Are you ready for an exhilarating ride through the world of cryptocurrency trading? Today we’re diving deep into the mysterious realm of Afex, a not-so-prominent crypto broker. In a world filled with scams and dubious platforms, it’s crucial to separate fact from fiction, and that’s exactly what we’re going to do. Is this a scam or a reliable project? Let’s get to the bottom of it all!
- Afex General Information
- Registration and Client Portal Review
- Afex Trading Conditions
- Account Types Review
- Trading Platform
- Afex — Deposit and Withdrawal of Funds
- Additional Options
- Is Afex a Scam?
- Legal Information and License
- Afexltd.com Domain Info
- Contacts Review
- More details
- Pros and Cons
- Frequently Asked Questions (FAQ)
Afex General Information
|Address||British Virgin Islands|
|Leverage||Up to 1:100|
Registration and Client Portal Review
When it comes to the official website of this broker, it leaves much to be desired. The first thing that catches your eye is the mundane and uninspiring design, which fails to engage visitors and make a lasting impression. The website follows a cookie-cutter template that lacks originality, making it blend in with countless other generic broker sites.
Furthermore, the lack of substantial information about the company raises red flags. Visitors are greeted with minimal details about the broker’s background, history, or even its team members. It’s disheartening to see such a disregard for providing potential clients with a comprehensive overview of the company.
The registration process with this broker is disappointingly lackadaisical when it comes to verifying user email and phone number. While registration itself may be relatively straightforward, the absence of verification raises concerns about the security and legitimacy of the platform.
Typically, reputable brokers prioritize the verification of user information, as a crucial step to ensure the authenticity and protection of their clients’ accounts. However, in this case, Afex neglects this essential aspect, leaving room for potential misuse and fraudulent activities.
The Client Portal provided by this broker leaves much to be desired, as it presents a mundane and unremarkable user experience. From its generic design to its standard functionalities, the portal fails to distinguish itself from countless other brokers in the market.
Moreover, the portal’s interface appears to be devoid of any customization options or user-friendly enhancements.
Afex Trading Conditions
Let’s take a look at what Afex actually offers for those aspiring to become pro traders and examine its conditions.
Account Types Review
There are a total of four account options to choose from, and their names are quite standard: Beginner, Silver, Gold, and Platinum. Immediately, the first account requires a deposit of $500. This seems excessive considering that you won’t even have access to all the available assets. The leverage is up to 1:20, and there are various commissions and fees involved.
Moving on to the Silver account, you’ll need to deposit $5,000 right off the bat. Yes, it’s a substantial amount to start with. With this account, you’ll gain access to the “basic” assets, although it remains unclear what exactly falls under that category and why brokers insist on limiting trading options for their clients.
Frankly, Afex, your competitors don’t engage in such absurd practices.
Additionally, you’ll receive leverage of up to 1:50, access to e-books and webinars. Naturally, these would be more beneficial for beginners. However, this broker provides maximum benefits only to those who are willing to pay.
Now, let’s talk about the Gold account, which requires a deposit of $10,000. With this account, you’ll receive even more additional services, reduced commissions, and even a dedicated support manager. And finally, we have the Platinum account, which demands a minimum deposit of at least $50,000 and promises daily trading signals. However, history conveniently omits why successful traders, who can afford to deposit $50,000, would need such signals in the first place.
In summary, Afex’s account options may not be particularly innovative or enticing, with their high deposit requirements and limited benefits. It appears that this broker is primarily focused on catering to those who are willing to invest substantial amounts of money.
Afex offers a rudimentary web-based trading platform, desktop and mobile apps. The web trader has a simplistic design and offers a limited range of functions, including a small selection of indicators. While the graphical indicators on the platform may be of some use to certain traders, it falls short in terms of advanced features and tools available on more sophisticated trading terminals.
It’s worth mentioning that these web-based platforms are often preferred by scammers due to their lower investment and development requirements compared to popular platforms like MT4/MT5.
Afex — Deposit and Withdrawal of Funds
Afex offers various deposit methods, including credit and debit cards, bank transfers, electronic payment systems, and cryptocurrencies. However, when it comes to withdrawals, the options are limited to bank transfers and credit cards. Unfortunately, the broker fails to provide any specific information regarding the processing times for withdrawal requests.
