Beware! AnyFX 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.
AnyFX is a highly questionable broker that lies about a lot of the most crucial aspects of its service and does not provide us with any legal documentation, like a Terms and Conditions – and if that is not enough to reconsider trading with the broker, please read on – we have a lot more reasons to avoid AnyFX, listed below:
AnyFX regulation and safety of funds
AnyFX has the following to say about its regulation:
Let’s address it from the top – is the broker, or its subsidiary a company, licensed to operate in Europe?
Well, to get a license with the CySEC it would need to have over 730 000 euro to its name in liquid funds, it would need to keep its clients’ accounts segregated, report back on a daily basis on open and closed trades and much more. The CySEC also keep an online register with companies that hold a license, so claims like the one AnyFX makes can easily be addressed – here is what happened when we looked the broker up on said register:
AnyFX does not appear on it – and therefore it lies about its regulation.
Next – is the broker licensed in the Seychelles? Well, considering that the country is one of the most infamous scam havens out there that does not regulate its Forex trade whatsoever, it is quite possible. The same can be said about the next country AnyFX claims to operate from – St. Vincent and the Grenadines – it flat out refuses to regulate its Forex market. This has made both jurisdictions quite appealing to all kinds of scammers.
Finally, the British Virgin Islands – to set up shop there, one needs to have at least $1 000 000 to their name in liquid funds for a full license – but considering that AnyFX does not cover the lower threshold of the CySEC, we did not even need to check with the regulatory body’s register.
In conclusion, AnyFX is not regulated by any respectable jurisdiction, and is best avoided.
AnyFX trading software
AnyFX provides access to the Metatrader 5 platform – and this is quite beneficial, with Metatrader 5 being quite famous among traders for its many useful features, like automated trading for example. Here is what the distribution that AnyFX offers looks like:
It has everything we have come to expect from Metatrader 5 distributions – and the spreads on it are quite reasonable too, moving within 1 pip for FX pairs like the EURUSD.
However, the broker offers a leverage of 1:1000 – this is simply too much, with most regulatory bodies agreeing that the retail clients of brokers should not have access to amounts of over 1:30-1:50. In fact, whenever you see a broker that offers such high leverage, please exercise caution – it is quite likely that it is either unlicensed or running a scam!
AnyFX withdrawal and deposit methods and fees
AnyFX accepts deposits via Skrill, Neteller and wire transfers – and bank payments are always final, so you are best off sticking with the e-wallets, as they have a chargeback policy. Considering that all links to AnyFX’s Terms and Conditions are broken, there is a chance that the only way you can get your money back from the broker would be by filing one.
There is also something to be said about the broker having its minimum deposit set to $100 when most of its legitimate peers open accounts for as little as $10.
How does the scam work?
Unfortunately, it seems that AnyFX is running a scam – and what’s more, it is running one that we are quite familiar with – here is how it plays out:
First off, the victim of the scam stumbles upon a website like the one AnyFX runs – on it, they are prompted to leave a phone number in the account creation stage. Once the scammers have the number, they will start calling ceaselessly, demanding one thing and one thing alone – deposits. The more money you deposit, the more will be demanded – and should you request a withdrawal, the scammers will simply cut you off and move on to other victims.
What to do when scammed?
If you have been scammed by AnyFX or another broker like it do not despair – instead, follow the steps below to ensure that you do not suffer further losses:
First up, restore your privacy by removing software like TeamViewer, if the broker had you install it. Also, issue new credit cards, IDs and whatever other documents the scammers had access to.
Once that is done, contact your bank and explain your predicament – they will walk you through the available chargeback options. Do not fall for recovery agency scams – if contacted by one, demanding upfront payments for its services, know that it is simply a scam.
Finally, do not hesitate to leave us a comment below – by doing so, you will be helping us fight the scam by raising the general awareness of it!