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AKDForex Review - Is it scam or safe?

AKD Forex Review - is akdforex.com scam or good forex broker?

RATING: 1.5 / 1 REVIEWS AKDForex
AKDForex is an offshore broker. Your money is not safe.

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Trading Accounts

 

Account type  Minimum deposit 

Maximum leverage

Spread
ECN $100 1:100 Average of 0.2 pips + $10 in commission
Standard $100 1:100 Average of 0.5 pips + $5 in commission

 

AKDForex is a broker, which focuses heavily on the Russian market. The company doesn’t even have a different language version of their website. There are two account types + a swap-free (Shariah-compliant) version of the Standard account. 

 

The Company. Security of Funds

 

Company Country Regulation
AKDForex Limited Vanuatu VFSC

 

AKDForex Limited is registered in Vanuatu. The company is regulated by the local watchdog – the Vanuatu Financial Services Commission. This is a high-risk destination, when it comes to choosing a forex broker.

 

Vanuatu has recently became the new top destination for dishonest financial services providers. This is due to the fact, the country’s regulatory agency, the aforementioned VFSC does not impose very strict rules on brokers, who register with it. In fact, the capital holdings requirement, for receiving a license is merely $2,000. On the other hand the UK’s FCA, demands the equivalent of €730,000. You can clearly see the different approach. 

 

Furthermore the FCA imposes the segregated accounts rule. This assures clients, their funds will be kept in special bank accounts, which can’t be accessed (and taken) by the broker at will. Additionally, there is a compensation scheme, which acts as a guarantee against broker bankruptcy. If you trade with an FCA-regulated company and they happen to go insolvent, your account will be covered up to £50,000.

 

As we mentioned previously, AKDForex focuses on Russian clients. There is nothing wrong with that, but keep in mind their support team may also only speak Russian, which will be an issue if you don’t and decide to trade with this broker. 

 

Other than that, AKDForex also puts a heavy emphasis on PAMM investing. As you may or may not know, this is a popular scheme in Europe and Russia in particular, where investors can choose to follow and copy experienced traders. A company offering such service is not that unusual, but heavy advertinsing on this particular feature, by an off-shore broker feels somwhat shady. 

 

 

Trading Conditions

 

Minimum Initial Deposit

AKDForex requires a minimum deposit of $100. This is what most companies demand nowadays, with some going even lower. One such company is FXTM, where you can open a cent account, by depositing only $5. 

 

Remember, the minimum deposits are only worth looking at if you are a new trader, or you want to test a broker’s service. Serious trading, on the other hand, requires not only knowledge, discipline and mental fortitude, but also adequate capitalization.

 

Average spreads & Commissions

Spreads at ADKForex are floating, with an added commission. The conditions listed on their website are slightly better, than what our testing indicated. The EUR/USD spread averages around 1 pip, with an added commission of $5 per lot. This amounts to 1.5 pips which is barely competitive in the current environment. You can check the spreads offered by some of the leading forex brokers here.

 

Leverage

The maximum leverage one can get at ADKForex is 1:100. Yo may think this is a low level, as you may have seen forex brokers offering 1:500 or even more. However this isn’t the case at all.

 

 To put it into perspective, if you trade with a 1:100 ratio and you utilize your entire account as margin for one position, a 1% move in the opposite direction will make you loose your entire investment. Be sure to know what you are willing to risk per trade, and the value of each pip before placing any order.

 

Trading Platforms

 

The trading platform provided by ADKForex is MetaTrader 4 (MT4). Albeit relatively old, it is a solid choice, which is popular both among brokers and traders. Its key advantages are the solid charting environment and the easy to use programming language. The latter has led to a boom in custom technical indicators and automated trading systems (or Expert Advisors, as they are known). 

 

On the other hand the platform does not support multiple monitors by default. This is a feature which experienced day traders  dislike very much. Here is a preview of MT4, as provided by AKDForex:

 

(MT4, as presented by AKDForex, click to zoom-in)

 

 

Methods of Payment

 

AKDForex only offers two payment methods: Credit/Debit Card and Webmoney. This is a rather limited pool, but at least it is thematic with the focus on Russian clients.

 

Conclusion

 

AKDForex is an off-shore broker, regulated by the VFSC. The company is primarily focused on Russian clients, despite not having a license by the local Central Bank. We believe they may not offer support in other languages. Trading conditions at AKD are barely feasible. We can not clearly say this broker is a scam (or “kitchen”, as the Russians often say), but the Vanuatu regulation doesn’t inspire trust. Here are this broker’s pros and cons:

 

Pros Cons
MetaTrader4 Platform Off-shore regulation
Barely competitive spreads Strong focus on PAMM
  Mostly targeting Russia
  Few payment methods

 

 

Latest news about AKDForex
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Traders` reviews for AKDForex

Spread

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Slippage

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Requotes

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Price feed

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Platform

Pros

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Deposit/Withdraw

Pros

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Customer service

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Summary

Pros

Cons

 

 

akdfx.com = akdforex = scam, stay away

Deposit 500 USD by skrill, then made profit around 2000.

These scammers blocked my account at March, they didnt even return my deposit. At the beginning they were saying that monthly withdrawal limit 5000 USD !

Now company is asking to send them my card pictures, that proves AKD is pure scam.

Alex 06/27/2019
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