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ASFX is a forex brokerage and educational platform that bends more on the high-risk no-reward side of things. Our asfxfirst.com review shows why trading on the platform is a lose-lose option.
From the moment you land on the homepage, the platform beams with confidence. You can tell the people behind this platform have expertise in the forex world.
For the naked eye, it’s clear the platform is a one-of-a-kind trading platform. And for most, they would definitely sign up without hesitation.
But wait, what could be so wrong with ASFX that we had to review the broker? The devil is in the detail, there are numerous red flags found.
As it turns out, ASFXFirst is a scam. Read the entire review and find out why we list ASFX as a brokerage scam.
Note: Here are the best brokers the forex industry has to offer with some having accolades stretching from years of offering high-class trading services.
The broker starts off by failing to give any credible information about who they are and their base of operation. You would expect a legit broker to be more transparent with the services they offer.
That’s not the case as the broker fails to offer any legit trading services which is a huge problem for investors. There’s no one to hold responsible when things go south, which they will eventually do after the owners shut down the platform.
We have seen numerous such brokerage platforms before. And it doesn’t end well as the members tend to lose every penny invested.
Our asfxfirst.com review plans to expose why this trading platform is a high-risk option with no reward.
Withdrawing funds from the platform will be the biggest headache traders face on the platform. And that’s why we insist this is a risky trading platform to join.
With no background or history of the platform, we have an anonymous trading platform on our hands. And that’s a pointer of worse things to come.
The platform claims to have trading benefits centered on sentiments of making every trader profitable or successful.
ASFX claims to have a UK address and still, has no license to operate from the Financial Conduct Authority.
The domain registration was updated on 8th May 2023. Which means the domain was previously held by another entity.
That points to a scam partnership where the domain gets sold with high traffic stats to attract more potential.
There are five accounts to choose from, these include Micro, Mini, Prime, Luxury, and Islamic. Let’s take a closer look at each of these accounts and what they bring to the table. Please note there’s a demo account available on this platform.
It’s the most basic account with the broker stating it’s the best account for beginners. The account is for those looking to trade in small volumes and comes with a lower initial deposit. To start trading, you have to deposit $100.
Some of the listed trading conditions include leverage of 1:400 with spreads set at normal. Members get daily market reviews with no commission incurred. The account holder can explore more options once they deposit a higher amount such as tighter spreads.
There’s also a minimum funding requirement of $100 with the account having a higher leverage than Micro. Expect leverage of 1:500 on all trading assets with spreads set at regular. Members also get daily market reviews with no commissions earned.
Other features listed as available include access to a wide range of charting tools and an award-winning trading terminal. Competitive spreads with advanced trading tools are available. The special feature on this platform is tax-free spread and betting profits.
With the prime account, the broker claims this is best for traders with a basic understanding of how the forex market works. There’s a minimum acceptable deposit of $5,000 which is high even for skilled traders.
Leverage is the same as that of the Mini account with daily market reviews available. It’s clear the only difference with the Mini account has to be the high deposit amount. There’s not even a dedicated manager present to help traders.
The account offers services to high-net-worth traders with a minimum deposit set at $50,000. Leverage is 1:500 with spreads set at competitive. Advanced trading tools are available with a wide range of trading assets available.
There’s little difference between this and the micro account apart from the high leverage. We suspect spreads are all the same on all accounts. No personal assistant or direct access to support is available on all accounts.
There are no SWAPS when it comes to Islamic accounts. You have to comply with Islamic or SWAP-FREE terms and conditions before signing up. The acceptable minimum deposit on this tier is $20,000.
Leverage is also high for all trading assets which are available at 1:500. We must pinpoint that the industry accepts a maximum leverage of 1:100 on forex assets. Expert traders know how best to take advantage of high spreads.
ASFX offers five classes of trading instruments. These include commodities, crypto, forex, indices, and stocks. The broker also offers free learning courses when it comes to crypto trading. Let’s take a closer look at available trading instruments
These include energies and metals which offer a wide spread for traders. Expect to trade Brent crude oil and natural gas. Some of the leading trading metals on the platform include gold and silver.
The platform offers leading crypto coins paired against each other and leading Forex. Available cryptos include Bitcoin, Ethereum, and Ripple. Note that the crypto market is volatile and high profit margins are expected.
There are over 40 major and minor currency pairs available on the platform. Exotic pairs are also available with the broker offering higher than normal leverage for such assets. That’s a risky move on the trader’s part to go for such leverage, especially newbie traders.
15 of the world’s famous indices are available for trading on the platform. The broker offers these indices as CFDs and could fetch decent profit margins on a good day. Look out for the set leverage and less-than-tight spreads.
One of the most tradeable items, the broker offers sticks from the highest profile asset classes. These are stocks from manufacturing, tech, and other industries. That covers the overall appearance of this asset checklist.
Don’t expect any contact or support from this platform. The broker fails in communicating with clients which is a huge deal for us. Every broker should be available for traders. There’s no live chat on the platform.
ASFX is not a licensed or regulated entity and thus, a high-risk trading platform. Without regulation, it means the broker is free to introduce any trading conditions they deem worthy, such as high leverage.
We urge traders to sign up with brokers licensed by reputable regulators such as ASIC, CySEC, FCA, and the SEC. It means the broker fails to comply with industry standards in all jurisdictions.
The safety of funds is out of the question with ASFX. The broker fails to offer meaningful trading security services such as DDoS protection or a secure firewall to protect traders. There’s a high likelihood of investors losing funds.
ASFX is a high-risk investment platform, please stay away.
NB: Get these brokers who have years of trading experience.
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