Note: AFX is to operate via the website - https://www.afxgroup.com/en/, which is currently not yet functional and no information about the company was immediately available. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker.
Risk Warning
On the one hand, Cyprus CYSEC (license number: 119/10) and United Kingdom FCA (license number: 529264)s regulatory statuses are both revoked, and the United Kingdom FCA regulation (license number: 560872) claimed by this broker is suspected to be a clone.
On the other hand, AFX has been verified to be a stoppage of business, and it has been listed in WikiFX's Stoppage of Business list. Please be aware of the risk!
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.
General Information & Regulation
AFX, a trading name of AFX Group, is allegedly a global online financial trading platform and multi-asset broker founded in 1996 and registered in Cyprus. It claims to provide its clients with 27+ tradable assets on the MT4 trading platform via four different account types.
As this brokerage's website cannot be accessed, we were unable to obtain further details about its leverage, spreads, etc.
As for regulation, it has been verified that AFX holds revoked Cyprus Securities and Exchange Commission (CYSEC) and Financial Conduct Authority licenses. Also, it has been verified to be a stoppage of business and listed in WikiFX's Stoppage of Business list. That is why its regulatory status on WikiFX is listed as “Suspending” and receives a relatively low score of 1.51/10. Please be aware of the risk.
Market Instruments
AFX advertises presents itself as a multi-asset platform with 27+ tradable assets, including Forex trading, CFD trading, Spread Betting trading, Social trading, and Share Dealing trading.
Account Types
AFX claims to offer four types of trading accounts, namely demo, ECN, STP and Islamic accounts. However, we didnt find any information on the minimum initial deposit requirement to open an account.
Trading Platform Available
The platform available for trading at AFX is one of the most notable and preferred trading platforms the market offers - MetaTrader4 on Webtrader, iOS and Android devices. This trading terminal is highly praised by traders and brokers alike due to its ease of use and great functionality. The MT4 offers top-notch charting and flexible customization options. It is especially popular for its automated trading bots, a.k.a. Expert Advisors.
Deposit & Withdrawal
AFX says to work with credit cards, bank transfers and American Express. The minimum initial deposit requirement is said to be $/€/£200. The broker does charge deposit and withdrawal fees, which vary on payment method. Withdrawing processing time also differs depending on the method but averages 2-5 days.
Customer Support
AFX‘s customer support can be reached by telephone: +39 0287 242 331 / 800 796 110, email: info@afxgroup.com. You can also follow this broker on social networks such as Facebook. However, this broker doesn’t disclose other more direct contact information like the company address that most transparent brokers offer.
Pros & Cons
