Although to be honest, we are pretty much sure that DoxFX is just lying about its address and that it has no presence whatsoever in Switzerland.
On its website you will find the claim that it is operated by a company called OICS Limited based in Belize. Which is an offshore location where unregulated brokers hide from scrutiny.
But it does not change much, DoxFX is not regulated and it is breaking Swiss laws either by not having a Swiss license or by lying about being a Swiss company.
The important point is that deposits with this broker are not protected under Swiss or any other law. If the company decides to run with your money, you won’t get anything back.
How DoxFX works
We have seen many scam brokers like DoxFX. They lie about where they are based, they pretend to be legit and they disappear with money when they decide to do so. The identity of people who run them is unknown, they hide in offshore locations for good reasons.
The percentage of scams among unregulated brokers that are based in exotic locations is way, way higher then among legit and licensed companies that are following the rules and laws of countries they want to have customers in.
If you want to trade regulated financial instruments, you should always choose a regulated company so that your deposit is protected in some way.
With DoxFX you probably won’t ever be able to withdraw anything. As long as you lose money in trading with them, everything will seem fine, but if you manage to get some profits, it is highly likely that they will never let you withdraw.
DoxFX review – Conclusion
DoxFX is an unregulated and illegal broker. You should stay away from it, because the company is not legit.
If you want to trade financial markets, do it with a regulated company. Start on a free demo and learn your way to profits.
Should you later choose to start trading with real money, please make sure that you understand the risks.