Beware! Akgmfx.com is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Akgmfx.com is a sham broker, and there is no doubt about that. It’s an entity that’s linked to other similar shady brokers that have already gone down. Apart from it, the Akgmfx.com behaviour is weird, the least we can say about them. They pretend to have offices in the Cayman Islands, USA, Netherlands, Switzerland, Hong Kong, Singapore, Italy, Saudi Arabia UK and more. They also introduce three different companies that are said to own and operate this broker, even an American and UK headquarter addresses at the same time on their footer page.
The Akgmfx.com website could easily occupy the first place in “the worst Forex website ever” if there was such a competition. A significant part is faulty as the majority of the links would redirect to blank Error 404 page including the registration page and the legal documents. It’s a broker that should be avoided, and you can find out why in the full Akgmfx.com review.
Akgmfx.com REGULATION AND SAFETY OF FUNDS
Akgmfx.com claims to be listed on the London Stock Exchange, but that’s a big fat lie that intends to cover the fact that they are an illegal FX creature that operates without license and authorisation. We dug deep in the FCA register, but couldn’t find anything about this broker. Furthermore, the companies that are listed throughout their site- AKGM, AK Global advising Ltd and AK Global Markets are nowhere to be found either. There are some companies bearing similar names but they have nothing to do with Akgmfx.com. Your funds are not safe if you deposit with Akgmfx.com because it’s an unlicensed, unauthorised and unregulated Forex broker, which illegally sells Forex products and services to the people.
Our advice is to avoid anonymous and shady offshore entities and pick proven to be legit EU(mostly CySEC regulated), or UK(FCA regulated) brokers because Europe created the safest financial environment for the traders’ funds and not surprisingly accommodate the leaders in the retail FX industry. Most importantly, money protection schemes were developed in Europe, such as ICF in Cyprus and FSCS in the UK, which is laid out to guarantee the deposits made by traders and investors. Under CySEC(Cyprus) supervision, you can claim up to 20 000 EUR per client in compensation, while in the UK under FCA you are guaranteed of even up to 85 000 GBP per client. Each EU member state is compelled to create and further operate similar insurance funds, which are considered to be the last resort for the traders, in case a Forex broker faces difficulties to meet its financial obligations.
Akgmfx.com TRADING SOFTWARE
Warning! Akgmfx.com doesn’t have a functional trading platform! We weren’t able to sign up because the registration page was broken, to start with. That failure alone should make the traders give up on Akgmfx.com and avoid them. They claim to offer a platform named Veta Trader, but we didn’t have access to it. It’s very unpopular and out of the league trading software that we do not recommend.
We advise that the traders should choose MetaTrader4 or MetaTrader5 brokers because MT is the best retail Forex trading platform in the world, and it comes free to use. Also, it includes sophisticated trading tools such as Expert Advisors (EA), Algorithmic trading, Complex indicators and even a marketplace where the traders can buy or use for free a variety of third-party-developed trading solutions.
No information about spreads was found. The spread is a fundamental element in trading because it’s the price that the traders pay to open a position. The lower spread brings the costs down for the trader and directly affect the profit potential.
The maximum leverage is said to be 1:500, but we cannot confirm it’s true. The leverage is the second most crucial component because it enables the traders to enter the market with fewer funds deposited. It multiplies the size of the positions opened but comes with risks that increase proportionally. Ratios such as 1:500 are dangerous for the traders and might lead to tremendous losses that are very difficult to recover. EU, UK and Australia (coming into effect from the spring of 2021) forced a leverage cap of 1:30 as a customer protection measure, while the US imposed 1:50 as maximum allowed level.
Akgmfx.com DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit is said to be $500, which is much higher than the requirements legit brokers have- $100 on average.
Warning! The minimum withdrawal amount that Akgmfx.com determine via Wire Transfer is $3000! While there are no other withdrawal requirements specified we assume that it’s the single possible method to withdraw and it means that you should not only avoid but run away from this broker. Most of the legit companies will let the traders withdraw any sum that they want, so you’d better stay with the regulated ones.
An account becomes dormant after 6 months of inactivity and will be subject to a deduction of 10% monthly! It’s a scam clause whatsoever! The legit brokers will not charge your account with 5 to 10 dollars monthly at most!
No bonuses offered at the moment, but they reserve the right to provide trading incentives in the future. You should know that the bonuses are not free money but a leverage tool that further increases the risk for the traders. And usually, the bonuses bound to separate trading conditions that freeze the account making it impossible for the trader to withdraw. Beware, the bonuses are the ultimate killing machine for your funds, and scammers widely deploy it!
Warning! No refunds allowed! Once you deposit you will not be able to get your money back! Stay away from Akgmfx.com; it’s most probably a scam!
HOW DOES THE SCAM WORK
The scammers will introduce unbeatable trading conditions and will promise guaranteed no-risk profits to the people. At the same time, they will include many scam clauses in the Terms and Conditions, the Client Agreement or the Disclaimer, which is considered the contract between the two parties. These clauses will include unbearable fees, very high deposit/withdrawal conditions, trading restrictions and so on. The scammers will rely on the fact that many people do not read these legal documents. If the trader is not familiar with all of these unfair conditions, he or she might easily decide to start investing lured by the pledges and the unrealistic expectations. The scammers are aggressive and bothersome, trying to make the people deposit as quickly as possible. They will approach the traders in social media, through e-mails or over the phone, and might not give up even for months!
WHAT TO DO WHEN SCAMMED
No one is immune to scam, and anyone can fall into the trap. Scammers are always looking for new and different ways to scam consumers. What you need to do first, in case you got scammed, is to protect yourself from further risks. Contact your bank and explain to them your situation, they will give you necessary instructions to follow and will help you, if possible, recover your money.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing. Seek help actively!
It’s very important not to rush blindly trying to recover your funds because many scam recovery agencies and individuals are stalking, aiming to double scam the victims. These will most likely ask for an advanced payment, but will do nothing to help you recover your losses!
Share online your experience; it’s important to protect others, as well. Be responsible!