AFUFX.com Review Is AFUFX A Legit Broker Or A Scam

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AFUFX review – 5 things you should know about Afufx.com

Beware! AFUFX is an offshore broker! Your investment may be at risk.

Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

AFUFX is a Forex brokerage presumably registered in the US. It provides the MT5 trading platform but the spread on EUR/USD is at 3.1 pips which is more than double the industry average and quite unfavorable for traders. Furthermore, clients of the brokerage have at their disposal a leverage of 1:500 which is quite generous.

AFUFX regulation & safety of funds

We could not discern from the website the name of the brokerage but we did read that the it is supposedly regulated by the National Futures Association. Here is a screenshot:

We remind readers that brokerages operating in the US have to be registered as an NFA-member and abide by very strict restrictions which is why there are only a handful properly licensed by the American authorities. M-Success is not among them but neither does it claim to be. Quite oddly, the brokerage states on its website that it is also regulated by the Financial Conduct Authority in the UK which is obviously not true as well but mentions the company Thames Valley Investment Advisers Ltd. However, just to be diligent, we ran a search on the online registry of the Financial Conduct Authority in the UK and it turns out that the company is legitimate and properly licensed by the FCA, however, it has no connection with the website of AFUFX. It appears that AFUFX is actually a clone firm of a legitimate and FCA-registered company which isn’t surprising since using the corporate info of a regulated firm is a popular trope with scammers.

We also find no terms and conditions on the website which is another worrisome sign. It’s safe to assume that the company behind the brokerage, irrespective of its legitimacy, does not fall under any regulatory oversight.The lack of crucial corporate information regarding the company behind the brokerage and the lack of credible regulation highly incline us to suspect that potential clients of the brokerage may be open to substantial risk.

Traders needn’t have to worry themselves with such risk if they choose to trade with a brokerage regulated and authorized by a prestigious regulatory agency. Such agencies are the FCA in the UK or CySec in Cyprus which have been leading names in Forex trading for some time now. Their regulatory framework is composed of a number of strict rules which prevent clients from falling victims to fraud. Such rules include the segregation of accounts which assures that commingling with the client’s money is not possible. Furthermore, a license by such a regulatory body entails participation in a financial mechanism by which clients may be compensated if they suffer losses due to fraud or bankruptcy. With the FCA the compensation is up to 85 000 pounds, where as with CySEC it is up to 20 000 euro per person.

AFUFX Trading Software:

Putting that aside, the brokerage states that it provides the MetaTrader 5 trading platform, including a web version which we always view as an advantage due to the advanced charting package, lots of technical indicators, extensive back-testing environment and a variety of Expert Advisors (EAs). However, even though the corporate info of the brokerage is quite a mess and as was pointed above – falsely presents itself as a brand of a legitimate company – we were able to register for a demo account and get a look at the trading platform. Here is a screenshot:

We could see a spread of 3.1 pips in EUR/USD which is quite high and unfavorable for potential clients of the brokerages but there is an impressive selection of trading products which include about 30 forex pairs and among them CFDs on Bitcoin pairs as well which is always something we view favorably. The leverage extended to traders is extremely generous but also hides the unwanted risk of losing more than the initial deposit. Precisely because of such risk the European regulators have enacted a leverage cap of 1:30 which, however, is something offshore brokerages do not have to abide by. We do not learn what the required minimum deposit is which is quite a misstep since such information is crucial in Forex trading.

AFUFX deposit/withdrawal methods and fees

Usually in Forex trading traders may deposit or withdraw via at least the standard Visa, MasterCard, as well as bank transfer, however, AFUFX does not inform us of the available payment gateways.

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We did not find provisions worth noting in the terms and conditions. We also did not find any withdrawal fees, however, this does not mean there aren’t any withdrawal fees necessarily. This is why we always advise traders to put up only the required minimum deposit, instead of risking a bigger amount with no certainty. Afterwards, they may also try to withdraw a small amount in order to check for any unexpected fees or delays. Such fees and delays are usually the signs of a scammer.

How does the scam work?

Unfortunately, the possibility of a scam looms over almost every trade in forex, especially if you are dealing with an unregulated brokerage. That is why we believe traders should be acquainted with the methods of a scam. Here is how it would typically go about:

Through clicking an ad with promises for fast money, you will be redirected to a website such as Bitcoin Evolution or Crypto Cash where registration will require you to give your address, email and phone number. After sharing your personal information, you will being receiving calls from brokers, compelling you to invest with them and win big. After a few minutes hearing their pitches, you decide to deposit some $200-250. And just like that – the scammers take a fat commission from this initial deposit.

After they are done with you, senior scammers begin working you into putting even more money. They say it’s the only way to profit from trading even more. After making the mistake of investing even further, you’ll begin wanting to get out of this and withdraw what you have left.

