Beware! AGPFX 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.
AGPFX immediately opens with a trading platform on its home page that was half broken. What a great way to start! We are sure that even the most novice traders will find this completely unappealing. If we isolate this and focus on the rest of the website the page doesn’t really turn. The same disappointing feeling we had from the beginning kept lingering throughout our experience with AGPFX. The following review reveals this. Read on.
To create an account, one must simply pass through a registration method that in the end wants copies of a user’s ID documents for verification. This would be a great thing were it no for the fact that AGPFX is very shady and probably unlicensed. To put it differently, there is no way for us to register because we would never entrust our sensitive information to questionable brokerages, and neither should our readers!
Without a registration, we had to look into the website for all trading and payment details. We found out that the trading instruments are forex currency pairs, metals, and energies. However, as it turned out, there was no mention of neither a leverage value nor a spread! This is completely unacceptable, as most users will want to know these values before signing up!
The website can be accessed in English and Chinese.
AGPFX REGULATION AND SAFETY OF FUNDS
The holding company of the broker, AGP SOLUTIONS LIMITED, is boldly proclaimed to be located in Australia and regulated by ASIC.
We didn’t even have to go to the main ASIC database of registered entities to tell you that this is not the case. A renowned and serious regulator like ASIC will never allow something like AGPFX to go under its radar. AGPFX is certainly no regulated by ASIC.
Aside from this false claim, AGPFX seems to not have any other licensing information. Thus we can safely conclude that AGPFX is NOT HOLDING A LICENSE and as such is a risk to all investments!
There is no reason at all to invest in an unregulated broker. The best advice there is, concerning the choice of a broker, is to always check for a license. If the broker has an FCA and CySEC license you are off to possibly the best start, as these are some of the top regulators in the industry. Usually, legitimate FX overseers integrate a set of rules to each of its listed brokers. Brokers form an agreement with them to follow very strict guidelines. Furthermore, some agencies, like the FCA or CySEC, have compensation schemes that reimburse clients whose brokers have become insolvent. As you can see, a regulated broker benefits not only the brokerage itself but the traders as well.
AGPFX DEPOSIT/WITHDRAW METHODS AND FEES
All payment information will have to be taken from the website. However, that is easier said than done. The main and only reason for this is that the website withholds all the deposit information. AGPFX offers absolutely no account funding details, essentially leaving out crucial information that is the deciding factor for many users. A bad move on AGPFX part, for sure.
As is expected, the withdrawal information here is non-existent. The only way to even make sure that the user can withdraw is by first registering an account, which would be a risky move.
There are also no Terms and Conditions from which to verify the presence of any [potential fees and commissions! It’s not unheard of scammer brokers to launch charges without warning, so be aware.
Once again AGPFX proves to be completely untrustworthy. There is no reason to deposit in this broker!
How does the scam work?
If things feel uneasy or suspicious, then you are probably being scammed. Most fraudsters adapt the same scam structure, however, they might add their own little nuances. The point is, that if you think you are in a scam, then you probably are!
The first step is the online ads. These annoying pop-ups or side distractors are the essence of scammer brokers. It’s through them that the user is lured into the fake broker website. The link of the ad leads to a website or a registration form. Both require the user to write down his or her personal details, like email and telephone number. Do not give these away. The scammers will contact you if you give these details away, and will sooner or later try to charm his/her way into your wallet, by asking you to deposit.
After a deposit is made, and hopefully, it isn’t, then the first step of the same is complete. The following step concerns the account manager, a.k.a the advanced scammers. These individuals are charming convincers, and if they succeed, it means that you have deposited a second time. This can go as long as the user keeps depositing. When suspicious arises, one of these things will probably happen: the broker will delete the account of the user without a reason; the broker will not allow for withdrawals, or the broker will keep finding ways to stall withdrawals.
What to do if scammed?
Filing for a chargeback is the best advice. VISA and MasterCard have prolonged their chargeback time span to 540 days.
If the deposit is made through wire transfer, then change your user name and password as soon as possible. Another step is to contact the bak as they might have a specialized procedure for such cases.
Another crucial piece of advice: NEVER deposit in unregulated brokers through bitcoin or any other form of cryptocurrency. These payment methods are untraceable, meaning that once a deposit is made, it cannot be traced. The money is lost.
Last but not least. recovery agencies are definitely a scam. These programs, or whatever they call themselves, offer help for defrauded users…for a price. Once the fee/tax is collected, these agents disappear, leaving you at a bigger loss.