Foxqa is a little-known cryptocurrency exchange offering a variety of options for clients. According to its official website, the company provides a rich array of additional services beyond investing and trading in digital currency, including futures, options, staking, p2p, DeFi, launchpads, savings, ETH 2.0 staking, and more. However, the platform operates with maximum secrecy, revealing almost nothing about itself. A legal entity registered in the UK can only be found in the user agreement, and there are no licenses. The cryptocurrency industry is rife with scams, so such a project requires thorough verification, especially with such a small number of online reviews.
Table of Contents
Highlights
| 🏛️ Country | United Kingdom |
| ⚠️ Regulation | – |
| 🖥️ Website | https://foxqa.com/ |
| 🎲 Demo Account | No |
| ⏳ Start Time | 2023 |
| 💲 Minimum Deposit | $1 |
| ⚖️ Minimum and Maximum Leverage | – |
| ⚙️ Trading Platform | WebTrader |
| contact@foxqa.com, support@foxqa.com | |
| 📞 Phone | – |
First Impression of Foxqa.com
The exchange’s official website introduces us to the possibilities, advantages, and terms of cooperation. However, almost all information is available only to authorized users. Even many legal documents are inaccessible without an account on the platform. Essentially, only the main page describes Foxqa’s terms.
There is a noticeable lack of proof for the stated advantages and merits. If Foxqa claims to have “Proof of Reserve,” where is it? Where are the provided wallet addresses that confirm the platform’s assets are equal to user holdings? The main page of the official website is merely a banal and unsubstantiated listing of advantages, as well as pseudo-motivational phrases and clichéd propositions.
Partnership and Bonuses
To attract new clients, Foxqa offers an affiliate program. Affiliates receive up to 60% commission, while referred users get a 10% rebate. The default rate is 20%, but the percentage increases with the total number of people referred. However, to earn more than 20%, one must fill out a special ‘Space Traveller’ form, and the activation rate must also be over 20%. The activation rate is calculated as the number of users who have traded a minimum of $50, divided by the total number of referrals.
Besides, the cryptoexchange has various bonus promotions, including promo codes for gift cards, loyalty and game rewards, and NFTs.
Account Opening on Foxqa.com
For a more detailed exploration of the cryptocurrency exchange’s capabilities, personal cabinet registration is necessary. The registration process in Foxqa includes providing a login, password, email, and agreeing to the user’s terms. Overall, it’s a standard process that should not pose any difficulties. After creating an account, one needs to log in again using their email and password. Confirming the creation of the account via email is not required.
Once logged in, the client portal immediately advises undergoing verification. Through their Foxqa account, users can perform various operations such as depositing funds, requesting withdrawals, transferring funds within the exchange, changing personal information, uploading documents for KYC, connecting 2FA, creating API keys, and tracking affiliate program statistics.
Moreover, all the platform’s options and features are accessible from here. However, unlocking most services requires attaining the appropriate verification level.
Verification
Verification is almost a mandatory process at Foxqa. Without KYC, users can only use cryptocurrency for depositing/withdrawing funds and trading spot. Other possibilities are closed to unverified traders. The exchange strictly adheres to the AML&KYC policy, hence residents of countries not serviced by the platform cannot use its services.
The verification process is standard. Foxqa requires uploading documents that confirm the client’s identity and address. All AML&KYC details are described in the corresponding document on the official website.
- AML&KYC’s policies are described in detail.
- The processing time for documents is not specified.
Trading Software
The trading terminal used is standard software without separate applications for Android/iOS smartphones or a desktop version. It is a basic WebTrader with essential elements:
- List of assets.
- Order book.
- Trade tape.
- Japanese candlestick chart.
- Order management panel.
- Trade history.
Tools for technical and graphical analysis, as well as indicators, are missing, making the Foxqa platform suitable only for opening/closing orders. For futures and options contracts, the exchange might offer more advanced software, but this cannot be confirmed without higher-level verification. In any case, the terminal seems too primitive for serious trading.
The situation might be remedied by API keys, allowing clients to connect to external software with advanced tools. However, this is just an add-on that may not suit everyone.
| Features | Foxqa | Wealthpros365 | FlareGain |
|---|---|---|---|
| Demo Account | ❌ | ❌ | ❌ |
| Mobile App | ❌ | ✔️ | ❌ |
| Own Development | ❌ | ❌ | ❌ |
How Can I Trade With Foxqa?
The cryptocurrency exchange offers trading in over 50 assets, including both well-known and obscure ones. Besides spot trading, futures and options are also available.
All Info About Accounts
Foxqa has not created any different types of accounts. Instead, the platform offers several levels of verification:
- 1st level. Only spot trading and crypto deposit/withdrawal are available.
- 2nd level. Copy-trading can be enabled. This level is available after providing proof of identity and a selfie with the document.
- 3rd level. All platform features are unlocked, including fiat deposit/withdrawal, p2p, and futures. However, it requires a document verifying the residence address and maintaining a minimum balance of $10,000.
Initially, traders face a 0.3% maker and 0.3% taker commission. The more trading volume, the lower the commission. The maximum reduction is possible when a trade volume of $2 million is achieved over the last 30 days. In this case, the client pays 0.05% as a taker and earns 0.05% as a maker. Whether Foxqa offers leverage and its extent remains unknown.
Information about conditions is contradictory. For instance, the Foxqa homepage erroneously indicates a 0.02% commission, whereas the actual rates are much higher. The variety of coins and tokens for trading is limited, and the company seems to coax money from users, as achieving the third verification level requires a minimum balance of $10,000.