The standard verification process at Afex involves providing certain documents to confirm your identity and address. Upon registration, you will be required to submit scanned copies or clear photos of your identification documents, such as a passport or driver’s license. Additionally, you may need to provide proof of address, such as a utility bill or bank statement.
Once you have submitted the necessary documents, Afex’s verification team will review them. The verification process typically takes a few business days, although the exact timeframe may vary.
For higher-tier accounts at Afex, additional documents and levels of verification may be required. As part of the enhanced verification process, you may need to provide additional identification documents, such as a secondary form of government-issued identification or a proof of income or financial statements.
As mentioned earlier, Afex doesn’t provide much for beginners, but for higher-tier accounts, they offer a plethora of questionable services. These include market analyses, trading signals, and educational resources, all of which are presented by anonymous individuals. Afex keeps its employees undisclosed and does not make any of their forecasts publicly available, making it difficult for users to assess their qualifications and expertise.
Afex also offers a loyalty program where rewards are calculated based on trading volume. While this may seem appealing at first, it has its downsides. The problem lies in the fact that such programs often incentivize traders to engage in excessive trading to reach higher reward levels. This can lead to impulsive and unnecessary trades, increasing the risk of losses for the traders.
Is Afex a Scam?
We were not impressed by Afex’s offerings. It is difficult to see how you can become a Pro trader when the company imposes restrictions at every turn. Now let’s take a look at the legality aspect.
Legal Information and License
We had to dig through the website pages to find any hints of Afex legal information. It is a clear violation of disclosure laws that there is no mention of it on the main page. The rest of the documents are also lacking in this regard. However, we finally found what we were looking for in the user agreement. Afex ensures that any disputes between them and clients will be resolved through the BVIFSC. This is the regulator of the British Virgin Islands. Although the broker does not disclose the exact name of its management company, we can at least conclude that it is registered in this offshore jurisdiction. Now, all we had to do was check the registry of this regulator. And predictably, we found no trace of Afex there.
You know what? It seems to us that these scammers themselves are unaware that BVIFSC is mentioned in their documents. The texts of the documents are not original and do not pass plagiarism checks. Most likely, they simply borrowed them and were too lazy to read them in full.
Afexltd.com Domain Info
On its About Us page, the broker claims to have started operations back in 2005. They even referred to themselves as the largest stock exchange since that time. Well, there is indeed a stock exchange called Afex Commodities Stock Exchange. However, isn’t our subject of review supposed to provide cryptocurrency trading? Cryptocurrencies not only did not exist in 2005 but also are not traded on such commodities stock exchanges today. And finally, to confirm that the Afex we are currently examining is a scam, we conducted a domain verification. The official Afex website was created on January 10, 2023. There is no confirmation of any activity dating back to 2005.
The contact information provided by Afex is rather scarce. They only offer an email address and a feedback form for communication purposes. This limited availability of contact options is concerning for several reasons. Firstly, it suggests a lack of transparency and a reluctance to engage in direct and immediate communication with clients. Secondly, relying solely on email or a feedback form can lead to delays in response times, making it difficult to address urgent concerns or inquiries promptly.
Afex is not even a cryptocurrency broker as it does not provide access to any cryptocurrency exchange. Instead, it operates on a dealing desk model, which introduces a conflict of interest between the broker and its clients. Furthermore, Afex does not facilitate the actual purchase of cryptocurrencies. Rather, it offers contracts for difference (CFDs), which are derivative products based on the price difference of assets. This means that you won’t be able to acquire real cryptocurrencies through Afex’s services.
It’s important to note these limitations and consider whether this aligns with your trading preferences and goals.
Pros and Cons
- No legal data.
- Lack of official registration.
- DD business model.
- No license.
- Short lifespan.
- Negative reviews.
Frequently Asked Questions (FAQ)
Afex offers trading services in the CFD market.
The minimum deposit required to start trading with Afex may vary according to their trading conditions and starts at $500.
No, it is not. Afex is a simple scam without proper regulation and any transparency.