AZAForex review – 5 things you should know about azaforex.com!

Beware! AZAForex is an offshore broker! Your investment may be at risk.

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Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

AZAForex is yet another offshore broker – there is no reason to invest with it, when licensed companies can be found easily these days. Still, if this is not enough to dissuade you from trading with the broker, read on – there are a lot more reasons to avoid the company, listed below:

AZAForex regulation and safety of funds

AZAForex operates from the offshore haven of St. Vincent and the Grenadines – this is a fact that the company readily admits to, as you can see below:

Of course, St. Vincent does not regulate its Forex market – something that the government of the offshore nation has explicitly stated in a press release. Predictably, this has made it quite the attractive destination for scammers and shady brokers.

Compare that glaring lack of regulation to the measures the EU takes to weed out fraudsters – brokers licensed within a member-state of the Union must report daily on open and closed trades to prove they are not running any kind of scam. That is on top of the very high minimum capital requirement of 730 000 euro that is imposed on them, which verifies that the broker has what it takes to trade on the markets.

As you can see, trading with a regulated broker will award you a degree of security that AZAForex simply cannot replicate. So here is a list of some of the best EU brokers we have covered – hopefully you will stick with them.

AZAForex trading software

AZAForex provides two platforms – both dubbed Moebius Trader – they are available for both desktop and any browser. Here is what they look like, starting with the desktop distribution:

It has some basic charing tools, the Stop Loss functionality etc. – but it is no match for the industry standard, Metatrader 5, which provides much more – mainly in the automated trading department. Here is the browser platform – it is not too different from the desktop one:

As for trading conditions, the spreads that AZAForex has are within acceptable limits – under 1 pip for major Forex pairs like EURUSD. However, the leverage it offers is too much for a retail trader – 1:1000. This obscene amount has been banned in most of the world. However, a lot of unlicensed brokers offer it, because high-leverage trading is exciting. Do not fall for it – if you see a high leverage like that, the chances are you are dealing with an offshore broker!

AZAForex deposit and withdrawal methods and fees:

AZAForex accepts deposits via Bitcoin and other cryptocurrencies, as well as credit cards. Please note that all crypto payments are final, while cards allow you to file a chargeback within 540 days of any transaction.

We could not find any information on what fees AZAForex charges – but it does offer bonuses without intending to pay them out – here is an excerpt from its FAQ section which straight up prohibits withdrawing bonuses:

Therefore, while AZAForex’s bonuses might seem beneficial, they offer no real reason to invest with the broker.

How does the scam work

After reviewing AZAForex, it is our conviction that the broker might be running a scam – using a very tried and true method, where the company has you follow an ad that promises obscene returns to a website much akin to AZAForex’s. You are then prompted to leave some kind of contact information – for example a phone number. If you do, you will certainly get barraged by calls from the scammers, who will demand one thing and one thing alone – that you deposit with them. And if you do, you will get harassed to deposit more and more. Once you realize you are being conned, or try and get your money from the scammers, they will drop you and never contact you again.

What to do when scammed?

If you were the victim of such a scam, don’t be ashamed! The people running them are expert manipulators – anyone can fall victim to them. What’s important to do is restore your privacy by changing all forms of ID and credit cards the scammers had access to – because they might use them without your consent. If they had you install TeamViewer or a similar desktop sharing program, immediately remove it.

Secondly, you might be eligible for a chargeback depending on your payment method – contact your bank and explain what happened to you. And even if you aren’t, don’t fall for further scams – if contacted by a recovery agency which demands upfront payment, know that this is simply another scheme!

Rich Snippet Data

Reviewer

TheForexReview

Review Date

2021-05-17

Reviewed Broker

AZAForex

Broker Rating

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