Beware! Aufxmarkets.com 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.
Aufxmarkets.com is a great example of an unreliable company. This “broker’s” website is one of the most hideous we have recently encountered – it looked like it was made by a 10-year-old at the dawn of the Internet. We did not manage to get any important information from that website either. What we managed to establish is this – this company is unlicensed despite its claims of formal regulation. Moreover, Aufxmarkets.com does not seem to have a lot to offer you in terms of trading conditions.
If you deposit with this company, you will be investing in a scheme that is both unreliable and incapable of providing you with access to a decent trading environment. In other words, investing with this broker is hardly worth it. Stay away from such scams and only invest with reliable companies.
Aufxmarkets.com REGULATION AND SAFETY OF FUNDS
This company claims to be a Bitcoin trading and mining service that also provides access to the forex market. The broker states that they “are the best world Information Technology and Investment Company providing the highest quality in Bitcoin investment and … forex trading”. As you can probably guess, that was not true.
Aufxmarkets.com claims to be based and licensed in the US. However, a quick check of the NFA register proved that they are not.
The NFA, along with the CFTC, is one of the US regulatory bodies responsible for monitoring the activities of forex brokers. If a company is nowhere to be found in its register (this was the license number provided by Aufxmarkets.com), it means that it is not authorized to offer financial services to US citizens. The company has not mentioned any other sort of license which leads us to the conclusion that it is unlicensed.
If you choose to work with a broker licensed in the UK, the EU, or Australia instead, you will be entitled to countless protections. Such brokers have to meet many requirements in order to obtain a license and are under the supervision of some of the strictest authorities in the world. Licensed brokers have to maintain a certain minimum capital of €730 000 for brokers in the UK and the EU, and A$1 million – this money proves the broker’s financial stability and long-term approach. Client money must be kept separated from the broker’s own funds in segregated bank accounts – this measure keeps your investments safe in case of unfortunate events and proves the broker would not be able to use your money for its own financial operations. Negative balance protection is a must – you can never lose more money than you have in your account as a retail client. Additionally, UK and EU brokers are obligated to participate in compensation schemes – which means that if a licensed broker goes bankrupt, each of their clients would be entitled to a compensation of up to £85 000 in the UK and €20 000 in the EU. Compensation funds do not exist in Australia – the biggest difference between jurisdictions.
Aufxmarkets.com TRADING SOFTWARE
We were asked to wait while Aufxmarkets.com verifies our account – before that, we were unable to get access to any sort of trading platform or even to a client area. As a result, we cannot be sure that the platform the broker offers is actually good – or even if they offer any trading software at all.
We would suggest that you check out brokers who offer robust trading platforms like MetaTrader 4 or MetaTrader 5 instead. This software has been extremely popular for the past 15 years ago – since MT4 was first introduced- and that popularity is understandable. Both platforms are intuitive and user-friendly but also highly functional. You will be getting access to a huge number of technical indicators, timeframes, and chart types, but also to additional features such as Expert Advisors (trading bots) that track markets and trade automatically, VPSs, a Strategy Tester, the chance to create your own indicators and trading bots or to set signals for prices going up or down, a market for add-ons, etc. Definitely a much better offering than what scam brokers like Gigachains.com could ever have in store for you.
Aufxmarkets.com TRADING CONDITIONS
Aufxmarkets.com provided very vague information about its trading conditions – once again, this is not something a legitimate broker would allow. We were informed that we would be able to trade forex and cryptos but that is about all the information we got. Investing with scammers is not worth it for many reasons. Many established brokerages offer great conditions even on their cheapest accounts – the ones that could cost as little as $10.
Aufxmarkets.com DEPOSIT AND WITHDRAWAL METHODS AND FEES
Without an account, we are unable to say with complete certainty which deposit methods this company accepts. However, on the website, the broker stated that it only accepts crypto payments. Bitcoin, Litecoin, Binance Coin, and Llitecoin were the mentioned options. The problem with this is obvious to anyone even remotely familiar with the way cryptocurrency payments function. Such transactions are irreversible by default – if you have already invested with this broker, there would be no way for you to get your money back. That is why this payment method is only to be used if you are completely sure you can trust the broker.
HOW DOES THE SCAM WORK?
This type of scam is really not that complicated – but it has proven to be quite effective and has managed to trick quite a few people. Given such schemes’ growing popularity, it is important to know how to avoid them – so reading the following paragraphs carefully is vital.
The scam starts with you seeing an ad on the Internet for a certain broker’s website. Such websites usually promise amazing conditions and extremely fast profits – but offer very little in terms of license and company information. However, sometimes scammers can be very elaborate in their promise – so you fall for it and provide them with a phone number or an email. There is another option – they might have stumbled upon your contact details somewhere and are the first to make contact. After that, a game of cat and mouse begins – you will be asked to open an account and make a deposit. Keep in mind that these are professional scammers who convince people to transfer money for a living – they will sweet-talk you into depositing by talking about profits and opportunities.
After that, you might indeed see profits and deposit even more money – but all of this is smoke and mirrors, scammers often manipulate results to make you transfer bigger amounts.
At some point, of course, you would want to withdraw your money – and the problems will start. Additional fees or unfulfilled clauses in the Terms and Conditions will appear, and you will be denied access to your money. At this point, you will probably discover something is wrong – and this is when the scammers will drop out of sight.
WHAT TO DO WHEN SCAMMED?
There are a few things you could do if you discover you have been scammed. Chargebacks are possible in some cases depending on the payment method you have used to deposit. Both Visa and MasterCard allow such chargebacks within 540 days while bank transfers and cryptocurrency transactions are irreversible.
Make sure to change all banking passwords. If you have installed any remote access software, remove it immediately – scammers ask their victims to install such software under different pretexts but their endgame is to just get access to your banking accounts and steal even more money.
Notify authorities and share your story with as many people as possible – the more people know about such scams, the less they will fall victim to fraudulent schemes.
Last but not least – don’t trust any so-called “recovery agents” that offer to retrieve your money for a fee – this is just another type of scam, sometimes even conducted by the same people that stole your money in the first place.