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Claims various trading instruments | Limited and outdated trading platform |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.
