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AzaForex Review: Broker Is Obviously A Skilled Scammer
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AzaForex broker is officially registered in the Marshall Islands in 2022 under the flag of Aza Pro LLC. As with many other offshore countries, companies there lack regulations. In this case, AzaForex as well. If you take a look at their trading conditions, you will quickly realize all flaws of investing here.
|Offshore scam broker
|Active forex trading scam
|Blacklisted as a Scam by:
|Aza Pro LLC
|Online Trading Platforms:
|Mobius Trader 7
|25% on crypto
|Crypto Asset Trading:
|Yes – BTC, XRP, SOL
|CFD Trading Option:
|CFDs are available
|Available Trading Instruments:
|Forex, Cryptocurrencies, Binary options, CFDs
|Free Demo Account:
|Accepts US clients:
Many more are yet to come, but besides a professionally designed website, nothing to look for here. Read this AzaForex review carefully.
Is AzaForex Broker Safe for Your Money? Regulation
The main disadvantage of AzaForex trading company is its lack of regulation. With registration in the Marshall Islands that doesn’t provide any licenses to trading companies, they must look elsewhere. If you think about it, brokers don’t prefer strict regulations because they mostly don’t perform genuine activities. The same happens with the AzaForex scam broker.
This is confirmed through the research of some most trusted Tier 1 regulators databases. For instance, BaFin, FCA, CFTC and CONSOB. None of those ever issued a license and authorized this company to provide trading services. Especially considering their office based in the UK they should opt for at least an FCA license.
On the contrary, regulators started issuing warnings against this investment scam. If you look at CSA (Canadian Securities Administrators) database, you will find one. It is just a matter of time before this will reach a domino effect and other regulators start following their steps.
What Trading Platforms are available?
Besides the lack of reliable regulation, they are missing a competitive platform as well. Instead of Meta Trader or cTrader they only offer Mobius Trader 7. It is available as a desktop app and web trader. It offers a wide range of charting and analytical trading features. But it can’t be compared to the industry standard Meta Trader.
On the positive side, mobile users won’t lack any of their features. This trading platform is available for all iOS and Android systems. Additionally, if you are not a fan of downloads you can use a web-based platform through the browser.
What Account Types are Offered at AzaForex?
Important to realize is that AzaForex account types are very risky. Especially for non-experienced traders. And that’s exactly the ones that are lured through their social media campaigns. Anyway, you may choose between three options:
- Start $1
- Pro $2.000
- VIP $10.000
However, only Pro and VIP accounts allow you to use ECN services. What makes these accounts dangerous is their leverage of up to 1:1000. But if you look at any EU regulator or ESMA (European Securities Markets Authority) you will see a maximum allowed leverage of 1:30. So, all prepositions to get into debt are there. High leverage and missing negative balance protection.
On the positive side, traders have a demo account. You can test their services but remember to open the demo and still, you must complete the registration form. Which leaves your personal information at the disposal of a non-licensed broker. Don’t let yourself get persuaded by the broker into something that is not safe. Everything they say is questionable due to missing authorization to provide such services.
Trading Instruments Overview
As for the trading options, they have a wide range. You can choose from:
- Forex USD/AUD, CAD/NZD, GBP/SEK
- Commodities gold, cotton, crude oil
- Indices Dow Jones, JP Morgan, FTSE 100
- Shares Apple, Mcdonald’s, Tesla
- Cryptocurrencies BTC, BNB, BCH
- Binary options US and China ( 107 options )
As shown above, this broker is not authorized to provide such services. There is no use of so many instruments if your profits won’t be in your pockets. As we can see from AzaForex broker reviews that’s the main issue. In addition to the warning from CSA, this becomes really suspicious.
Even though they advertise extremely low spreads, their commission is way over the industry average. For Start and Pro account it is $12. Only the VIP account doesn’t have a commission.
Funding Method at AzaForex
AzaForex broker accepts some standard payment methods. From:
- Credit/Debit cards
- Wire transfers
- E-Payments (Skrill, Neteller )
Another key point is a bonus on crypto transactions. None of the other methods have such a feature. This might be a cheesy tactic to lure traders into depositing via cryptos. Such transactions are hardly traceable and very anonymous. Therefore, you don’t have any proof that you sent money to the broker. That’s why regulation plays a key role in trading. Even if you get scammed, you can get compensated.
Even though the broker claims not to have any deposit and withdrawal fees, we wouldn’t test it out. If you are still thinking to invest here, read their deposit and withdrawal policy in detail.
How Do I Get My Money Back if I’ve Been Scammed by AzaForex?
Without regulation, this broker can do whatever they want. All terms and conditions are speculative. Therefore, if you got scammed there is only one thing to do. To start the fund recovery process. It all varies what are the first steps depend on the funding methods.
Our fund recovery team is there to guide you throughout the process. More importantly, the team has access to CipherTrace which can even trace crypto transfers. But the easiest way would be a chargeback for card transactions.
Let’s not break our heads thinking upfront. You can book your first free consultation now and let us hear what is your experience with this offshore broker.
- Non-licensed offshore trading company.
- Extremely high leverage.
- Warning from financial watchdogs.
- Uncompetitive trading platform.