AstroFxBots – Are They Scammers?

Website URL: https://astrofxbots.com

Founded: 2022

Regulations: None

Languages: English, 73 languages from Google Translate

Deposit Methods: Ethereum, Bitcoin, Litecoin, PerfectMoney

Minimum Deposit: $500

Free Demo Account: No

Number of Assets: N/A

Types of Assets: Forex, Indices, Gold, Commodities, Stocks, Cryptocurrencies

Trading Accounts and Conditions

AstroFxBots offers their clients the following types of trading accounts:

• Trial: The minimum deposit is $1,000 and the maximum is $5,000. You are guaranteed a return of 20% in 5 (days? Unsure since the broker has left most of their trading account types information rather unclear).
• Starter: The minimum and maximum deposit amounts are not mentioned, but in another part of the broker’s website, there is mention of a minimum deposit of $500, so we assume that the Starter account has a minimum deposit of $500. Returns are not mentioned.
• Bronze: The minimum deposit is $1,500 and the maximum is $2,500. 20% returns are guaranteed in 5 (once again, nothing is specified about that 5).
• Silver: The minimum deposit is $1,000 and the maximum is $1,500. 20% returns guaranteed in 5.
• Gold: The minimum deposit is 2,000 and the maximum is $2,500. 20% returns are guaranteed in 5.
• Platinum: The minimum deposit is 50,000 and the maximum is $10,000. 20% returns guaranteed in 8 days.
• Diamond: The minimum deposit is 10,000 and the maximum is $15,000. 20% returns guaranteed.

There is no mention of trading conditions, so we do not know what the leverages, spreads, commissions, etc. are.

AstroFxBots – Advantages

AstroFxBots is a scammer and we cannot say that there are any advantages to trading with this broker.

AstroFxBots – Disadvantages

Here are all the disadvantages that clear spell out that this broker is a scammer and needs to be avoided:

• Lies About Regulation

AtroFxBots claims that they are based in the United States and has uploaded images of a Business License and Certificate of Incorporation supposedly issued by a US government authority. We immediately could tell that both these so-called documents are fakes.

To be able to operate as a forex broker in the US, you need permissions and authorization from multiple government bodies – the NFA (National Futures Association) and the CFTC (Commodity Futures Trading Commission). If you do not have both these licenses, you cannot offer your services in the US – even if your are regulated by other financial authorities!

We checked both the NFA’s and the CFTC’s online registers to see if this broker was registered with the regulators. We found no trace of any broker or company by the name of AstroFxBots listed on either register.

So, this broker has lied about being regulated in the US and has put up fake documents in an effort to fool traders into thinking they are legitimate brokers. And since they have not shown any other proof of regulation, we can safely state that we are dealing with an unregulated broker here.

Thus, considering the fact that this broker has lied about their regulation status, we can confidently state that we are dealing with a scammer in AstroFxBots.

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

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

We also found out that there is another online brokerage – NSTradeFX – that is exactly like AstroFxBots.

The layout, the content and even the design of NSTradeFX’s website is pretty much the same as AstroFxBots’. The only things different are the logos, the domains, the changed names and the location. This broker is targeting traders in the UK and has already been exposed as a scam by the UK’s financial regulator, the FCA (Financial Conduct Authority).

This tells us that we are actually dealing with a serial scammer, one that open ups websites regularly and operates them for as long as possible before they are exposed as a scam.

• Unable to Access Trading Platform

We were not allowed to register for an account with AstroFxBots unless we provided details proof of identify. This broker wanted us to upload our ID card copies, passport copies, or drivers’ license copies before they would allow us to open an account with them.

While legitimate brokers also ask for such identity proofs, they will allow possible clients to test their trading platform through a demo account first. This kind of a facility is not available with AstroFxBots. You cannot check their trading platform until you have submitted your documents first. Submitting your documents to a broker without first checking what they have to offer is a bad idea and usually signals a scam.

• No Trading Conditions

This broker has not even bothered to advertise their trading conditions. And since we were unable to access even a demo account, we do not really know what their trading conditions are. This is another sign of something being wrong with a broker.

• Unrealistic Returns Promised

AstroFxBots promises as much as 20% returns if you invest with them. We would like to warn our readers that there is no broker on earth that can make such promises. The forex markets are so volatile that traders will lose more money than they make and returns are slow. In fact, authorities require brokers in their jurisdictions to publish how many of their clients have lost money on trades. That number ranges from 75% to 85%!

So, these promises are just bait to attract unwary traders into investing their money with scammers.

• Incomplete Website

A clear indication of this broker’s scam is how shoddy their website is. Information is sparse and a lot of the key areas are incomplete. A prime example of this shoddiness is how the trading accounts are presented. There is little information available, and what is available is illogical and poorly thought out. 

Conclusion

AstroFxBots is unfortunately yet another scam operation that all traders need to avoid. Trading with this broker could lead to you losing all your funds.

AstroFxBots

2.4

User Experience

3.0/10

Payment Options

2.2/10

Security

2.4/10

Support

2.1/10

Reputation

2.2/10

Pros

• None

Cons

• Lies About Regulation
• Serial Scammer
• Unable to Access Trading Platform
• No Trading Conditions
• Unrealistic Returns Promised