AutoFX Broker Review – Fake Regulation and Security Exposed
AutoFX Broker Review – Fake Regulation and Security Exposed

AutoFX brokerage is operated by Auto LLC. This firm has been registered in Saint Vincent and Grenadines since 2022. Non-surprisingly, their reputation is getting worse after one year in the business.

The company is misleading traders about many things. Starting with regulations, security, and who knows what not. But that’s why you have this honest AutoFX Broker review to keep you away from such swindlers.

Regulated By: No Regulations
Is This Company Safe? No
Known Websites: autofxbroker.com
Have Warnings From: N/A
Registered In: Saint Vincent and Grenadines
Operating Since: 2023
Trading Platforms: Web trader
Maximum Leverage: 1:200
Minimum Deposit: $100
Deposit Bonus: Available
Trading Assets: Cryptos, Indices, Metals
Free Demo Account: Available
How To  Withdraw From This Company? If you didn’t realize from the complaints on Trustpilot, this company won’t give you any of your funds back. Therefore, regular withdrawals are not an option. Instead, you can apply for a chargeback or alternative refund methods. For professional guidance, book the first free meeting with our consultants.

Legal Info: Is AutoFX Broker Legit Or A Scam?

As mentioned, the company claims to be a regulated entity. However,  AutoFX Broker regulation doesn’t exist. Firstly, SVG’s Financial Services Authority no longer issues trading broker licenses. Too many companies with the same goal were registered there in the past. To steal money and disappear.

Therefore, all the companies registered on this offshore island must obtain other licenses, preferably in regions where they mostly operate. Sadly, this company doesn’t have any top-tier licenses, starting with ASIC, BaFin, or FCA. Consequently, you can’t trust their statements about funds protection measures or anything else.

Who Are AutoFX Broker’s Victims?

The big problem with AutoFX Broker is that they are mainly active in countries with rigorous regulations. Luckily, traders are reporting complaints regularly. It’s just a matter of time before they get snowballed by warnings from institutions. Anyway, most of the scammed victims come from: 

  • France
  • Switzerland
  • Netherlands
  • Italy
  • Czechia

In fact, there could be much more happening behind the scenes. But only you can help us discover that. Let us know about your experience with this broker. Also, you can contact us directly for refund assistance.

Traders Reviews

Whenever you see 70% of the negative comments, you better run. Otherwise, you are consciously falling into a trap. That’s the percentage of AutoFX Broker accounts that lost money or got scammed.

Currently, on Trustpilot, we can see 80 comments, mostly containing withdrawal issues. If that’s not the sign to avoid this brokerage, nothing will be. Thus, you shouldn’t lose hope. Our refund specialists can analyze your case and offer you a solution. But we have to know the case first. Therefore, don’t hesitate to contact us.

Leverage, Commissions, Spreads, Fees and Taxes

Another fact that reveals the company’s scamming activities is its leverage. Properly regulated companies can’t offer leverage higher than 1:50 or 1:30 to retail traders. It depends on the regulation. But this brokerage doesn’t care about it, and they provide leverage of 1:200.

Without negative balance protection and their shady platform, traders can easily start owing money. That’s something you don’t want with any broker. As can be seen, the company is also advertising highly attractive spreads from 0.7 pips. However, none of the other fees and commissions are revealed. So, how do they make money then? To see how legitimate firms do that, read our PU Prime review.

Bonuses

Bonus funds are always tricky. Especially if the company is not regulated. If you think about it, there’s no reason for them to give you more funds. That’s why their bonuses are non-withdrawable. But nowhere is explained if the funds generated with bonus are withdrawable. That might be a catch.

AutoFX Broker Trading Features

One of the biggest issues with scam brokers is that they can offer anything they want. But they are not obligated to deliver. Very often, you will see auto trading bot advertisements. But once you join, you see everything is simply manipulated. That’s what we want to avoid.

In this case, the company offers highly attractive features, such as auto managers or auto trading bots. In addition, they claim to provide automated copy trading features. But without regulation, none of these can be trusted.

Trading Platform Available

Besides these automated platforms, the company doesn’t reveal any details about its base platform. We generally suggest traders choose brokers with cTrader or MetaTrader. This way, they can forget about manipulation. But with AutoFX Broker, you can expect only a web-based platform.

Available Trading Assets

In general, when the company is not trusted, tradeable instruments become irrelevant. Another key fact is that the company doesn’t offer too many assets. Traders can only choose between: 

  • Cryptos – BTC, ETH, XRP
  • Indices – S&P 500, NASDAQ
  • Metals – gold, platinum

Account Types

Important to realize is that this company doesn’t have a classic account type classification. Besides a demo account, traders can choose between two live account options. Those are: 

  • Investment account
  • Standard account

The minimum requirement for both is just $100. But don’t let that trick you. Anyway, the main difference between these is that the investment account is PAMM-based. Thus, with scam brokers, that’s highly unreliable.

Mobile Trading App

One of the key features of regulated companies is their trusted mobile apps. But that’s not the case with this investment firm. Every iOS and Android user can only access the account through the browser.

Demo Account

Indeed, a demo account seems to be available. However, registering for a demo means leaving contact details to this firm. Which is not the smartest move you could make. Especially after those numerous negative reviews.

AutoFX Broker Withdrawal

Getting the AutoFX Broker withdrawal is a mission impossible. Firstly, they claim to process withdrawals within one day. But instead of a withdrawal, they are sending a refund for card transfers. Thus, only up to the deposit amount. Anything above that must go with a different method. In their case, crypto.

Fees for card transfers are not disclosed, but you can expect a $20 withdrawal fee for wire transfers. Another sign that the AutoFX Broker platform is a scam is the statement they can refuse a withdrawal for numerous reasons. That’s exactly what you can expect.

Customer Support

The only contact option available with this company is a web contact form. Also, registered users might get access to their encrypted Telegram group. In fact, there’s nothing they do to make traders trust them. 

That’s why we suggest you first try the AutoFX Broker demo account. Or do that with more transparent companies like Duo Markets.

Key Information To Consider About AutoFX Broker

Every detail about this broker is suspicious. Starting with their fake regulations, trading conditions, platform, and withdrawals. In a few clicks, you can compare them with any regulated brokerage and see the difference.

In any case, whenever you experience withdrawal problems, keep in mind there are solutions. Most importantly, our refund team is offering you the first consultation free of charge. What’s stopping you from hearing the solution? Get in touch now.

FAQ Section

What is AutoFX Broker?

AutoFX Broker is an offshore entity registered in Saint Vincent and Grenadines that is offering CFD trading services without authorization.

Is AutoFX Broker Legit?

Not at all. Firstly because they claim to be regulated and they are not. Secondly, the company’s reviews show us the dark truth behind this broker.

What Can I Do If I Was Scammed By a Fake Broker?

The best thing you can do is file a report and apply for a chargeback. For step-by-step guidance, feel free to contact our specialists.

Unfortunately, many users start reading reviews only after falling victim to scams. We sincerely hope that you are not one of them!
However, if you're here because you suspect that your investment isn't in a safe place, know that you have the right to claim funds back!

Report a Fraud Case & Claim a Refund from Scammers

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