FOYA Forex Broker

Aspect Information Registered Country/Area United Kingdom Founded Year 1-2 years Company Name FOYA INVESTMENT LTD Regulation No valid regulation, unauthorized by NFA (United States) Minimum Deposit $1000 Maximum Leverage Up to 1:400 Spreads Low spreads on major currency pairs, as low as 0.0 pips Trading Platforms MetaTrader 5 Tradable Assets Forex, Crude Oil, Global Shares, Global Major Indices Account Types Not specified Demo Account Not specified Customer Support 24-hour online customer care, contact via email Overview of FOYA FOYA, operated by FOYA INVESTMENT LTD, lacks valid regulation from any authorized regulatory authority. The broker's regulatory status is deemed unauthorized by the National Futures Association (NFA) in the United States, and its license number indicates abnormality. FOYA's business scope exceeds the regulations set by the NFA for non-forex activities. Additionally, the broker has received 12 complaints in the past three months, indicating potential risks and a possible scam. It is important to exercise caution and consider these factors before engaging with FOYA. FOYA offers a variety of market instruments for trading, including foreign exchange (forex), crude oil, global shares, and global major indices. However, the broker's legitimacy and reliability are called into question due to the lack of regulation and the complaints raised by users. FOYA INVESTMENT LTD provides customer support through its 24-hour online customer care team. Clients can contact them via email at foyaforex@gmail.com for assistance with trading-related concerns. However, it is crucial to bear in mind the potential risks associated with the broker based on the complaints and the absence of proper regulation. Overall, FOYA raises concerns regarding its regulatory status and the reported difficulties in withdrawing funds, as highlighted by user reviews. Traders should carefully evaluate the risks involved and consider alternative options with proper regulation and a more favorable track record. Pros and Cons FOYA INVESTMENT LTD has both pros and cons that should be considered. On the positive side, they offer a variety of market instruments, provide leverage up to 1:400, claim to offer low spreads, utilize the popular MetaTrader 5 trading platform, and offer 24-hour online customer support. However, there are several drawbacks to be aware of, including the lack of regulation by any valid authority, numerous complaints about withdrawal issues, limited transparency regarding the deposit and withdrawal process, a relatively high minimum deposit requirement, and reports suggesting potential scam activities. It is important to thoroughly assess these factors before engaging with FOYA. Pros Cons Offers a variety of market instruments Not regulated by any valid regulatory authority Provides leverage up to 1:400 Numerous complaints about withdrawal issues Offers 24-hour online customer support Lack of transparency regarding deposit and withdrawal process Utilizes MetaTrader 5 as the trading platform Relatively high minimum deposit requirement Offers 24-hour online customer support Website unavailable Is FOYA Legit？ FOYA, operated by FOYA INVESTMENT LTD, is currently not regulated by any valid regulatory authority. The broker's regulatory status is considered unauthorized by the National Futures Association (NFA) in the United States. The NFA license number provided (0542141) indicates an abnormal regulatory status. The broker's business scope exceeds the regulations set by the NFA for non-forex activities. The regulatory agencies' introduction does not provide any specific information regarding the license type, regulated by date, email address, website, expiry date, address, or phone number of FOYA INVESTMENT LTD. It is important to note that the broker has received 12 complaints in the past three months, indicating potential risks and a possible scam. Market Instruments FOYA INVESTMENT LTD offers a variety of market instruments for trading purposes. These instruments encompass different asset classes and provide opportunities for investors to engage in various markets. FOREIGN EXCHANGE (FOREX): FOYA allows trading in the foreign exchange market, offering currency pairs from around the world. Traders can participate in the dynamic and liquid forex market, speculating on the exchange rate movements between different currencies. CRUDE OIL: FOYA provides access to the crude oil market, enabling traders to speculate on the price movements of this vital commodity. Crude oil trading allows investors to take advantage of price fluctuations driven by global supply and demand factors, geopolitical events, and economic indicators. GLOBAL SHARES: FOYA offers trading in global shares, providing access to a diverse range of companies listed on major stock exchanges worldwide. Traders can buy and sell shares of well-known corporations, potentially benefiting from capital appreciation and dividends. GLOBAL MAJOR INDICES: FOYA facilitates trading in global major indices, such as the S&P 500, FTSE 100, or Nikkei 225. These indices represent the performance of a specific stock market or a segment of it. Investors can speculate on the direction of these indices, capturing opportunities based on market trends and economic indicators. Pros and Cons Pros Cons Opportunity to trade in forex market Lack of specific details on trading conditions Access to crude oil market Limited transparency on fees and pricing Trading global shares High risk associated with market volatility Trading global major indices Potential for losses due to market fluctuations Leverage The leverage offered by FOYA INVESTMENT LTD reaches a maximum of 1:400. This level of leverage provides traders with increased trading options and potential for higher profits. However, it is important to note that leverage can also amplify losses, especially for inexperienced traders. It is crucial for traders to carefully consider their risk tolerance and select an appropriate