Aifynet – Can We Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Aifynet - DO NOT TRADE WITH THIS PROVIDER
2.4/10
$100
Minimum Depositupdated 2024
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://aifynet.com
Founded: 2024
Regulations: Unlicensed
Languages: English
Deposit Methods: Cryptocurrencies (Tether, Bitcoin)
Minimum Deposit: $1000
Free Demo Account: Not Available
Number of Assets: N/A
Types of Assets: Currencies, Cryptocurrencies, Stocks, Bonds, Commodities, Indices
Trading Accounts and Conditions
Aifynet offers their clients the following trading accounts:
- Fundamental: The minimum initial deposit for this account type is $1,000. The leverage is offered at a maximum of 1:20.
- Middle: The minimum initial deposit for this account type is $25,000. The leverage offered is a maximum of 1:50.
- Expert: The minimum initial deposit for this account type is $50,000. The leverage offered is a maximum of 1:100.
Spreads are not specified on the Account Types section. However, when we accessed the information on their trading platform, the spreads were set at 0.1 pips for the 3 major forex currency pairs. Commissions are not mentioned anywhere therefore we do not know the real cost of a trade.
Aifynet – Advantages
There are no advantages to trading with Aifynet.
Aifynet – Disadvantages
Aifynet is a scammer and here is a list of all the red flags that prove this assertion:
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Lies About Regulation
The first red flag that tells us not to trust Aifynet is all their lies about their corporate and regulation status.
The broker claims to be based in Switzerland. In the same breath, the broker also claims to have multiple licenses from the Cyprus Securities and Exchange Commission (CySEC), the Financial Conduct Authority of the United Kingdom, and the Australian Securities and Investments Commission. Things get even more complicated because in their Client Agreement, Aifynet claims to operate under the laws of the Republic of Vanuatu, and offshore location known to have lax regulations.
This broker also omits the name of their parent company – the entity that runs their online brokerage. And contact details are sparse.
Just to make sure, we checked the registers of all the financial regulators Aifynet claims to be regulated by – the FCA, the CySEC and even the ASIC. We found out that this broker is not registered with any one of these authorities.
Our investigation has shown that Aifynet has lied about everything related to their legal status and identity and this means that this broker is a 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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Poor Trading Platform
Another giveaway of this broker’s scam is their lack of a good-quality trading platform. What Aifynet offers is a basic, web-based software that does not allow you to do more than buy and sell a few of the listed assets.
For a broker, the only product they offer their clients is their trading platform. Legitimate brokers offer the best possible platform they can. For 80% of all brokers, this means offering their clients the MetaTrader 5 or MetaTrader 4 platforms. Or, the more affluent brokers may develop an in-house trading platform that can compare to the MT4 and MT5 platforms.
When a broker compromises on the quality of the one product they offer, then you know that you are dealing with a scammer.
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Issues with Trading Conditions
Another piece of evidence that a broker is a scammer is when there are serious issues with their trading conditions.
Trading conditions are the terms that a broker puts in place for traders to use their trading platform. These include things like the amount of leverage the broker will offer their clients, the spreads and commissions (i.e., the cost of a trade), the order execution methods, the minimum deposit needed to open a trading account and so on.
Aifynet has a number of issues with their trading conditions. First, their minimum deposit requirement is enormous. The market average ranges from $100 to $250. There are, in fact, many reputed brokers that ask for as little as $10 to open an account with them. Therefore, Aifynet’s minimum deposit requirement of $1,000 is just too much.
Added to this, the spreads are given without the commissions. Spreads usually range from 0.5 pips to 1.5 pips. So, the 0.1 pips that Aifynet offers is attractively low. It could fool novice traders into thinking that dealing with this broker would be advantageous. However, Aifynet does not mention how much commission they charge per trade. So, we are not told the real cost of a trade, which is the spread plus the commission.
The leverage this broker offers, which is a maximum of 1:100 is illegal in all three jurisdictions that Aifynet claims to be regulated by. In Cyprus (which is a part of the European Union), the UK and Australia, leverages cannot exceed 1:30. Therefore, the leverage this broker is offering is too risky and illegal.
Other trading conditions are simply not mentioned.
All these issues tell us that we are dealing with a scammer.
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Single Payment Method
The only way to carry out transactions with Aifynet is via cryptocurrencies – Tether and Bitcoin, to be exact. This is a huge warning sign for all traders. Crypto transactions are very dangerous if done through an unknown party. These transactions are all anonymous and irreversible. This is the reason why many scammers offer only one (crypto) payment method.
So, if you are dealing with a new broker that offers only cryptocurrencies as their payment option, it is a clear warning sign. We would strongly advise all traders to use credit cards or debit cards as a first-time payment option. Bank cards allow you to file for a chargeback in case you get scammed. It may take some time, but you may be able to get your money back. With crypto payments, once your transaction is done, there is no way for you to get your money back – ever.
The fact that there is only one way to transact with Aifynet tells us that we are dealing with a scammer.
Conclusion
Aifynet is not a broker that anyone should ever trust. This broker is a scammer and you will lose your money if you invest with them.
Aifynet
Pros
- None
Cons
- Lies About Regulation
- Poor Trading Platform
- Issues with Trading Conditions
- Single Payment Method
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.
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more