VoyaFX.com – What is it about?
Recently, more and more brokers are developing their own online trading platform to add new features and simplify the work of the trader as much as possible. The VoyaFX.com website provides an extremely easy-to-use terminal, the result of many years of development. VoyaFX is a registered trademark of FH Ever JSCo, a regulated European brokerage firm that offers online trading of more than 1,000 assets for customers from over 140 countries. CFDs on forex, indices, commodities, and shares are available through its own, customer-designed platform. You can start trading by investing USD500.
Is it authorized and regulated?
As we have always said, the most important thing to do before signing a contract is to check the company’s regulations. The company that is behind the VoyaFX.com website is FH Ever JSCo. It is regulated under Markets in Financial Instruments Directive II (MiFID II) and has an EU license (BFSC is the licensor). This license allows the company to provide investment services across the European Union on a cross-border basis. The European license obliges the brokerage company to keep clients’ money safe and fully segregated from the company’s own funds. In addition, FH Ever JSCo is a member of the Investor Compensation Fund (ICF) and its clients receive compensation in the event of the company’s bankruptcy. In addition, VoyaFX.com is operated by Global Clearing House Ltd, which is regulated in Oceania.
VoyaFX offers three types of live accounts. There is a table presenting all live accounts and you can compare their properties.
Silver Account – This account requires the least investment, and you can open it by depositing USD500. In return, the spreads are not so tight and the one for the pair EUR/USD starts from 2.1 pips. All available instruments can be traded in any account type.
Gold Account – The minimum initial deposit jumps to USD10,000 and if you invest such a sum, you will be offered spreads from 1.5 pips for the pair EUR/USD. You will be classified to receive some materials for your education.
Diamond Account – The name indicates that trading conditions will be the best here. Of course, you must deposit at least USD25,000. In return, the spreads for the EUR/USD pair will start from 0.9 pips. In addition, here you get daily technical and fundamental analysis.
What We Found in the Legal Section
Here we will present the important things from our study of the legal section. We reviewed the Order Execution Policy files and found a clause about slippage. When you use market execution mode, which is the default mode, and the price has changed during the order fulfillment, it will be executed at the next available market price. We also found out that stop loss orders are not subject to slippage. They always will be executed at the requested price for no additional costs – the companies cover the difference due to the slippage. This means that stop loss orders are guaranteed, at no extra cost.
Another important thing is that you will never lose more than you have in your account. The company implements a policy of protection against negative balance and if your balance becomes negative due to market movements, it will be reduced to zero.
Are there any other Fees?
Usually, brokerage companies derive their profit from the fees they collect. The common fees include spreads, swaps, and rollovers. In addition, there also is an inactivity fee. If you do not open new positions or make a deposit within 30 days, the company may charge an inactivity fee of 1% per day (not less than EUR10) of your account balance.
How Can You Deposit and Withdrawal?
There are two ways to deposit funds into your account – by bank transfer and credit or debit cards. The initial amount of your deposit depends on the account you have opened. Each subsequent deposit can be as much as you want. You will cover all fees of your bank or payment provider.
Withdrawals are paid only to the same account that has been used from the client to deposit money. Withdrawal fees are covered by customers as well. Withdrawal requests are processed within one business day.
What is the Platform and for whom is it Suitable?
The platform was developed by GCH with the help of customer feedback. It is web-based and does not require any software installation. Of course, there is also a mobile version that can be downloaded from the AppStore and Google Play. The terminal is simple and easy-to-operate. There are over 1,000 assets that can be traded through it. Some sophisticated features available in MetaTrader, for example, are not presented here, but beginners and intermediate traders will be happy while using the platform.
What Assets can you Trade?
As already noted, a wide range of assets is available for use. The most important thing here is which company you will choose to trade with. If you choose GCH, the maximum leverage you will be able to trade is 1:100. However, as FH Ever is a EU regulated company, the ESMA requirements are for a maximum leverage of 1:30 for the majors.
Forex – More than currency pairs can be traded, including exotic ones. As we noted, spreads depend on the account type and the lowest value you can receive for majors is 0.9 pips (Platinum account).
Commodities – Over 50 commodities are available for trading. They include Gold, Platinum, Brent Oil, Crude Oil, food, and agricultural products. The spread for Gold is fixed at USD0.7 and the one for Crude Oil starts from USD0.098 (Platinum account).
Indices – Spots and futures CFDs on more than 40 indices are available for trading. They include the most traded – DAX (Germany40), FTSE100 (UK100), DJIA(US30), etc. The minimum value of the spread for the DAX index is 4.4 points and for the DJIA index it is 10.5 points.
Shares – Over 400 CFDs on shares of global companies are available for trading. Please note that there is a commission, and you will be charged EUR2 per transaction, regardless of the amount traded.
The real-time news feed with important financial and corporate news is built into the platform. This way you can follow the important news directly from the terminal or the mobile application, without having to open another window or application. Built-in real-time news is a great convenience, especially if your trading strategy is based on fundamental analysis.
The VoyaFX.com website is operated by FH Ever JSCo, which is an EU-regulated brokerage firm, licensed by the BFSC. The EU license allows FH Ever JSCo to provide investment services across the European Union. Stop loss orders are guaranteed and you pay nothing for this. In addition, you cannot lose more than you have invested. You have a choice to trade a wide range of instruments via its own web-based platform. There are 3 different types of accounts that differ in the required minimum deposit and offered spreads. You can open a real account by investing at least USD500.