A1FxTrading Review: a1fxtrades.net a Suspicious Broker
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A1FxTrading Review
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Fund Safety
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Customer Support
Summary
To reach A1FxTrading, you need to fill out a form indicating your country, contact information, full name, and whether or not you’re an existing client. This was a red flag and nullified the claim that they won an award for best customer service. There is no way a broker without a phone number, email, and physical location details can win such a prestigious award.
A1FxTrading promises access to some of the most popular trading instruments. However, this is just a marketing gimmick. With so many trading brokers, it’s hard to distinguish between genuine and fake ones. With research, however, you can identify them. As a trader, you must be wary of scam companies and trade only with honest and transparent forex brokers.
A legitimate broker, for example, will offer a reliable and user-friendly trading platform. You can test it by opening a demo account. Also, evaluate its features, ease of use, and the availability of technical tools and indicators. Furthermore, ensure that the broker’s website uses secure encryption technologies to protect your personal and financial information.
About a1fxtrades.net
From the webpage, we learned that you could trade currencies, stock indices, oil, metals, bonds, and cryptocurrencies. There are three types of accounts, each having unique parameters. The broker boasts branches in over 200 countries, a 0.20 sec average execution time, 115 million executed trades, and a staggering $142 billion monthly trading volume.
In 2021, they purportedly bagged six awards, including the best MENA Forex Broker and Best Customer Service. According to whois.com, the broker registered their website domain on 20th Feb. 2024. Therefore, in 2021 they were not online yet. The firm is also not providing statistical data to support its claims about its money and customers.
Founders and Team
The broker supposedly started in 2015. However, we have already proven this to be a lie. As expected, we did not get any information about who is running this firm. As a trader, it is vital to know the company’s CEO and some of its employees. This offers invaluable insights into the broker’s reliability and business ethics.
CEOs and key employees with a history of success in the financial industry are likely to steer the company towards ethical practices and sound financial management. Conversely, if these individuals have been associated with past scandals or fraudulent activities, it can be a red flag indicating potential risks.
A1FxTrading Contact Details
To reach the broker, you need to fill out a form indicating your country, contact information, full name, and whether or not you’re an existing client. This was a red flag and nullifies the claim that they won an award for best customer service. There is no way a broker without a phone number, email, and physical location details can win such a prestigious award.
It was obvious that this forex broker was lying and was not willing to relay the correct information. A reliable forex broker must be easy to reach via phone or even access physically. Newbie traders are usually skeptical, and one way to win their trust is by providing accurate contact details.
Regulation
The broker claims that A1 FX Trading Group of companies owns and operates the a1fxtrades.net website. Furthermore, it states that A1FxTrading Group consists of A1FxTrading US Ltd, a Financial Services Company authorized and regulated by the Cyprus Securities Exchange Commission (CySEC).
When we checked the CySEC database, we did not find the broker’s name. Before you register with any broker, always verify their regulatory status. Reputable brokers are typically regulated by recognized financial authorities such as the Financial Conduct Authority (FCA) in the UK, the National Futures Association (NFA) in the US, and the Australian Securities and Investments Commission (ASIC) in Australia.
These financial watchdogs ensure that brokers adhere to strict financial standards and protect traders.
A1FxTrading Trading Conditions
The minimum deposit is $100, and the spread is from 0 pips. The leverage is 1:500, and there are no commission charges. Although the broker claims to allow all strategies, these conditions still do not seem favorable. Some brokers even allow traders to open an account with as little as $5.
Final Verdict
A1FxTrading is a scam broker. We have fortunately uncovered their shrewd schemes. The operators don’t know the first thing about running a forex brokerage company. If you want to enjoy the trading journey, ensure you are trading only with transparent and honest forex brokers. With these, you can rest assured that your money is in safe hands, as opposed to the constant worries when dealing with an unlicensed forex broker.
