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AVFX Review - is it scam or safe?

AVFX review - Is avfxcapital.com scam or good forex broker?

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

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AVFX is an offshore forex and CFD broker, offering over 30 currency pairs with several account types on the MetaTrader4 platform. If you are thinking about opening an account with them be sure to read this review first.

 

Account type Min. deposit Max. leverage Spreads
AVFX Micro Account $10 1:1000 1,8 pips
AVFX Pro Account $500 1:500 1,5 pips
AVFX Islamic Account $1000 1:300 1,2 pips
AVFX Multi Terminal Account $1000 1:1000 1 pip

 

AVFX Advantages:

 

Over 30 currency pairs

 

AVFX offers about 30 forex pairs with some exotic currencies like Turkish Lira and the Singapore Dollar. The broker also offers CFDs on spot metals like silver and gold, stocks and oil. However, as there are no crypto assets offered, here you may check our list of brokers, where you can trade Bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

You can open a trading account with just 10 USD

 

You can open a trading account at AVFX with just 10 USD and that is great. Still, we should note that the minimum deposit requirement for any of the premium accounts is much higher - 500 USD for the AVFX Pro Account and 1000 USD for the AVFX Multi Terminal Account. 

 

Have in mind as well, that some big, well respected brokers like FBS and IG offer trading accounts with an initial investment of just 5 USD.

 

Leverage of up to 1:1000

 

Leverage as high as 1:1000 is basically as good as it can get. Our advise, however, is to use leverage with caution as it comes with an increasingly higher risk of loosing your funds with the slightest fluctuation of the market.

 

It is not a surprise that in the beginning of August the European ESMA caped the maximum leverage allowed with forex at 1:30, while similar regulations in US and Japan, restrict leverage levels to 1:50 and 1:25 respectively.

 

Meta Trader4 offered

 

AVFX supports MetaTrader4 and that is good news. MetaTrader4 is a reliable platform, light and intuitive, featuring plenty of charting tools, market indicators and the option to run automated trading sessions, with the help of specially designed trading bots or Exper Advisors, as they are called, which one can easily modify on an in-build editor. Here you may also want to check our list of brokers, offering MetaTrader4:

 

>>MT4 Brokers<<

 

AVFX Disadvantages:

 

No license

 

AVFX is owned by AVFX Technology (SV) Ltd, a company based in St. Vincent & the Grenadines, while the site is operated by SM GLOBAL INVESTMENT LTD. Here we should note that both companies do not have a license to provide financial services and to operate forex and CFD brokers in places like USA, EU, Japan or Australia.

 

Have in mind that proper regulation is the single most important factor for the safety of any investment on the retail forex and CFD market. 

 

Respected financial authorities such as the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC) do provide sufficient protection to investors by forcing all brokers, licensed by them, to follow strict fiscal and ethical rules. 

 

Besides, traders with FCA brokers are even entitled to a compensation of up to 50 000 GBP in case their broker is unable to pay. A similar compensation scheme protects up to 20 000 EUR of the trading capital with all CySEC regulated brokers. 

 

Besides, here you may check our list of FCA regulated brokers:

 

>>FCA Regulated Forex Brokers<<

 

Uncompetitive spreads 

 

As tested with a demo account the benchmark EURUSD spread fluctuated between 1,1 pips and 1,2 pips, which is acceptable. However, we are not sure which trading account our demo account mirrors.  

 

Spreads as advertised with the opening Micro Account start form 1,8 pips, which is higher than what traders would usually expect. That said, although spreads with the rest of the accounts might seem more attractive, the respective minimum deposit requirements make those accounts less accessible. 

 

Besides, here you may check our list of brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

No information about the payment methods

 

Most brokers accept payments with credit or debit cards like VISA and MasterCard, e-wallets like Neteller and Skrill and bank wire. Unfortunately, we were not able to find information about payment methods on the web page of the broker. Here, however, you may check our list of brokers, where you can pay with Bitcoins: 

 

>>Forex Brokers Accepting Bitcoin<<

 

Conclusion:

 

AVFX is an unregulated offshore broker, and this makes any investment with them quite risky. As we already discussed, the problem with all unregulated brokers is that the safety of your investment depends solely on the integrity of the people behind those brokers. So our advise is to deal only with brokers, regulated by well respected institutions. 

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Traders` reviews for AVFX

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