AFEX Market – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
AFEX Market - DO NOT TRADE WITH THIS PROVIDER
2.3/10
$100
Minimum Depositupdated 2023
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
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.
Website URL: https://afexmarket.com
Founded: 2022
Regulations: None
Languages: English, Italian, German
Deposit Methods: Unspecified
Minimum Deposit: €250
Free Demo Account: Not Provided
Number of Assets: N/A
Types of Assets: Forex, Indices, Commodities, CFDs, Cryptos
Trading Accounts and Conditions
AFEX Market offers you the following trading accounts and trading conditions:
- Micro: The deposit amount required to open such an account is €250. The leverage is 1:100. The spreads start from 1 pip. There are no commissions and the order execution method is market execution.
- Standard: The deposit amount required to open such an account is €2,500. The leverage is 1:200. The spreads are fixed for forex, but no figure is mentioned. The order execution method remains the same – market execution.
- Premium: The deposit amount required to open such an account is €10,000. The leverage is 1:500. The spreads start from 0 for forex pairs. Market execution remains the order execution method.
There is some contradiction in the information provided since their About Us page lists a different set of spreads: 0.7 pips for the forex pair the EURUSD, 0.08 pips for equities, 3 pips for commodities and 1 pip for indices.
And then the account list is different: Bronze, Silver and Gold. However, when you click on each of these accounts, you get taken to the original account types.
AFEX Market – Advantages
There are no advantages to trading with AFEX Market.
AFEX Market – Disadvantages
AFEX Market cannot be trusted and here are all the reasons why:
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Unregulated Clone Firm
The first thing that tells us that AFEX Market is not to be trusted is their lack of regulation. Regulated brokers present all the evidence of their legal status: their corporate identity, their contact information and their license and regulation details.
Now, here is what we know about AFEX Market: the broker is listed a London address at the footer of their website. But there is no contact number of company name mentioned. When we check their Get in Touch section, we find that the broker has provided another telephone number, one that has an Italian country code.
When we checked the Risk Disclosure Statement, that is when we found a single reference to a company name: Yourt North Ltd. We will talk more about this company later in our review.
Things get even murkier as we investigate further. We did not find that AFEX Market is listed with the UK’s Financial Conduct Authority – the country’s regulatory body. However, we did find a company by the name of Yourt North Ltd on the Companies House register. But this company has nothing to do with AFEX Market; this company deals with computer facilities management activities.
All of the information we have unearthed about this broker clearly tells us that we are dealing with an anonymous and unregulated broker that is also a clone firm. A complete scammer.
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.
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.
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Possible Serial Scammer
We also believe that we aren’t just dealing with any scammer; we seem to be dealing with a serial scammer. We need to point out that we have seen this company name (Yourt North Ltd) before – while reviewing www.swissfxm.com and www.walkcrypto.com. Both these brokers turned out to be scammers. We also noted that all these websites have an almost identical design and content, leading us to believe that we could be looking at a serial scammer.
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Incomplete Legal Documents
Regulated brokers also need to make sure that their legal documents are in order. This means providing easy access to the Terms and Conditions, Privacy Policy, Risk Disclosure Policy and so on. This is important because these are the documents that define your relationship with the broker, so if they are incomplete or missing then you do not know what to expect from that company and you will be easily scammed.
With AFEX Market, when you register for an account, the broker demands that you click on the I Agree button for a range of legal documents: Terms and Conditions, Privacy Policy, Risk Disclosure Statement, and so on.
However, if you click on these links, all of them are dead links – they do not work.
In another part of the website, there are another two links provided – the Privacy Policy and the Risk Disclosure Statement. When we checked the Privacy Policy, it was just a short generic policy and the Risk Disclosure states was also couched in generalities. The Terms and Conditions could not be found anywhere.
All of these details tell us that we are dealing with a scammer.
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Lies About Trading Software
AFEX Market claims to offer their clients the MetaTrader 4 software – one of the best trading platforms in the world. However, when we checked (after registration), we found out that this was a lie. What this broker actually offers is a weak, web-based trading platform that does little more than offer by and sell options. We need to also mention that when we tried to use the platform, it didn’t work.
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Issues with Trading Conditions
AFEX Market’s trading conditions are also an issue. The contradictory information that we have mentioned earlier in our review tells us that we are dealing with a scammer. The leverage ratio, which is illegally high, is also another indication of their scam. And the lack of clarity about their spreads is a third indicator that things are not right with this broker.
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Payment Issues
Unlike legitimate brokers that offer a wide range of payment options, there is only one way to make payments with AFEX Market: cryptocurrencies. And the only way to make those crypto payments is via two crypto payments processors: Binance and Crypto.com.
Crypto payment options are a favorite with scammers since they are anonymous and untraceable.
Conclusion
AFEX Market cannot be trusted. This broker is a scammer.
AFEX Market
Pros
- None
Cons
- Unregulated Clone Firm
- Possible Serial Scammer
- Incomplete Legal Documents
- Lies About Trading Software
- Issues with Trading Conditions
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
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.
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.
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