VoyaFX Review: Not The Best Broker Out There

Overview of scam broker VoyaFX

VoyaFX Review, There is no denying that foreign exchange markets provide enormous opportunities for earnings, hence a massive surge of interest. However, it is a fact that forex trading entails evolved financial risk. It is because of two main factors: the unpredictability of prices and scam brokers. 

In your search for a forex provider, if you have come across the VoyaFX broker and wonder if it is worth your time, please continue reading the following VoyaFX review to find out.

In brief, VoyaFX is based in Bulgaria and is a trading name of Ever Financial AD (formerly Financial House Ever AD) and linked with Alchemy Prime Ltd and Global Clearing House Ltd. All companies have the necessary regulations and are registered businesses. According to its website, 

VoyaFX is designed to serve clients within Europe, while through its partners it can address the needs of UK customers (via Alchemy Prime) and traders from other parts of the world (via Global Clearing House).

Leverage 1:100
Regulation FSC
Headquarters Bulgaria
Minimum Deposit 500 USD
Review Rating 1/5
Broker Type Forex provider
Platforms A proprietary trading platform
Spread 0.9 pips

VoyaFX Regulation and Safety of Funds

Ahead of everything else, it is crucial to trade only with licensed brokerage companies. It is due to many things; importantly, your funds are protected by doing this. Otherwise, your investment is at vast risk of being lost to unregulated brokers.

Nevertheless, not all licenses carry the same weight. For instance, VoyaFX is authorized by the Bulgarian FSC. Even though it is based in the EU, Bulgaria isn’t among the best-regulated forex markets. 

That is to say, FSC can’t be in the same league with, let’s say, the British FCA, Australian ASIC, and German BaFin. Brokers certified by these tier-one regulators are maximally reliable and legally obliged to minimize financial risks by employing negative balance protection and keeping traders’ funds in segregated accounts. Also, if such a broker goes bust or in any adverse event, you are covered by indemnification programs (up to 100,000 EUR per trader).

Although one of the partners of VoyaFX is approved by FCA (Alchemy Prime Ltd), it doesn’t mean that this broker is regulated by it. Likewise, its other business associate, Global Clearing House Ltd, is headquartered in Vanuatu and licensed under VFSC — another not-so-capable financial regulatory agency. Anyway, dealing with offshore-based brokers is always risky since they can be involved in fraudulent trading activities and often disobey the rules.

VoyaFX Trading Platform

Speaking of the VoyaFX trading platform, it is proprietary software that comes with useful features. Similarly, it is user-friendly, enabling access from any device. So, you can trade from a browser (via the internet-based trading platform) or on a smartphone (by downloading a mobile trading app).

This offer isn’t bad at all, however, it still can’t be matched with modern trading programs, especially with MetaTrader 4, MetaTrader 5, cTrader, and Sirix. Leading brokerage companies provide these systems because of their advanced tools like social trading, automated trading, stop loss, and so on. On top of that, they are easy to navigate and allow trading on desktops, tablets, and mobile phones.  

Accounts Available at VoyaFX

VoyaFX Account Types

If you wonder what types of accounts are available at VoyaFX, there are three versions of live trading accounts.

  • Silver: 500 EUR starting deposit, spreads from 2.1 pips
  • Gold: 10,000 EUR starting deposit, spreads from 1.5 pips
  • Diamond: 25,000 EUR starting deposit, spreads from 0.9 pips.

Regarding this offer, it can be concluded that this broker isn’t competitive. First, in terms of a minimum deposit, you can start trading for less than 10 EUR with some of the top brokerage companies. Then, starting spreads are high, i.e., you have to invest 25K EUR to get reasonable, cost-effective spreads. 

Lastly, there is no demo account, which is surprising and a big drawback because all legitimate brokers provide a free practice account. 

Trading Instrument

When it comes to what can be traded on VoyaFX, according to its website, traders can access all major markets through three companies, i.e., Ever Financial (aka VoyaFX), Alchemy Prime, and Global Hearing House. 

As it appears, customers from the EU, EEA, the UK, and the rest of the world are served. An example of trading instruments is as follows.

  • Commodities: gold, silver, platinum 
  • Stocks: Facebook, Google, Apple 
  • Indices: S&P 500, Dow Jones, FTSE100.

Trading on these tradable assets involves zero trading commission and leverage up to 1:100 (which is risky for retail traders and not in accordance with the allowed 1:30 in the EU/UK). 

Deposit and Withdrawal 

The funding process includes credit and debit cards and wire transfers. All these payment methods are considered safe since they can be canceled and refunded. Depositing is at no cost, while payoffs are not charged by the company but by a third party (i.e., payment gateway). Also, deposits are instant, whereas withdrawals can take several business days. The entire procedure is like with any other broker. 

In any case, we want to point out that as an offshore-based broker, Global Clearing House, a partner of VoyaFX, is not obliged to abide by the weak legislation of Vanuatu. Thus, there are no money withdrawal guarantees with offshore brokerage companies.

Got Scammed by a Phony Broker? Chargeback Is The Answer

In this article, we want to shed light on what to do in case you get defrauded by an investment scam. First and foremost, it is important to act fast. That means that you should inform the relevant authorities. 

Don’t feel ashamed about this; if you need assistance, we can help you by reporting your broker scam. What is more, getting your money back is possible. The chargeback process depends on the means of payment. For example, VISA and Mastercard offer refunds if applied for cashback within 540 days. 

In the same way, bank transfers can be terminated but be careful not to confirm a transaction. Crypto payments require professional assistance since they are difficult to trace and reverse. For this reason, many scammers insist on deposits in digital currencies. Anyway, you can get in touch with our cyber security specialists concerning the chargebacks.

VoyaFX Summary

So, to recap our VoyaFX broker review with key facts.

  • VoyaFX or Ever Financial is registered in Bulgaria and licensed under the Bulgarian FSC. This jurisdiction and financial market regulator are not famous for their stringent measures. Besides, Global Clearing House is an offshore-based partner of VoyaFX, and as such, it carries certain risks arising from trading with brokers headquartered offshore.
  • The positive thing about VoyaFX is its other partner, Alchemy Prime, which is registered in the UK and authorized by FCA. If possible, we recommend trading with Alchemy Prime.
  • As for trading conditions at VoyaFX, they are not profitable. So, the leverage ratio is high (risky) for retail traders, spreads are pricey, and starting deposit is hefty.
  • The good thing about this broker is its proprietary trading platform, which offers some great features and functionality.

Finally, there are so many brokers on the market. Considering all the facts, we believe that there are much safer options for forex trading than VoyaFX. In the final verdict, we can agree that this company shouldn’t be your choice for brokerage services.

FAQs About VoyaFX Broker

Is VoyaFX a Good Broker?

Although it is an authorized brokerage company, it doesn’t offer reliable services. Thereby, we recommend looking elsewhere.

Is VoyaFX a Regulated Broker?

Yes, it is a licensed broker and cooperates with regulated partners.

What Is The Minimum Deposit For VoyaFX?

It is 500 EUR, which is pricey compared to the industry norm (e.g., 10 EUR).


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Nov 17, 2022
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