AZ Trades Review Scam Complaint
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AZ Trades is an offshore brokerage company owned by AZ Markets Ltd, registered in St Vincent and the Grenadine. It is a forex and CFD broker that claims to be registered with Financial Commission; however, there are a lot of inconsistencies with this broker showing they aren’t what they are claiming. The broker offers seven types of accounts for trading, namely, Classic, Islamic, Variable, Silver, Gold, VIP and Crypto Account. Read the whole review below to know about AZ Trades before investing with them.
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About the AZ Trades:
AZ Trades offers over more than 45 forex currency pairs, CFDs commodities, indices, gold, silver, bitcoin and other cryptocurrencies for trading options and personal investment. There is no proper regulation stated on its website and it’s not a surprise since the authorities in St Vincent and the Grenadines do not regulate forex brokers. The missing regulation brings together the uncertainty regarding the safety of the funds of the clients, the most crucial aspect of a brokerage company. As the broker has no guarantee of the segregation of accounts which means clients do not know whether the brokerage company is handling their money separately from the company’s own, which greatly increases the chance for a scam.
AZ Trades provide mobile as well as web based trading platform, Hummingbird. It has a spread of 2pips on EUR/USD and this is above the average of industry. The brokerage company does not offer its potential clients with access to the MT4 trading platform which is the most preferred choice. The minimum deposit for the most basic account is 200 Dollars which is interestingly below the average of 200 to 250 Dollars. A low minimum deposit is a considered a good sign for a number of reasons. The website states that AZ Trades offers potential clients a leverage of 1:400 which is significantly high.
Is AZ Trades legit or scam?
AZ Trades is an offshore unregulated brokerage which is registered St. Vincent and the Grenadines which does not offer all that favorable trading conditions and safety regulations. A very poor selection of financial instruments is provided by the broker at the disposal of the trader. Even they did not state anything about cyptocurrencies on their website. Above everything, the most important criteria at which broker abruptly fall short is the safety of the client’s funds. Without proper regulation there is no security to the funds of the traders.