FXFair Review: A Legit Provider or a Duplicitous Offshore Scam?
FXFair is an offshore trading platform run by the Fair Group, based in Saint Vincent and the Grenadines (SVG). This is just one of the reasons why we wouldn’t recommend this broker.
What’s important to stress right off the bat is that SVG is a jurisdiction where Forex trading isn’t regulated. As you keep reading our FXFair Review, you will learn the truth about this platform and why it cannot be trusted.
|Regulated by:||No Regulation|
|Is This Company Safe?||No|
|Have Warnings from:||N/A|
|Trading Platforms:||MT4, MT5|
|Minimum Deposit:||51 USD|
|Trading Assets:||Forex, Indices, Commodities, Stocks, NFTs, Crypto, Defi Token|
|Free Demo Account:||Available|
|How to Withdraw from This Company?||Since this company is unlikely to return your money – contact your bank, Financial Regulator, or simply Reach out to us for professional assistance in recovering your funds.|
Legal Info: Is FXFair Legit or a Scam
The Fair Group is based in SVG, as mentioned. This is a huge issue because Forex trading is not regulated in that offshore jurisdiction. The local Financial Services Authority regulated only the banking sector.
It leaves a lot of room for scammers to open their shady businesses there and run their schemes. For that reason, we strongly advise you to avoid SVG-based brokers. Unlicensed providers like FXFair and Exobit cannot be trusted. Instead, you should find a reliable and regulated broker that operates under the watchful eyes of a credible financial market watchdog.
Top-tier regulators such as the FCA (UK), CFTC (US), ASIC (Australia), CySEC (Cyprus), CNMV (Spain), etc. require brokerage companies to possess a substantial minimum operating capital (i.g. 730,000 EUR or 1,000,000 AUD), offer clients negative balance protection, a segregated account, and even a compensation scheme (i.g. up to 20,000 EUR).
Who Are FXFair’s Targets?
According to godaddy.com/whois, fxfair com was created on December 2, 2011. Since then, the unregulated broker has mainly been offering illicit Forex trading services to traders residing in the following countries:
- United States;
- United Kingdom;
The US, UK, Japan, and China are major financial hubs. All of these jurisdictions boast Titer 1 financial market rules, laws, and regulations so there is no room for financial swindlers such as FXFair.
On the other hand, Vietnam is not a Tier 1 jurisdiction. FXFair claims to have an office in Vietnam but the company still has no authorization to provide services in that country, per the sbv.gov.vn.
Losing money to such scammers can be cruel. So, we are willing to help you recover your hard-earned funds.
FXFair has not received positive feedback, which is not a pleasant fact. For a company that has been active for over a decade, it’s embarrassing. We did find some complaints against the broker though.
On capterra.com, a LinkedIn-verified trader wrote a lengthy negative review in which he stressed the fact that he couldn’t withdraw his money. Also, customer service was pretty rude during the whole situation.
SCAM – DO NOT PLACE AN ORDER WITH THEM THEY WILL JUST STEAL YOUR MONEY!! I HAVE PLACED AN ORDER FOR A CARD AND DEPOSITED $1500 (£1200) AND THE ORDER WAS NOT SUCCESSFUL, RECEIVED A MESSAGE SAYING I SHOULD CONTACT THEIR CUSTOMER SUCCESS…
– Capterra user, April 11, 2021.
Leverage, Commissions, Spreads, Fees and Taxes
It is important to understand that high leverage is a double-edged sword. It increases both potential profits but also potential losses, making it a rather risky tool. The maximum leverage cap that FXFair offers is 1:1111, which is typical of offshore brokers.
While leverage can multiple profits, it can also lead to significant losses if the market moves against the trader’s expectations. Hence, reputable regulators imposed a safe leverage limit (1:30 in Europe & Australia, 1:50 in North America) to prevent such losses.
As for the spreads, FX Fair provides multiple account types with various spread ratios. For instance, the Standard account offers a spread starting from 1.5 pips. The Zero account is designed for scalping strategies, offering ultra-tight spreads starting from 0.1 pips. The Pro account charges no trading fees and offers spreads from 0.0 pips.
It’s all great and competitive, if true that is, but it still cannot make up for the fact that FXFair is unregulated. We do not recommend unregulated brokers such as FXFair and Fantex.
