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No valid regulatory information, please be aware of the risk!
Folks Viison Limited
Saint Vincent and the Grenadines
Pyramid scheme complaint
General Information & Regulation
Folks Vision is allegedly a forex and CFD broker registered in Saint Vincent and the Grenadines that claims to provide its clients with some tradable financial instruments with leverage capped at 1:400 and variable spreads from 0.2 pips on the best-in-class MetaTrader5 trading platform, as well as a choice of three different live account types. Here is the home page of this brokers official site:
As for regulation, it has been verified that Folks Vision does not fall under any valid regulations. That is why its regulatory status on WikiFX is listed as “No License” and it receives a relatively low score of 1.26/10. Please be aware of the risk.
Folks Vision advertises that it mainly offers forex, CFD and cryptocurrency trading.
Folks Vision claims to offer three types of trading accounts, namely Standard, Pro and Classic Raw. The minimum initial deposit amount is only $1 for the Standard account, while the other two account types have much higher minimum initial capital requirements of $500 and $1,000 respectively.
A leverage ratio of up to 1:400 is offered by Folks Vision, which is much higher than that provided by most brokers. It is important to keep in mind that the greater the leverage, the greater the risk of losing your deposited capital. The use of leverage can both work in your favour and against you.
Spreads & Commissions
Folks Vision claims that different account types can enjoy quite different spreads. Specifically, the spread on the Standard account starts from 1.6 pips, the Pro account has spread from 0.6 pips, while only the Classic Raw account holders can enjoy raw spreads from 0.2 pips. As for commissions, the Standard account members have no commission charged, while the Pro account clients have a commission of $3 per lot per side and the commission on the Classic Raw account is $4 per lot per side.
Trading Platform Available
The platform available for trading at Folks Vision is the best-in-class MetaTrader5, compatible with Windows, Android and iOS terminals. In any case, we recommend using MT4 or MT5 for your trading platform. Forex traders praise MetaTrader's stability and trustworthiness as the most popular forex trading platform. Expert Advisors, Algo trading, Complex indicators, and Strategy testers are some of the sophisticated trading tools available on this platform. There are currently 10,000+ trading apps available on the Metatrader marketplace that traders can use to improve their performance. By using the right mobile terminals, including iOS and Android devices, you can trade from anywhere and at any time through MT4 and MT5.
Deposit & Withdrawal
Folks Vision‘s website doesn’t directly reveal any information about acceptable payment methods. However, from the user area, we gather that users can invest by wire transfers and crypto-wallets of Bitcoin and Tether. The minimum initial deposit requirement is said to be $1. The withdrawal area reveals a 5% commission on all bank transfers and a 24-hour processing time.
Folks Vision‘s customer support can be reached by email: email@example.com, live chat or send messages online to get in touch. You can also follow this broker on social media platforms such as Twitter, Facebook, Instagram and YouTube. Company address: Suite 305, Griffith Corporate Centre, Beachmont. However, this broker doesn’t disclose other more direct contact information like telephone numbers that most brokers offer.
Online trading involves a significant level of risk and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.
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