AEFOREX Review – Unclear Conditions Are Never a Good Sign

As can be seen, this broker claims to be owned by Aurora Explore Pty Ltd, a firm based in Australia. It appears this is a new name for the company since other sources show us what was happening in the past.

The company was also claimed to be owned by Aurora Energy Pty Ltd and to be registered in Saint Vincent and the Grenadines. Nowadays, it appears that all that information has been removed from the website. What’s the reason for it? Let’s find out in this detailed AEFOREX review.

Legal info: Is AEFOREX Legit?

If the company randomly changes details on its website, that’s quite alarming. Luckily, screenshots from the past show exactly what the company presented before. The address in SVG, where there is no official supervising authority of Forex firms. At present, they claim to have an Australian license, which cannot be confirmed since the ASIC register doesn’t show which firm operates which website.

One thing is especially contradictory. If they are absolutely legit, why don’t we see any AEFOREX reviews? In addition, we can see the logos of numerous banks as their liquidity providers. Yet, we can’t see those agreements anywhere. 

Lastly, but most importantly, the company’s quite poor T&Cs don’t indicate that this company is truly ASIC-regulated. If you want more drama, the company also presents us with fake awards. In the end, how can we trust that they are licensed at all?

Who are AEFOREX’s Clients?

One quite interesting detail with the AEFOREX broker is their restrictions to offer services in the US, Canada, Israel, and Iran. Yet, the analytics show that most of their website traffic, and also clients, come from: 

• United States
• Brazil
• South Korea

Surprisingly, there are no Australians there, and the company claims to be Australia-based. Nevertheless, if you have any experience with this brokerage, we invite you to share it with us. To find out how transparent companies work, check our Zonda Crypto review.

Leverage, Commissions, Spreads, Fees and Taxes

Another discrepancy with this broker is its trading conditions—to be precise, its lack of transparency about them. No spreads, commissions, or fees are known, which is quite surprising for an allegedly ASIC-regulated broker.

In any case, there’s one thing that will definitely reveal if the company is truly legit. That’s their leverage. Apparently, the company offers higher leverage for traders who require it. But keep in mind that the maximum allowed for retail traders in Australia is 1:30.

Bonuses

With practically non-existent T&Cs, it’s hard to find any special conditions and requirements. Therefore, bonus offers with AEFOREX trading firm also remain a mystery. Luckily, some brokers use all kinds of tricks where you can learn how to protect your funds. One of those is Heptagon Investments.

AEFOREX Trading Features

With the MT4 platform available, traders can also expect some advanced options. Primarily, they can use Expert Advisors, which is a highly popular feature. Unfortunately, some options like social or copy trading are not part of the company’s offer.

Trading Platforms Available

With the availability of the MT4 app, traders don’t have to worry about platform manipulation. This trading software is proven and is used by millions of traders. The key advantages are one-click trading, a wide range of indicators, and simplicity.

Available Trading Assets

With the rising popularity of cryptocurrencies, we are surprised there are no crypto CFDs available with this broker. On the positive side, four other main categories are covered: 

• Forex – USD/AUD, EUR/CHF
• Indices – ASX200, NASDAQ
• Commodities – gold, platinum
• Shares – Amazon, Netflix

Account Types

Without clear trading conditions, the company doesn’t have anything to present as an account-type promotion. Therefore, all traders will have to accept the same trading conditions. At least we know the minimum deposit requirement is only $100.

Mobile Trading App

Indeed, the company offers download options for iOS and Android devices. However, not from a trusted PlayStore but from their website directly. At least the iOS version is available in the AppStore.

Demo Account

Quite a surprising detail is that after completing the AEFOREX login process, traders don’t have a demo account option. Even though that’s one of the best features of the Meta Trader platform, we cannot find it here. This feature is quite essential whenever the company doesn’t share trading costs.

Education

Once you see what’s considered education with this broker, you will really start wondering if their ASIC license is truly theirs.

The company only offers economic indicators and a trading glossary. Webinars, live sessions, and advanced trading programs are not part of the company’s education plan.

AEFOREX Withdrawal

Even though the company presents us with transparent AEFOREX withdrawal conditions, there could always be some changes. Nevertheless, card withdrawals are processed instantly, while wire transfers take up to 5 business days.

Also, only bank transfers have a withdrawal fee of $10 and a minimum withdrawal amount of $100. On the other hand, card transfers don’t include any fees, and the minimum required for a withdrawal is $50.

Customer Support

As can be seen, the company provides us with a phone number and an e-mail. However, they don’t reveal any working hours whatsoever. That’s definitely not a definition of an ASIC-regulated firm. 

But who knows? Maybe there’s at least something reliable about this firm.  

Key Information To Consider About AEFOREX

Traders should keep in mind that ASIC regulation requires far more transparency from a company. AEFOREX is not quite representative when you compare it to top-tier licensed firms worldwide. Anyway, there’s a trusted platform available, but it’s meaningless without transparent trading conditions.

All in all, traders can always rely on our refund team if they experience any potential withdrawal issues, with or without a license. Simply book a free first consultation, get advice, and decide about the next move—without any costs in the first meeting. If you need it, book it right away via our live chat.

FAQ Section