FxSio Review: Another Unregulated Platform

FxSio Review
  • Contact and support
  • Deposit and Withdrawal
  • License and Registration
  • Safety of Funds
  • Trading Platform
0.9

Summary

FxSio is a clone and fails to release funds for members. Hundreds have lost funds after the platform decided to shut them down. Please find out more in our detailed fxsio.com review.

FxSio is a clone of FinCropFx, and both fail to have any compliance or regulatory framework. With fxsio.com, you get a forex trading platform that blocks withdrawal attempts. The platform is sending excuses as to why newbies can’t access their funds. You get a platform that changes tune and claims your funds are in a fixed account. It is news to us, and members should withdraw funds at will. Learn more in our exclusive FXSIO REVIEW.

A Brief Overview of FxSio

FxSio Review: Pros and Cons

The about us page led us to spot the similarities with the clone platform. FxSio claims to provide a centralized marketplace for trading assets. The website design is another reason most signed up with the platform.

It would be best to do due diligence before signing up with any platform. We recommend that you research the platform in question before making a decision. You will get a clear picture of what to expect once you engage with members.

Try and use legit trading tools that offer an advantage when trading. We suggest using reliable forex trading robots that enjoy the backing of the trading community. It would be best if you had bots that offer reliable trading tools for all classes of traders.

FX SIO is a platform that wants to take your money by pretending to be a trading platform. However, despite their website allure, we do spot some red flags. Some of them include having unfair trading conditions.

The leverage on some of the accounts is ridiculous. That’s why you need to avoid such platforms or risk losing everything. The store will eventually close down after our expose. Several complaints have also reached regulators in Europe.

The platform lays out no mission or objective. Instead, you get a platform that allows traders to make a profit and fail to enjoy their earnings. It is such platforms that make the trading world risky.

Accounts FxSio

FxSio offers six trading accounts on its menu. These six tiers include Trial, Basic, Advanced, VIP, Gold, and Platinum. Each of these accounts comes with a different set of features. You also get a bonus with each account.

Here’s a closer look at each account;

Trial

It’s the most basic account, and even as is the name, members have to pay a minimum of $100 to use it. You would expect a platform to offer a free demo version and name it a trial. Unfortunately, that’s not what you get with FX SIO.

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Basic

For the basic account, there’s a minimum acceptable deposit of $1,000. The leverage set for this account is 1:400, which is ridiculous. Such leverage will make you lose a large volume as the platform benefits from it.

Advanced

There’s a minimum acceptable deposit of $2,500 with the platform. The leverage for the advanced account is 1:700. So you can see why the store is creating large leverage for all investors. In addition, there’s a 125 percent welcome bonus with the advanced account.

VIP

You must deposit $25,000 to start enjoying the features of this account. The leverage is 1:4500, which is the biggest we have seen so far. In addition, members get unlimited free signals with no bonus on the account.

Gold

For the gold account, you must deposit $30,000 to start using the account. Leverage is again high and set at 1:5000. The account operates under the SWAP free model, and members get a fund manager.

Platinum

It’s the most exclusive account, with investors having to deposit $50,000 and above. We believe the store is targeting institutional investors with this account. Unfortunately, you get a fund manager with no welcome bonus.

Accounts FxSio

Account Features

We have to expose the high leverage that comes with this account. Leverage exceeding 1:100 is far from industry-set standards. The store does this to ensure traders lose a large trading volume.

Regulators have moved in to protect traders from high leverage. The acceptable leverage in most jurisdictions is 1:100. In the United States, the leverage is 1:50 for retail traders. It would be best to avoid high leverage, especially with forex assets.

Account Manager

These fund managers offer nothing but headaches to members. The managers will call you with claims of having a lucrative trading option. You have to give them the green light to initiate the process.

These account managers will play mind tricks for those who give the green light. You end up waiting for your profits to soar, and nothing happens. The account manager is nowhere to be seen or heard from again.

We blame the platform as we believe these call agents act as account managers. The platform will quickly replace your account manager with a new one. You get an excuse that your previous account manager is on leave.

Assets and Trading Instruments

Traders get five classes of trading assets with FX SIO. These assets include your daily commodities, crypto, forex, indices, and shares. Of course, commodities play a huge role in day-to-day trading activities.

With cryptocurrency, you get a volatile market. And this makes it the perfect market to earn quick trades. Available crypto assets on the platform include Bitcoin, Dogecoin, Ethereum, Litecoin, and more.

The store offers major and minor currency pairs when it comes to forex trading. These include EUR, GBR, USD, and more. However, the platform fails to mention the available spreads for these forex pairs.

You also get to trade indices and grasp the international market playing field. Some of the indices to find include DAX, Nikkei, and more. It’s one of the many ways to invest heavily in global markets.

The last set of trading instruments happens to be one of the most extensive trading activities. You get to own a piece of a company for a limited time. The platform offers shares from global companies such as Huawei, Samsung, Tesla, and more.

Business owner

There’s little information to suggest the platform has an owner. And this makes FXSIO an anonymous investment platform. You need to avoid anonymous investment platforms and with good reason.

Despite claiming to reside in London, UK, the address matches one of the cloned platforms. It’s not a coincidence as both of these platforms are anonymous. There’s no way of knowing who handles funds on the platform.

Compliance, License and, Registration FxSio

Is fxsio.com licensed or registered?

FxSio is not a platform registered by the Financial Conduct Authority. But, of course, you would expect the FCA to register any forex platform that resides in the UK. And this is proof that funds are far from safe with the platform.

Contact and support

You should test how quickly a platform offers support or responds to queries. For example, no member has been able to contact support after opening an account. And this makes it impossible to withdraw funds.

Funding Accounts

Thanks to the numerous depository options, the platform makes it easy to fund accounts. However, we are against it as the store fails to allow members to withdraw. For the past few months, no trader has had the chance to withdraw funds.

Fund Safety FxSio

Are funds safe with Fxsio.com?

Your funds are far from safe with a platform that fails to offer meaningful trading activities. There’s no insurance coverage to protect you from bankruptcy or insolvency. It would be best if you stayed away from fxsio.com.

Our Verdict

After exposing the platform, we have to add the platform to our warning list.

It would be best to use reliable forex trading tools that will make you a better trader. So go for transparent forex bots with a proven reputation.

If you have any queries, feel free to drop a comment or email us.

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