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? Read our AZAForex review and find out.
|Regulated by:||No regulation|
|Headquarters Country:||Saint Vincent and the Grenadines|
|Supported Platforms:||Web trader|
|Types of Assets:||FX, commodities, indices, stocks, cryptocurrencies|
AZAForex Regulation 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 2016 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.
AZAForex Review – Funds Withdrawal
Since everyone starts trading in order to make a profit, a logical question is can you withdraw this profit. Many offshore brokerages have the same issue, clients can join and make a profit, but withdrawal is not successful.
After the careful review of the AZAForex broker, we have to say a couple of things. All the trades are executed on the web trader named MT7. This is pretty confusing since there is a famous MetaTrader with numbers 4 and 5. For an average trader, it can look like AZAForex has the access to the newest technology. In fact, MT7 is a shortcut for Mobius Trader 7, the company’s web trader. The platform is available as an app and web version on desktop and mobile devices.
Also, the minimum deposit for the Starter account is $1. Since the whole idea of the market is to make a profit, with $1 you cannot even open the position. This means you have to use the leverage that the company provides. And by using the leverage, you are increasing your chances to lose your funds. The maximum leverage is up to 1:1000 for share trading. This high leverage exposes your funds to extremely high risk and multiplies your chances for a loss around 100 times.
The withdrawal can be made only via cryptocurrency. Meaning you have no guarantees you will ever get your funds and you need to lose money on the conversion of cryptos to currencies and bank transfer.
Be aware of AZAForex withdrawal issues.
Scammed by AZAForex?
If you were scammed by AZAForex, there is a possibility to get your money back. You need to file a dispute and request a chargeback. To do so, our customer support can give you several handy tips.
But what is a chargeback? It’s a way for your bank to forcedly return funds to your account directly from the merchant. You need to prove you were a victim of a scam.
Contact us via chat now and let our staff guide you throughout the chargeback procedure. Book your free consultations today!
What is AZAForex?
AZAForex is an online trading brokerage with no regulation.
Is AZAForex a scam?
Since the broker has no regulation and operates only with cryptocurrencies, we can say it’s a scheme.
Is AZAForex regulated?
AZAForex is not regulated by any regulatory body in the world and provides financial services illegally.