31FX uses a cTrader trading platform to provide CFDs over Forex and Cryptocurrency with the help of six trading account. The trading accounts are Basic, Bronze, Silver, Gold, Platinum and Diamond with offered spreads of 0.1 pip on every account. The range of minimum deposits is in between 500 EUR to 150000 EUR and maximum leverage range from 1:100 to 1:1000. The broker provides a variety in every aspect of trading that can be used by all trading styles. Unfortunately, the broker we are dealing here is an unregulated company. In this 31FX review, we will do a detailed examination of brokers true nature. Read ahead the full 31FX review here.
First, we will share all the possible advantages of 31FX. The leverages offered on Basic and Bronze account is 1:100; a Silver account is 1:200; Gold Account is 1:400; Platinum Account is 1:500, and lastly, Diamond Account is 1:1000. These offered leverage levels are very generous, and any trader, be it amateur or expert, can take advantages of these leverage levels. That being said, such high leverages can become harmful to traders investments if not appropriately treated.
On the other side, 31FX claims to provide competitive spreads of 0.1 pip on EUR-USD forex pair. However, while testing the provided demo account, we came across spreads at 0.2 pips on the same fx pair. Also, there was no commission charged on the trade. These spreads are widely acceptable and keep the cost of trading moderate. The payment at 31FX is accepted via many means including Credit Cards, e-wallets, Bank Transfer and Bitcoins. It also provides CFDs on cryptocurrencies like Bitcoin, Ripple. IOTA, Ethereum, Dash, Nem and others.
31FX is owned and managed by JRV Market LTD. The owner of 31FX is situated on the British Virgin Islands and does not possess valid license to be operated as forex and CFDs broker. Traders are advised to do trading with brokers those are regulated by proper financial regulators such as FCA, UK; CySEC, Cyprus and more. As mentioned in the overview, the minimum deposit required is quite high and increases scam risk. The broker supports cTrader trading platform that does not have features like MetaTrader platform.
Is 31FX scam or legit?
The trading condition provided by 31FX are competitive and have a wide selection of trading assets. The problem here is that the broker is offshore-based and is not regulated. In our view, 31FX is a potential Australian trading scam.