If you’re looking for a broker and considering trading with AFX Trade LLC, we must stop you! In this detailed AFX Trade LLC review, we are giving you some insights into this scam company.
Many fraudulent companies tend to hide their corporate details. However, it would be best if you didn’t trust everything they display as valid information because scam companies tend to deceive traders.
AFX Trade claims to be located in the United Kingdom, and this is most likely false information because there is a tiny note that says that the company is registered in the Marshall Islands. This is highly alarming because the Marshall Islands are scam heaven. On top of everything, the firm is also registered in another dangerous offshore zone – Saint Vincent and Grenadines (SVG).
Also, we recommend you not to invest in the fraudulent brokers CoinmasFX, Winvestock and RoboFXTrade.
|Broker status:||Offshore Broker|
|Regulated by:||Unlicensed Scam Brokerage|
|Blacklisted as a Scam by:||FCA|
|Owned by:||AFX Trade LLC|
|Headquarters Country:||Saint Vincent and the Grenadines|
|Minimum Deposit:||250 USD|
|Types of Assets:||Forex, commodities, indices, shares, cryptocurrencies|
|Free Demo Account:||No|
|Accepts US clients:||No|
Is AFX Trade LLC a Licensed Broker?
The brand is owned by AFX Trade LLC, registered in two offshore zones, one with a loose regulator and one without financial supervision. If you become an AFX Trade LLC member, you will probably become a fraud victim.
Despite false claims, the broker is not regulated in the UK, as it never entered an FCA register.
How Unsafe Is An Unlicensed Broker?
Unlicensed brokers are unsafe because they don’t follow the rules, and clients are always at risk. Every regulated company must keep its funds segregated from clients’ funds. They need to provide negative balance protection, meaning your account will not be in minus even if markets move rapidly against you.
Every company licensed by the FCA must participate in a guarantee fund that can cover up to £85,000 of a client’s investment if the broker goes bankrupt and misbehaves.
The Financial Conduct Authority (FCA) Issued A Warning AFX Trade LLC
The Financial Conduct Authority issued a public warning against AFX Trade LLC. The FCA believes that this company is providing financial services without authorization, meaning that your funds are in danger. This is a major red flag, and you should avoid this so-called brokerage by all means.
Traders’ Experiences With AFX Trade LLC
If this information was not enough, let’s check what people write about this broker on the forums:
“Stay away from this company. You’ll never get your money back. I had to file a dispute against them with a cursory inquest before I got a refund.”
– Trustpilot Customer
As you can tell, reviews are negative, giving you all the reasons to stay away from AFX Trade trading scam.
AFX Trade Offers MetaTrader 4 and MetaTrader 5?
The company claims that they offer MT4 and MT5 trading platforms. That is far from true because the installation files are a generic version of the software that’s not configured, and this will not give you a real trading platform. Instead, you will be able to preview charts, but not place any trades.
Red flags are everywhere. Beware!
Mobile App for Android and IOS
As expected, without the real MetaTrader, there’s no mobile app. Customers can download a generic software, but won’t be able to log in to their accounts. AFX Trade didn’t sync their business with a MetaTrader, meaning that your account details will appear as invalid.
All About AFX Trade LLC Accounts
The broker offers four accounts types:
- Base – $250
- VIP – $100,000
Minimum Investment Amount
The minimum amount for the deposit is $250, which is quite standard. Yet, knowing that this firm is unlicensed, we advise you to stay away. Numerous legitimate companies have Micro accounts starting with as low as $1. Invest with those and be safe.
AFX Trade LLC Broker – Countries Of Service
The company operates in the following countries:
AFX Trade LLC Range of Trading Instruments & Markets
The AFX Trade LLC broker is offering trading with the following instruments:
- Indices – S&P 500, NASDAQ
- Commodities – Gold, Oil, Gas
- Forex – USD/EUR, EUR/GBP, GBP/USD
- Crypto – XRP, BTC, ETH
- Shares – Amazon, Netflix, Facebook
Despite the wide offer, the firm is still illicit.
Also remember the names of the 44Trades, XE Prime and FinuTrade trading scams and avoid them at all costs! Moreover, always check the background of online trading companies before investing!
Bonus Program – A Fraudulent Methods
Another reason not to trust this company is their bonus scheme. If you take a look at their terms and conditions, you will see that you need to meet some criteria to withdraw money:
6.3 In order to withdraw funds from an account that has been credited with a trading bonus, the trader will be required to execute a minimum trading volume of (bonus amount + Deposit) x25.
But the fact is that you will never be able to reach these numbers because they are insanely high. Thus, bonuses are not into your favor, but against your withdrawals.
What Trading Terms AFX Trade LLC Provide?
AFX Trade LLC is not legit because its conditions are not legal. Above that, the company is offering large spreads. Biggest spread means bigger trading costs. And of course, that’s not something you need.
The leverage ratio is yet another proof that the company is not legit. Their VIP package offers leverage of 1:400, which is insane! The FCA limits leverage to 1:30 because higher numbers rapidly increase the risk of losing funds.
AFX Trade LLC Deposit, Withdrawal Methods, And Fees
The company is not mentioning deposit methods; however, we must warn you to be careful when depositing via crypto. These transactions are virtually not traceable, and they are not refundable as well.
This is perfect for scamming companies because no one is monitoring when they steal your money, and it’s almost impossible to restore funds.
The minimum amount for a wire withdrawal is 1000 USD, which is very high, and the company charges between 3.5% and 4.5% withdrawal fees. They also charge when the account is inactive, costing you 90 EUR.
Scammed by AFX Trade LLC Broker? – Let Us Hear Your Story
If this broker scammed you, please let us know. You’re not the first person with this awful experience. Unfortunately, we hear many cases like this! There is still something that you can do, but you must act quickly!
Contact us via online chat to book a free consultation and let’s recover your funds before it’s too late!