About foraxi
Company Overview
Foraxi is a brokerage firm registered with an address in Hong Kong at Room 409, Beverley Commercial Centre, Tsim Sha Tsui, Kowloon. The company states it was founded on 2 September 2022. However, conflicting information from industry databases suggests that Foraxi was registered in 2007 and is based in Saint Kitts and Nevis, raising questions about its true operational history and jurisdiction.
According to the broker's own marketing, it provides access to Forex, CFD, and Cryptocurrency trading. The broker's online presence is minimal, and its official website (foraxi.io) does not offer substantial details about its management, corporate structure, or physical offices beyond the Hong Kong address.
Regulation and Safety
Foraxi does not hold any regulatory licences from any financial authority. Our records confirm that no regulators are on file for this broker. This absence of oversight means traders have no recourse to a financial ombudsman or compensation scheme in the event of a dispute or broker failure.
The unregulated status is a significant risk factor. Reputable brokers are typically licensed in major jurisdictions (e.g., FCA, CySEC, ASIC) and adhere to strict capital adequacy and client money segregation requirements. Foraxi offers none of these safeguards, making it suitable only for traders who fully understand and accept the associated risks.
Account Types and Trading Conditions
Foraxi offers four account types: CPT, ECN, STANDARD, and MICRO. The minimum deposit for CPT, STANDARD, and MICRO accounts is $100, while the ECN account requires a minimum of $1,000. All accounts share a maximum leverage of 1:200.
The availability of multiple account tiers suggests an attempt to cater to different trader profiles, from beginners (low deposit) to more experienced traders seeking ECN execution. However, the specific features, spreads, and commissions for each account are not clearly disclosed. The use of 1:200 leverage is considered high and can amplify both gains and losses significantly.
Trading Platforms and Instruments
Foraxi claims to offer trading through WebTrader and Mobile Trader platforms. These are likely proprietary or white-label solutions, but the broker does not specify the platform provider. No information is provided about desktop applications or third-party platforms like MetaTrader.
The range of trading instruments is vaguely described as Forex, CFDs, and Cryptocurrencies. The exact number of currency pairs, indices, commodities, or crypto assets available is not stated. This lack of transparency makes it difficult for traders to assess whether the broker meets their specific trading needs.
Deposits and Withdrawals
No information is available regarding deposit and withdrawal methods, processing times, or fees. Typical brokers offer bank wire, credit/debit cards, and e-wallets, but Foraxi has not disclosed its payment options. Traders should anticipate potential difficulties in funding accounts or withdrawing profits.
The absence of clear funding policies is a red flag. Reliable brokers provide transparent information about transaction limits, currencies accepted, and any charges involved. Foraxi's silence on this matter adds to the overall uncertainty and risk.
Overview compiled by FXCanary from regulatory records and public data. full foraxi review