AMFX – Can You Trust Them?

Website URL: https://am-fx.com

Founded: 2020

Regulations: Unregulated

Languages: English

Deposit Methods: Visa and MasterCard Debit/Credit Cards, Bank Wire

Minimum Deposit: $500

Free Demo Account: No

Number of Assets: N/A

Types of Assets: Foreign Exchange, Futures CFDs, Precious Metals

Trading Accounts and Conditions

AMFX offers you the following trading accounts:

• Micro Account: The minimum deposit you need to make in this account is $500. For this account, you are offered micro lots of 0.01.
• Premium Account: The minimum deposit you need to make to use this account is $1,000.
• DMA Account: You need to make a deposit of at least $25,000 to trade on this account.

This broker also offers Islamic accounts.

The maximum leverage you can get while trading with AMFX is 1:400, but we do not know what spreads are charged by this broker – all we know is that they are fixed.

AMFX – Advantages

We did not find anything that could be considered an advantage in AMFX.

AMFX – Disadvantages

There are many serious cons that we found with this broker:

• Clone Firm

AMFX claims that it is owned by a company called SVS Securities Plc. This company is based in the UK, and has a registration number 220929 under the FCA (Financial Conduct Authority).

It’s true that SVS Securities Plc is duly authorized by the FCA, however, this company has nothing to do with AMFX. AMFX’s domain name is am-fx.com, but SVS Securities’ is svssecurities.com.

What this broker has actually done is used the corporate information of a regulated company and passed it off as its own, which is completely illegal. A company that steals another legitimate company’s details is called a Clone Firm and their sole purpose is to scam unwary customers of their money. And that is what AMFX is.

Plus500

$100

Minimum Deposit

Start Trading

Read Review

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.

• Connection to Blacklisted Brokerage

Another interesting point to note is that a brokerage with the domain name amfx.com was blacklisted by the UK’s FCA back in 2015. The thing is, this firm and AMFX (this broker) have the same telephone number. The original brokerage was blacklisted for operating illegally.

And now, it seems that the same company has resurfaced, using a slightly different domain name, but with the same intent – to scam people of their hard-earned money.

• High Minimum Deposit Requirement

According to the broker’s website, you need to make a deposit of at least $500 to be able to trade with them. This amount is more than two times the average in the market, where most brokerages allow you to start trading with a minimum deposit of just $100 to $250. In fact, there are many reputed brokers that allow you to make much lower minimum deposits – some of them as low as $5.

• Conflicting Information About Minimum Deposits

AMFX just gets shadier as we investigate deeper. While on their website, the broker states that the minimum deposit requirement for their Premium Account is $1,000, when we actually check the account specifications, the broker says that you need to deposit a minimum of $10,000.

These kinds of contradictions show how little you can trust this broker.

• Leverage in Contradiction to FCA Regulation

AMFX offers their clients a maximum leverage of 1:400, which would be a great plus – if it weren’t in direct violation of the FCA regulations. If a broker operates in the UK, then they can offer a maximum leverage of only 1:30. The only jurisdiction where brokers are still allowed to offer leverages in the range offered by AMFX is Australia. In the UK, due to the high risk attached to high leverages, the ratios have been capped.

So, the fact that this broker offers leverages that are banned in the country where they are supposedly based only highlights the fact that they are operating illegally and that they cannot be trusted with your money.

• Lack of Demo Account

AMFX claims that they offer a demo account, so we registered for one. We received an email with the download link, however, when we tried to do so, we found out that that link was broken. Basically, this is yet another lie that the broker has told to attract more customers.

• Lack of MT4 Platform

Still another claim made by AMFX is that they offer their clients the famed MT4 trading platform.

The MT4 (MetaTrader 4) platform is the world’s foremost trading interface. It is so easy to use that even novice traders will have no trouble using it. And for advanced traders, there are multiple tools such as charting, market analytics and automated trading options.

So, we felt that AMFX’s offering of the MT4 platform would be a big positive. However, when we tried to register, we found out that this too was not available for download.

• No Support for Skrill

The broker has lied everywhere! On their website, AMFX claims that they offer multiple payment options, including the popular e-wallet, Skrill. However, when we tried to use Skrill, once again, we found that the link to this payment provider did not work.

So, this broker has used yet another false claim as bait to attract more customers.

• No Legal Documents

AMFX does not have any legal documents on their website. This is another huge red flag. The legal documents, also called the Terms and Conditions or Client Agreement, are critical since they define the terms of service offered by the broker. Thus, if you do contract with this broker, you will be doing so without knowing what the terms of service are, which means that they can do whatever they like with your money.

Conclusion 

This broker is a serial scammer. There is not doubt about that. And if you invest with AMFX, you will lose your money. We recommend that you find a broker that is not just regulated but also offers fair and transparent trading conditions to their customers.

AMFX

2.4

User Experience

3.2/10

Payment Options

2.4/10

Security

2.2/10

Support

2.3/10

Reputation

2.1/10

Pros

• None

Cons

• Clone Firm
• Connection to Blacklisted Brokerage
• High Minimum Deposit Requirement
• Conflicting Information About Minimum Deposits
• Lack of Demo Account