Beware! ATIROX is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
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ATIROX is an offshore forex and CFD broker, focused on the Southeast Asian market as well as China, but which also accepts clients form Europe. They are offering five account types with the option for an Islamic swap – free account with a leverage of up to 1:1000 and the MetaTrader4 platform.
The trading instruments include more than 70 forex pairs, with plenty of exotic currencies like Chinese Yuan, Czech Krona, Danish Krone, Honk Kong Dollar, Hungarian Forint, Mexican Peso, Norwegian Krone, Polish Zloty, Russian Ruble, Swedish Krona, Singapore Dollar, Turkish Lira and South African Rand. There are also CFDs on precious metals like silver, gold, platinum and palladium, as well as a selection of crypto coins, including Zcash, Monero, Ethereum, Ethereum Classic, Dash, Bitcoin Cash, Bitcoin, Litecoin, Ripple and AICoin.
Actual starting spreads as advertised by the broker vary form 1 pip to 3 pips depending on the account type. (With the Pro Account the spread is said to be virtually zero, but there is a commission of 10 USD per standard lot of 100 000 base currency units, which basically adds 1 pip to the actual spread. )
Trading conditions put aside, however, our biggest concern with the broker remains its regulatory status.
ATIROX regulation & safety of funds
ATIROX is a brand owned by ATIROX INC, which is registered in the St.Vincent and Grenadines. The broker, however, is operated by another company – Atiora ltd.
Unfortunately ATIROX does not hold a license to provide financial services on regulated markets like the European Union, the US or Australia, so we will have to review them as a low credibility, unregulated company.
The problem with unregulated brokers is that the safety of your investment depends solely on the integrity of the people behind those brokers.
Brokers, licensed by respected financial institutions like the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) or the Australian Securities and Investments Commission (ASIC) on the other hand are trustworthy, because they have to abide by a very strict set of financial and ethical rules, among which to refrain form offering trading bonuses, to maintain all clients funds in a segregated, protected trust account, to provide a negative balance protection, to maintain a certain minimum capital adequacy ratio, to allow external audits and with some regulators even to insure traders money.
Thus, if you are trading with a FCA regulated broker, for example, you can be compensated with up to 50 000 GBP in case something with the broker goes wrong. Similarly with CySEC brokers your compensation can reach 20 000 EUR.
ATIROX deposit/withdrawal methods and fees
The broker accepts payments with a variety of e-wallets like Neteller, FasaPay and Perfect Money, credit or debit cards like VISA and MasterCard, bank wire, including payments with local banks in Malaysia, Indonesia, Thailand, Vietnam and China (it seems the ATIROX is focused on those markets) and even Bitcoins. The minimum deposit requirement vary depending on the account type form 1 USD to 300 USD.
How does the scam work?
It will probably all start with a nicely cut video, you will happen to watch on one of the so called robo – scam websites like Crypto Revolt and Bitcoin Evolution. You will be offered a secure investment and guaranteed returns of thousands of dollars just in a few weeks – and all you have to do is leave your e-mail and phone. And if you get hooked and do register, you will be instantly transferred to the web page of a unregulated, offshore, scam broker, where you will be asked to deposit your first 250 USD.
And besides, most probably your first traders will prove rather successful. The reason for that, however, will be the fact that your account will be manipulated, because that way you will be more easily convinced to invest more. And surely that is when you will receive a phone call as well. It will be form a “senior account manager”, who will be impressed by you trading results and who will simply explain that if you want to start making real money, you will simply have to invest more – like at least 10 000 USD.
And besides, you will no know that you have been scammed until you try to withdraw some of your money. It will simply turn out you can not. There will be some minimum trade volume requirement, probably linked to the welcoming bonus you have accepted, but in any case you will not be able to withdraw anything.
What to do if scammed?
Do not waste a second but immediately file for a charge back with your credit card provider. The good news is that since the beginning of October MasterCard expanded the period in which you will be able to do that to 540 days. VISA is planning to adopt the same measure in December. Currently the period, in which you can file a charge back with VISA, is just 180 days.
If for any reason you have disclosed to scammers your credit card number and online banking password, be sure to immediately block your credit card and change your online banking password.
In case you are a victim of a scam and have lost some money, do not try to seek the services of the so called recovery agencies. They will simply collect a fee in advance and will not render you any service.