AzuriFinance Review – 5 things you should know about azurifinance.com

AzuriFinance Review – 5 things you should know about azurifinance.com

Rating: 1

Beware! AzuriFinance is an offshore broker! Your investment may be at risk.

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AzuriFinance is exactly the type of broker we would strongly advise not to do business with. There is absolutely no way on Earth this is a legitimate company. Their website is hideous and badly structured and could very easily make your eyes hurt with its bright-red color. It is obvious they did not want to spend a cent more than necessary but at the same time, they would gladly collect a decent amount of money as long as you are willing to deposit. No regulation, ambiguous Terms and Conditions, dysfunctional platform – all the signs of a scam scheme are there. Read our review to find out why you should avoid these scammers at all costs.

AzuriFinance REGULATION AND SAFETY OF FUNDS

We are sure that AzuriFinance is not a regulated broker. They have not provided a license number (or even a registration number) but both their address and their call center phone number are in the UK. You would expect that a UK-regulated broker would turn up in the register of the UK regulatory body – the FCA – but no such thing happened.

So AzuriFinanceis is supposedly operating on UK ground without having any sort of official license which is enough of a red flag already. This means that any money you deposit with them would not be safe as this broker is not answering to any sort of financial authority.

If you want to work with a UK broker, better look up those that are FCA-regulated. This ensures that unless your broker does not want to lose their license, they have to follow the stern laws imposed by this financial authority. All UK brokers participate in compensation schemes which ensures that if a licensed broker goes bankrupt, their clients can get compensation, and a very decent one while we are at it – up to £85 000 per client. Additionally, negative balance protection is provided to all clients of UK brokers – this means the size of your losses cannot exceed the amount of money you have in your account. So opt for a regulated broker – you can be sure they abide by some sort of laws. Otherwise, you might be sorry.

AzuriFinance TRADING SOFTWARE

Upon registering an account with AzuriFinance, we got access to a web-based platform. Sadly, we cannot speak of this platform’s qualities or functions, as this was all we could see when we opened it. Here you can see the special platform AzuriFinance offers for binary option trading:

AzuriFinance’s CFD trading platform simply refused to load but we were not impressed even by the little we saw. As you can see, it looks quite similar to the binary options platform:

We do not know why you would choose a broker offering such a rudimentary platform over one that could give you access to established platforms like MetaTrader4 or MetaTrader 5. These platforms have what many simple web platforms lack, namely a lot of different, useful trading tools. With MT you can use pre-programmed Expert Advisors that track the markets and trade for you or develop your own trading bots and indicators. So this would be a better choice compared to a platform like the one you can see above that offers next to nothing in terms of functionality.

AzuriFinance TRADING CONDITIONS

We were not wowed by AzuriFinance’s trading conditions. The leverage the broker offers is between 1:100 and 1:1000. Be warned that legitimate UK brokers are prohibited by law to offer leverage thigher han 1:30. This is because high leverage can be very dangerous to new traders – even though it can result in you earning a lot of money fast, more often than not you will end up losing an equally big sum. This is because leverage increases your potential for making offers immensely – 100, 500 or even 3000 depending on what the broker is offering. So opt for a broker that follows the law and does not offer leverage higher than 1:30 to retail clients.

The spreads were supposed to be around 1 pip but we could not confirm that on the platform.

The minimum deposit for a Starter account is $500 – far too much considering the upper limit for a starting deposit nowadays is $250. And you don’t even get to set signals on a AzuriFinance Starter account- something MetaTrader allows completely for free.

One interesting addition to our red flag collection is that the broker offers binary options – which have recently been banned in both the UK and all of the EU because their high level of risk. Even so, AzuriFinance did not even offer return percentages that were that okay- between 79% and 85% depending on the currency.

AzuriFinance DEPOSIT/WITHDRAWAL METHODS AND FEES

The deposit and withdrawal methods you supposedly have at your disposal are Visa/MasterCard, Skrill, Neteller, PerfectMoney, OkPay, Payza, Bitcoin, PayPal and bank transfer. On the platform itself, Bitcoin was advertised as a newer, preferable payment method – which is another red flag since you cannot reverse any payments made in cryptocurrency. This is exactly why scammers might urge you to deposit in this way.

Additionally, if you withdraw more than $1000, the broker has the right to decide which payment method and currency they will be using to transfer you the money. This is not a usual clause with regulated brokers – they always use the same payment method and the currency you have deposited in.

AzuriFinance also does not hesitate to offer a few types of bonuses – something no legitimate UK broker would do since those are banned. However, ‘in order to draw earning (made on account of the bonus) or any available funds from the account, the client must make operations that represent a volume 30 times the volume of the granted bonus.’

So drawing any money from your account – even your own – would be impossible upon accepting the bonus if you don’t reach a turnover of 30 (on some occasions 50) times the size of the bonus.

HOW DOES THE SCAM WORK?

The way such scams work is usually the same.

You are browsing and you see a banner or an ad for the scammer’s website promising you enormous profit. So you take a look at the website, think it looks good, and register – after all, who would not want to earn money so easily and quickly. And the scammers promise to make an experienced trader out of you in no time. The moment they acquire your contact info, you will start receiving emails and phone calls asking you to deposit. If you do, you will probably see you are making a lot of money soon – a trick aiming to make you invest more.

Time passes, you have made good money and now you want to withdraw. This is the moment the scammers will start making up wild reasons to delay that withdrawal – usually additional taxes. At some point you will start figuring out something is wrong and at that exact moment, the scammers will stop answering your phone calls.

WHAT TO DO IF SCAMMED?

Remain calm and don’t trust any so-called “recovery agents” that say they could retrieve your money if you only paid a small fee. Often enough, these are the same people that scammed you in the first place and even if they are not – that is a whole different type of scam aimed at desperate victims. Your “recovery agent” will disappear as soon as they receive the fee.

What you could do is ask your bank or credit card provider for assistance depending on your deposit method. With credit and debit cards you can file for chargeback within 540 days. Cryptocurrency transactions are non-refundable so don’t trust brokers only offering that payment method. Still, be prepared for the worst since such situations are rarely resolved in a happy manner. If you have verified your account, the scammers might use that as a basis for revoking your claim.

Still, make sure to change any passwords or other sensitive information scammers have received. Notify the authorities and spread the word – in your acquaintance circle and online. You can save a lot of people from the awful situation you might have found yourself in.

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