AzaForex Review: Don’t Risk Trading with This Broker
Every time we see an offshore brokerage, we cannot help but ask if this broker is safe to trade with. What can happen if you get scammed? Since there is no regulation and no authority body, where can you go? To whom can you file a complaint?
We will present the most important information in this AzaForex broker review. Here’s everything you need to know about the broker’s regulatory status, warnings, platform, trading conditions, and funding methods.
|Broker Status:||Unregulated scam broker|
|Blacklisted as a Scam by:||CSA|
|Broker Owner:||AZA PRO LLC|
|Headquarters Country:||St. Vincent and Grenadines|
|Online Trading Platforms:||Mobius Trader 7|
|Crypto Asset Trading:||Yes (BTC, ETH, LTC)|
|CFD Trading Option:||Yes|
|Available Trading Instruments:||Forex, Crypto, CFDs, Binary Options|
|Free Demo Account:||Yes|
|Accepts US clients:||Yes|
How Are You Protected at AzaForex? License and Security
The broker is owned by AZA PRO LLC based in Saint Vincent and the Grenadines. However, the broker is not regulated by any authority body. The company claims to be established in 2020 and keep the funds in tier-one banks such as HSBC and Credit Suisse. Yet, there is no confirmation for these allegations.
Since the broker is not regulated, we would recommend you avoid trading with such a company. Setting up an offshore company is much easier than establishing a brokerage onshore under a strict jurisdiction such as the European Securities and Markets Authority (ESMA), which explains why many scammers do it.
We did find one official warning against AzaForex. The Canadian Securities Administrators (CSA) caught this offshore broker providing services to traders without proper authorization.
The CSA issued this warning relatively recently – on February 15, 2023. We hope more regulators issue warnings to traders about AzaForex.
Trading Platform Overview
AZAForex provides two platforms. They are both dubbed Moebius Trader and they are available for both desktop and any browser.
It has some basic charting tools, the Stop Loss functionality and other, but it is no match for the industry standard, MetaTrader4 and MetaTrader5, which provide much more. Mainly in the automated trading department.
As for trading conditions, the spreads that AZAForex has are within acceptable limits, under 1 pip for major Forex pairs like EURUSD. However, the leverage it offers is too much for a retail trader and it goes up to 1:1000. This obscene amount has been banned in most of the world.
Account Types at AzaForex
Here’s an overview of AzaForex’s three trading account types:
- Start – $1, leverage up to 1:1000
- Pro – $2,000, spread 0.5 pips, leverage up to 1:500
- VIP – $10,000, spread 0.1 pips, no commissions, leverage up to 1:500
Pro and VIP account types have an ECN option. AzaForex’s leverage levels are extremely high, making trading with the broker extremely risky. Renowned regulators such as the FCA and ESMA have imposed a leverage cap of 1:30 for retail clients.
AzaForex Bonuses and Promotions
In regards to the AzaForex broker, they state they offer a 25% bonus if you make a deposit via the crypto. It is prohibited by all the European regulatory bodies to offer any kind of bonus, especially when making a deposit via cryptocurrencies.
Many scam brokers will push you to activate your account using Bitcoin or other cryptos simply because it’s anonymous and hard to trace them back once you deposit. So, offering a bonus is a good trap to keep you from getting your money back.
AzaForex Deposits and Withdrawals Process
AzaForex included a wide range of funding methods:
- Visa or Master credit or debit card
- Wire transfers
The minimum deposit is just $1 while the minimum withdrawal amount is $10. AzaForex says there are no related deposit & withdrawal fees.
There’s a lengthy AzaForex withdrawal policy on the broker’s website so be sure to read it thoroughly if you’re still interested in investing in this brokerage.
How is the Scam Performed?
The idea of another income surely does sound nice. The internet gives the impression that making money through investing is more accessible than ever to non-experts. So, it is no surprise that many scam brokers lurk online for inexperienced traders through flashy advertisements and fake stories of satisfied clients.
Once you fall for it and give your information, they will call you non-stop to invest. However, these fake brokers don’t invest the money you give them even though they very confidently assure you that you are generating great profits and should invest more.
And after you make some of that false profit, their agents will give you a call saying you need to invest more and if you do so there will be an enormous profit you will likely make. There is also the story that if you don’t invest more, you will lose all of your profits, which of course would never happen with a legit broker.
In case you have been scammed by AzaForex or any other fraudulent broker, getting your money back is possible! We would also be thankful if you can share your experience with us since we can help you report your scammers to the authorities.
This AzaForex review was conducted to give you a good explanation of how this scam broker operates. The fact that they failed to provide even the most basic info and lied about their address is just the first of many red flags. This investment scam allegedly offers its clients an opportunity to trade on the forex market.
However, after one look at their website and the lack of something as basic as the platform, it becomes obvious no trading takes place there.
Additionally, they are operating without a license and follow no regulations and therefore offer no safety for your funds. On top of this, they have been issued a warning by CSA.
We remind you once again to always be cautious where you invest your funds, and stay as far as possible from this unscrupulous broker
FAQs About AzaForex Broker
What Kinds of Accounts Does AzaForex Have?
AzaForex offers three types which include Start, Pro and VIP trading accounts.
How is My Security Ensured When Using AzaForex?
The security of your funds or your personal data is not at all ensured with this unregulated scam broker.
What Funding Methods Are Accepted at AzaForex?
They offer following funding methods: credit/debit cards, wire transfers, e-wallets and crypto.