September 11, 2020

31FX Review

Overview:

31FX is overseas brokerage provider with 6 trading accounts. It provides CFDs over many cryptocurrencies. Maximum leverages and acceptable spreads are offered on every trading accounts that can be traded on cTrader trading platform. The broker is situated on the British Virgin Islands and is not regulated. In this 31FX review, we will talk about all the factors contributing to its low rating. Please be there till the end.

About 31FX:

Total of six trading accounts namely Basic, Bronze, Silver, Gold, Platinum and Diamond are offered for hassle-free trading. The required initial investment of Euro 500, 5000, 25000, 50000, 100000, and 150000 are needed respectively. Maximum leverage levels of 1:100, 1:200, 1:400, 1:500 and 1:1000 is offered on different trading accounts. On all the six trading accounts equal spread of 0.1 pips is available. Leverages are very competitive and can bring good fortune to any trader. However, they can drain all your money within a fraction of seconds. Spreads of 0.1 pips are acceptable and can be beneficial to lower the trading cost at 31FX. The fund’s payment and withdrawals can be performed via credit cards, electronic wallets, and Bitcoins. The CFDs over major and minor cryptocurrencies is offered.

The broker has many disadvantages like unlicenced nature. The company called JRV Markets Ltd is the proud owner of the brand 31FX. However, this company is situated on the British Virgin Islands and is unregulated. As you can see from above the required minimum deposit is excessive than what is generally accepted. The broker provides trading on cTrader. It lacks a MetaTrader trading platform and many traders will not like it. MetaTrader cannot be compared with cTrader trading platform.

Is 31FX scam or legit?

The brand 31FX is owned by the British Virgin Islands-based entity that does not follow any regulations. Only tradeable asset provided is cryptocurrencies. Initial deposits, leverage and spreads are unimaginably high. Bank wire transfer is not supported. It provides trading on cTrader trading platform instead of MetaTrader. Such high offers are made by scam brokers only to lure innocent traders. Once traders deposit money broker stops responding to their queries and freezes accounts. All the above facts about 31FX are true and hence we are saying it a potential Australian trading scam. Avoid it to secure your investments.