FOYA foreign exchange brokers specializing in providing foreign exchange trading services, the company's official website https://account.foyaforex.com/register, about the company's legal and temporary regulatory information, the company's address .
FOYA Forex Broker
Basic Information
United Kingdom
2-5 years Suspicious Regulatory License Suspicious Scope of Business High potential riskCompany profile
Rating Index
Foya Forex Broker - Complete Information Guide
1. Broker Overview
Foya Limited, established in 2021, is a brokerage firm headquartered in the United Kingdom. The company operates as a private entity, offering a range of trading services primarily focused on retail forex trading. Over the past two years, Foya has developed its presence in the financial market, catering to individual traders interested in forex, stocks, cryptocurrencies, and CFDs.
Foya Limited has positioned itself as a facilitator for traders seeking to engage with various financial markets. Despite its relatively short history, the company has made notable strides in providing trading opportunities. However, the firm operates under a regulatory license that raises concerns regarding its authenticity and compliance. While Foya claims to offer competitive trading conditions, including generous leverage and low spreads, the absence of a demo account and limited educational resources may deter potential clients.
The business model of Foya Limited is primarily retail-focused, allowing individual traders to access global markets. The firm offers different types of trading accounts, catering to varying levels of experience and investment capacity. Despite its offerings, the lack of transparency regarding certain operational aspects has led to skepticism about its overall reliability.
2. Regulatory and Compliance Information
Foya Limited currently lacks regulation from any recognized financial authority, which raises significant concerns for potential investors. The firm claims to be regulated by the National Futures Association (NFA) in the United States; however, investigations reveal that the information regarding its regulatory status does not align with the records available on the NFA's official website. This discrepancy indicates a potential risk for traders considering engaging with Foya.
The absence of valid regulatory oversight means that Foya does not adhere to the strict compliance standards typically required by established regulatory bodies. Consequently, there are no guarantees regarding the security of client funds, as Foya does not participate in investor compensation schemes. Furthermore, the firm does not provide clear information about its Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance measures, which are crucial for ensuring a secure trading environment.
In summary, Foya Limited operates without valid regulation, which poses a high risk for potential clients. Traders should exercise extreme caution and consider the implications of engaging with a broker that lacks oversight from recognized financial authorities.
3. Trading Products and Services
Foya Limited offers a diverse range of trading products, primarily focusing on forex trading. The broker provides access to numerous currency pairs, allowing traders to speculate on the price movements of various global currencies. Additionally, Foya offers Contracts for Difference (CFDs) on a variety of assets, including indices, commodities, stocks, and cryptocurrencies.
The specific number of forex currency pairs available for trading has not been disclosed, but the firm claims to provide competitive spreads starting from 0.0 pips. This competitive pricing structure is designed to attract traders looking for cost-effective trading solutions.
In terms of CFDs, Foya includes major indices such as the S&P 500 and FTSE 100, allowing traders to engage in broader market movements. The inclusion of commodities like crude oil further enhances the trading options available to clients. Cryptocurrencies, including popular assets like Bitcoin and Ethereum, are also part of the product offerings, catering to the growing demand for digital asset trading.
Despite the variety of products available, Foya's lack of transparency regarding product updates and the introduction of new trading instruments raises concerns. Traders may find it challenging to stay informed about changes to the product lineup, which could impact their trading strategies.
4. Trading Platforms and Technology
Foya Limited has adopted the widely recognized MetaTrader 5 (MT5) trading platform, known for its advanced features and user-friendly interface. The platform supports various trading styles and strategies, making it suitable for both novice and experienced traders. MT5 offers a range of tools for technical analysis, automated trading capabilities through Expert Advisors (EAs), and mobile applications for trading on the go.
However, the firm has not provided specific details regarding the execution model it employs, whether it be ECN, STP, or Market Making. This lack of transparency can lead to uncertainties for traders who rely on specific execution methods for their trading strategies.
Additionally, the server location and technical infrastructure supporting Foya's trading platform have not been disclosed. This information is crucial for traders who prioritize speed and reliability in trade execution, as server location can significantly impact latency and overall trading performance.
