99FX

99FX is a retail forex and CFD broker that was founded on June 11, 2024, and is registered in Saint Vincent and the Grenadines. The broker operates under the domain 99fx.co and claims an additional UK company registration (99FX LTD, number 15840897) at an address in London. According to the website, 99FX has been active since 2018, but regulatory records indicate a much more recent incorporation. The broker is not regulated by any financial authority.

The broker presents itself as a trading platform offering leveraged trading in forex, commodities, indices, cryptocurrencies, and CFDs. It also runs a proprietary trading challenge program similar to prop firms, where traders can access funded accounts after meeting profit targets. 99FX targets retail traders seeking high leverage and flexible account options, though its unregulated status carries significant risks.

99FX is not licensed by any major financial regulator. The broker is registered in Saint Vincent and the Grenadines, a jurisdiction known for minimal oversight of financial services providers. The website also references a UK company registration, but this does not equate to financial regulation; UK company registration alone does not authorize a firm to offer forex trading services.

FXCanary has assigned a Scam Risk Score of 75 out of 100 (Severe) to 99FX, reflecting the lack of regulation, recent establishment, and inconsistencies in the broker's claims. Traders should be aware that accounts with unregulated brokers offer no recourse through investor protection schemes.

The primary retail account offered by 99FX is labeled in Arabic as 'حساب 250,000 دولار' (Account 250,000 USD) with a minimum deposit of $900 and maximum leverage of 1:200. This appears to be a standard trading account. Additionally, the broker operates a funding program with three tiers: Challenger 2-Step, Challenger 1-Step, and GoFunded Direct Account. These challenge accounts require traders to pass evaluation phases to receive funded capital up to $200,000.

The challenge pricing varies: for a $10,000 account, the fee for a 2-Step challenge is $99, while a 1-Step challenge costs $219 (discounted from $319). The profit targets are 10% in phase 1 and 5% in phase 2 for the 2-Step, and 10% in total for the 1-Step. The minimum deposit for the standard account is $900, but challenge fees start at $99.

99FX provides the cTrader platform, a widely used trading platform known for its advanced charting tools, algorithmic trading capabilities, and low-latency execution. The broker claims to offer over 300 financial instruments, including forex pairs (major, minor, and exotic), commodities, cryptocurrencies, indices, and CFDs on stocks. The website displays live spreads for major forex pairs as low as 0.1 pips with consistent leverage of 1:200 across all instruments.

The platform supports 24/7 continuous trading, which is unusual for traditional forex markets but may reflect cryptocurrency trading hours. No additional platform options (e.g., MetaTrader 4/5) are mentioned, but cTrader is a robust alternative suitable for both manual and automated traders.

The broker's website indicates support for instant funding, with a stated processing time of 5 minutes. The funding page shows a banner promoting a 30% discount on challenge plans. Specific payment methods are not detailed on the main site, but typical unregulated brokers accept credit/debit cards, bank transfers, and cryptocurrencies. Withdrawal policies are not clearly outlined on the available pages.

Traders should exercise caution as unregulated brokers often impose restrictive withdrawal conditions. The company description notes that 99FX does not provide services to residents in certain areas, suggesting geographic restrictions.

99FX appears to cater to retail traders, particularly those interested in high-leverage trading (1:200) and proprietary funding challenges. The broker's aggressive marketing on social media (Facebook, Instagram, LinkedIn) and the gamified challenge programs are designed to attract both novice and experienced traders looking for a fast track to large account sizes. However, the lack of regulation makes it unsuitable for risk-averse traders or those requiring investor protection.

The broker's claims of serving over 25,000 active traders and consistent support suggest a growing user base, but these figures cannot be independently verified. The combination of unregulated status and high leverage means 99FX is best suited for traders who fully understand and accept the associated risks.