The 31FX website is very well done and offers a lot of useful information. There are many legal texts on the website such as AML Policy, KYC Policy, Terms and Conditions, but it is difficult to say who these contracts are concluded with as the counterparty is just a trademark that is not associated with any legal entity or individual …
There is not a lot of relevant information about this forex broker. While the company does offer a cTrader platform, we don’t know anything else.
31FX offers several trading accounts with up to 1: 1000 leverage. The highest leverage, known as the Diamond account, is only available with a € 150,000 deposit, which is an odd requirement considering that most brokers offer lower leverage. for accounts with a higher balance due to the higher risk they pose.
Depending on the size of your account, the company offers various benefits such as structuring your financial portfolio, zero management fees, VIP services and other features. These benefits are features that we have not seen in advertisements from other brokers, and it is not clear what they are.
31FX – scam
The Financial Conduct Authority (FCA) has issued a warning 31FX inform investors that they are not eligible to offer financial services or products in the UK. The FCA warning says some firms are acting without permission and some are knowingly engaging in investment fraud. While the regulator has not concluded whether the company is engaged in fraudulent activities or not, they stated that based on the information available, they believe that 31FX is carrying out regulated activities that require authorization.
Other scam Forex Broker sites have highlighted 31FX due to a number of alarms and complaints from traders.
Conclusion on the 31FX review
The company is really active and posts regularly on their social media. Compared to other brokers, it is unclear what the benefits of 31FX are, especially considering the risk of trading with an unregulated broker.
In general, we do not condemn all unregulated brokers as scams. Regulation is complex, expensive and overwhelming for brokers. It is very difficult to tell the difference, however, and unregulated companies always run the risk of losing bank accounts, payment methods, or being completely closed. If you decide to open an account with 31FX, we always recommend caution and do not recommend using this broker.