AeronFX – Can You Trust Them?

Website URL: https://aeronfx.io

Founded: 2023

Regulations: No License

Languages: English, Arabic, Spanish, French, German, Portuguese, Japanese, Chinese, Russian

Deposit Methods: Cryptocurrencies

Minimum Deposit: $10

Free Demo Account: Not Available

Number of Assets: 900+ Trading Instruments

Types of Assets: Forex, Cryptocurrency, Commodities, Equities & Indices,

Trading Accounts and Conditions

AeronFX does not tell us the types of trading accounts they have. All we know is that you can sign up for a live trading account. The broker also does not go into much detail about their trading conditions. All we are told is that the spreads start from 0.0 pips. The maximum leverage is 1:500.

AeronFX – Advantages

The only plus point with AeronFX is that they actually do offer their clients the MetaTrader 5 trading platform. This is a big win for the broker as the MT5 platform is most popular trading platform in the world. This software has every possible trading function that a trader may require to make trading easier. And the interface is so user friendly that even novice traders can use this platform with little trouble.

Having said that, the red flags we have found with AeronFX outweigh their single advantage. We would still not recommend this broker to anyone.

AeronFX – Disadvantages

Listed here are all the red flags that tell us that AeronFX is a scammer:

• Unregulated Broker

The first red flag that tells us that we are dealing with a scammer is AeronFX’s lack of regulation.

Legitimate brokers make sure that they are regulated and they provide all their licensing information clearly and concisely on their websites. They tell us the name of the company that runs their online brokerage, they tell us their location, how we can get in touch with them, and all licensing details (number, the authority from whom they are regulated, etc.).

AeronFX tries to pass off as legitimate by providing us with too much information. On the footer of their website, the broker states that AeronFX is the trading name of a company called Aeron Marketing LLC, which is registered in St. Vincent and the Grenadines (SVG). The broker goes on to provide a registration number as well as their address in SVG.

However, in the next line, the broker states that AeronFX is the trading name of another company called Aeron Limited, which is located in Mauritius and is regulated by that country’s regulator, the Financial Services Commission (FSC). They provide a license number and their address in Mauritius.

And then, the broker states that another company, Aeron Management (company number provided) is located in London, UK, and that this company acts as the payment agent for AeronFX.

In their Client Agreement, the broker states that the contract is between you and the company called Aeron Marketing LLC, located in SVG.

Now, here is what we can reveal to our readers. The Mauritius company (Aeron Limited) has already been reviewed and exposed as a scammer. This broker and their parent company is not regulated by or registered with the Mauritius FSC. That claim is a lie.

As for their SVG registration, the SVG regulator, the Financial Services Authority, has made it clear that they do not regulate forex brokers. In fact, because of the number of scammers setting up base in SVG, the country’s regulator has now put in a new requirement from all international brokerage firms that wish to set up base in their jurisdiction. As of 2023, all new forex brokerages registering in SVG will be required to present proof that they are regulated by the jurisdictions in which they are operating. Therefore, going forward, brokers that do not have proof of regulation from the relevant authority will not be allowed to register in SVG. This, hopefully, will reduce the number of scammers in that country.

As for their claim of being in the UK, we checked the Financial Conduct Authority’s registers and found out that this broker is not listed with the UK’s financial regulator either.

All claims of regulation are therefore proved false – which makes this broker a scammer.

Plus500

$100

Minimum Deposit

Start Trading

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82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money

Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

 

AvaTrade

$100

Minimum Deposit

Start Trading

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The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.

• Issues with Trading Conditions

AeronFX does not specify any of their trading conditions on their website. We have to check their trading platform to get that information. That is the first concern we have – their lack of transparency.

We found that this broker has two types of trading accounts, where with one the spreads range from 1.0 pips to 1.2 pips. With the other account, the spreads are raw, but there is a massive $6 commission per trade. While within reasonable limits, these spreads are not exactly competitive.

A leverage of 1:500 is too high – illegally so. In the UK, EU and Australia, the maximum leverage a broker can offer is 1:30. In the US and Canada, that range is slightly higher at 1:50. So, 1:500 is too risky and illegal to boot.

• Single Payment Method

The only way that you can make deposits and withdrawals are via cryptocurrencies. This is a huge red flag.

While legitimate brokers offer cryptocurrencies as a payment method, it is one of the many options available to traders. Scammers, on the other hand, offer only a single payment method, and that is usually via cryptocurrencies.

This is a red flag because crypto transactions are – by their very design – irreversible and anonymous. Therefore, once you have made a crypto payment, there is no way that you can get your money back or even trace your funds. The money is gone for good. And this is how scammers get away with your money.

Therefore, if you are dealing with a broker for the first time, it is best to use a more traditional form of payment like a credit or debit card payment. Such payment methods allow you to file for a chargeback if you can prove that you have been scammed. 

Conclusion

AeronFX is a scammer and trusting them with your funds would not be a good idea.

AeronFX

2.4

User Experience

2.3/10

Payment Options

2.5/10

Security

2.8/10

Support

2.2/10

Reputation

2.3/10

Pros

• MT5 Platform Available

Cons

• Unregulated Broker
• Issues with Trading Conditions
• Single Payment Method