AUSFIT review 2023: 5 things you should know about ausfitm.com

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

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AUSFIT is the type of scam broker we have seen many times before so it was easy as pie to identify the fraud. This broker falsely claims to be globally regulated by multiple authorities, however it is not present in the registers of any of them. Not to mention that its registered address is said to be in St. Vincent and the Grenadines – an offshore zone known as the scam heaven. Furthermore, this broker bears multiple signs of scam – risky leverage, no data about its account types, insecure payment methods. Do we need to continue? Still, if you want to know more about AUSFIT and the reason to avoid it, keep reading the following lines.

AUSFIT Regulation and safety of funds

AUSFIT claims its company name to be AUSFIT Capital with registered address in St. Vincent and the Grenadines. A statement which was enough to convince us that AUSFIT is not regulated. Why? Well, just because this country doesn’t license forex brokerage activities in general. Don’t trust any firm which claims otherwise, as this is simply not possible. The proof can be found on the website of the local Financial Services Authority (FSA) – an important notice immediately appears and states the same. See for yourself:

AUSFIT also claims to be fully regulated by the Labuan Financial Services Authority and displays a license number as well. This turned out to be yet another blatant lie – we searched the registers of the latter authority, but AUSFIT wasn’t on them. See for yourself:

Furthermore, AUSFIT also claims to be globally regulated by multiple world-wide jurisdictions. As a matter of fact, this broker doesn’t mention even one financial authority in particular but only posts a map with its offices, supposedly located in the UK, Cyprus and Asia. Of course we checked the official watchdogs of these countries just to be 100% sure that AUSFIT is not regulated in either of them. There was no record of this company either in the registers of the Financial Conduct Authority (FCA) of the UK, nor in the Cyprus Securities and Exchange Commission (CySEC) for example.

Now, after we know all the shady details about this broker’s identity, its claims start to seem totally absurd. It’s already obvious that it uses fake testimonials and the claims to have “global awards” are nothing more than a made up story.

AUSFIT also states that “client funds are segregated separately in global investment banks”, however we have no reason to believe that an illegitimate firm like this one would follow any rules or guidelines.

AUSFIT Trading software

AUSFIT claims to offer its own trading platform which can be accessed directly through the web on your desktop or downloaded as an app on your Android or IOS.

Unfortunately we couldn’t see the platform ourselves. In order to register we needed to upload an ID image, so we decided not to provide the scammers with our personal details – something we advise you to do as well. Moreover, we tried to open the software through the web, but we needed a password in order to log in, so once again we couldn’t get to know the platform.

Anyway, given the fact that this broker is a total scam, we don’t recommend opening an account here at all. Better look for reputable brokers who provide MetaTrader 4 or MetaTrader 5 instead.

AUSFIT Trading instruments

On its website AUSFIT states that you can trade more than 90 assets on its platform, including Forex, Indices, Energies, Metals, Cryptocurrencies and Stocks. We don’t know if this data is true, but the list of trading instruments seems quite sufficient. Nonetheless, it’s still not worth the risk of investing here. Many legitimate brokers offer the same range of assets along with a secure trading environment.

AUSFIT Spreads and cost of trading

This broker doesn’t explain in detail what account types it offers. It just mentions that you can choose between a real and demo account and that’s it.

In addition, AUSFIT promises tight spreads with zero commission, but again there is no further information. It’s quite possible that this broker lies about its spreads though – usually scammers offer either higher volumes of spread or some hidden fees and commissions you aren’t aware of. For this reason be on guard and better not invest here at all.

AUSFIT Maximum leverage

AUSFIT mentions two types of leverage – on its homepage it promises leverage of 1:400, but in the “About us” section the leverage is said to be up to 1:2000! Both of these volumes are highly risky, but the last one is just insane and unacceptable. As a matter of fact, until now we haven’t seen such reckless amounts even with fraudsters. What’s left for reputable brokers – they always offer leverage that is in line with the rules. To be precise, there’s a leverage restriction in most of the countries that regulate forex brokerage activities – 1:30 in the UK and the EU and 1:50 in the US for instance. We strongly advise you to stay away from AUSFIT and its insecure trading conditions!

AUSFIT Deposit and withdrawal methods

AUSFIT doesn’t clearly state what payment methods it accepts. After a thorough search however we managed to gather some information that might be useful. It claims to offer a fast deposit and withdrawal system with no hidden commissions and a variety of payment methods.

In its FAQ however the broker claims to accept deposits only with Tether and wire transfer. The execution time is said to be instant. Note however that crypto transactions are proven to be completely anonymous and irreversible, so better refrain from using them.

The withdrawal options include UnionPay and wire transfers. The execution of UnionPay orders is said to be on the same day, while the withdrawal time with wire depends on the bank’s processing time, but in general should take between 3-7 business days.

AUSFIT Minimum deposit

Again, AUSFIT doesn’t clearly state what minimum deposit it requires. Only after we searched its FAQ it turned out that the minimum deposit with this broker is 1000 USD! Quite a high amount, especially given the fact that most reputable brokers ask for around 250 USD, or even less – micro accounts require around 10 USD. Not to mention that AUSFIT obviously tried to make this information almost impossible to be spotted.

AUSFIT Withdrawal requirements

In its Frequently Asked Questions the broker claims that “when clients withdraw money, AUSFIT does not charge any additional fees or commissions”. We just hope this statement is true and this broker won’t rip off investors with unexpected and enormous fees like 15-20%. However, unfortunately, this is exactly what happens with most of the scammers, so be on guard with this one as well.

In addition, the minimum withdrawal amount is said to be 20 USD and you must have “sufficient withdrawable funds available”, but nothing more is mentioned regarding the minimum trading volume. Take a look:

All in all, we think that investing here would be a terrible mistake. For this reason better refrain from depositing even the tiniest amount of money and avoid this shady firm by all means!