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AMFX Review: Am-fx.com Online Scam Platform

AMFX Review: Am-fx.com Online Scam Platform

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AMFX (Am-fx.com) is claiming to offer a better market to online traders. AM FX is professing to have a secure and innovative cutting edge trading platform. From what we can gather, this broker was in existence since 2013. They have simply changed their domain name after an alert was issued. Members of this platform are still facing withdrawal problems. And this is the reason why we must expose the platform. Read this genuine and transparent AMFX Review for more details.

AMFX Review

About AMFX

According to their about us page, the broker is claiming to offer CFDs and Precious metals. They claim to offer these using the stable MT4 trading terminal. These are false claims as we will later explain why they are using a custom-made platform. AMFX is another ridiculous trading platform whose intent has been exposed. Get as many investors to sign up and deposit funds with them. After getting investors to deposit, they will block accounts and shut the whole platform.

Online trading can be a lucrative way of trading if only the best tools are used. Finding an appropriate broker will guarantee safe trading. AMFX is far from being a perfect broker; they are a cloned trading platform. After their initial website was blacklisted in 2015, they have come up with another domain name. They have used the same name but different web address. And this is why we must expose them to unsuspecting investors. Stay away from AM FX or risk losing your entire funds.

Assets Found on AMFX

Information regarding assets available on the platform remains unclear. What we have learned is the broker is offering CFDs, Foreign Exchange, and Precious Metals. The available CFDs include Commodities, Currencies, and Indices. Commodities available include coffee, energy, and oil. Currencies found on the platform include all major and minor pairs. Indices listed on the CFDs page include shares from international companies. The broker does not list these companies.

When it comes to Forex trading, the broker insists on currencies traded against the US dollar. Some of the considerations include swaps only charged on positions held overnight. Precious metals are another trading instrument available on the platform. Hedging against weakening currencies is allowed on AMFX. The problem with this broker is lack of clear information regarding leverage and spreads. Members are signing up to unknown trading conditions.

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Business Proprietor

Disclaimer at the footer of their homepage shows a different registered office. They claim to have a registered office in London. The broker claims to be licensed and regulated by the Financial Conduct Authority. They go ahead and claim AMFX and AMFX Prime are owned by one company. SVS Securities PLC is the name of the company which is associated with the scam broker. These scam brokers fail to mention any names of the CEO or CFO of the company.

Anonymous online trading platforms are a huge problem in the online market. Scam brokers prefer to use false location details to try and sign up investors from that region. AM FX is trying to sign up investors from Europe and most likely, England and Wales. Trying to recover funds from anonymous brokers is next to impossible. And this is why we must expose the broker for the scam services they offer to unsuspecting investors.

Domain Details and Registration

Whois.net is a recognized global domain register which offers accurate website information. According to their records, Am-fx.com was created on 26th October 2013. The date coincides with the warning issued on their original trading website amfx.com. With over five years of trading, they still don’t have a valid license. These are clearly scam artists who have no other option but to steal from investors. And this is the reason why we must stay away from this ridiculous trading platform.

License and Registration of AMFX

AMFX FCA Warning

A look at the Financial Conduct Authority website reveals the broker has an alert out on them. The FCA issued an alert of their original website in 2015. These scam brokers have come back with the same name but a different domain. The results are the same, they are targeting unsuspecting investors. It is our duty to expose the brokers and prevent another crisis due to harsh trading conditions.

AMFX is not LICENSED OR REGISTERED to offer any trading services. They have posted a random number to act as their registration number on their website. The number 220929 is a random number which is meant to throw off unsuspecting investors. None of the regulatory bodies has ever heard of this broker. Disclaimer at the footer of their homepage also claims they are a member of London Stock Exchange.

Pros/Cons of AMFX

Account Details

AMFX Account Types

AMFX is furnishing traders with four account types to choose from. The accounts listed include Micro, Premium, Corporate, and Islamic. The broker is asking for $500 for the basic account type named Micro. Investors should know the industry has set $250 as the acceptable trading deposit. A broker who asks for a higher amount is taking advantage of traders. Beware of such unscrupulous brokers.

Contact and Customer Support

A look at their support page would suggest that the broker offers live chat support. One has to download their live chat software which gives the broker access to your desktop or PC. Other communication channels listed include email and phone service. The problem with emails is the broker may decide not to respond. AM FX is an offshore broker who is using a virtual phone number. The number is barely going through as it is ever busy. Stay away from brokers who don’t offer credible and efficient communication channels.

Demo Account

AMFX is furnishing traders with a demo account. They claim users will win an iPad once they open their MT4 trading demo account. None of the members we contacted ever got the chance to win an iPad. These scam brokers are using such promotional materials to get investors to sign up. They will claim members have to deposit the initial amount to be eligible for playing the lottery.

Funding Accounts

It is not clear how members funds accounts as it is not listed on the homepage. On the accounts demo page, the broker reveals the real depository channels. Members are to use Bank Transfer, Credit Cards, and Skrill for making payments. Withdrawing funds with AM FX has been the biggest challenge facing members. And this is the reason why an alert was issued by the FCA. The broker does not allow any withdrawals.

Trading Platform

AM FX is claiming to use MT4 on their platform; they even post the platform’s logos. What the broker fails to mention is that they are using a custom made platform. Using the logos of a reputable trading terminal will highlight the broker’s capabilities. In real sense, they are using an unstable platform with slow execution speeds. And this is another reason to stay away from this ridiculous trading terminal. It is unsafe and will lead to traders losing their funds.

Safety of funds with AMFX

These scam brokers fail to follow set industry regulations regarding funds security. Members have been depositing funds straight to owner’s bank account. And this is the reason why withdrawing is a pain in the neck. Filing a chargeback with your bank is not helpful. It is only by staying away from the platform will traders be able to trade safely.

Scam or Legit AMFX

AMFX Trading Platform

Careful review of the facts shows AMFX is a scam. Watch out for any broker who shares the same characteristics. Stay safe by marking their emails as spam. Don’t join any of their affiliate programs or promotional offers. These scam artists want other traders to help them get more victims. Warn any loved ones on the demerits of joining this broker. Avoid receiving calls from their agents who will ask for your contact details.

Bottom Line

By adding the broker to our scam blacklist, we hope our readers will stay alert. Use approved Forex tools to make a mark with online trading. It is the only sure way of making credible headway with forex trading.

Stay safe and continue checking out our reviews for more.

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