AstroFX Review – 5 things you should know about astrofxtrade.com

AstroFX Review – 5 things you should know about astrofxtrade.com

Beware! AstroFX is an offshore broker! Your investment may be at risk.

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AstroFX is a broker allegedly located in Seychelles, offering very suspicious trading conditions, so strange in fact, that we don’t think there are any at all. Read on to find out more.

ASTROFX REGULATION AND SAFETY OF FUNDS

As mentioned AstroFX  claims to be located in Seychelles and regulated by CySEC. This is quite rediculous, for CySEC is a Cypriot regulatory agency, and Seychelles has its own license issuer that has not included the current broker in its regulatory database. There are other aspect about AstroFX  that hint at a scam here. One is the missing legal documents, aside from the Privacy Policy which is strikingly short. We can safely conclude that AstroFX is UNREGULATED and therefore a risk to all investors!

Traders needn’t have to worry themselves with such risk if they choose to trade with a brokerage regulated and authorized by a prestigious regulatory agency. Such agencies are the FCA in the UK or CySec in Cyprus which have been leading names in Forex trading for some time now. Their regulatory framework is composed of a number of strict rules which prevent clients from falling victims to fraud. Such rules include the segregation of accounts which assures that commingling with the client’s money is not possible. Furthermore, a license by such a regulatory body entails participation in a financial mechanism by which clients may be compensated if they suffer losses due to fraud or bankruptcy. With the FCA the compensation is up to 85 000 pounds, where as with CySEC it is up to 20 000 euro per person.

ASTROFX TRADING SOFTWARE

AstroFX has one of the poorest trading platforms ever. We can’t even call it a trading terminal, for the charts are taken from a third party chart provider that follows market trends, meaning that AstroFX has not actual trading terms.  The terminal in itself reminds us of an early 2000s attempt at a platform; not even novice uses will be tricked by this. There is nothing to keep you invested here!

ASTROFX DEPOSIT/WITHDRAWAL METHODS AND FEES

The way to deposit is via bitcoin, which is the most preffered method for depositing used by scammer brokers because btc is untraceable. However, once we proceeded with the payment method, the dashboard reveaeld that users can actually deposit with, on top of the bitcoin methods, Wire Transfer, Credit Card, Western Union, Money Gram, Perfect Money.

Withdrawals on the ther hand, can be requested via Skrill, Visa, Master Card, Wire Transfer, Okpay, Bitcoin, Mercago Pago.

Visa and Master card deposit and withdrawals are charged with 5%. There are no talks of other fees anywhere on the site.

We strongly advice traders to only deposit the minimum deposit, or better yet – not deposit at all! As for the withdrawals, scammers are known to either deny such requests, or impose incoming and unexpected charges.

How does the scam work?

Users will be in the middle of a scam without even knowing it, that’s how efficient these scams are. Yet, clients will also be surprised that the most utilized scammer structure is laughably easy to grasp, making it predictable. We have dedicated the following section to the reveal of how the scam works.

The internet is filled with ads, it’s the fuel of the industry, and a big chunk of said advertisements are misleading and some are downright deceitful. The ads concerned with unregulated forex brokers are often very promising, and most of the times utilize completely false claims of immediate profit. Those tempted enough will be redirected to a robo-scam website that further guarantees profits. The only thing that separates the user from the unrealistic promises is a fast registration process that requires a phone number and an email address. After inputting this info unsuspecting users will start getting phone calls from illicit broker representatives, whose one and only job is to initialize the scheme by pushing a trader to make that first deposit of around $250. After that’s done, the senior representatives will be calling. These expert scammers are extremely good talkers, and will start working on you to start putting even more money in. They say that the more money invested, the higher the profit will be. At this point most traders start seeing the big picture, and will want to withdrawal their money and get out fast.

However, the scammers have anticipated this development, and are ready to counter any withdrawal request. Typically they find excuses for delaying the request in the legal documents that hold specific clauses for these purposes. The reasons are many. One thing to remember is that all illicit brokerage firms will deny the withdrawal request for as long as they can, because of the imposed time limit traders have for filling a chargeback. Once the crucial due date is not met, any chargeback requests will be denied.

What to do if scammed?

Those of you who deposited using VISA and MasterCard wil be glad to know that both companies have extended their chargeback time span to 540 days, especially if the reason for it is an online scam.

Scammers will steal directly from a bank account, if the traders has provided crucial details, like banking password or security code. If it get down to this, be sure to either block the account or change the password.

Sometime victimized users will stumble upon the so called recovery agents that promises to magically reclaim all lost investments, for a fee that is. Needless to say, they will not get back any of the lost funds, and will basically scam you a second time.

Rich Snippet Data
Review Date
Reviewed Broker
AstroFX
Broker Rating
11stargraygraygraygray

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1 Comment

  1. AstroFX and EverythingFX are both one and the same company. I haven’t bought his courses but I did review his free courses that have been leaked online. Basically a watered down strategy you can find anywhere for free online.
    They have been flexing Shaun’s Myfxbook (https://www.myfxbook.com/members/ASTROFX/shaun-lee-personal-5k-challenge/2554781) where he attempted to convert a $5,000 account to $1 million which he’d blown, for marketing purposes.

    What the public doesn’t know, and do not see on his open public Myfxbook, is that Shaun blew the account on margin call during heavy rollover rates mid week. I was able to confirm this information through the owner of the Traders Domain
    broker, Ted Safranko. Since he was trading so aggressively and using up all of his margin, a little hiccup such as rollover rates was enough to crash his portfolio. The reason it doesn’t reflect his blown account in Myfxbook now is
    because he unplugged the Myfxbook by changing the password..very easy to do.

    You can see his balance in his Myfxbook “$248,825.13” and by checking his “history” tab further down below if he withdrew the remainder of his funds. If he didn’t unplug his Myfxbook, why is his $248,000 still sitting in his account???
    Naturally, the Myfxbook will only show his positive extreme growth when it should have been blown and in red. He did walk away with $102,000 in withdrawal, and it’s still impressive from that perspective, but to unplug his Myfxbook
    and claim to grow the account at such an extreme ROI and covering up his blown account for sign up money is a bit sketchy. Shaun had a lucky streak where he leveraged other people’s money (through course selling) to finance a
    5k deposit. Keep in mind every portfolio he opened after that, and even others before it, he had blown easily in such a short amount of time. If he’s such as great trader, why is he blowing accounts?

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