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AstroFX Review - is it scam or safe?

AstroFX review - Is astrofxoption24.com scam or good forex broker?

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

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AstroFX or AstroFX-Option says to be an award winning forex and binary options broker, which also “sells bitcoin mining contracts and is currently one of the largest cloud mining companies in the world”. Their offer includes five forex/ binary trading plans and five bitcoin trading plans with guaranteed weekly profit of between 10% and 50%.

 

Trading account  Min. deposit Max. leverage Spread
300 Plan $300 1:50 N/A
500 Plan $500 N/A N/A
1000 Plan $1000 N/A N/A
2000 Plan $2000 N/A N/A
5000 Plan $5000 N/A N/A

 

This might sound as a great investment opportunity and yet there are a number of rather disturbing issues about this broker, so before depositing any funds with AstroFX be sure to read the following lines.

 

AstroFX Advantages:

 

In the beginning of our reviews we usually try to list any positive sides about the broker we investigate. Unfortunately with AstroFX there is simply nothing worth to mention.

 

AstroFX Disadvantages:

 

No license 

 

From their presentation we understand that AstroFX is owned and operated by AstroFxOption24 Trading Company Limited – a company supposedly based and regulated in the UK. The problem here is that all financial service providers in the UK, including all forex and CFD brokers should be licensed and authorized by the local Financial Conduct Authority (FCA). 

 

And our research shows that AstroFX is not regulated by the FCA or any other financial regulator in Europe or America, so basically their operations in the above mentioned markets are completely illegal.

 

Besides, here you may check our list of FCA regulated brokers, with which your funds will even be insured for up to 85 000 GBP:

 

>>FCA Regulated Forex Brokers<<

 

Unusual withdraw conditions and fees

 

AstroFX says you can not withdraw your deposit unless you you reach a certain minimum trade volume requirement, and this is highly unusual. No legit broker will ever restrict your right to withdraw your own money. See for yourself:

 

 

On top of that AstroFX says they will charge you a 500 GBP monthly Administration Fee or 20% of your account balance (whichever is greater), if your account remains ‘inactive’ for a continuous period of just 14 days. This is outrageous as well. See for yourself: 

 

 

Trading bonuses 

 

The general issue with all trading bonuses is that they always come with additional withdraw conditions – even larger minimum trade volume requirement, which scammers usually use as a pretext to cancel your withdraw requests. It is not a surprise that trading bonuses are altogether prohibited on regulated markets like the European Union and the UK.

 

Promises of unrealistic returns 

 

You should always be extra cautious if someone offers you guaranteed returns. On the contrary properly regulated brokers are required to publish the percent of traders who lose money, which on average exceeds 70% for the industry in general.

 

And AstroFX does exactly the opposite – they promise guaranteed weekly profits of between 10% and 50%. See for yourself:

 

 

Only bitcoins accepted

 

And this is yet another worrisome sign. Bitcoin payments are more or less anonymous and are totally irreversible unlike payments with VISA and MasterCard, where you can file for a charge back within a certain period of time.

 

 

MetaTrader4 not supported 

 

We were not able to check the AstroFX web based trading platform as they do not offer a demo account. In any case we miss the industry standard MetaTrader4 – a highly reliable platform, with a user friendly layout and excellent charting tools, which also comes with over 50 integrated market indicators and trading robots, with the help of which one can easily run automated trading sessions. Here you may check our list of broker, which do support MT4:

 

>> Choose some of the best MT4 brokers <<

 

Conclusion:

 

AstroFX is a unregulated broker, with rather limited credibility, which illegally targets customers on regulated markets like the EU and the UK. And AstroFX also has some rather unusual withdraw conditions and fees, which only confirmed our suspicion that what we have here is yet another scam website. 

 

As usual in such cases our best advise is to trade only with legit and properly regulated brokers, like the once that are authorized by the FCA in the UK, the Cyprus Securities and Exchange Commission (CySEC) or the Australian Securities and Investments Commission (ASIC) – by far the three most popular regulatory hubs in the industry.

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Traders` reviews for AstroFX

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