AstroFX – Is It Safe?

Website URL: https://astrofxtrade.com/invest/index.html

Founded: 2018

Regulations: Not Regulated

Languages: English, Russian, Spanish, French, Thai

Deposit Methods: Bitcoin

Minimum Deposit: $300

Free Demo Account: None

Number of Assets: Unknown

Types of Assets: Forex and Cryptocurrencies

Trading Accounts and Conditions

According to AstroFX’s website, there are 5 different trading account for clients to choose from:

• 300 Plan: The minimum deposit requirement for this account is $300.
• 500 Plan: The minimum deposit requirement for this account is $500.
• 1000 Plan: The minimum deposit requirement for this account is $1,000.
• 2000 Plan: The minimum deposit requirement for this account is $2,000.
• 5000 Plan: The minimum deposit requirement for this account is $5,000.

We only know the leverage for the 300 Plan account, which is 1:50. This broker has not provided any information about the spreads it offers.

AstroFX – Advantages

Sadly, there is nothing good that we can say about this broker, so we will have to leave the Advantages segment of our review empty.

AstroFX – Disadvantages

Here is the list of disadvantages of trading with AstroFX:

• Unlicensed

According to the information presented on AstroFX’s website, the broker is operated by a company by the name of Algobit Ltd. The broker claims that its parent company is based in the Seychelles and is regulated by the financial authority of Cyprus, the CySEC (Cyprus Securities and Exchange Commission).

So, we checked the CySEC’s online register to verify AstroFX’s regulation status and we found out that this broker is not, in fact, regulated by this government body.

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

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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.

• Very Poorly Designed Trading Software

AstroFX has one of the worst trading platforms we have seen so far. The charts that this platform presents have actually been taken from a third party – a provider that follows market trends. This means that this broker doesn’t really have any trading conditions.

The design of the platform is such as it will remind you of the trading platforms that were used in the early 2000s, when online trading was just beginning to take off.

There are no charting options, market indicators or even automatic trading robots like the ones available on the world’s foremost trading software, the MetaTrader 4 platform.

Basically, this platform is so bad that even newbie investors will not be fooled by this software!

• Unfair Withdrawal Conditions and Fees

AstroFX also has some very unfair withdrawal conditions. According to this broker’s terms, a trader is not allowed to withdraw their funds if they have not first met a trading volume target.

This is a very unfair condition, since no broker has the right to prevent you from withdrawing your own money.

Added to this condition, you will be charged a monthly administration fee of £500, or 20% of your account balance if you have not carried out any trades for more than 14 days. The choice will depend on which is the greater amount.

This is again another ridiculous condition, since most legitimate brokers will charge a nominal fee after at least 12 months of inactivity.

• Trading Bonuses Offered

Trading bonuses are a highly controversial topic in the forex and crypto trading world. They are very attractive offers, but come attached with the condition that a trader needs to meet a certain (and usually extremely high) trading volume target before they can withdraw their funds.

Some brokers also put in an added condition that they can change the terms of the trading bonus at will and without prior notice.

It is a tactic that is used very commonly by scammers in a bid to divest you of your money.

Most strongly regulated markets have banned the use of trading bonuses. So, the fact that AstroFX offers this kind of a bonus just strengthens our belief that this broker is a scammer and that your money is not safe with them.

• Broker Promises Unrealistic Profits

Another big red flag for us is the promise this broker makes about the returns you will get from your investments. AstroFX guarantees you extremely high returns for every trade you make.

Legitimate brokers clearly state that trading is the Forex and Cryptocurrency market is risky and that 70% of traders actually lose money in this market. AstroFX, on the other hand, promises its clients that they will receive returns that range from 10% to 50% per week! This is, of course, a blatant lie since such returns are just not possible.

• Only Payment Method is Bitcoin

The only way you can make payments is by Bitcoin. This is also a highly suspect point, since Bitcoin transactions are virtually anonymous and irreversible. What this means is that you don’t know where your money is going, and once you have made that payment, you will never be able to get it back.

Other payment methods such as credit or debit cards, or even bank wire transfers allow you to charge back. You know where your money has gone, and if you apply within a certain time period, you can get your money back. With Bitcoin, you cannot do so, so your money is gone for good.

• No Demo Account

We found out that AstroFX does not offer its customers a demo account. Demo accounts are important tools, since they allow potential clients to check the trading conditions as well as the performance of the trading platform offered by a broker.

It is common for scammers not to offer their potential clients demo accounts since they do not wish to reveal the actual trading terms. Additionally, after we did register for an account with AstroFX, we saw why the broker would not want its customers to see its trading platform!

Conclusion 

We would recommend that all traders stay far away from AstroFX as it is clearly a scam operation.

AstroFX

2.6

User Experience

3.4/10

Payment Options

2.4/10

Security

2.5/10

Support

2.3/10

Reputation

2.2/10

Pros

• None

Cons

• Very Poorly Designed Trading Software
• Unfair Withdrawal Conditions and Fees
• Trading Bonuses Offered
• Broker Promises Unrealistic Profits
• Only Payment Method is Bitcoin