A Comprehensive Afex EU Review 2024- Avoiding Suspicious Broker Scams
Afex EU presents itself as a global online brokerage offering a diverse array of financial instruments spanning six different asset classes, along with advanced trading software. The company claims supervision by reputable financial authorities, including the FCA in the UK, CONSOB in Italy, and BaFin in Germany. In this Afex EU review we provide all the red flags about this broker.
Contrary to these assertions, the reality paints a starkly different picture. AfexEU operates without regulation, raising significant concerns about its trustworthiness. One of the regulatory bodies listed by the company has officially identified their fraudulent activities, issuing warnings to safeguard traders from falling prey to their questionable practices.
To safeguard your funds, it is strongly recommended to refrain from engaging in any business dealings with AFEX EU.
Afex EU lacks regulation and is deemed untrustworthy. In reality, one of the regulatory bodies they profess to be governed by has recognized their fraudulent intentions and issued warnings. This cautionary measure aims to safeguard traders from becoming victims of their questionable practices.
Website – https://www.afexeu.com/
Address – Dublin, Ireland
Regulation Status – Unregulated
Financial Conduct Authority (United Kingdom)
Commissione Nazionale per le Società e la Borsa (Italy)
Comisión Nacional del Mercado de Valores (Spain)
Central Bank of Ireland (Ireland)
Federal Financial Supervisory Authority (Germany)
Afex EU Review: Regulation
Afex Eu website contact section features only a solitary contact form, devoid of any phone number, address, or social media accounts, rendering the platform essentially anonymous. This lack of transparency raises a substantial red flag, indicating a potential scam where the operators aim to remain untraceable and unreachable.
Furthermore, AfexEU.com fails to furnish Terms and Conditions or a Customer Agreement and refrains from disclosing the identity of the owning company. This deliberate anonymity casts doubt on the legitimacy of the broker’s claims regarding its licensing by regulatory bodies in the UK, Germany, and Italy.
A thorough examination of the records of these regulators reinforces our suspicions, revealing warnings that Afex EU lacks authorization to provide financial services.
Afex EU Review: Trading Platform
Afex EU promotes the availability of a web-based trading platform. Nevertheless, we encountered a significant obstacle in verifying this claim due to persistent issues with the website. The platform consistently experienced glitches and freezing, preventing us from accessing the web-based platform even after completing the registration form. Given our assessment that this company is fraudulent, we strongly caution against providing any personal information or documents to Afex EU.
Afex EU Review: Payment options
Afex EU imposes substantial deposit requirements for opening accounts, with the Entry account mandating a minimum deposit of $250, the Standard account at $2,500, the Premium account requiring $25,000, and the Gold account setting a staggering minimum of $100,000. The VIP account demands an astonishing deposit of $250,000.
These deposit prerequisites are particularly noteworthy given the lack of credible proof or regulatory confirmation for Afex EU. It becomes especially ironic when compared to legitimate brokers that offer Micro accounts, requiring deposits of less than $50.
Afex EU purportedly facilitates deposits and withdrawals through various channels, including bank transfers, credit cards, and popular e-wallets such as PayPal, Skrill, Neteller, and Sofort. However, we were unable to verify these claims.
It’s worth noting that fraudulent brokers often tout traditional payment methods while steering potential victims toward cryptocurrency transactions, emphasizing the importance of exercising caution and due diligence in financial dealings.
Afex EU Review: Trading Conditions
The website asserts the availability of trading across major asset classes, including cryptocurrencies. This fact serves as an additional indication that Afex EU lacks endorsement from the UK Financial Conduct Authority (FCA), as the regulator prohibits trading in crypto derivatives.
For a starter account, Afex EU presents a spread of 2.2 pips. This figure is nearly double the industry average, making it an unfavorable and unprofitable proposition for traders. Additionally, Afex EU fails to furnish information on a fundamental trading parameter – the maximum leverage.
Afex EU Review: Conclusion
Given the multitude of warning signs, placing trust in this broker’s integrity regarding deposit security becomes highly questionable. Brokers with such characteristics often complicate and impede the withdrawal process, making it nearly impossible. A broker that engages in deceptive practices cannot be relied upon.
These highlighted points only scratch the surface. If you’ve encountered issues with this potential scam, consider filing a complaint against them through our website’s complaint form. Gain access to a free consultation on the fund recovery process and explore your options.
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