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AssistFX Review - is it scam or safe?

AssistFX Review - Is assistfx.com scam or good forex broker?

RATING: 1 / 1 REVIEWS ForexBrokerz AssistFX
AssistFX is an offshore broker. Your money is not safe.

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Trading Accounts & Conditions

 

Account type  Minimum deposit  Maximum leverage Spread
Standard Unspecified 1:200 From 1.1 pips

  

AssistFX is a forex and CFD broker, allegedly founded in 2013. The trading conditions we experienced when trading their demo account were rather decent, but we found other issues with the company which grant them the low score. Read the full review for all the specifics. 

 

AssistFX Advantages

 

Reliable platform (MT4)

We, as well as basically everybody who has traded forex in the last 10 years, are familiar with MetaTrader4. This is basically the “go-to” platform which many brokers provide. That being said, it isn’t simply a quick-fix solution (which is cheaper than developing a new one from scratch), it’s a great piece of software. The charting it offers can only be matched by a few other providers (like TradingVeiw, arguably), but when combined with the endless customization provided by the MQL programming environment is even better. Automated strategies (or Expert Advisors) are also supported. Here is a preview of the platform:

 


What you get after downloading the AssistFX MT4

 

>>Other MT4 brokers can be found here<<

 

Tight spreads in the platform

When testing the aforementioned trading software, we were surprised by the competitive nature of the spreads. Our testing occurred in the early part of the European trading session, one of the most liquid times of the day (which means the conditions would be optimal) and the EUR/USD spread was around 1.1-1.3 pips. While some brokers offer even lower costs of trading, AssistFX is definitely among the most competitive ones.

 

1:200 in leverage

The maximum ratio provided by AssistFX will satisfy the needs of most traders. We have to reiterate for the newcomers who are reading, all margin trading is very risky. In essence you are taking a bigger position and only using your account as a guarantee and if the situation goes bad, you may end up loosing your entire investing. Educate yourself on the basics of risk management before venturing into the world of forex trading.

 

Skrill accepted

The payment methods provided by AssistFX are relatively old fashioned: Bank Transfer and Credit Card, with the addition of Skrill. The company formerly known as Moneybookers is a favorite among poker players, sports bettors and traders.

 

>>A list of brokers accepting Skrill<<

 

AssistFX Disadvantages

 

Unregulated broker

Our chief concern with AssistFX, which trumps all the positives we mentioned so far, is their lack of regulatory oversight. The company is based in Montenegro, more specifically in what appear to be the Student Quarters of the capital Podgorica. While this may lead one to believe young people are involved with the project, financial regulation isn’t mentioned anywhere on the website. This is very troubling and enough for us to not recommend this broker.

 

Trading conditions not presented

The impressive trading conditions we found when testing the MT4 platform offered by this broker aren’t clearly defined on their website. Other companies usually include a list of all the assets, the target spreads, contract sizes (which are important for CFDs, as they aren’t as standardized as the currency trading ones) as well as other details.

 

Crypto CFDs not found in the platform

AssistFX offers a lot of CFDs on indices, spot metals and even futures contracts. The website also claims they provide access to the hottest new asset class, cryptocurrencies, but we weren’t able to find them in the platform (and yes, we did click on the “Show All” button). This is a very minor issue, when compared to the biggest one we have.  

 

Conclusion

 

AssistFX is an unregulated forex broker based in Montenegro. The trading environment they provide seems very attractive – a top rated platform and tight spreads. That being said, the regulatory factor will always be more important for us and this should also be the case for you.

 

We feel the need to reiterate for those of you who may be new to forex. The reason we put the legal status of a broker higher than anything else is the fact it guarantees the credibility of a given company. When trading with an unregulated entity, you are taking unnecessary counterparty risk. 

 

We like to give the United Kingdom’s Financial Conduct Authority (or FCA) as an example of a tough regulatory agency. All the brokers registered with it must follow a lot of rules. We will only mention the two, which provide security for your funds:

 

>>Browse through our list of FCA brokers<<

 

1) all client accounts are segregated (separated) from the company’s funds, in a way stopping the most obvious scams.

 

2) protection against the broker going bankrupt. This is done via the Financial Services Compensation Scheme (FSCS), which covers up to £50,000 per client. 

 

To recap this review:

 

Pros Cons
Reliable platform (MT4) Unregulated broker
Tight spreads in the platform Trading conditions not presented
1:200 in leverage Crypto CFDs not found in the platform
Skrill accepted  

 

 

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Traders` reviews for AssistFX

Spread

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Slippage

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Requotes

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Price feed

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Cons

 

 

Platform

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Cons

 

 

Deposit/Withdraw

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Cons

 

 

Customer service

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Summary

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