FazoFX foreign exchange brokers specializing in providing foreign exchange trading services, the company's official website https://secure.fazofxcorp.com/register.php, about the company's legal and temporary regulatory information, the company's address First Floor, Vincent Bank Lts Building, Jame Street, Kingstown, St. Vincent and the Grenadines.
FazoFX Forex Broker
Basic information
Saint Vincent and the Grenadines
2-5 years Suspicious Regulatory License Suspicious Scope of Business High potential riskCompany profile
Note: FazoFX' official website: https://fazofxcorp.com/ is currently inaccessible normally.
FazoFX Review SummaryFazoFX is a forex broker based in Saint Vincent and the Grenadines, offering trading on a variety of instruments including forex, cryptocurrencies, metals, commodities, indices, and stocks. They allow trading through the popular MetaTrader 5 platform and offer features like a demo account, mobile app, and 24/7 customer support.
However, FazoFX is subject to regional restrictions and is not available to residents of certain countries, including the USA, Canada, and EEA countries. Additionally, they are not regulated by any major financial authority.
Pros and Cons
| Pros | Cons |
| Diverse range of instruments | Lack of regulation |
| MT5 provided | Inaccessible website |
| Flexible leverage ratios | High spreads |
| Regional restrictions |
Is FazoFX Legit?
There are numerous unlicensed brokers based in Saint Vincent and the Grenadines, and FazoFX certainly falls into this category. Given the lack of information about any legal license or jurisdiction of registration, we are compelled to classify FazoFX as a scam and completely unlicensed broker.Besides, recently, traders have no access to their website.
What Can I Trade on FazoFX?
On FazoFX, you can enter CFDs on Forex, Commodities and Metals, Indices and Cryptos.
| Tradable Instruments | Supported |
| CFDs | ✔ |
| Forex | ✔ |
| Commodities | ✔ |
| Metals | ✔ |
| Indices | ✔ |
| Cryptos | ✔ |
| Stocks | ❌ |
| Bonds | ❌ |
| Options | ❌ |
| ETFs | ❌ |
Account Type
FazoFX offers three kinds of live accounts - the Raw ECN, Professional and Standard account with the minimum deposits of $10,000 and $ 1,000 and $100 respectively.
Leverage
FazoFX offers 1:500 for the Standard accounts. Besides, it also offers 1:300 for the Raw ECN and 1:400 for the Professional accounts. High leverage can lead to substantial profits, but it also involves a high level of risk, resulting in significant losses.
Fees
FazoFX charges $5 commission with swap free for the Raw ECN account. Besides, it offers the spread of 2.2 pips, higher than regulated brokers.
Trading Platform
FazoFX officially provides the MT5 trading platform. But the exact method by which they obtained it remains unclear. Due to the broker's unlicensed and illicit status, which raises concerns about potential hidden malware within the MT5 file.
Deposit and Withdrawal
The deposit methods accepted by FazoFX are bitcoin and wire transfers. Both NganLuong e-wallet and wire transfers lack a chargeback feature, which is a common reason why scammers often use these methods for deposits. Additionally, traders dealing with illegitimate firms frequently find themselves restricted to using one of these two options.
Rating Index
Raw ECN Account
Professional Account
FazoFX Similarly Rated Brokers
Latest Reviews
Rodríguez6
Colombia
Fazo FX's mobile trading app for FazoFX is functional, but it's not as intuitive as I'd like. Their order execution is consistent, which is good.
Positive
2024-05-29
Sneha4536
India
month of February I got a call from one person to in forex market and to open an account he said he will handle my account and profit sharing will be 50% after few days I opened account he provided me the links and he gave me email I’d and on that email I received account number and bank details and deposited 100$ he told me this is the minimum amount you can deposit and start trading. After 2 weeks he started calling me to add more fund so that he can earn more profit and profit sharing will be divided into 50%. Adding 359$ in account I come to know that this is fraud because he gave me his friends number for Indian stock market that he is working with nice reputed company so that he will give me nice levels for trading, his friends gave me levels but he told me about his new product that if you will pay ₹12000 he will provide ₹1500 daily. So I paid him ₹12000 after paying him stop answering my calls and blocked my number I asked his friends that he is not responding he told me he is not responding his call also. So I tried to withdraw my whole amount from this broker but they denied my request and said you have to fill full and final settlement form so that person told me to withdraw 15$ but I send request for withdrawal is 30$ and they only gave my 30$ withdrawal after a so many emails I send them and again when I place my rest of the amount withdrawal they blocked my emails and that person who suggested me to open an account with fazofx they also stop responding my calls.
Exposure
2024-04-11
TyT
South Africa
I am using FazoFX from 7 Months and my experience is good. I have already worked with top 3/4 brokers and now settled with FazoFX. So happy with their service, spread, execution time. Everything is excellent.
Positive
2024-07-10