Andelex claims to be a top-notch trading platform with an ultra-fast platform. So far from it, you won’t get the chance to withdraw from the platform. Most investors who signed up with andelex.com are now ruing the decision. You don’t know that the platform also faces a warning from two regulators. The Norwegian financial regulator FINANSTILSYNET and FINMA. Here’s what you need to learn in our comprehensive ANDELEX REVIEW.
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On the about us page, Andelex claims to be one of the best forex brokers in the world. The platform offers access to CFD trading and commodities. At first glance, everything seems rosy with the platform.
It’s not until you dig deeper and discover the members’ problems. None of the members has had the chance to withdraw from the platform. Despite all the glamor, the platform remains an unregulated investment option.
There’s a good reason why two regulators would warn the public. It all has to do with available trading conditions and the rising complaints. You need to avoid all platforms that don’t comply with trading regulations.
For most newbies, the promise of making an easy and guaranteed profit is what drives them to sign up. And these platforms know about it and take full advantage. As a result, you get a platform that even claims to offer unmatched copy trading services.
As with andelex.com, the platform claims to offer the best copy trading. However, the performance or outcome of these trades is not on the cards. No one ever gets to profit from outdated trades.
You need to know what makes a trading platform safe and legit. In this andelex.com review, we will help you spot the red flags. These points make a trading platform risky and likely an exit scam.
Before you engage with any platform, experts recommend doing due diligence. Try and find out what makes the platform tick. Read reviews or ask the community about the platform in question.
You have to first weigh the pros and cons of any platform before deciding to sign up. Go for platforms that enjoy or have the backing of the community. Then, check and confirm with regulators whether the platform enjoys regulation.
An excellent example would be the platform in question. Search ‘Andelex Warning’ on any search engine. You will find a list of warnings from independent reviews to official regulatory bodies.
It seems the platform was targeting Norwegian investors and traders. The first warning came from the regulatory body in Norway. It was later that FINMA decided to flag the platform down as a scam.
Here’s what you need to look at when comparing trading platforms;
Andelex offers three account types. We will look closely at each account type and determine its authenticity. You also need to check the trading conditions on each account. Let’s take a look at the three available accounts;
ANFX Standard
Set as the account for the progressive trader, you have to make a minimum deposit of $500 to get started. There are 12 currency pairs, gold and silver, and five cryptocurrencies for trading. In addition, the account allows hedging and scalping.
ANFX 5
The account targets habitual traders and comes with a minimum deposit of $2,000. There are no commissions or markup with this account. Trading instruments include 32 currency pairs, gold and silver, three energies, four indices, and five cryptocurrencies.
ANFX cTrader
It’s the account set for the smart trader. Spreads start from 0.6 pips with no commissions or markups. You have to make a minimum deposit of $5,000 to get started. Hedging and scalping are available with more trading instruments on offer.
One of the missing features of all the accounts is the set leverage. No one knows the set average for these trading instruments. We suspect the platform offers leverage exceeding 1:100 for all trading assets.
You also don’t get a demo account to try and test the waters. However, an open trading platform will offer at least one demo account. A demo account provides an opportunity to test the set condition.
The platform is setting up traders for a rude surprise without a demo account. It seems the platform wants investors to sign up blindly. That’s not the way, especially with crypto and forex trading.
Your funds are far from safe with a platform that doesn’t meet industry requirements. The platform fails to offer insurance cover for deposits made by the public. We suspect the platform doesn’t segregate accounts.
In the event of bankruptcy or closure, no member will receive compensation. Instead, the owner will laugh to the bank with your deposits. And that’s why investing with a regulated platform is crucial.
There are five classes of trading instruments available on the platform. These include commodities, cryptocurrencies, forex, indices, and stocks. You get to trade commodities such as wheat and sugar.
When it comes to cryptocurrency, the platform offers five cryptos. These include Bitcoin, Doge, Ethereum, Litecoin, and Ripple. Whether the platform pairs these coins against each other or leading pairs remains unclear.
Forex trading remains to be at the core of the platform’s services. There are over 32 currency pairs. That indicates several major and minor pairs, including CAD, EUR, GBP, JPY, USD, and others.
Indices also play an integral part in helping day traders. The platform boasts of having over ten different indices available for trading. These include DAX, Dow Jones, NASDAQ, Nikkei, and S&P 500.
There’s not much talk about stock trading on the platform. However, we believe the platform offers a handful of company stocks for trading. These include those from leading manufacturing, tech, and textile industries.
No one knows who owns or runs the platform. Despite the claim of being a regulated platform, there’s no license to prove so. We don’t even have the names of the founding members or profiles of staff members.
And that makes Andelex an anonymous investment platform. Please stay away from anonymous platforms for security reasons. You also don’t stand a chance of recovering funds from such a platform.
Andelex does not comply with industry regulations and enjoys a warning from several regulators. The platform will put your investment at risk, as withdrawal is a problem. We have the evidence to prove it.
Before investing in any platform, check with regulators to confirm the license. The more reliable regulators include ASIC, BaFIN, CFTC, CNMV, CONSOB, and CySEC. Others include FINMA, FTC, NFA, and SEC.
Don’t expect any support once you deposit funds from the platform and start trading. On the chat widget, you have a message board. The platform claims it will respond as soon as possible. An open platform is available 24/7.
Please avoid unregulated platforms.
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