VoyaFX Broker: Reviews and Specifications

Comments

1. Andrew says

   July 18, 2023 at 7:10 pm

   I have experienced trading with VoyaFX for almost 3 months now, and here are my findings:
   – Compliance department is helpful and polite, meets the standards of a regulated broker
   – Withdrawals are promptly processed, in 2 days funds are on the credit card
   – Despite this, the trademark VoyaFX is registered in an non-EU country, which means that any dispute needs to be settled with the competent court of Vanuatu.
   – Copy trading can fill up to half of your margin, which means it only allows for a leverage of 2. There is no way to limit that (for example, maximum 1 or 0.5 on German Dax).
   – Overnight swaps are enormous, 5 times what Plus500 or markets.com charge
   – Any CFD user is usually “guaranteed” to get its margin back, unless there is a slippage or a short position, in which case the broker would close the positions if equity falls below blocked margin. This is not the case for VoyaFX, where the equity needs to reach 0% for the positions to be closed. This basically means that the account is empty. The emails of the margin calls stated otherwise (positions will be closed one by one, first open first closed).
   -There is indeed no control on the positions of the copied-trader, it’s either follow this trader or unfollow, which means that all outstanding positions would get closed
   – You would think that the payment to the copied trader amounts to 5% of the net P&L (P&L minus overnight swap fees). Think again: 5% is given to the copied trader on the gross P&L.
   – Account manager (Erik Hoffmann) is acting highly unprofessionally, by raising his voice as soon as something he doesn’t like to hear is said. He strongly encourages to deposit more money, by enticing clients with a bonus. Converting a bonus needs enormous volumes of trading to be effective.

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2. Marius says

   June 13, 2023 at 10:30 pm

   Good day,
   I have some issues with VoyaFx platform settings.

   Trader that I am copying is making high risk transactions.
   On his individual investments account he is making transactions in the opposite directions to offset his loss.
   YoyaFx is not copying this transactions not wanting to upset the market and/or their own position in the market, resulting in omitting to
   supervise “investors” that are copy-traded to ensure high losses on clients using this option.
   Further more, Voya deliberately does not copy the required transaction to offset the initial copy traded transaction that is going bad.
   Also Voya prohibits user access to close good or bad trades that are copy-traded, resulting in higher losses for client.
   Only offers “end all transactions” when you unfollow.
   Not even SL or TP cannot be implemented by clients.
   Using SL is a key piece in risk management and Voya is prohibiting clients to set limits to how much the trader is risking his money.
   When I read in voya terms that a investor that can be copied can be even a demo account user I realized something wrong is here.
   Voya deliberately creates opportunities for loss of fonds.
   I was not aware of this situation at the beginning when I started adding funds to this account.
   I will now have to stay away from Voya and possible be a voice that should work to ensure this is brought to light.
   I consider VoyaFx as main reason for creating losses by cherry picking the trades it copies. Until now it chooses trades that are with 1/2 of the account.
   I must thank Voya for this configuration that suit itself mainly.
   Taking care of itself first shows “customer care” to a level that is very much casino feeling.

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