Air FX Trading Review: Avoid this Offshore Broker!
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Air FX Review
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Fund Safety
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Customer Support
Summary
The broker is silent about their deposit and withdrawal charges. This is another red flag because it prevents clients from determining the best method for transactions.
Choosing a forex broker is hard. However, you must never select Air FX. This is an unregulated firm, and your funds will be unsafe. To succeed in the forex trading market, you must ensure that you are working with a reputable and honest crypto broker.
With the advent of the internet and digital trading platforms, forex trading has become accessible to a global audience. This has led to an influx of new traders, many of whom are unaware of the importance of trading with regulated brokers. Forex brokers take advantage of this and open companies in offshore jurisdictions where regulations are less stringent.
About Airfx.co
The broker promises to offer zero commission accounts and raw spreads. On their platform, you can trade forex currency pairs, cryptocurrencies, stocks, commodities, metals, and indices like US30. They also claim to have state-of-the-art trading tools and features to help you time your trade entries better.
The broker also offers educational resources such as webinars, tutorials, and market analysis. Although they have not indicated their inception date, we checked whois.com and found that they registered their domain in 2021. They have been operational for some time, but their domain will expire in 2024.
Founders and Team
We did not find any details regarding the company founders and current leaders. Reputable brokers proudly disclose details about their founders and leadership teams. This assures clients of their legitimacy and expertise. In stark contrast, unregulated forex brokers often shroud such information in secrecy.
One of the primary reasons they do this is to avoid accountability. Without identifiable individuals, it becomes challenging for regulatory authorities and defrauded clients to pursue legal action. Additionally, many unregulated brokers are founded by individuals with little to no trading experience. Disclosing their backgrounds would likely reveal a lack of qualifications, undermining their credibility.
Air FX Trading Contact Details
The broker only provides an email, a P.O. Box number, and a physical address. However, they have not provided a phone number, which is a red flag. In the digital age, customer service remains a crucial aspect of any business. A reliable broker should provide multiple channels for clients to reach them, including email, live chat, and, importantly, a phone number. Although they have a Facebook page, it is inactive and hence unreliable.
Providing a phone number allows clients to quickly and easily resolve issues, ask questions, and receive support. Brokers that do not offer this option may be understaffed, poorly managed, or simply unwilling to invest in proper customer support infrastructure.
Regulation
The forex trading market attracts brokers from all over the world, including jurisdictions like St. Lucia where Air FX is based. While there are legitimate businesses operating from this Caribbean island, traders should be cautious when dealing with forex brokers based here.
St. Lucia, like many offshore financial centers, has relatively lax regulatory requirements compared to the major financial hubs. Forex brokers in this region may not be subject to the rigorous oversight and compliance standards that protect traders from fraud and malpractice.
In jurisdictions with stringent regulations, brokers are required to implement measures that protect client funds. These include segregating client accounts from operational funds and maintaining sufficient capital reserves. In St. Lucia, the regulatory framework may not mandate these protections, which is risky for traders.
Air FX Trading Conditions
The minimum deposit is $250. This is unfavorable for new retail traders. When starting, it’s advisable to start small and avoid risking too much money. The spread is between 1 and 1.2 pips, which is quite reasonable. However, the broker has omitted details about the leverage, which is also a critical element when selecting a broker.
The broker is silent about their deposit and withdrawal charges. This is another red flag because it prevents clients from determining the best method for transactions.
Final Verdict
Air FX is an unregulated offshore forex broker. Thus, they are unreliable, and you must be careful when working with such a broker.
An unregulated broker is dangerous because if you lose your money, recovering it would be a challenge. When you work with transparent and honest crypto brokers, however, you will not face any of these issues.
