The offer on AzaForex’s website seems enticing. However, there are several crucial facts you should know about this broker.
We’ve presented the most important information in the AzaForex Review. Here’s everything you need to know about the broker’s regulatory status, warnings, platform, trading conditions, and funding methods.
AzaForex is a brokerage run by AZA PRO LLC from the Marshall Islands. Based on other reviews of this broker, it seems that it previously operated from Saint Vincent and the Grenadines.
What these two offshore domains have in common is that neither domain’s financial authority regulates Forex trading. Thus, the AzaForex regulation is the key issue here. The broker is unlicensed to provide trading services.
Setting up an offshore company is much easier than establishing a brokerage onshore under a strict jurisdiction such as the Europen Securities and Markets Authority (ESMA), which explains why many scammers do it.
Our recommendation is that you find a broker with a Tier 1 trading license, issued by the likes of the FCA, BaFin, CONSOB, FINMA, ASIC, etc. If you’re from the US, make sure your broker is registered with the NFA and CFTC.
It will ensure the safety of your funds and give you the right to a compensation scheme (e. g. up to 20,000 EUR in ESMA domains) in case the broker goes insolvent or bankrupt.
AzaForex is a dubious offshore broker from the Marshall Islands without a valid trading license, actively targeting traders from the United States, Germany, South Africa, Indonesia, and Nigeria since 2020.
The CSA issued this warning relatively recently – on February 15, 2023. We hope more regulators issue warnings to traders about AzaForex.
From what we gathered, AzaForex offered services to traders from all over the world. This comes as no surprise considering that the broker is based offshore.
So far, only the CSA has issued a warning against the unlicensed provider. Here’s a list of countries where AzaForex found clients:
AzaForex’s website shows us that the broker is active on WhatsApp, Instagram, Skype, Facebook, Twitter, YouTube and Telegram.
Each of these platforms can easily be used as a medium to find victims. We wouldn’t be surprised if AzaForex was running fraudulent marketing campaigns as well.
Of course, if everything else fails, the shady broker can always use direct phone calls or send emails to traders.
We found numerous complaints against the broker on Trustpilot and TradersUnion. It seems the main problems traders had with AzaForex were withdrawal issues and the broker’s website & platform freezing. AzaForex reviews aren’t positive in general. Here’s a warning from one dissatisfied trader:
You won’t be able to earn money in AZAforex. The terminal doesn’t work well here. It feels like everything is against you, Yes, and the quotes here are fake campaign. In short, the booth has gathered, money is being pumped out of people. I do not advise you to ever open an account with AZAforex.
The trading platform that AzaForex offers is MobiusTrader 7. This platform can be accessed via a browser or downloaded for Windows, MAC, Linux and mobile phones.
MT7 is essentially a web-based platform with 16 base currencies and ultra-low spreads. It offers unique charting and analytical tools but the platform cannot be deemed “professional” just like that.
AzaForex’s MobiusTrader 7 fails in comparison to the industry’s leading platforms – MetaTrader 4 & 5. To make matters worse, the broker is unregulated.
MT7 is available for both Android and iOS systems. In addition, the platform also has a web version that can be accessed via any phone.
The desktop and mobile versions of MT7 don’t differ that much. More or less, the same features and tools are available on both devices.
When it comes to trading assets, AzaForex offers the following:
AzaForex advertises ultra-low spreads. They are variable and start as low as 0.0001 pips for the Start account.
The broker’s average commission is 12 $. Thus, AzaForex’s average trading cost is around 1.1 pip for the Start account. The VIP account doesn’t have commissions.
Here’s an overview of AzaForex’s three trading account types:
Pro and VIP account types have an ECN option. AzaForex’s leverage levels are extremely high, making trading with the broker extremely risky. Renowned regulators such as the FCA and ESMA have imposed a leverage cap of 1:30 for retail clients.
Yes. AzaForex included a demo account, which you can use to try out MT7 and trade. However, investing real money is a whole different story. Be careful if you decide to open a live account.
Say the market moves rapidly against you. It would be great if you had some kind of protection that would prevent your balance from going negative.
Well, licensed brokers offer just that – negative balance protection. We’re not sure whether AzaForex really equips its traders with NBP.
AzaForex included a wide range of funding methods:
The minimum deposit is just 1 $ while the minimum withdrawal amount is 10 $. AzaForex says there are no related deposit & withdrawal fees.
There’s a lengthy AzaForex withdrawal policy on the broker’s website so be sure to read it thoroughly if you’re still interested in investing in this brokerage.
If AzaForex violated any terms and conditions or if you’re having withdrawal issues, please let us know. Global Fraud Protection has recently been notified about the AzaForex scam.
Lost money to AzaForex? It’s imperative to act quickly and try to get it back. We can help you there since our experts specialize in bank chargebacks, recalls and crypto-tracing methods such as CipherTrace.
If this broker steals your money, contact us for help. The fastest and easiest way to book your free consultation with us is via Online Chat.
AzaForex is a risky brokerage, plus unregulated. Therefore, your investments could easily be embezzled. If you lost money to this scam, call us.
Yes. AzaForex did include a demo account with which you can trade for free.
Yes. The AzaForex mobile app is available for both Android and iOS systems.
MobiusTrader 7 looks decent but it’s far from MetaTrader 4 or MetaTrader 5 status.
AzaForex is a risky brokerage, plus unregulated. Therefore, your investments could easily be embezzled. If you lost money to this scam, call us.
Yes. AzaForex did include a demo account with which you can trade for free.
Yes. The AzaForex mobile app is available for both Android and iOS systems.
MobiusTrader 7 looks decent but it’s far from MetaTrader 4 or MetaTrader 5 status.
The post AzaForex Review – What Makes This Offshore Broker a Risky Choice For Investors appeared first on Global Fraud Protection.
