Astro Markets FX – Are They Trustworthy?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Astro Markets FX - DO NOT TRADE WITH THIS PROVIDER
2.5/10
$100
Minimum Depositupdated 2022
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://astromarketsfx.com
Founded: 2022
Regulations: None
Languages: English, Arabic, Mandarin, Cantonese, Czech, French, Hindi, Indonesian, Polish, Spanish, Italian, Urdu, Japanese, Korean, Malay, Russian, Persian, Vietnamese
Deposit Methods: Bank Transfer, Crypto Wallets
Minimum Deposit: $50
Free Demo Account: No
Number of Assets:
Types of Assets: FX, FX Indices, Metals, Commodities, Indices, Stock Baskets, Stocks and Stock CFDs.
Trading Accounts and Conditions
Astro Markets FX offers their clients the following accounts for trading:
- Micro: The minimum deposit is $50. There are no commission and spreads are tight. You can trade on the MT4 platform. Assets available for trade are FX, Commodities, Stock Baskets, FX Indices, and Metals.
- Advantage: The minimum deposit is $500. There are commissions from $0.4 to $2 and the spreads start from 0.0 pips. You can choose between the MT4 and the MT5 platforms. Assets available for trade are FX, Commodities, Metals, Stock Baskets, FX Indices, Indices, Stocks (MT5 Only) and Stock CFDs (MT5 Only).
- Advantage Plus: The minimum deposit is $500. There are no commissions and spreads are tight. You can choose between the MT4 and MT5 platforms for your trading. Assets available for trade are FX, Commodities, Metals, Stock Baskets, FX Indices, Indices, Stocks (MT5 Only) and Stock CFDs (MT5 Only).
The broker has detailed the leverages they offer in a separate section. While there are tons of details, we can see that the maximum leverage for FX Majors is 1:2000 and for FX Minors it is 1:500.
Astro Markets FX – Advantages
There are no advantages to trading with Astro Markets FX.
Astro Markets FX – Disadvantages
The amount of detailed information on this broker’s website would lead you to believe that they are actually a legitimate broker. However, when we do a deep dive into what Astro Markets FX really offers, we realize that this broker is unfortunately yet another scammer. Here are the red flags that tell us that this broker is not to be trusted:
-
Lack of Regulation
The first thing that this broker does is claim to be regulated by multiple authorities. On the footer of their home page, Astro Markets FX claims to be regulated by the following authorities:
- CySEC (Cyprus Securities and Exchange Commission). License number 185/12.
- FSCA (Financial Sector Conduct Authority) of South Africa. FSP number 46614
- FCA (Financial Conduct Authority) of the UK. License number 777911.
- com, which is called Exinity Limited, is also licensed by the Financial Services Commission of the Republic of Mauritius. Their investment dealer license number is C113012295.
- The broker also states that Exinity Limited is a member of the Financial Commission.
- Their card transactions are supposedly processed by FT Global Services Ltd, a company that is based in New York, USA.
All of this sounds extremely official and legitimate. But all these claims are lies. We checked each and every one of these claims, and we found out that there is no company or brokerage by this name licensed or regulated by any one of these above-mentioned authorities.
This obviously means that we are dealing with an unregulated entity – 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.
-
Clone Firm
While investigating Astro Markets FX’s claims about their legal status, we found out that this broker is actually a clone firm. A clone first is an entity that uses another legitimate firm’s information and passes it off as their own in a bid to appear legitimate.
In this broker’s case, they have stolen the licensing details of a well-known and respected brokerage – FXTM. Astro Markets FX has simply taken all of FXTM’s licensing details and pasted them on their website in a bid to fool customers into thinking they are legitimate.
Another red flag that tells us clearly that we are dealing with a ruthless scammer.
-
Lies About Trading Software
This broker claims to offer their clients the use of the MetaTrader 4 and MetaTrader 5 trading platform. These are also lies. When we checked their client are, we found out that this broker does not even have a working trading platform! All we found were third-party charts that only look like a trading software, but they do not function at all.
-
Trading Accounts vs. Investment Plans
Astro Markets FX has a massively detailed set of pages dedicated to their account types and trading conditions on their website. However, the broker also has a contradictory set of investment plans that have nothing to do with actual trading.
The information on the account types page is bogus, since there are not trading platforms available at all. And the investment plans look like pyramid schemes, where you are promised massive profits in return for your investments.
If any broker promises you profits, it would be wise to stay as far away from them as possible. This is because that is a clear sign of a scam. The forex market is so volatile that losses are far more common than profits and legitimate brokers are required by law to let their customers know about this danger. So, promises of certain returns are a sure scam.
-
Lies About Payment Options
On their website, Astro Markets FX claims to offer numerous payment options – Visa, MasterCard, Maestro, Skrill, Neteller, WebMoney, Bank Transfers, Local Transfers, and VLoad.
When we checked the payment area (the withdrawal section, since we could not access the deposits section), we found out that there were two payment methods available – bank transfers and crypto wallets.
Here are two things that stood out for us. The first was obviously the lies this broker has told us about their payment options. And the second is the fact that the layout of the payment options on their website is exactly the same as on the FXTM page; this broker simply copied and pasted what they found on a legitimate broker’s website.
Conclusion
Astro Markets FX is a scammer and your funds will be lost if you do business with them.
Astro Markets FX
Pros
- None
Cons
- Lack of Regulation
- Clone Firm
- Lies About Trading Software
- Trading Accounts vs. Investment Plans
- Lies About Payment Options
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.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.