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AvasTradeFX Review - is it scam or safe?

AvasTradeFX Review - is avastradefx.com scam or good forex broker?

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

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Trading Accounts and Conditions

 

Trading account  Min. deposit Max. leverage Spread
Standard  $300 N/A N/A

 

AvasTradeFX presents itself as an “innovative Forex/CFD and Binary trading platform provider” operated by a licensed firm with more than 7 years of experience. It clearly focuses on trading in cryptocurrency derivatives, but important parts of its offer remain unclear. More importantly, we have serious concerns about the brand, and the company behind it. In this review, we will try to shade some light on the broker's service.

 

 

AvasTradeFX Advantages

 

Honestly, the website and platform of AvasTradeFX are so messy, that we could not think of a single strong side of this broker. We are not even sure what is the essence of the services they claim to provide.

 

 

AvasTradeFX Disadvantages

 

Not licensed, despite the claims

AvasTradeFX one of the many trading names of Gembell Limited – a company registered offshore (on the Marshall Islands), which is said to be represented by Tifiya Group s.r.o. in the EU.

 

 

Click on the image to zoom in,

 

They claim to hold a license by the International Financial Market Relations Regulation Center (IFMRRC), which, however, is not an official financial regulator. IFMRRC’s website does not even feature a company name, so we can safely conclude that it is just an anonymous website issuing dubious certificates to offshore brokers, lacking any credibility whatsoever.

 

So, we can safely conclude that Gembell Limited does not fall under any regulatory oversight because the government of the Marshall Islands does not include Forex trading within its regulatory framework. That being said, AvasTradeFX is not entitled to operte on any regulated market, including the European Union. We would also like to remind you that binary options are banned in many jurisdictions for investor protection concerns. Last year binaries were prohibited across the EU by the pan-European regulator, ESMA.

 

Possibly part of a serial scam

Actually, Gembell Limited operates a number of brokerage brands - Pocket Option, DigitalTradeFX, GlobaTradeRush  BinomoFX, TradeHash, and many more. Some of these websites have the same lay-outs, and many offer similar trading conditions, platforms, etc.

 

Considering that these all operate illegally, we can safely conclude that AvasTradeFX  is a part of a serial scam operated by the offshore company Gembell Limited.

 

Not clear about its services, no free testing service

As we already mentioned, this broker has not announced any payouts, spreads, etc. It is even not clear what kind of services it provides – trading in binary options, forex, or a cryptocurrency exchange. What is worse, one cannot register a demo account with AvasTradeFX and test its services for free.

 

Strange web platform, no MT4

We signed up with AvasTradeFX (of course, without depositing any money) in order to sneak peek into its platform and take a look at what it actually offers. As a result, we got access to some unproven web interface, which we have seen with other shady unregulated brokers:

 

Click to view larger.

 

The platform does not even seem to be operating, as one cannot execute a single trade. It actually feels like a cardboard cut-out with charting powered by TradingView and quotes from some major forex brokers and crypto exchanges.

 

That being said, most forex traders prefer using the good old MetaTrader4 (MT4). It feels easy enough for a new trader to learn, yet the charts are so good, experienced technical analysts love them. Furthermore, the platform allows easy customization, so lots of user-created tools can be applied to it. 




>> Choose some of the best MT4 brokers <<

 

 

Conclusion

 

At the end of the day, we can safely conclude that AvasTradeFX is just another scam operating in the online trading world. So, we would advise our readers to direct themselves to better trading. 

 

Unfortunately, the forex and cryptocurrency markets is full of frauds, so the only way to stay safe is to only deal with brokers licensed by reputable financial regulators, that have set strict rules guaranteeing the investors’ safety of funds. That being said, one of the most trustworthy authorities in Europe are the UK’s Financial Conduct Authority and the Cyprus Securities and Exchange Commission (CySEC).

 

 

>> Trade with a broker regulated in Cyprus <<

 

 

Here is a summary on AvasTradeFX:

 

Pros Cons
None Not licensed, despite the claims
  Possibly part of a serial scam
  Not clear about its services, no free testing service
  Strange web platform, no MT4
  Comparatively high initial deposit

 

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Traders` reviews for AvasTradeFX

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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