Beware! Aisa FX is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
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Aisa FX is an offshore forex brokerage with ties to Australia. It provides the MetaTrader4 trading platform and a generous leverage. Traders are extended a leverage of up to 1:400. Furthermore, there is a wide range of trading products from which to choose and a spread of 3.2 pips on EUR/USD which is about twice the industry average.
Aisa FX regulation & safety of funds
The company behind the brokerage – Aisa International Group Pty ltd – is registered in St. Vincent and the Grenadines as an International Business Company. However, Aisa FX is a broker brand of the Aisa group which is comprised of both the SVG-registered company and Australia-registered Aisa International Group Pty Ltd. From the website we gather that the latter acts as a Corporate Authorised Representative of yet another company – Alpha Securities Pty Ltd which is regulated and licensed by ASIC (License No: 330757). After checking with the online registry of the Australian regulator we can confirm this to be true.
However, even though such a connection with a well-established regulatory body is advantageous, the actual company that is operating the brokerage is still registered offshore and as such – is not subject to any regulatory oversight. Another thing that inclines us to suspect the brokers intentions is its website. Chinese is its main language option which is very strange for a brokerage that claims to have been established in Europe. Such irregularities make us suspect that clients will be open to a number of risks.
We urge traders to exclude such risk in trading by only associating with brokers regulated by prestigious regulatory agencies, such as the FCA and CySec, which require compliance with a number of strict rules that give significant assurance for the security of the clients funds.
The segregation of accounts is among the rules which are especially important in the trading world, because it drastically lowers the risk of possible commingling.
Another is the participation in a compensatory scheme by which the client’s losses will be covered in the unlikely case the broker goes bankrupt or attempts to swindle traders.
Aisa FX deposit/withdrawal methods and fees
Potential clients of the brokerage may deposit or withdraw via VISA and MasterCard, Skrill and ZotaPay While going through the brokers terms we came across several disturbing provisions that incline us to highly question the brokers intention. Firstly, we read that “withdrawals are subjected to processing and handling fee” without further clarity as to the size of said fees. This is pretty much a green light to charge you whatever they see fit. Furthermore, for withdrawals via wire transfer there is a minimum withdrawal amount of the staggering $3 000. There is also a waiting time of at least 10 business days which is excessive in our view, as well as a requirement to withdraw your funds through the same payment method you used to deposit. Such withdrawal conditions are in no way favorable for traders and should not figure in the terms of a legitimate brokerage.
This is why we remind readers of all the ways a trader may test the brokerage’s intentions. Firstly, traders are advised to always put up only the required minimum deposit, instead of risking a bigger amount with no certainty. Afterwards, they may also try to withdraw a small amount in order to check for any unexpected fees or delays. Such fees and delays are usually the signs of a scammer.
How does the scam work?
Even though the forex trading world is extremely large and encompasses millions of people around the globe, the most common scamming is pretty simple and straightforward and as such – it’s not particularly daring to avoid. Here is a quick overview of how it is done:
Through clicking an ad with promises for fast money, you will be redirected to a website such as Bitcoin Evolution or The bitcoin miner where registration will require you to give your address, email and phone number. After sharing your personal information, you will being receiving calls from brokers, compelling you to invest with them and win big. After a few minutes hearing their pitches, you decide to deposit some $200-250. And just like that – the scammers take a fat commission from this initial deposit.
After they are done with you, senior scammers begin working you into putting even more money. They say it’s the only way to profit from trading even more. After making the mistake of investing even further, you’ll begin wanting to get out of this and withdraw what you have left.
Unfortunately, the con-artists have no such thing in mind. They will now begin persuading you to wait it out and not withdraw right now. The angle here is pretty blunt – traders have a limited time period for filing achargeback with their bank and get their money back. The “recovery department” will simply want to mislead you into missing thе crucial period and, along the way, losing any chance you might have of getting the money back.
It is important here to take notice that both Visa and MasterCard are taking measures to combat unregulated forex brokerages by classifying all forex transactions as high risk. And with the case of Aisa FX – they are correct in doing so. Furthermore, supporting their intention with clear actions – MasterCard has increased the previous time period of six months for filing a chargeback to a year and a half. Visa is expected to do the same in December.
What to do when scammed?
As was mentioned above, scamming is quite the common in the trading world and, sadly, even you might suffer from it. In such an unfortunate case there still may be some available options for you.
You may contact your bank or credit card provider and file a chargeback.
If, however, you have provided the broker with your credit card details, immediately cancel your credit card.
If you have given information regarding your online banking pass – you should switch it asap!
Beware of potential calls from self-described “recovery agencies”! They prey on scammed and vulnerable traders who are desperate to recover their losses. They will require an “up-front” payment to help you, but after paying them, no such help will be coming your way!