Unfortunately, the con-artists have no such thing in mind. They will now begin persuading you to wait it out and not withdraw right now. The motive here is quite straightforward – traders have a limited time window for filing a chargeback with their bank and get their money back. The “recovery department” will simply want to mislead you into missing this crucial period and, along the way, losing any chance you might have of getting the money back.

What to do when scammed?

As was mentioned above, scamming is quite the common in the trading world and, sadly, even you might suffer from it. In such an unfortunate case there still may be some available options for you.

You may contact your bank or credit card provider and file a chargeback. Furthermore, due to the high instances of fraud – both Visa and MasterCard have decided to sidestep scammers as best they can in Forex trading. The first thing we have seen so far is that MasterCard has increased the previous time period of six months for filing a chargeback to a year and a half.

If, however, you have provided the broker with your credit card details, immediately cancel your credit card.

If you have given information regarding your online banking pass – you should switch it asap!

Beware of potential calls from self-described “recovery agencies”! They prey on scammed and vulnerable traders who are desperate to recover their losses. They will require an “up-front” payment to help you, but after paying them, no such help will be coming your way!

Investous review

Minimum deposit

Bonus

Maximum leverage

Year founded

Regulation

Trading platform

This is not a verified broker!

We do not recommend you trading with this broker. Its regulation and reputation is doubtful.

Investous is an interesting website – a glossy, overproduced piece of media bound to impress you if you are looking for a Forex Broker to start trading with. On the other hand, this type of overproduction brings us to the question: is Investous legit? Yet, no matter how impressive it is, there are telltale signs that the broker might not be as honest as the glossy cover page is telling you. It is our habit to look beyond what people want us to see, and in this case, we saw something that is dangerously reminiscent of a scam.

Investous review: on the surface

When first going to the website presenting Investous, we are showered with a comforting wall of information that seems beautiful, but really isn’t that telling of what the company has to offer. The first red flag I get is the fact that looking them up brings up no opinions about them by anyone, at all. A lack of Investous reviews is a dangerous sign that thins might not be all as they should be. Though this might not be the biggest problem. Let us look at their website.

Simply looking at the front page will make probably make you feel like that this could be the broker for you. Well, think about it, is there really any useful information other than the general ideas and thoughts about the platform? Yes, there might be a video at the bottom giving you a seemingly daily update on the state of the market, but this information isn’t new and it doesn’t provide you with anything that you wouldn’t already know if you were trading on a daily basis. It also was only started four days before this review was written, which does not grant the daily updates much of a record for trustworthiness. They offer general info and give you a false idea that they have won one award or another. Spoiler alert: they haven’t and this Investous review is here to show you why.

The main page offers navigation to the education page they have provided. While this is a step up from the usual scam broker decision to not educate their users, this broker only goes so far. Investous provides only brief definitions for some of the industry lingo, as well as brief summaries of a few very large concepts that would require pages upon pages of talking about. They only provide two strategies that you could use to trade with, while those knowledgeable about the industry will know there are way more than just two. They also give you access to web animated lessons that are short, barely informative and give you little knowledge yet look good in the browser. The Investous scam is using a typical scam broker approach – make everything look good, but very little effort into making it actually good.

Investous fraud account types

Investous seems to offer four account types: basic, silver, gold and platinum. Gold holds some serious advantages against the two lower-tier options, while Platinum barely offers any advantage to the Gold option. The website also tries really hard to make sure you take a good look at the gold option and end up buying it, even going as far as to suggest that you “pick this one”. I am always suspicious of companies pushing a single product onto me, especially when they seemingly offer such variety in their products. The gold also seems to be their most popular product, even though it offers private consultations with a senior manager, which would be really hard to do if the manager was actually at senior level. This makes the entire thing even more suspicious.

Something else that makes me suspicious and makes the Investous rating lower in my opinion, is the mysterious Diamond Account mentioned in their “withdrawal charges” section, which is never seen mentioned anywhere else. A sign that the scammers are not as adept at what they are doing as they thought, while also copy pasting some data from other websites.

Not the winners

If you scroll down a little on the website for the company, you will see that Investous claims that it has been awarded a couple of 2020 awards from Forex Awards. At the point of writing this review, Forex Awards has yet to publish anything regarding the 2020 awards, with 2020 awards being the highlights on the page. This is the most obvious lie they have on this website. And if you lie about one thing, how trustworthy are you really? Can Investous be trusted? My answer is: not at all. Especially if you are dealing with my money.

Investous.com review summary

So that’s the conclusion. It lies to you about its awards, misinforms you about all of the available account types and pretends to educate you while giving you barely any info. Contacting them is also pretty hard – while they do have a char support system, they do not seem to reply, ever. The conclusion? Avoid Investous like the plague!

This is not a verified broker!

We do not recommend you trading with this broker. Its regulation and reputation is doubtful.

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