Beware! AgeFX 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.
AgeFX is, unfortunately, yet another scam broker, pretending to be legitimate. And if you don’t want to take our word for it, check out the following warning posted by the CySEC:
We sincerely hope you see why trading with AgeFX is such a bad idea now, but should you need further convincing, read on – we have exposed all of the broker’s failings in the following review:
AgeFX regulation and safety of funds
Regulation is a hot topic when it comes to Forex trading. A lot of scammers have emerged and it is more important than ever that governments keep track of which company is legitimate, and which is not. As you saw before, AgeFX is one of the latter, with the Cyprus Securities and Exchange Commission – the CySEC, having posted a warning about it. Hilariously, the company would have you believe it is actually licensed by the regulatory body, as it states the following on its website:
Now, this FP Asset Management is a legitimate firm – but it has nothing to do with AgeFX, which is simply using its name and brand to appear to be more legitimate. FP Asset Management also warns against AgeFX, in the following post on its website:
So, there is absolutely zero doubt that AgeFX is not regulated by the Cyprus authorities. But what does it mean for a company to have the approval of the CySEC? Well, it means it is bound by the strict laws of the European Union regarding Forex trade – for example, EU-licensed brokers have to have a certain capital minimum – 730 000 euro in liquid funds. This is done to weed out the companies that can survive on the rough Forex markets from the ones that cannot.
The EU also takes a hardline approach to scams – it demands that all licensed brokers report back on a daily basis on open and closed trades to ensure that they are not fixing prices or manipulating the markets otherwise.
As you can see, these restrictions on brokers create a favorable trading environment for you – so we can advise you to stick with licensed brokers and always make sure that companies you wish to trade with are licensed – be it by the EU or any other regulatory body.
AgeFX Trading software
AgeFX provides access to a web-based trading platform. Here is what this platform looks like:
Compared to industry-standard trading platform Metatrader 5, we found it to be rather lacking – especially in the automated trading department. Other than that, the platform is also incredibly slow with charts taking ages to load.
As for AgeFX’s trading conditions, it offers a leverage of 1:30 for retail traders, which falls perfectly within EU regulation – but let us remind you that this is simply a front and that AgeFX is a scam regardless of the leverage amounts it offers.
AgeFX Deposit and withdrawal methods and fees
The most basic account with AgeFX costs $500 – this is much higher than what its peers would have you deposit to start off with – no more than $200 for a standard type account and between $5 and $10 for a micro account. Deposits are only done through cards – which is quite beneficial, since credit card companies like Visa and Mastercard allow for a chargeback to be filed within 540 days from any transaction – which is something you might need, given AgeFX’s restrictive withdrawal policy.
First off, the Terms and Conditions it has on its website mention the following fee on withdrawals:
When brokers waive all fees on their clients as a sign of good faith, AgeFX charges an insane amount with the possibility of an additional $80 charge. But worse still is the company’s withdrawal policy, which you can see outlined below:
It seems that in order to withdraw any money you need to reach a trading volume of 33% of any issued bonus in standard lots. A standard lot is worth 100 000 currency units – that way, if AgeFX issues you a $100 bonus, you would have to achieve a turnover of $330 000 – this hardy seems proportionate or fair. Worse still, the Terms mention another broker – Platinumstrade, which is also quite shady.
How does the scam work?
Scams like the one AgeFX is running are unfortunately all too common – they start off with an ad offering a lucrative trading opportunity. If you click such an ad, you are taken to a website like AgeFX, where you are prompted to leave personal information like a phone number or an email. Should you do so, you will be harassed relentlessly by scammers to deposit.
Once you deposit, regardless of whether you are turning a profit or experiencing losses, the scammers will try and pressure you into investing more and more money. They will bleed you dry for all the deposits you make. These people are relentless and very skilled in manipulating their victims to deposit and deposit past any reasonable boundaries. Withdrawals will not be possible.
What to do when scammed?
Everyone is vulnerable to a scam – and there is no shame in getting scammed, as the people who run these schemes are professional fraudsters.
If you are scammed, there are a couple things that you can do – first off, change all cards and ID documents you have given to the scammers. You can also try and file a chargeback if the method you deposited with allows it. Delete all software akin to TeamViewer that scammers had you install on your PC.
Finally, do not fall for further scams – if contacted by a recovery agency which claims it will restore your deposits and demands upfront payment for it, know that this is the last stage of the scam. These agencies are fake and have no intention of helping you.
Rich Snippet Data