Scam Brokers

AFX Financial Consultant – Can You Trust Them?

Chainbits Staff | Publish date: 08/20/2022 (Last updated: May 03, 2023 07:52 AM)

Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.

AFX Financial Consultant - DO NOT TRADE WITH THIS PROVIDER

2.5/10

$100

Minimum Deposit

updated 2022

Try other platforms

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.

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Plus500CY Ltdauthorized & regulated by CySEC

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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.

Website URL: https://afx.financial

Founded: 2021

Regulations: None

Languages: English, All Languages

Deposit Methods: Not Mentioned

Minimum Deposit: Not Mentioned

Free Demo Account: No

Number of Assets: 150+ (or 250+)

Types of Assets: Forex, Metals, Indices, CFDs, Crypto Currency

Trading Accounts and Conditions

AFX Financial Consultant has not provided any details about the types of trading accounts they offer their clients. Added to this, we also have very little information about their trading conditions. The broker advertises spreads (spelt spreas) of 0.01 (pips are not mentioned either). Execution time is supposedly at 30ms.

There is also conflicting information on how many trading instruments the broker provides. In one part, they state that they offer more than 150 trading instruments, and in another part of the same home page, that number is more than 250. Besides these snippets of information, there is nothing else related to trading conditions – no leverage ratios, no order execution methods, to fees or commissions and so on.

AFX Financial Consultant – Advantages

There are no advantages to trading with AFX Financial Consultant.

AFX Financial Consultant – Disadvantages

Listed below are all the reasons why this broker is a scammer:

No Regulation

There is absolutely no corporate information presented on AFX Financial Consultant’s website. We do not know which entity owns and operates this brokerage. We do not have any physical address either. We do have two mobile numbers given – both of which are Indian numbers. There are also two emails provided, one to admin and the other to a person named marysuresh.

Besides this, we know nothing about this entity. The broker has also not bothered to give details of their legal status; there is no licensing or regulation information anywhere on their website.

All of this tells us that we are dealing with an anonymous and unregulated broker – which is the biggest sign of them being scammers.

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

Read Review

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.

Serial Scammer

When we Googled the two telephone numbers, we found out that they were associated with another website – www.afxtradingconsulting.com. When we clicked on that link, we found an identical website. Everything was the same – with the exception of the domain name and the name of the brokerage.

In this domain, the broker calls themselves AFX Financial Consultant, and in the other domain, the broker is called AFX Trading Consulting.

The fact that this broker is opening multiple websites means that we are dealing with a serial scammer.

No Legal Documents

Another sign of AFX Financial Consultant’s scam is the total lack of legal documentation. There isn’t even a link or a tab that mentions them.

Legal documents are a legal necessity since they are the contract between you and the broker. These documents tell you the policies this broker has put in place for traders to use their services – their privacy policies, AML and KYC policies for user protection, terms and conditions for using their services, fees and commissions and costs of trade, etc.

If a trader signs up with a broker that has no legal documents in place, then the broker can do what they want with the trader’s money and personal information. And this is how many novice traders get scammed and find out that they cannot get any help from the authorities after they have lost all their money.

It is because of this that we strongly advise all traders to take the time to go through a new broker’s legal documents before signing up with them. And if there are no legal documents – as in this broker’s case – then you know you are dealing with a scammer.

Lies About Trading Software

AFX Financial Consultant boasts about offering their clients the Ultimate Platform. This platform, according to them, has advanced charting and analytical tools, sophisticated order management tools, expert advisor availability, trading from both desktops and mobiles.

These claims are all lies. When you click on the download link that the broker has provided, you are taken to the FxPro registration page. FxPro Global Markets Ltd. is another online brokerage and it almost seems like AFX Financial Consultant is some kind of a lead-in broker – an affiliate or an introducing broker. This is another scam tactic, where you think you are dealing with one broker, but you are taken to another broker’s website.

This broker does not have any trading software at all!

No Trading Conditions

As we mentioned earlier, there are no trading conditions mentioned on AFX Financial Consultant’s website. There are no trading account details, no leverages and other trading conditions. There is a single reference to spreads (which is also misspelled) and the pips not mentioned.

Considering the fact that this broker does not even have a trading platform, we are not surprised that they did not make the effort to manufacture trading conditions.

Malfunctioning Website

Most of the links on AFX Financial Consultant’s website do not work. Clicking on any of the links lead to error messages which show us that the broker did not even both creating pages to those links. This is a really shabby broker that has not even made an effort to create a believable website.

No Information on Payments and Withdrawals

There is no information on the payment options that AFX Financial Consultant may provide. We also do not know how we can withdraw funds, what the fees for various payment options are and so on.

Basically, this broker has not given any information at all, so we can assume that the only way they snag customers is by contacting them directly.

Conclusion

AFX Financial Consultant is a scammer – and a very sloppy one at that. This broker claims to offer the best conditions in the market, but that is just a lie. This broker is offering nothing at all.