Beware! Avner FX 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.
Avner FX claims its nonpareil quality of services leaves nothing to the imagination and pledges that it will make your dreams come true once you step into the world of trading. Well, it’s always a warning sign if a broker promises stuff it can’t deliver- the FX companies provide services, they do not fulfil dreams. Avner FX is a scam, and we’ll show you why in the following review.
Avner FX REGULATION AND SAFETY OF FUNDS
Avner FX also claims it’s regulated but can’t in any way prove it. On the screenshot above, you’ll see a link apparently redirecting to a webpage proving that the brokerage is legit, but it’s broken. You’ll also notice that the broker doesn’t even share an address- that’s how shady it actually. Furthermore, our research showed that it’s not associated with any licensed companies, so it’s unregulated, meaning that your funds will be in danger if you deposit.
Dealing with illegitimate brokers like Avner FX poses many threats, including fraud, identity theft, online security risks and so on. The absence of regulation implies that the people running the business are not bearing any responsibility whatsoever, so they can do anything with your funds- no problems mishandling or just steal your money. In contrast, regulated brokers are transparent and bound by law to follow many rules protecting their clients.
Speaking of transparency, it’s simply impossible to find out who’s standing behind Avner FX and what their actual intentions are. They do not even share their address, but at the same time, boldly pretend to be regulated, so they aim to create a false sense of security- a major red flag to note. It sounds too good to be true, and it probably is. That’s a scam, and we’ll show you more evidence later in the review.
That’s why we recommend regulated brokers licensed by trustworthy authorities like CySEC or FCA, for example. Due to regulations, the European brokers should keep deposits segregated, which guarantees that people won’t lose their money if a broker goes bankrupt. In addition, clients benefit from improved transparency, faster withdrawals, easier chargebacks, and better control over the funds. Above all, European brokers are covered by deposit insurance funds laid down to reimburse clients in case of unforeseen events- CySEC brokers’ clients can get up to €20 000 in compensation, while the British guarantees are even up to £85 000.
Avner FX TRADING SOFTWARE
Avner FX states that it has multiple trading platforms, but it actually comes with a Webtrader only, and it calls it MT7. That’s most probably Mobius Trader that we’ve seen a few times before, but we were never impressed by it as it’s miles behind MetaTrader4 or MetaTrader5. The latter two are market leaders- MT4 has the highest volumes traded on it, while MT5 is offered by the largest number of brokers. So, Avner FX is worth being avoided solely because of its inferior software.
The EUR/USD spread delivered by the platform is less than 1 pip most of the time, so clients pay $10 or less for a lot traded. The Buy/Sell difference is pretty much in line with the industry standards, so you’d better find a better option- the market is full of legit brokers offering the same or even better trading conditions. After all, why should you trade with a highly suspected scam that doesn’t deliver any advantages whatsoever?
As to leverage, it’s up to 1:500- a risky ratio that can inflict heavy losses if not carefully deployed by traders. Also, this ratio is hard to find across regulated jurisdictions as most of the trustworthy authorities have already imposed leverage restrictions- 1:30 in the EU, UK and Australia and 1:50 in the US.
Avner FX DEPOSIT/WITHDRAW METHODS AND FEES
Information about the minimum deposit requirements is nowhere to be found. It’s worth noting that the website of Avner FX is worse than useless as most of the links redirect to the Home Page. That’s a scam.
As you can see from the screenshot below, the funding methods are cryptocurrencies only. Two things to discuss. First of all, all crypto deposits are anonymous and final, so there is no refund possible whatsoever- once you send your digital money, it’s gone forever. Secondly, the absence of standard methods like Credit/Debit cards and Wire Transfers suggests that the brokerage isn’t even a legally existing entity. Whatever the case, though, Avner FX is a scam you should avoid.
Talking about withdrawals is generally worthless in this case, but it’s worth noting that the brokerage doesn’t reveal anything about the matter. Moreover, it doesn’t even have legal documents, which is a major red flag itself because Avner FX intentionally hides critical information from the public- yet another proof that it’s a scam scheme.
HOW DOES THE SCAM WORK
We exposed Avner FX as a scam in this review, so now we’ll quickly relate what scammers usually do while ripping people off their hard-earned money.
When scammers get hold of your contact numbers, they’ll approach you immediately, promising the moon and the stars. To gain your trust, those criminals usually pretend to work for governments, financial authorities, banks, reputable companies etc. Scammers will be confident in what they are saying, and if you don’t recognise the warning signs, you may end up depositing. However, just then, the Forex fraud actually begins. Once they have your money, the cons will distort prices and forge fake reports to make you believe that you are on the winning side, manipulating you to start thinking big and consider more deposits.
Gradually, the fraudsters will ask you to increase the size of your investment and will make up stories claiming that you need to fund your account for whatever reasons. Sooner or later, you’ll get determined to withdraw your money, and then scammers will ask you to deposit again because, according to their words, there are taxes and fees that you should pay. At this point, you’ll probably realise that there is something wrong, and when the scam becomes too apparent, the fraudsters will simply cut the communication and disappear. Later, the whole website will be brought down, replaced with a new one so that the scammers can carry on with their criminal activities.
WHAT TO DO WHEN SCAMMED
It would be best if you first call your bank to inform it and deactivate your card to avoid getting exposed to additional risks, as the scammers may as well have obtained your details.
Then, call the police, inform the financial authorities, file complaints and don’t forget to spread the word online so that other people can find out about the fraudulent scheme. Still, it’s crucial not to rush trying to reclaim your funds as numerous scams are disguised as chargeback agencies set up to double-scam victims.
Finally, we know it’s an awful experience to get scammed, but please share your story to help protect others!