Overview of FRFX
FRFX is a suspicious clone broker that claims to be regulated by the National Futures Association (NFA) in the United States. However, there is no valid regulation to support this claim, and the license numbers provided are suspected to be clone licenses. Moreover, FRFX has been flagged for using counterfeit trading software, indicating potential fraudulent activity. Within the past three months, there have been five complaints received by WikiFX regarding FRFX. Considering these factors, it is strongly advised to stay away from FRFX due to the potential risks involved.
FRFX offers market instruments related to gold transactions, including London gold, gold t+d, paper gold, and physical gold. However, specific details about the account type offered by FRFX, as well as its features, conditions, and requirements, are not disclosed. The leverage options vary for different trading products, with London gold providing a leverage of 1:100 and gold t+d offering a leverage of 12.5 times. It's important to note that paper gold and physical gold do not offer any leverage. Traders should carefully consider the risks associated with leverage before engaging in trading activities.
FRFX provides the MetaTrader 4 (MT4) trading platform, which is widely recognized in the market. However, there are suspicions that the MT4 platform offered by FRFX may be a bootleg version. Despite this, MT4 is known for its user-friendly interface, advanced charting capabilities, and automated trading systems. Customer support primarily relies on email communication, with limited contact information available. Reviews on WikiFX indicate difficulties and complications when it comes to withdrawing funds from FRFX, with customers reporting the need to pay additional fees before being able to withdraw profits. Considering these factors, caution is advised when dealing with FRFX.
Pros and Cons
FRFX offers market instruments related to gold transactions, providing traders with opportunities to participate in the gold market. Additionally, FRFX provides the popular MetaTrader 4 (MT4) trading platform, which is known for its user-friendly interface and advanced features. However, there are several cons to consider. FRFX is a suspicious clone without valid regulation, raising concerns about the safety and legitimacy of the broker. It has also been flagged for using counterfeit trading software, indicating potential fraudulent activity. Furthermore, there have been multiple complaints lodged against FRFX in recent months. The broker lacks transparency in providing detailed information about its services, and customer support is limited primarily to email communication. These factors highlight the potential risks and difficulties associated with trading with FRFX.
Is FRFX Legit？
FRFX is a suspicious clone that claims to be regulated by the National Futures Association (NFA) in the United States. However, it has been verified that this broker currently has no valid regulation. It is important to note that the NFA regulation license numbers provided (0551772 and 0553112) are suspected to be clone licenses, indicating a potential fraudulent activity. Moreover, FRFX has been flagged for using counterfeit trading software, further highlighting the risks associated with this broker. Additionally, within the past three months, there have been five complaints received by WikiFX regarding FRFX. Considering these factors, it is strongly advised to stay away from FRFX due to the potential risks involved.
Market Instruments
FRFX offers a range of market instruments related to gold transactions. These instruments include London gold, gold t+d, paper gold, and physical gold. London gold refers to gold trading that follows the London Bullion Market Association (LBMA) standards and is typically traded in large quantities.
Gold t+d
Gold t+drefers to gold trading with a specified delivery date in the future, allowing investors to speculate on gold price movements.
Paper gold
Paper gold refers to gold trading through derivative contracts such as gold futures or options, providing investors with exposure to gold without physically owning it.
Physical gold
Physical gold refers to the actual purchase or ownership of physical gold bars or coins.
Account Types
FRFX offers a single account type, which is the standard account. However, specific details regarding this account type, such as its features, conditions, or requirements, are not disclosed. Therefore, it is difficult to provide further information about the account type offered by FRFX.
Leverage
FRFX offers different leverage options for various trading products. For London gold, the leverage provided is 1:100. This means that for every unit of capital you deposit, you can trade with a hundred times that amount. Gold T+D, on the other hand, offers a leverage of 12.5 times. However, it's important to note that paper gold and physical gold do not offer any leverage. It is crucial to understand that higher leverage increases the risk of potential losses, as it amplifies both profits and losses. The use of leverage can either benefit you by multiplying your gains or work against you by magnifying your losses. It is essential to carefully consider the risks involved before utilizing leverage in your trading activities.
Trading Platforms
FRFX offers the MetaTrader 4 (MT4) trading platform, which is widely recognized and preferred by traders in the market. However, it is important to note that there are suspicions that the MT4 platform provided by FRFX may be a bootleg version. Despite this, the MT4 platform is known for its user-friendly interface and robust features, making it highly acclaimed among traders and brokers alike. It offers advanced charting capabilities and allows for flexible customization options, enabling users to tailor their trading experience to their preferences. Additionally, MT4 is renowned for its automated trading robots, also known as smart trading systems, which provide users with automated trading strategies.
Customer Support
EMAIL SUPPORT: FRFX offers customer support primarily through email. The designated email address for contacting their customer service is service@flourisifx.com. However, FRFX does not provide any other contact details such as telephone numbers or company addresses, which is unusual compared to most licensed brokers. This limited contact information may affect the accessibility and responsiveness of their customer support.
Overall, FRFX's customer support seems to be solely reliant on email communication, which may not be as efficient or convenient for some traders who prefer more immediate assistance or prefer alternative means of contact.
Reviews
According to the reviews on WikiFX, there have been a total of five exposures related to FRFX. The common complaint among these reviews is the inability to withdraw funds. Customers reported that when attempting to withdraw their profits, they were informed by the customer service staff that they needed to pay fees or dividend shares first, and these fees could not be deducted from their profits. The requirement to pay additional fees before being able to withdraw was mentioned in multiple reviews. One reviewer also described FRFX as a black platform that deliberately refused to pay after the transaction, causing frustration and dissatisfaction. Overall, the reviews indicate difficulties and complications when it comes to withdrawing funds from FRFX.
Conclusion
In conclusion, FRFX is a suspicious clone broker that claims to be regulated by the National Futures Association (NFA) in the United States, but there is no valid regulation currently in place. The provided NFA license numbers are suspected to be clone licenses, suggesting potential fraudulent activity. Furthermore, FRFX has been flagged for using counterfeit trading software, adding to the risks associated with this broker. Within the past three months, there have been five complaints received by WikiFX regarding FRFX, particularly related to withdrawal issues and additional fees. Considering these factors, it is strongly advised to avoid FRFX due to the potential risks involved.
FAQs
Q: Is FRFX a legitimate broker？
A: FRFX is a suspicious clone broker claiming to be regulated by the NFA, but it lacks valid regulation and has potentially fraudulent activity. It is advised to avoid FRFX due to the associated risks.
Q: What market instruments does FRFX offer？
A: FRFX offers market instruments related to gold transactions, including London gold, gold t+d, paper gold, and physical gold.
Q: What types of accounts does FRFX provide？
A: FRFX offers a single standard account, but specific details about its features and requirements are not disclosed.
Q: What leverage options does FRFX offer？
A: FRFX offers leverage of 1:100 for London gold and 12.5 times for gold t+d, but no leverage for paper gold and physical gold.
Q: What trading platform does FRFX use？
A: FRFX uses the MetaTrader 4 (MT4) platform, although there are suspicions that it may be a bootleg version.
Q: How can I contact FRFX's customer support？
A: FRFX primarily offers email support, and their designated email address is service@flourisifx.com.
Q: What are the common complaints about FRFX？
A: The common complaints about FRFX include difficulties in withdrawing funds and the requirement to pay additional fees before being able to withdraw.
Q: Should I consider trading with FRFX？
A: Considering the lack of valid regulation, potential fraudulent activity, and complaints about fund withdrawals, it is recommended to avoid trading with FRFX.