Trading Platforms Available
FXFair offers two of the best platforms in the game – MetaTrader 4 and MetaTrader 5. However, these platforms are provided by a broker called AssassinFX. FXFair had this to say about AssassinFX:
Our company and ASN have a relationship of white label provider and provider on the trading platform provider MetaQuotes, however because of the true nature of this relationship, we are merely an intermediary for MetaQuotes’ system, and have no capital relationship, exchange operation, or any other relationship with ASN.
We are currently considering legal measures to deal with ASN’s problems, which have significantly damaged our company’s reputation and business.
What a mess. You got two unreliable and incompetent providers trading back and forth and they expect you to trust them with your money.
Although both MT platforms are cutting-edge trading tools with advanced features such as automated trading and multiple timeframes, they will hardly be of good use if your provider is trying to dupe you. Our suggestion is that you ditch FXFair and find a provider that offers a legit and licensed version of either MT4 or MT5.
Having FXFair withdrawal issues? We can help you recover your hard-earned funds.
Mobile Trading App
The FXFair mobile app allows traders access to all features of the regular desktop platforms. Users can trade Forex and CFDs on the go in real time. Mobile trading also offers much-needed flexibility in quickly adapting to market movements.
The mobile app can be downloaded for both Android and iOS systems. However, we must repeat once against that the unregulated platform could be an issue.
Available Trading Assets
Here’s a quick overview of the trading assets that FXFair promises:
- Forex currency pairs – EUR/USD, AUD/CAD…
- Indices – S&P 500, DOW 30, NIKKEI 225…
- Commodities – gold, wheat, crude oil, natural gas…
- Stocks – Apple, Google, Tesla…
- Crypto – BTC, ETH, LTC…
- Defi Token – UNI, COMP…
FXFair offers traders seven different live account types:
- Standard account:
- Minimum deposit of 51 USD;
- 52 currency pairs & metals;
- Leverage up to 1:1111;
- Floating spreads from 1.5 pips.
- Zero spread account
- Minimum deposit of 51 USD;
- Leverage up to 1:500;
- Floating spreads from 0.1 pips.
- Prime account (STP/ECN)
- Minimum deposit of 51 USD;
- Leverage up to 1:100;
- Floating spreads from 0.0 pips.
None of the account types require a deposit fee. It seems that the essential difference is the leverage and the spreads. But it’s odd that each type requires the same minimum deposit amount of 51 USD. It would be logical if the Prime (ECN) account cost more than the Standard account since it offers much tighter spreads.
FXFair also included a risk-free demos account. Judging by a review we read, this demo account is for real and allows traders to try out the platform.
Although a demo account always gets a thumbs up, it still doesn’t make FXFair “clean”. Keep in mind that issues usually start appearing when you request a withdrawal, meaning you have to first invest real money and make profits. That’s the real trap of this offshore scheme.
FXFair Withdrawal Process
When it comes to deposit and withdrawal methods, there are various options to choose from:
- Credit/debit cards;
- Wire transfers;
The minimum deposit amount for all methods is 51 USD. The minimum withdrawal amount for all methods is also 51 USD and the maximum withdrawal limit is 100,000 USD. Similar to deposits, the broker doesn’t charge any withdrawal fees for amounts below 2,000 USD. Withdrawal processing time is between one and five business days.
It’s important to note that funds deposited via MasterCard and Visa cards can be refunded. This process is known as a chargeback and can be requested at the issuing bank within 540 days.
FXFair provides customer support through an inquiry form that allows clients to submit their questions and inquiries. To contact customer support, clients can reach out to the company via phone or email. The support team is available on weekdays as well.
When using the inquiry form, customers are required to fill in relevant details such as their MT4 account number, country, name, email address, phone number, and other details. The complaint we found say that the customer support is pretty rude.
Key Information To Consider About FXFair
To sum up, FXFair is an unregulated offshore trading platform. Active since 2011, the SVG-based Forex broker has mainly been offering unlicensed trading services to users from the US, UK, Japan, China, and Vietnam.
We don’t recommend you trade on this platform simply because it’s unregulated. If you lost money to the FXFair Scam, book a free consultation with our team and we will explain how the chargeback works and guide you through the process. It’s not that hard but you have to act quickly.
If you were scammed by FXFair, let us know.
Is FXFair Regulated?
FXFair is not a regulated broker. Forex trading isn’t regulated in Saint Vincent and the Grenadines.
Where Is The Headquarters Of FXFair?
FXFair, part of the Fair Group, claims to have offices in SVG and Vietnam. Neither office is regulated so if you experience issues, call us immediately.
What Types Of Accounts Are There To Choose From FXFair?
FXFair offers three live account types - Standard, Zero Spread, and Prime.