Thinking of getting into business with Folks Vision? Here is what you must know about this broker. Carefully read this review to find out if folksvisions.com is the trading platform you will want to trade with.
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About Folks Vision Broker
Folks Vision is an offshore brokerage company with a lot of promises for traders. The broker is a brand of Folks Vision Limited with an incorporation in St. Vincent & the Grenadines.
There are different account types Folks Vision offers, namely Standard, PRO, and Classic Raw.
In spite the trading instruments Folks Vision claims to offer, traders must know they are dealing with an unknown broker which does not have a regulation over its head.
folksvisions.com: Reasons to Avoid This Broker
Firstly, folksvisions.com is a platform with no financial authority overseeing its financial services. The regulation claim is not legit because local financial authority, SVGFSA does not monitors or give license to forex brokers.
Secondly, we noticed folksvisions.com has no demo account for traders. Since traders can’t test Folks Vision on a free account, we can’t know its viability in the forex market.
More so, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These are cons for forex traders to avoid losing money with a scam broker.
Withdrawal and Deposit
Withdrawal process
Under the withdrawal policy, Folks Vision presents no information on that for forex traders, but we believe there are charges traders will have to faced.
Minimum Deposit
Folks Vision minimum deposit is said to be $1 according to the account type.
As for the payment methods, we can make payment via Credit/ Debit card, Bank Wire Transfer. But, you should not consider making any payment with this broker because it is a risk. So beware!
Folks Vision Platform
Folks Vision offers MT5 (Industry standard trading platform). The presence of MT5 doesn’t make this broker legit because any scam broker can do the same to lure forex traders.
As for the leverage, it can get up to 1:400. Nevertheless, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
Folks Vision Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation that means your money is at risk. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
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Licensed in Australia(ASIC) and Cyprus(Cysec)
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Conclusion: Is folksvisions.com a Reliable Broker?
No, folksvisions.com does not seem like a reliable broker for traders even though it promises offers that look good to be true.
Most importantly, the broker is unregulated which means it is not authorized to operate in any regulated country and you should definitely not put any money into it.
Because we have taken it as a duty to review scam forex brokers and also share reasons, we will not recommend this broker for trading.
Kindly share your comment about this broker in the comment section.
