Beware! Afgroup.pro 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.
While doing our research, it became apparent that Afgroup.pro is most probably a Russian scam. While doing the research, we saw that the majority of the results are in Russian, and on top of it all, CBR (the Central Bank of Russia) already blacklisted the broker, proving it’s illegal and fraudulent. Afgroup.pro should be avoided, and in the following review, we’ll explain why.
Afgroup.pro Regulation And Safety Of Funds
As mentioned Afgroup.pro is an officially exposed scam as the Russian regulator issued a warning against the so-called brokerage. The publication is in Russian only, and no Google translate option was available at the time, but we confirm that the screenshot below is an alert for investors. Brokers with warnings on their names are scams and should be avoided; Afgroup.pro is no exception to the rule!
Stay away, and if you are still interested in trading, you may check our lists with brokers by following the links provided throughout the review- the high-rated ones are secure and trustworthy! For example, both CySEC (Cyprus) licensed brokers and FCA (Britain) brokers are proven safe as both authorities force strict regulations to guarantee safety for clients’ funds. The compulsory rules include client account segregation, risk-reducing measures like leverage restrictions and negative balance protection, and increased capital requirements to license a broker (€730 000). Most importantly, though, both authorities maintain deposit insurance funds – clients of CySEC brokers can claim up to €20 000 in compensation, while the UK protections are even higher at £85 000 per person! It goes without saying that if you trade with unregulated brokers, you’ll remain unprotected and exposed to fraud risks!
Here is the CBR warning:
Afgroup.pro Trading Software
Afgroup.pro’s trading software is a standard Webtrader that cannot provide any advantages over MetaTrader4 and MetaTrader5. The web-based platform has only the basic functions and a chart provided by TradingView, which means that the broker’s quotes may as well be manipulated. Afgroup.pro’s software is not good enough, and the broker was already exposed as a scam, so we recommend that you’d better choose a regulated MetaTrader broker. We endorse MT as both versions (4 and 5) are stable and packed with numerous advanced tools such as expert advisors, reliable indicators, easy-to-use drawing tools and even a marketplace with thousands of trading apps.
Afgroup.pro Trading Conditions
Generally, the trading conditions are not so good either. The asset classes available for trading are Forex, Commodities, Indices, Cryptocurrencies, Shares and NFT – a good selection, but the broker is a scam anyway, so nothing really changes.
The trading costs are unnecessary high – the EUR/USD spread is 3 pips, a rate 3 times higher than the industry standard. The difference implies that customers should pay $30 per lot traded, while the industry standard is $10 or less – Afgroup.pro is generally expensive.
The trading risks are also unnecessary high – the leverage is fixed at 1:200 and cannot be changed. 1:200 is a dangerous level, which means that Afgroup.pro deliberately puts clients into a risky trading environment, disallowing them to reduce their exposure if they want to. That’s a red flag, and it gets even more significant as Afgroup.pro claims that various other levels are also available, but in reality, the scam broker simply lies!
Afgroup.pro Deposit/Withdraw Methods And Fees
The minimum deposit is said to be €250, a standard rate for offshore brokers, but still too high as many brokers currently accept clients for as little as $5.
The funding methods are Credit/Debit cards, Bitcoin and GameChangers, the latter of which was exposed as a scam facilitator – more evidence of fraud. But anyway, Afgroup.pro is an exposed scam, so you shouldn’t use any of these methods.
The withdrawal conditions are highly unfavourable and just crazy, as you’ll see. So, the minimum withdrawal is $250 for Wire Transfers and $100 for Credit/Debit cards! Just a quick comparison: most adequately regulated brokers do not impose any withdrawal restrictions whatsoever!
However, the fees are even worse and are as follows: $35 for each Credit/Debit card transaction and $50 for Wire Transfers (excluding the fees imposed by the bank). But that’s not all, as Afgroup.pro will charge another 10% if clients haven’t reached 200 in turnover (whatever this should mean). That’s a scam!
The dormant fee is another unacceptable charge. According to the clauses, an account becomes dormant after 3 months of inactivity and will be subject to a deduction of 10% each month – another scam clause! To draw a comparison, regulated brokers collect 5 to 10 dollars per month, not percentages! Avoid Afgroup.pro!
How Does The Scam Work
Forex scams are different from one another, but in most cases, the fraudulent scheme is practically carried out in the same way. Scam brokers are always unregulated and usually registered somewhere offshore, which helps scammers remain anonymous and untraceable. If you open an account with such an entity, you should expect endless phone calls. Scammers will constantly try to approach you and make you deposit money as quickly as possible. Remember that urgency is always a treacherous sign, so it’s probably a scam if someone calls you twenty times per day, asking for money.
In the worst-case scenario, you’ll deposit, and scammers will persuade you to trade instead of you. You’ll soon see magnificent profits generated – false, of course, and you’ll get excited, asking to take your money back. As you probably guess, they won’t let you do so and will try to get another deposit from you, promising that much more lucrative gains are waiting. Or, they can ask for a false tax, saying that withdrawals are only possible if you cover the charge in advance. If you pay, you’ll increase the amount stolen from you, but if you keep asking for your money, you’ll soon realise it’s a scam!
What To Do If Scammed
You should first inform the authorities – call the police and contact your local regulators and other government bodies dealing with crime and fraud. Also, deactivate your cards ASAP and call your bank to inform them about what happened – they can provide essential information and help you reduce further financial damage.
If you deposited cryptocurrencies, there is not much you can do, but if you used your credit/debit cards, you could file a chargeback, hoping that all or some of the money invested can be retrieved. However, you shouldn’t go blindly looking to recover the loss because many fraudulent chargeback agencies are waiting to double-scam victims of fraud – be cautious about it!
And lastly, consider sharing your experience to help protect others and provide further information about how scams work!