AzaFX is an online forex broker which offers trading services to its clients. It was started in 2014 and since then has encountered a number of various issues with its clients. If you’re still considering registering with AZAFX then read our AZAFX review before making your final decision.
Regulation is important to a broker’s trustworthiness. It’s why we always encourage you to check a if a broker is regulated before even thinking about signing up. Our research into AZAFX showed that they are not regulated.
What was even more troubling was the discrepancies in their location information. When we research a broker, we not only take a look at the broker itself but we also check other online reviews. What we noticed when checking AZAFX reviews was that there were differences in location. A couple of websites mentioned AZAFX being in the US, others stated that it is located in the United Arab Emirates (UAE) and one even claimed Ireland.
What most likely happened is that those websites listed the location, AZAFX had listed at the time. And given the frequent changes in location, it’s safe to say that AZAFX is even less trustworthy than we originally thought. Continue reading to find out what else this broker is guilty of.
AZAFX Customer Support
Customer support is critical to any broker/business’ success. AZAFX offers customer support via:
- Live chat
- Online Form
- Call Back
We liked the fact that AZAFX had multiple ways of getting in touch with them. However, having various communication methods are pointless if the broker does not actually use them.
The AZAFX scam is guilty of exactly this. During our research, we contacted AZAFX using the online form, email and live chat options to check the response times of each so we could rate them.
Sad to say, that AZAFX performed poorly on all accounts. The online form and email options did not receive any responses, even now we are yet to receive a response to our enquiries have not been answered. It begs to question, what kind of broker does not even take the time to answer the questions of potential clients.
And it seems current AZAFX clients are encountering the same issue. During our research, we came across an azafx.com review where a previous AZAFX client spoke about how even after two months of trying to contact AZAFX about his withdrawals, he did not receive a single response. It just goes to show the true nature of AZAFX.
The AZAFX broker offers three different types of accounts:
- Standard Trading Accounts ($1000 Minimum Deposit)
- Mini Trading Accounts ($500 Minimum Deposit)
- Cent Trading Accounts ($100 Minimum Deposit)
Standard Trading Accounts
AZAFX claims that the Standard Trading Accounts come with the forex market’s standard trading terms and operate without fees. There’s also a fixed spread used for setting a trade once you get access to all trading instruments.
The AZAFX broker also claims that this type of account works for all traders. And that it has a universality which allows you to change the trading leverage and use a deposit which works for you. The minimum trade size is $10 per pp/ 1 lot.
Mini Trading Accounts
The Mini Trading Accounts work with the forex market’s Mini trading terms. Like the Standard Account, they operate without any fees and offer you a fixed spread. AZAFX also claims that it offers a similar universality like the Standard Trading Account. And the leverage can be adjusted as well. The minimum trade size is 1 lot/ $1 per pip.
Cent Trading Accounts
The Cent Trading Accounts like the Mini and Standard Trading accounts operate without any fees. It works with the forex market’s cent trading terms. And you can use a fixed spread throughout once you have access to all trading instruments.
AZAFX also claims this account has universality and can be used by all types of traders. The leverage is also adjustable and minimum trading size is $0.10 per pip/1 lot.
The AZAFX broker uses the MT4 platform which is a highly popular trading platform because it’s free, customizable and basically very easy to access. However, while it does come with an exceptional reputation, it has its drawbacks. Namely its ease of access. Because practically any broker, legit or otherwise can gain access to the MT4 platform and modify it, it makes the platform’s usefulness depend on the broker using it.
In the case of the AZAFX broker scam, the MT4 platform is used against the traders so that it can benefit the broker and rob the traders. This is why we encourage you to make sure the broker you register with offers a good platform but also ensure that said broker is a trustworthy one. And in the case of AZAFX, that is not so.
AZAFX Deposit & Withdrawal
You can deposit and withdraw using to and from AZAFX using:
- Bank Transfer
- Perfect Money
- Web Money
- Local Depositer
But the issue we’ve seen with many brokers is that when a trader requests a withdrawal, they cannot get their money. And that is the case of one trader who wrote an AZAFX broker review. Even two months after he sent his initial withdrawal request, he is still yet to receive his money or get a response from AZAFX.
It has gotten so bad that Skrill has even blocked AZAFX which is yet another major red flag about this scam of a broker.
AZAFX Review Conclusion
It is clear from the lack of regulation, poor customer support and negative reviews that AZAFX is nothing short of a scam. We suggest you avoid this broker and if you have already registered, get out while you still can.