leverage amount to mitigate potential financial risks. Spreads FOYA INVESTMENT LTD claims to collaborate with several liquidity providers in order to establish a trading environment with low spreads for its clients. They state that the spreads on major currency pairs can be as low as 0.0 pips. Minimum Deposit The minimum deposit required by FOYA INVESTMENT LTD to initiate trading is relatively high, amounting to $1000. In comparison, many other brokers typically require a minimum deposit of around $200. It is worth noting that certain prominent participants in the foreign exchange market, like HotForex and XM, provide micro accounts that enable investors to commence trading with a minimum deposit as low as $5. Deposit & Withdrawal FOYA INVESTMENT LTD does not provide clear information about its deposit and withdrawal process. While it is common for forex brokers to support various payment options such as wire transfer, MasterCard, VISA, Maestro, and e-wallet processors like Skrill, Neteller, and PayPal, it is uncertain if FOYA offers these options or any others. The specific details regarding the availability, fees, processing times, and minimum/maximum amounts for deposits and withdrawals are not provided. Trading Platforms MetaTrader 5 is the trading platform offered by FOYA INVESTMENT LTD. It is a widely recognized and popular platform used by traders worldwide. Whether you are an experienced trader or a beginner, MetaTrader 5 is designed to cater to your skill level and trading approach. The platform offers a range of sophisticated tools for technical analysis, allowing traders to make informed trading decisions. Additionally, MetaTrader 5 supports automatic trading capabilities through Expert Advisors (EAs), enabling traders to automate their trading strategies. Mobile applications are also available, enabling traders to trade on the go. The platform's intuitive user interface allows users to easily monitor their orders, trades, and account details, while staying updated with the latest market conditions. Pros Cons Widely recognized and popular platform No specific mention of competitive features Caters to both experienced and beginner traders No mention of unique advantages or benefits Offers sophisticated tools for technical analysis No mention of potential limitations or drawbacks Supports automatic trading through Expert Advisors (EAs) No information on the effectiveness or reliability of EAs Provides mobile applications for trading on the go No details on the availability or compatibility of the mobile apps Keeps users updated with the latest market conditions No mention of customization options or advanced features Customer Support FOYA INVESTMENT LTD provides customer support to address trading-related concerns. Clients can reach out to the broker's 24-hour online customer care team for assistance. The contact information for customer support is available through a global customer service line, which can be reached via email at foyaforex@gmail.com. Reviews According to the reviews on WikiFX, there have been a total of 18 exposures regarding FOYA. Some users reported issues related to withdrawal, where they faced difficulties in receiving their funds. There were complaints about delays in processing withdrawal requests, non-responsiveness from the company, and accounts not being credited even after receiving withdrawal processing emails. One user mentioned encountering a perfect scam, with everything from the broker to the associated individuals being fraudulent. It is important to note that these reviews highlight potential concerns and suggest a lack of satisfactory resolution from FOYA. Conclusion In conclusion, FOYA INVESTMENT LTD, operated by FOYA INVESTMENT LTD, is currently not regulated by any valid regulatory authority, with its regulatory status considered unauthorized by the National Futures Association (NFA) in the United States. The broker has received 12 complaints in the past three months, particularly related to withdrawal issues, including delays in processing, non-responsiveness, and accounts not being credited. There is a lack of specific information regarding the broker's license type, regulated by date, contact details, and other regulatory indices. FOYA offers a range of market instruments for trading purposes, including forex, crude oil, global shares, and major indices. The broker provides leverage of up to 1:400, which can be advantageous for experienced traders but carries the risk of amplifying losses. The minimum deposit required to start trading is relatively high at $1000. FOYA utilizes the MetaTrader 5 trading platform, which is well-known and offers a variety of tools for technical analysis. Customer support is available through a 24-hour online customer care team accessible via email. The reviews on WikiFX indicate potential concerns and dissatisfaction regarding withdrawal issues and alleged fraudulent practices. Traders should exercise caution and consider the risks associated with FOYA before engaging in any trading activities. FAQs Q: Is FOYA regulated？ A: No, FOYA is currently not regulated by any valid regulatory authority. Q: What market instruments does FOYA offer？ A: FOYA offers trading in foreign exchange (forex), crude oil, global shares, and global major indices. Q: What is the leverage offered by FOYA？ A: FOYA offers a maximum leverage of 1:400. Q: What is the minimum deposit required by FOYA？ A: FOYA requires a relatively high minimum deposit of $1000 to start trading. Q: What trading platform does FOYA provide？ A: FOYA provides the MetaTrader 5 trading platform, known for its advanced tools and features. Q: How can I contact FOYA's customer support？ A: FOYA's customer support can be reached through a 24-hour online customer care team via email at foyaforex@gmail.com. Q: Are there any complaints about FOYA？ A: Yes, there have been 18 exposures and complaints about FOYA, particularly related to difficulties with withdrawals and potential fraudulent activities.