Foya has not mentioned any proprietary trading platforms, which may limit the customization options available to traders seeking tailored trading experiences. Furthermore, the absence of details regarding API access for automated trading raises questions about the broker's commitment to supporting advanced trading technologies.
5. Account Types and Trading Conditions
Foya Limited offers multiple account types designed to accommodate different trading needs. The account types include:
- Standard Account: Requires a minimum deposit of $250, providing moderate leverage of up to 1:500. This account is suitable for beginner traders or those looking to start with smaller investments.
- Premium Account: Designed for more experienced traders, this account typically requires a minimum deposit of $5,000 or more. Premium account holders may enjoy lower spreads and additional benefits.
- Prime Account: The highest-tier account offered by Foya, requiring a minimum deposit of $10,000. This account is tailored for institutional clients or experienced traders seeking advanced trading features.
While Foya promotes generous leverage options, such as up to 1:500, it is essential for traders to understand the associated risks. High leverage can amplify both potential profits and losses, necessitating careful risk management strategies.
Foya does not provide a demo account, which is a significant drawback for traders who wish to practice their strategies before committing real capital. Additionally, Islamic accounts are not available, limiting options for traders who require Sharia-compliant trading conditions.
6. Fund Management
Foya Limited supports various deposit methods, although specific details regarding these methods have not been disclosed. Common deposit options in the industry typically include bank transfers, credit cards, and e-wallets. The minimum deposit requirement varies by account type, with the standard account requiring a minimum of $250.
The processing time for deposits has not been specified, which may lead to uncertainties for traders looking to fund their accounts quickly. Additionally, the absence of clear information regarding deposit fees raises concerns about potential hidden costs.
Withdrawal methods and restrictions have also not been adequately detailed by Foya. Reports from users indicate difficulties in withdrawing funds, with some traders experiencing delays and non-responsiveness from the broker. The lack of transparency regarding withdrawal processing times and fees further complicates the situation for clients.
Overall, traders should approach fund management with caution, given the limited information provided by Foya regarding deposit and withdrawal processes.
7. Customer Support and Educational Resources
Foya Limited offers customer support primarily through email communication at support@foya.vip.com. While email support can be convenient, it may not provide immediate assistance, particularly in urgent situations. The absence of additional support channels, such as live chat or telephone support, may hinder the ability of traders to resolve issues promptly.
The firm has not disclosed its service hours or time zone coverage, which can impact the availability of support for clients in different regions. Furthermore, the lack of multi-language support may pose challenges for non-English speaking clients seeking assistance.
In terms of educational resources, Foya does not appear to provide comprehensive materials to support traders in developing their skills. The absence of webinars, tutorials, or market analysis services limits the opportunities for traders to enhance their knowledge and trading strategies.
8. Regional Coverage and Restrictions
Foya Limited primarily serves clients in various regions, although specific details regarding its market reach have not been disclosed. The firm operates without clearly defined regional offices, which may limit its ability to provide localized support.
Moreover, Foya does not accept clients from certain countries, although the specific regions or countries have not been explicitly stated. Traders should verify whether their jurisdiction is eligible for account opening with Foya to avoid potential complications.
In conclusion, Foya Limited presents a mixed picture for traders. While it offers high leverage and a variety of trading accounts, significant concerns regarding its regulatory status, customer support, withdrawal issues, and lack of educational resources persist. Traders should exercise caution and assess their risk tolerance before considering Foya as their brokerage choice. Exploring alternative brokers with more reliable regulation and comprehensive support may provide a better trading experience.
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Latest Reviews
内山学
Japan
I sent an additional 5.15 million yen to withdraw 2 million yen in US dollars.
Exposure
2022-06-26
FX7060231002
Japan
This securities company isfraud! Open LINE, brokers, managers, and friends! All are scams, securities company emails are also scams, and I'm sorry to reply. Why do you trade again? I haven't solved it
Exposure
2022-05-21
Georage
South Africa
I faced severe issues with FOYA regarding fund withdrawals. The process was excessively delayed, and despite multiple attempts to contact the company, there was no response. This experience has left me extremely dissatisfied and raises concerns about the reliability and trustworthiness of FOYA.
37130
2023-12-08