AFX Markets Online Review Scam Complaint
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AFX Markets Online is a forex and CFD broker based in Bahamas. Not much information is available about the broker on its official website and when you sign up the contact email of the company comes from South Africa. The broker offers three types of accounts on the MT4 platform, which are Mini, Standard and True ECN Account. If you are willing or about to open an account with the broker, it is recommended to read this review first.
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About the AFX Markets Online:
AFX Markets Online is an unregulated broker, offering spreads starting from 1 pip on its Mini and Standard account types. In its True ECN Account if offers spread starting from zero and the broker also charges commission on this account which starts from $3 per standard lot. In its Mini and Standard accounts the commission starts from 10 cents per lot. AFX Markets Online offers its traders around 45 forex pairs and CFDs on various stocks. Talking about the leverage allowed by the broker, it is 1:500 for its Mini account, whereas 1:200 for its Standard and ECN accounts. Availability of MT4 platform could be seen as a good point, as this platform is been preferred by many reputed brokers. Considering the minimum deposit requirements of the broker, it seems quite acceptable as it charges $50 to open a Mini account. But, it charges $500 for a Standard and ECN Account.
The main concern with the broker is its regulatory status; the broker does not mention anything on its website about its license. Moreover, there are two brokers connected behind AFX Markets Online, one is based in Bahamas and another in South Africa, which is unfortunate. With AFX Markets Online you can deposit or withdraw your funds from the trading account only through major debit and credit card, no e-wallets facility is available.
Is AFX Markets Online legit or scam?
Considering all the advantages and disadvantages of the AFX Markets Online, it can be concluded that the broker is not legit and is a scam. As it is not regulated by any financial authority along with it, there is no definite or solid information available on the website of the broker, it seems to lack credibility. Though it does offer relatively great spreads, leverage and platform but when your funds are concerned you should not ignore the credibility and reliability of the broker, and here both of these things are missing.