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

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AgioFx represents itself to be a reputable and regulated investment intermediary. But upon closer inspection, we find that this is nothing more than yet another online scam. In this review, we’ll take a detailed look at why this is the case and discuss how you could find a legitimate broker to invest through with peace of mind.

AgioFx Regulation and safety of funds

Guaranteed FundsSegregated AccountsNegative balance protection
AgioFx
UK regulated brokers£85 000YesYes
EU regulated brokers€20 000YesYes
AU regulated brokersNoYesYes
US regulted brokersYesYesNo

When you visit the website of a legitimate broker you can expect to find clear and detailed information about the company that owns and operates it, where it is based and what regulatory regimes it is subject to.

Licensed financial services providers are also required to provide a comprehensive set of legal documentation. AgioFx does not provide access to Terms and Conditions or any other document.

Allegedly there are two companies behind this broker – AgioFX (UK) Ltd, regulated by the Financial Conduct Authority (FCA), and AGF International, regulated by the German financial regulator BaFin.

On checking the UK regulator’s database, we find no licensed company by that name.

BaFin, for its part, has posted a warning to investors that AgioFx is not authorised.

If you intend to invest in financial instruments, you should beware of the many fake brokers lurking online. Always check carefully whether the broker you choose really has the necessary licences. There are numerous benefits to working with a company that is truly authorised and supervised by a regulatory institution such as the UK’s Financial Conduct Authority (FCA) or some EU regulator like Cyprus Securities and Exchange Commission (CySEC).

As their customer you will enjoy a number of guarantees including negative balance protection and guarantee for your funds if the broker goes bankrupt, which goes up to EUR 20,000 in EU and 85,000 GBP in the UK. Regulations in the UK and EU include some important measures designed to improve investor protection and promote market integrity and transparency, such as transaction reporting. Regulated brokers are also required to segregate their operational funds from the client’s money.

AgioFx Trading software

Analytical toolsAuto tradingCustom indicatorsMobile apps
AgioFx
MT430+ indicatorsAndroid and iOS
MT550+ indicatorsAndroid and iOS
cTrader40+ indicatorsAndroid and iOS

After registering an account we get access to a very basic looking trading platform without advanced functionality. The menu for placing orders is not active if the account is not verified.

But even if AgioFx  had a more convincing platform, that would not make this website credible. Fake brokers use rigged trading software to mislead their victims that their money is really being invested. But this trade is entirely sham.

Legitimate brokers offer clients a wide selection of trading software, including desktop, mobile apps and web-based platforms. The most widely used platforms in the industry are MetaTrader 4 (MT4) and MetaTrader 5 (MT5). These platforms have established themselves as industry standard because they offer a wide range of features, including a variety of options for customization, multiple account usage, designing and implementing custom scripts for automated trading and backtesting trade strategies.

AgioFx Trading instruments

CurrencyStocksIndicesCryptoCommodities
AgioFx
XMYesYesYesNoYes
FBSYesYesYesYesYes
FXTMYesYesYesYesYes

AgioFx advertises forex and forex trading, including cryptocurrencies. This is also proof that AgioFx is not what it portrays itself to be – UK’s FCA prohibits crypto derivatives trading.

AgioFx Spreads and cost of trading

AgioFxXMFBSFXTM
Spread EURUSD0.611.1
Spread GBPUSD1.31.21.4
Spread USDJPY1.31.21.4

AgioFx promises very low spreads, but the trading platform shows no difference between the buy rate and the sell rate. AgioFx does not provide detailed information about trading parameters as you will find on the websites of real forex brokers.

AgioFx Maximum leverage

ForexStocksCryptoGoldIndices
AgioFx
UK regulated brokers30:15:110:110:1
EU regulated brokers30:15:12:110:110:1
AU regulated brokers30:15:12:110:110:1
US regulated brokers50:1

High leverage creates the opportunity for more significant profit, but correspondingly increases the risk of sudden and excessive losses. All leading regulators therefore restrict leverage for retail traders. The FCA, like EU regulators, limits leverage to 1:30 for trading in major currency pairs and even lower levels for more volatile assets.

Regulated brokers offer higher leverage only to professional clients who must meet very high standards for capital and experience and forgo the guarantees enjoyed by retail traders.

If you don’t qualify as a professional trader but are willing to take the risk of high-leverage trading, the most viable option is to use the services of an offshore affiliate of an established brand.

AgioFx Deposit and withdrawal methods

Deposit timeWithdrawal timePrice
Bank wire2-5 business days2-5 business days$25+

AgioFx claims to allow deposits via wire transfer, but we have not been able to confirm whether this is true.

Legitimate brokers typically offer clients a wide choice of transparent payment methods, including credit/debit cards and established e-wallets such as PayPal, Skrill or Neteller.

AgioFx Minimum deposit

AgioFxXMFBSFXTM
Minimum deposit€250$5$10$5

AgioFx specifies a minimum deposit of 250 EUR, which is the industry standard. But this means that for the same amount you could open a trading account with an established and duly licensed forex broker. Some of the leading brands in the industry offer Micro and Cent accounts with a very low entry threshold that are suitable for novice investors.

AgioFx Withdrawal requirements

Trading volumeFee/Tax on withdrawalMinimum withdrawal
AgioFxNot specifiedNot specifiedNot specified
UK regulated brokersNoNoNo
EU regulated brokersNoNoNo
AU regulated brokersNoNoNo
US regulated brokersNoNoNo

The lack of a publicly available Terms and Conditions or Client Agreement means that scammers may have set many traps such as hidden fees and impossible-to-meet  withdrawal terms.

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