ASFX Forex Broker provides real users with * positive reviews, 1 neutral reviews and * exposure review!
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I love ASFX!! I have no problem with this broker so far. For any help or assistance that I need my account manager is ever willing and available to help. I have learnt a lot since I opened an account at ASFX.
Asfx, a relatively new player in the forex brokerage space, has garnered mixed reviews from users and experts alike. This review synthesizes various insights from multiple sources, revealing a platform that offers a range of trading tools but operates without regulatory oversight, raising significant concerns about user safety and trustworthiness.
Note: It is crucial to understand that Asfx operates under different entities in various regions, which can affect the level of protection and regulatory compliance for users. This review aims to provide an accurate and fair assessment based on available information.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 5 |
| Tools and Resources | 6 |
| Customer Service and Support | 4 |
| Trading Setup (Experience) | 5 |
| Trustworthiness | 2 |
| User Experience | 3 |
| Additional Rating | N/A |
We assess brokers based on user feedback, expert analysis, and factual data regarding their services.
Founded in 2021, Asfx operates under the name Asfx Markets Incorporated, claiming to be based in the United Kingdom. The broker offers access to various trading instruments, including forex, commodities, indices, and cryptocurrencies. While it promotes the use of the popular MetaTrader 5 platform, it lacks valid regulatory oversight, which is a significant red flag for potential traders.
Asfx claims to be registered in the UK, but there is no evidence of its authorization by the Financial Conduct Authority (FCA). This absence of regulation puts traders at risk as they lack the protections that come with regulated brokers, such as segregated accounts and negative balance protection. The lack of oversight means that traders may find themselves vulnerable to dishonest practices.
Deposits can be made through wire transfers, credit cards, and various e-wallets. However, the withdrawal process remains unclear, with reports of difficulties faced by users when attempting to access their funds. Some users have claimed that after making deposits, they were unable to withdraw their money, which raises concerns about the broker's transparency and reliability.
The minimum deposit required to open an account with Asfx is $100, which is relatively standard in the industry. However, considering the broker's unregulated status, this amount could be viewed as a riskier investment than with a regulated broker.
Asfx does not appear to offer any significant bonuses or promotions, which is often a common practice among more established brokers. The absence of such incentives can be a deterrent for potential traders looking for added value.
Asfx offers a diverse range of asset classes, including forex, commodities, indices, and cryptocurrencies. However, the lack of clarity regarding the specific instruments available for trading, along with the absence of a functional trading platform, raises questions about the overall trading experience.
The broker advertises zero commissions, but the spreads can be quite wide, averaging around 2.2 pips for major currency pairs, which is not competitive compared to other brokers in the industry. This lack of competitive pricing can significantly affect trading profitability.
Asfx offers high leverage options of up to 1:500, which can be attractive to traders looking to maximize their potential returns. However, such high leverage also increases the risk of substantial losses, especially for inexperienced traders.
The primary trading platform used by Asfx is MetaTrader 5, which is known for its user-friendly interface and advanced charting capabilities. However, the lack of a secure link to access the platform raises concerns about its reliability.
Due to its unregulated status, Asfx may not be accessible to traders in certain jurisdictions, particularly where strict regulatory frameworks exist. This could limit the broker's reach and user base.
Asfx customer support is reportedly limited, with users expressing dissatisfaction regarding response times and support quality. The lack of multiple language options may also hinder non-English speaking traders from receiving adequate assistance.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 5 |
| Tools and Resources | 6 |
| Customer Service and Support | 4 |
| Trading Setup (Experience) | 5 |
| Trustworthiness | 2 |
| User Experience | 3 |
| Additional Rating | N/A |
Account Conditions: Asfx provides several account types, including micro and mini accounts with a minimum deposit of $100. However, the unregulated nature of the broker makes these conditions less favorable compared to regulated alternatives.
Tools and Resources: The broker offers basic educational resources, but the lack of advanced tools or comprehensive training materials limits the support available to traders.
Customer Service and Support: User feedback indicates that customer service is lacking, with reports of slow response times and inadequate support for issues raised by traders.
Trading Setup (Experience): While the MetaTrader 5 platform is a positive aspect, the lack of a secure access link and concerns about the broker's overall reliability detract from the trading experience.
Trustworthiness: The absence of regulation and negative user experiences contribute to a low trust rating for Asfx. Many users have reported difficulties in withdrawing funds, raising red flags about the broker's integrity.
User Experience: Overall user experience appears to be negative, with complaints about the withdrawal process and the broker's lack of transparency dominating user reviews.
In conclusion, while Asfx presents itself as a viable option for forex trading, the overwhelming consensus from various sources indicates that it operates as an unregulated broker, raising serious concerns about user safety and trustworthiness. Potential traders are advised to exercise caution and consider more reputable alternatives before investing with Asfx.
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