Celox Forex Broker provides real users with * positive reviews, * neutral reviews and 2 exposure review!
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I deposited 363.34 pesos but could not withdraw. Please help.
They took 5,180 pesos from me and rejected my withdrawal.
Celox, an offshore forex broker registered in Saint Vincent and the Grenadines, has garnered significant attention in the trading community. However, the consensus from various reviews paints a concerning picture. Many users report difficulties with withdrawals and express skepticism about the broker's legitimacy. The lack of regulation and numerous negative reviews raise red flags, making potential investors cautious.
Note: It is important to recognize that the Celox brand operates under different entities across regions, which can complicate the assessment of its credibility. The information presented here is based on a thorough review of available sources to ensure fairness and accuracy.
| Category | Score (out of 10) |
|---|---|
| Account Conditions | 4 |
| Tools and Resources | 3 |
| Customer Service & Support | 5 |
| Trading Setup | 4 |
| Trustworthiness | 2 |
| User Experience | 3 |
| Additional Features | 3 |
How We Score Brokers: Our scoring system evaluates various aspects of trading platforms based on user feedback, expert reviews, and factual data.
Founded in 2020, Celox offers a range of trading instruments, including forex, CFDs, cryptocurrencies, indices, shares, and commodities. The broker provides a proprietary web-based trading platform, but it lacks the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) options. Notably, Celox operates without any regulatory oversight, which is a significant point of concern for potential traders.
Celox is unregulated, operating from Saint Vincent and the Grenadines, a jurisdiction known for its lax regulatory environment. According to WikiFX, the broker has a low regulatory score of 1.39, indicating a high risk level for investors. The absence of a regulatory framework means that users have little to no recourse in case of disputes or issues with fund retrieval.
Celox accepts various payment methods, including credit cards and wire transfers. However, the specific processing times and associated fees remain unclear due to issues with the broker's official website. Many users have reported difficulties in withdrawing their funds, with complaints highlighting that withdrawal requests are often delayed or denied altogether.
The broker offers multiple account types, with the minimum deposit starting at $250 for a mini account, $2,500 for a standard account, and $25,000 for a gold account. This tiered structure may appeal to a range of investors, but the high minimums for higher-tier accounts can be a barrier for many traders.
Celox has been noted for offering bonuses that come with stringent withdrawal conditions. Users have expressed frustration over these terms, which often require excessive trading volumes to access bonus funds, making it nearly impossible to withdraw profits. This practice has led to accusations of the broker employing manipulative tactics to retain users' funds.
The broker provides an array of trading instruments, including forex pairs, commodities, indices, shares, and cryptocurrencies. While this diversity could attract traders looking for various investment opportunities, the lack of a demo account and the absence of well-known trading platforms like MT4 and MT5 diminish the overall appeal.
Celox claims to offer low spreads and zero commissions, but many users have reported hidden fees and unclear costs associated with trading. The lack of transparency regarding trading costs raises further concerns about the broker's reliability.
Celox offers leverage of up to 1:200, which is significantly higher than what most regulatory bodies recommend. While high leverage can amplify profits, it also increases the risk of substantial losses, which is especially concerning given the broker's unregulated status.
Celox provides a proprietary web-based trading platform, which has received criticism for lacking essential features found in industry-standard platforms like MT4 and MT5. Users have reported that the platform is not user-friendly and lacks automated trading capabilities, which are crucial for many traders.
While the broker operates internationally, caution is advised for users in regions with strict regulations against unlicensed brokers. The lack of regulatory oversight means that traders may not have the protections afforded by licensed brokers.
Celox offers customer service in English and Russian, with support available via phone, email, and social media. However, the overall effectiveness of customer support has been called into question, with many users reporting long wait times and unresponsive service.
| Category | Score (out of 10) |
|---|---|
| Account Conditions | 4 |
| Tools and Resources | 3 |
| Customer Service & Support | 5 |
| Trading Setup | 4 |
| Trustworthiness | 2 |
| User Experience | 3 |
| Additional Features | 3 |
In conclusion, the Celox review reveals a broker fraught with issues, particularly regarding trust and user experience. Potential investors are strongly advised to consider the risks associated with trading with an unregulated broker like Celox and to explore more reputable alternatives.
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