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AFUFX Review - is it scam or safe?

AFUFX review - Is afufx.com scam or good forex broker?

RATING: 1 / 0 REVIEWS AFUFX
AFUFX is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


AFUFX says to be a forex and CFD broker, based in California and regulated in the UK, which offers a fine selection off currency pairs with a leverage of up to 1:500 and the MetaTrader5 platform. 

 

As nice as this may sound, we got immediately suspicious – for a start if you are based in California you should have a U.S. license as well, and if you are regulated in the UK, you will not be able to offering leverage as high as 1:500, because the local Financial Conduct Authority (FCA), has restricted the maximum leverage brokers are allowed to offer retail traders to 1:30, as in the rest of the European Union.

 

Our research shows that actually here we are dealing with a clone website, that uses corporate details of a legit and properly licensed UK company, so if you are considering trading with AFUFX, better read this review first.

 

Account type Min. deposit Max. leverage Spreads
Standard Account n/a 1:500 3,1 pips

 

AFUFX Advantages:

 

Leverage as high as 1:500

 

Despite the obvious risk of trading with higher leverage, we count this as an advantage, especially since the regulators throughout Europe, the U.S., Canada and Japan regulated the maximum leverage brokers are allowed to offer retail traders. 

 

To trade with leverage as high as 1:500 is surely tempting, so here you may check our list of brokers, regulated in Australia, the last major regulatory hub where brokers are still allowed to offer virtually unlimited leverage:

 

>>Brokers regulated in Australia<<

 

Fine selection of trading instruments

 

As we checked the AFUFX trading platform with a demo account we came across 30 forex pairs, some of which minor or exotic like USDHKD and USDCNH, 13 indices, oil, gold and silver – we are talking about CFDs of course. 

 

And there were even several bitcoin pairs - against the euro, the US dollar, the Hong Kong dollar and the Japanese yen, so here, if you like the idea of trading with crypto assets, you may also check our list of brokers offering bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

MetaTrader5 supported

 

The main advantage of the newer version of MetaTrader – the MT5 over the MT4 is the option to execute trades on different financial markets through a single account.

 

 

Otherwise the platform supports the well known Expert Advisor trading bots, with the help of which you can easily run algorithmic trading sessions, as well as the numerous market indicators, and the excellent pack of advanced charting tools, which you can find with MT4 as well. Here you may also check our list of brokers supporting the MetaTrader5:

 

>>MT5 Brokers<<

 

AFUFX Disadvantages:

 

Clone website, no license

 

AFUFX mentions two companies on its website - Advanced Financial Union Ltd and Invest Thames or Thames Valley Investment, which it claims to be regulated by the Financial Conduct Authority (FCA) in the UK. You can see that on the screen shot below, never mind the spelling mistake in the name of  Thames Valley Investment.

 

 

And although there truly exists a company named Thames Valley Investment Advisers Ltd, which is duly licensed by the FCA, it turned out it has nothing to do with AFUFX.

 

AFUFX is just an anonymous clone website, which deliberately tries to mislead traders that they represent a legit FCA licensed company.

 

Besides, here you may check our list of brokers that are properly licensed and authorized by the FCA:

 

>>FCA Regulated Forex Brokers<<

 

High spreads

 

As tested with a demo account the benchmark EURUSD spread floated over 3,1 pips and that is at least twice higher than the spreads we consider acceptable with a standard account. Here you may check as well our list of brokers offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

No information about the payment methods accepted

 

Just keep in mind that most brokers accept payments with credit and debit cards like VISA and MasterCard, bank wire and e-wallets like Neteller and Skrill. And some even accept bitcoins, so here you may also check our list of brokers where you can pay with bitcoins:

 

>>Forex Brokers Accepting Bitcoin<<

 

No information about the minimum deposit requirements

 

Most brokers will ask you for a minimum deposit of about 250 USD, but some big well know companies like FBS and IG will let you start trading with just 5 USD or so.

 

Conclusion:

 

AFUFX is a clone website using corporate details of a legit and licensed company in a deliberate attempt to trick investors to part with their money. Bear in mind that you should always double check any information a new broker might offer you, especially when it concerns its regulatory status. As usually in such cases our best advise is to trust only brokers licensed and authorized by well respected institutions such as the Financial Conduct Authority in the UK, the Cyprus Securities and Exchange Commission (CySEC) or the Australian Securities and Investments Commission (ASIC). 

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Traders` reviews for AFUFX

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