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AWFXBank Review: Is It a Reliable Broker To Trade With?

Is AWFXBank Legit or Scam?

AWFXBank is a red flag. Based on our investigation, it displays numerous characteristics of a scam broker and lacks the key features of a legitimate financial services provider.

Company Overview

Feature

Details

Broker Name

AWFXBank

Website

[invalid URL removed] (registered in December 2022)

Foundation Year

Claims 2018, but website registration suggests otherwise

Headquarters

Not specified

Regulation

Unlicensed

Minimum Deposit

$250

Services or Products

AWFXBank claims to offer:

  • Forex trading: Major currency pairs
  • CFD trading: Contracts for Difference on commodities, indices, shares, and cryptocurrencies
  • Islamic Accounts: Available only on the Professional account ($10,000 minimum deposit)

However, due to the lack of transparency and regulation, the legitimacy of these services cannot be confirmed.

If you have lost money to companies like Enkuu, or ACY Securities; please report it to us on our report a scam form.

Trading Platform & Leverages

  • Trading Platform: WebTrader (limited functionality compared to industry standards like MT4 or MT5)
  • Mobile App: Advertised but non-existent (link leads to an image)
  • Leverage: Unspecified

The lack of information and transparency around leverage raises another red flag.

Spreads and Cost of Trading

  • Spreads: Advertised as “raw” starting from 0.0 pips, but legitimacy doubtful due to overall lack of transparency.

License and Regulations

AWFXBank is not licensed by any reputable regulatory body. They claim regulation in Cyprus and Hong Kong but checks with CySEC and SFC revealed no such registration. This lack of oversight raises significant concerns about the safety and security of client funds.

Legal Warning Against AUSFITS

It’s important to note that AWFXBank is not associated with the Australian Securities and Investments Commission (ASIC).

Deposit and Withdrawal Methods

  • Deposit Methods: Debit/credit cards, bank transfers, cryptocurrencies
  • Withdrawal Methods: Same as deposit options

While options seem flexible, reviews suggest difficulty in withdrawing funds. Additionally, using cryptocurrencies for deposits allows scammers to exploit the anonymity of blockchain transactions, making recovery even more challenging.

AWFXBank Pros and Cons

Pros

Cons

Relatively low minimum deposit

Unlicensed and unregulated

Claims various trading instruments

Limited and outdated trading platform

Offers Islamic account option

No transparency on fees and spreads

Accepts cryptocurrencies (deposit only)

Difficulty in withdrawing funds

Why Dealing With An Unlicensed Broker Is Risky

Unlicensed brokers operate outside the regulations established by financial authorities. This lack of oversight exposes clients to significant risks, including:

  • Loss of funds: Unregulated brokers can disappear with client deposits without facing consequences.
  • Manipulation of trading platforms: They might manipulate prices or execution to profit unfairly from clients’ trades.
  • Impossibility of resolving disputes: Without legal recourse through regulatory bodies, resolving financial disputes with an unlicensed broker becomes incredibly difficult.

Client Feedback

Reviews from individuals who claim to have used AWFXBank paint a negative picture, with most reporting difficulties in withdrawing funds and unresponsive customer support.

How Can “ReviewsAdvice” Help You If You Get Scammed?

While recovering funds from a scam is challenging, resources like “ReviewsAdvice” can offer some assistance. They connect victims with experts who can:

  • Prepare a detailed report regarding your money transfer
  • Pressure scammers to refund stolen funds

Get Your Money Back from Scammers.

Final Thought

AWFXBank exhibits numerous red flags, strongly suggesting it’s a scam broker. The lack of regulation, transparency, and concerning user reviews make it a high-risk entity to entrust your finances with. Always thoroughly research any potential broker before investing, and only deal with licensed and reputable financial institutions.

Picture of  William Pewitt

William Pewitt

William Pewitt is an experienced forex broker reviewer, dedicated to helping traders navigate the complex world of currency exchange. With a sharp eye for detail and years of experience, I try to provide concise and insightful assessments of various forex brokers. My reviews offer valuable guidance, helping traders make informed decisions about their investments.

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