- Diverse services are available.
- There is no threshold for the minimum deposit.
- Without third-level verification, clients have access only to spot trading and copy-trading.
- The platform seems to be extracting money from users.
- High commissions.
- Limited listing.
Market Analysis and Education With Foxqa.com
Foxqa boasts numerous unique advantages. For example, investing in cryptocurrency staking, the platform promises to pay daily returns of 1.3% to 2.6%, hinting at a financial pyramid. How can such high returns be sustained? Such generous payments are promised not just for minor, unknown altcoins but also for Bitcoin, which is practically impossible.
The crypto exchange also offers earning services like copy-trading, auto-trading with bots, launchpads, ETH 2.0 staking, and a savings account. Among its auxiliary tools, the platform provides cryptocurrency market capitalization, technical analysis of popular assets, a market screener, cross rates, and a currency heat map.
Deposit, Withdrawal, and Fees
By default, all users can transfer and withdraw cryptocurrency from the platform. To use P2P or directly deposit via a bank card, one must complete the 3rd level of KYC at Foxqa. The commission rate depends on the cryptocurrency.
| Features | Foxqa | Fidelis Wealth Management | RockStoneTrust |
|---|---|---|---|
| Debit/Credit Cards | ✔️ | ✔️ | ✔️ |
| Electronic Payments | ✔️ | ❌ | ❌ |
| Crypto Transfers | ✔️ | ❌ | ✔️ |
| Deposit Fee | ✔️ | ❌ | ❌ |
| Withdrawal Fee | ✔️ | ❌ | ✔️ |
How Can I Contact It?
The official website of the exchange lists several email addresses for different purposes: project listing, technical support, compliance department, partnerships, and more. Additionally, clients can interact with technical support staff via online chat in their personal accounts. Foxqa also has Telegram and Twitter accounts, as links to these social networks are provided.
However, all the email addresses we found turned out to be fake. It raises the question: why list email addresses if they don’t exist?
- There are social media accounts.
- All listed email addresses are fake.
Is Foxqa Dangerous?
Overall, everything seemed fine until the discovery of fake contact details. The platform appeared confident, advantageous, and multifunctional, but the fabricated emails have raised significant doubts about Foxqa’s security. Our task now is to determine the legality of the firm’s operations, its duration of existence, and any other red flags it may have.
How Long Does The Exchange Work?
There is no information about the launch date of the platform on the official website. Therefore, we had to piece together information about its duration of operation. The Telegram channel description reads: “The ultimate platform for serious traders since 2011!”, but it was only created on July 21, 2022. The Twitter account dates back to 2009. The domain for the official website, foxqa.com, was registered in 2011, but in the web archive, we found interesting snapshots. For instance, in 2022, the site was non-functional: “403 Forbidden”. In 2021, it hosted some forum related to the beauty and clothing industry. Even in February and July of 2023, the domain was up for sale. Without the website, Foxqa couldn’t have existed.
Thus, it can be concluded that the cryptocurrency exchange was launched in 2023. The Telegram channel records were edited, and the Twitter account was simply purchased. There are no refutations to this.
How Is Foxqa Regulated?
Another important aspect is the regulation of activities. The only place where we could find any data regarding the registration and location of the company was in the user agreement. It mentions a British organization named Crypto Arby Trade Limited headquartered in London. However, it is not listed in the FCA register, so Foxqa is not regulated in any way.
Interestingly, we checked for the existence of such an organization in the UK’s legal entities register. It turns out that Crypto Arby Trade Limited was registered on July 4, 2021, and was already dissolved on December 27, 2022. This means the company refers to a dissolved legal entity.
| Features | Foxqa | WFM International | Choose Capital |
|---|---|---|---|
| European Zone | ❌ | ❌ | ❌ |
| Asian Zone | ❌ | ❌ | ❌ |
| American Zone | ❌ | ❌ | ❌ |
| African Zone | ❌ | ❌ | ❌ |
| Offshore | ❌ | ❌ | ❌ |
Frequently Asked Questions (FAQ)
How to Trade With Foxqa?
Is Foxqa Legit?
How Risky Is It?
Kevin Berry Looking at the exchange rates displayed on the exchange’s homepage, the legality and security immediately become questionable. For instance, the Bitcoin rate exceeds $41,000, while at the time of writing this review, it was just over $37,000. Where did the fraudsters get such prices? Why haven’t arbitrage bots taken advantage of such a lucrative opportunity? It’s because Foxqa is a fake platform, luring trusting crypto enthusiasts with various means, including attractive digital currency rates and high staking interest rates. All these are nothing but fraudulent tricks. Such profitability and prices are unrealistic, remember that once and for all.
Foxqa rating
1 review about Foxqa
At the beginning of 2023, I lost money on a similar fake crypto platform. I also fell for attractive rates, where you could earn +5% in a single Bitcoin buy-sell cycle. But as soon as I transferred Bitcoin to the scam exchange, the scammer blocked me, and my money vanished. It never appeared in my account. The same is happening with Foxqa. I see exactly the same scam crypto exchange, offering the same conditions. The interface, conditions, services, and personal account design are identical.
I warn all newcomers – don’t fall for this fraud. It is not a real exchange, but a fake one! It’s not listed on coinmarketcap, nobody knows anything about it. These are anonymous fraudsters who will steal your money. I lost $2,000 in a similar scam.