AFX Financial (afx.financial) is an exit scam and will likely rip off anyone who signs up with them. Over the past couple of weeks, the platform blocked withdrawals and is on the verge of closure. Sources indicate the people behind this platform have other scams in place. The platform will close shop and direct its members to open new accounts. Here’s what we found out in our AFX FINANCIAL REVIEW.
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The platform has dozens of names, and we go with AFX Financial. In some instances, the platform calls itself AFX TRADE. Please note that the two belong to the same group of scammers. As a result, those who have invested with the platform are losing big.
Without getting to withdraw from the platform, that’s unacceptable. Dozens of complaints were lodged against the broker. Soon, European regulators from the Financial Conduct Authority will issue a warning.
Once you land on the homepage, you see a dark-themed website. That’s one of the reasons we immediately knew this was not a genuine forex investment platform. No professional broker would use a dark-themed color.
Navigating through the platform is poor at best. This is because the platform tries to hide all information. It’s as if it wants members to sign up blindly. Some of the missing information includes types of accounts and the overall features.
The platform is only interested in your deposits. Even their trading platform is poor. A highly unstable trading terminal, it’s slow at placing trades. And this is why we have to expose the store for its callous features.
AFX Trading Consulting is the parent company that owns AFX Financial. However, the company is not found on any company register. And that points to an anonymous parent company. The company, in short, doesn’t exist.
Before you sign up with any platform, we recommend doing due diligence. First, try and find out what makes a platform tick. These are some of the reasons that help investors. Then, protect yourself by checking our reviews on which platform to go for.
Your funds are far from safe with a platform failing to segregate accounts. The platform doesn’t even have a statement on the matter. We suspect the platform holds all funds in a single account. And the account belongs to the owner.
These owners usually store funds with offshore banks. It makes it impossible for regulators to freeze these bank accounts. Only through litigation can the law freeze these accounts, and members get compensated. And that takes time.
The platform doesn’t offer insurance cover for deposits made by the public. You won’t get insurance coverage, so your funds are as good as gone. Once you deposit, forget about even recovering them.
AFX Financial failed to deposit the minimum required deposit to start trading. These are the required deposits deposited with regulators that act as insurance cover. And that also points to an unregulated platform.
There’s a custom-made trading platform that’s a far cry from the MT4 or MT5 trading terminals. The platform fails in its duty to protect members in terms of availability. You get a platform failing to provide a stable platform for use.
It’s slow at executing traded and doesn’t guarantee positive results. The win margins are dismal at best due to the lack of consistency. You also get a platform failing to deliver in terms of advanced tools.
From the look of things, this is a custom-built platform meant for newbies. You can only learn small stuff as there’s little information to go over. The terminal also fails to offer any protection from third-party hacks.
The user interface is another story based on the dark theme. As a result, you might miss some marks in terms of charting tools. That’s why experts recommend using formidable trading platforms such as MT4 and MT5.
The platform fails to mention whether there are different classes of accounts. What we get is a platform failing to guarantee protection from members. The platform will likely avoid any interaction with clients regarding accounts.
We see a platform offering a one-type-for-all sort of account. And the platform takes complete advantage when it comes to extorting deposits. But unfortunately, the platform also fails to mention acceptable account features.
You won’t mention leverage, but the platform claims a spread of 0.1 pips. The platform also claims to have 30ms execution and STP liquidity. But, again, you will notice no mention of acceptable leverage.
Before depositing funds, the platform will call you and urge members to deposit a large chunk. If the platform claims to get desired results, it’s best to deposit starting at $1,000. Let it be known that the acceptable minimum deposit has been $250 in all jurisdictions.
Leverage should not surpass 1:100. We suspect the platform changes leverage depending on the trading instrument. Some leveraged assets are going for 1:1000. Remember, high leverage puts your trading position at risk.
AFX Financial is not a licensed or regulated trading platform. No regulator can give the platform the green light with the features we see. Regulators are keen on enacting a level playing field for all concerned parties.
You will also note the platform gives no evidence of ever complying with rules. There are no documents to prove the platform ever received a license. Please stay away from unregulated platforms.
Before investing in any platform, check with regulators to confirm compliance. The best regulators include ASIC, BaFIN, CFTC, CNMV, CONSOB, and CySEC. Others include FCA, FINMA, NFA, and the SEC.
The platform makes no mention of it being a registered business entity. Such stores usually claim registration from offshore locations. Therefore, expect the platform to claim registration in the Marshall Islands or St. Vincent and Grenadines.
These two locations are a haven for unregulated brokers. With lesser strict rules, brokers can enact any trading conditions they want. These include a high acceptable minimum deposit and leverage
You get redirected to an error XML File page when you click on the contact page. No professional broker would want that. So instead, the platform lists a phone number that clearly, is a virtual phone number.
We see a broker who intends to stay anonymous throughout the process. There are no live chat or working phone numbers. Members are to use the message board and expect an answer soon.
It gets interesting, as the platform accepts several depository options. You get to deposit via bank and wire transfers. After depositing, funds may or may not appear after 24 hours.
You can then start trading and go anyway. But, the moment you decide to withdraw funds, that’s when all hell breaks loose. No one gets to withdraw funds from the platform. And that’s why we insist AFX Financial is a scam.
Please stay away from AFX Financial, or risk losing your entire deposit. The platform is anonymous and unregulated.
NB: Go for proven crypto investment strategies enjoying the backing of experts.
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