Beware! AtnFX 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.
If you were to give a normal trader access to AtnFX she would probably feel slightly suspicious, although this would not be her preliminary conditions. At first, she might be impressed, or otherwise intrigued by what AtnFX claims to be offering. And we would not blame her, for this broker has a decent-looking website, with a significant amount of things seemingly going on for itself. The word ”seeming” is of importance here, because it signifies our doubt and suspicion for the company, for in our eyes we see nothing more than a very good disguise behind which is hidden a very typical offshore brokerage. Read the review to see why we feel this way.
Opening an account took no more than a couple of seconds, after which we were given full access to a user area. We have no memory of seeing a similar user area, which speaks of the creative nature of this otherwise suspicious broker. Too bad that this creativity is chaneled through the intent of defrauding.
We accessed a web trader in no time and were not too surprised to see a familiar terminal used by hundreds of previously reviewed unlicensed brokers. But more on it later.
The platform revealed to us that the available trading instruments are forex currency pairs, equities, commodities, indices, and cryptocurrencies. The EUR/USD spread was 3 pips, which is actually almost twice the acceptable price, making this cost of trade unacceptable. The leverage is capped at 1:1000 for the highest account type, and around 1:200 for the standard one. Just note that a 1:1000 leverage is incredibly dangerous and can quickly lead to some serious losses.
The website of the broker is available in English and Arabic.
ATNFX REGULATION AND SAFETY OF FUNDS
The one prevalent thing that we kept coming back to was a bold claim that AtnFX is registered in the Marshall Islands. Note that we said registered, and not regulated. The former means to simply incorporate your company in a local register, while the latter is much more difficult to do as it requires to follow a set of severe requirements, and is in fact impossible for AtnFX, seeing the current state the broker is in.
As for the Marshall Islands, it’s one of the few places around where you can incorporate an online business locally without ever stepping foot in the small island nation. This is one of the main reasons why the Marshall Islands is, today, one of the most popular FX scammer locations.
Another reason for the popularity of the country amongst FX fraudsters is the simple fact of the non-existent FX regulator. Thus all brokers located there are truly unlicensed, even if registered.
The broker offers no other information concerning an address. It seems to be proud of its useless Marshall Islands incorporation. Well, because of it, we deem AtnFX an UNLICENSED broker, a risk to all treaders, and a probable scam.
Investing in brokers that have no license is a pure waste of funds. You could be doing so much more with your money. Like, say investing in an FCA or CySEC regulated entity where there is a real chance of winning. Not only are all regulated brokers trustworthy, but they also work for the client, always endeavoring to bring the best and most stable trading experience out there, which makes the market very competitive. Furthermore, some regulators, mainly the FCA and CySEC employ fund compensation schemes whose main purpose is to reimburse users at times when the broker cannot pay his clients back, mainly due to bankruptcy. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
ATNFX TRADING SOFTWARE
AtnFX doesn’t shock us with the inclusion of a popular (amongst the unlicensed broker bunch) web trader, that relies more on visuals than on the actual deliverance of trading services, much like the broker itself.
The main features of this web trader are as follows: pending orders, stop-loss, take-profit, time frames, a social trading bar, and a bunch of chart customization tools. They are not many, but this software can be a good start for absolute beginners.
ATNFX DEPOSIT/WITHDRAW METHODS AND FEES
In the user area, we find the depositing section, where we learn that users can invest via a credit and debit card through Cashier and GameChangers. So, users can deposit only through a credit or debit card. The minimum deposit is $1.
According to the withdrawal area, users can take money out by means of a wire transfer and a credit card transaction. We could not find a minimum withdrawal amount. Withdrawals are said to be processed within 24 hours.
In the withdrawal policy section of the terms and conditions, we read clearly that withdrawals are issued handling and processing fees, but in typical scammer broker style, AtnFX has not given these charges any value. There also might be other fees unconnected to withdrawals. Always be on your guard for these!
The presence of bonuses is always a good sign that users are dealing with an offshore and in 90% of the case, an unregulated broker.
The short terms and conditions begin with a long indemnification clause claiming that the broker and its affiliates will not be liable for any damages caused to the user, be they accidental or intentional. The clause goes into further detail, so we have attached it for our readers to see the extent of AtnFX’s vanity.
Overall, we find AtnFX to be a very run-of-the-mill scammer and an unlicensed broker. There is nothing new or original that it does, even to distinguish it from the rest of the illicit brokers. Do not invest here if you cherish your money!
How does the scam work?
The way that scams work is very simple, and it is a surprise that still many people fall for them in this day and age.
What happens is that user clicks on misleading ads on social media or other popular websites, and are there redirected to a scammer broker, an intermediary site, or an investment site that is also a scam. Either way, you are in deep stuff once you enter.
These ads are very alluring, using a number of methods to attract users: beautiful women, luxurious cars and houses, expensive vacations, etc.
Once you enter these sites, the broker will try to convince you to invest, which you should not do! The first investment is usually initiated by the rookie scammers, who will get a large commission out of it, meaning they have a motive to defraud you.
A second deposit is made in the presence of the advanced scammers, or sometimes called account managers. These are sweet talkers and can steal your money without you knowing of it.
There will come a time when the user will start getting suspicious. This mainly happens when one tries to withdraw and fails on multiple occasions. Each scammer broker uses one of many tactics to stop users from withdrawing: stalling the request, shutting down the account, not responding to requests, or at times closing down the entire website!
What to do if scammed?
Chargebacks are your safest bet. Credit and debit card companies have this option for such cases. MasterCard and VISA have a chargeback period of 540 days.
Wire transfer losses are harder to recuperate, however, your bank may have a plan installed just for such scams. Best check with your local bank. And make sure to change your bank account user name and password.
If you have lost your money by means of a crypto deposit, then we have some bad news for you. Please never invest in an unregulated broker through any crypto method.
Finally, you may stumble by accident on a recovery agent or similar person or agency claiming to be able to get your money back. Never trust these, for they are scams on their own, or can sometimes work for the fraudulent broker.