de | cn | ru

AuraFX Review - Is it scam or safe?

AuraFX Review - is aura-fx.com scam or good forex broker?

RATING: 1.8 / 1 REVIEWS ForexBrokerz AuraFX
AuraFX is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Trading Accounts

 

Account Type Minimum Deposit  Minimum trade size Maximum leverage Spread (& Commission)
Standard $1000 0.01 1:200 Averaged 0.4 pips EUR/USD

 

AuraFX offers a single account type with leverage up to 1:200 and tight variable spreads on the most widely used forex trading platform, MetaTrader 4.  Managed accounts are also available with this broker.

 

The Company. Security of Funds

 

Company

Country

Regulation

AURA FX (NZ) Ltd

New Zealand

FMA

 

Founded in 2013, AuraFX is a New Zealand-based forex and CFD broker that uses the top trading platform MT4. The company behind the brand is AURA FX (NZ) Ltd., and it is duly registered in the New Zealand Register of financial services providers and as such, is regulated by the Financial Markets Authority (FMA).

 

When we downloaded the broker’s MT4, however, another company name appeared - Aura Group Ltd. We suspect that this company is not licensed to provide forex brokerage services by any authority. Besides, when we checked AuraFX in the Forex Peace Army forum, we found allegations that the broker is related to PureECN and other brands and complaints by traders that they have been denied withdrawals. So maybe you should keep your wits about this broker.

 

AuraFX also maintains a UK domain. In the Terms of business uploaded on this website the broker admits acting as principal (Market Maker).

 

Trading Conditions

 

Minimum Initial Deposit

The minimum initial deposit required by AuraFX is $1000, which a comparatively high amount to start trading with, especially taking into account that other brokerages licensed in NZ, like IG, have not set any minimum deposit requirement.

 

Commission & Spreads

On its website AuraFX claims to offer fixed of 0.8 pips on EUR/USD. 

 

However, when we tried out the broker’s demo MT4 platform, the spread for this pair was floating around 0.3 – 0.4 pips, which is really tight. On top of that, no commission fees apply. All that sounds too good to be true and we suspect that the situation is different with live accounts – either the spreads are higher, or some commission is charged.

 

Leverage

The maximum leverage level offered by AuraFX is 1:200, which average. If you are ready to take the risk and use higher leverage levels, check out a list of more FX brokers offering leverage up to 1:500 or higher.

 

Trading Platforms

 

AuraFX offers its clients the industry’s standard platform, MetaTrader 4 (MT4), available as desktop and mobile versions.

 

MT4 4, developed by Russian software company MetaQuotes, is preferred by most traders, because it is easy to use and yet equipped with professional features: charting tools, more than 50 built-in indicators, a wide range of Expert Advisors (EAs) and extensive back-testing environment for them. 

 

AuraFX’s desktop MT4. Click for a larger image.

 

Methods of Payment

 

AuraFX’ clients are offered the following modes of payment: Wire Transfer, Credit Card or Digital Wallets such as Skrill, and Neteller.

 

Conclusion

 

AuraFis a NZ broker that provides trading in forex and CFDs on a single account type through the popular MT4 platform. What bothers us with this broker is that there are some inconsistencies between the information on the website and what we found on the trading platform – regarding both the spreads and the company name. To sum up the above:

 

Pros  Cons
Regulated in NZ Which is the company behind the brand is unclear
Competitive spreads Market Maker model
MT4 available High initial deposit required
Latest news about AuraFX
No news about AuraFX . Check back later.
Forex
Broker Country Regulation Platform Min Deposit Review
US CFTC, NFA MT4, Web,
in-house
$50 Review Website
US NFA, CFTC MT4 $250 Review Website
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
Australia, Cyprus ASIC, CySEC MT4, MT5, Iress $100 Review Website
Cyprus, Australia CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
UK FCA MT5 $5 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website

Traders` reviews for AuraFX

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

de | cn | ru