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Interestingly, Awex has published users’ reviews which are all positive. We wouldn’t have a problem with this if Awex were a genuine trader.
Awex is an online scam posing as the world’s top CFD broker. Investors on the platform can allegedly trade over 200 instruments, including cryptos, forex, shares, energies, and metals. Nonetheless, do not be misled by the broker’s implying that you can trust it.
The forex market is easily accessible to traders due to low commissions and charges. Many investors are drawn to the market, hoping to make a fortune. The trading carries the potential for both high returns and risk. Thus, you should thoroughly understand the forex market before you start trading. Before settling on a broker, you can weigh all your available possibilities. Forex trading can yield tremendous profits if you dedicate yourself to learning the market and trading frequently.
Meanwhile, you’ll only see gains like that while working with a valid forex broker. If you are wondering whether this broker is right for you, we will save you the trouble -it is a rogue broker. Read on to find out how we came to that conclusion.
Awex attempts to give an impression of being worthwhile, even claiming to have won the Best Arabic Forex broker. The broker, which purports to provide innovative financial technology and services, also claims to have authorization from across the world.
The broker’s competitive edge is reportedly capital strength, a perfect system, and a professional team. The broker lists some banks to convince you it will provide deep liquidity. Similarly, the broker claims to ensure accounts’ privacy and security through a Securities Dealer License. Do not fall for any of these when we have no proof of this broker’s regulation.
Awex Contact Details
Given that the broker has not offered any corporate address, it is hard to tell where it operates from. The broker makes this worse by giving contradicting details on its parent company’s location. Whichever the location is, there is no compelling reason to engage this broker for investment.
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Awex has only provided an email address, meaning it would be pointless to expect instant assistance. Email communication does not have the benefit of urgency or timeliness afforded by telephone communication. This means you could be stranded with no one to help you.
Deposit & Withdrawal Policy
The broker’s Client Agreement claims to accept debit/credit cards, e-wallets, and wire transfers. Apparently, the broker only allows deposits via wire transfer, e-wallets like PerfectMoney and Help2Pay, cryptocurrencies, and even some forms of cryptocurrency (Tether). However, the missing credit card option piqued our interest. Why would a broker claiming to be credible deny you the only option that allows you chargeback?
Do not deposit funds to shady brokers via cryptos, as such transactions are irreversible and not traceable. Although wire transfers lack anonymity, they are also difficult to dispute due to the technological difficulties that often arise when doing so.
The minimum deposit is $200. While this amount is well within the acceptable range, you should explore further for reputable brokers with relatively affordable micro accounts, such as $10. As for withdrawals, the broker doesn’t mention anything, probably because you won’t get to that.
Regulation Status of Awex
It doesn’t take long to check the registries of the regulatory authorities tasked with licensing forex brokers in specific nations or areas. Confirming will save you time and energy in the long run. The broker’s website suggests that ATG World Group, based in St. Vincent & the Grenadines, owns AWEX. On its Facebook page, however, the broker states that ATG World Group is based in Dubai. This broker can’t even have its deception straight!
Several things don’t sit right with us on this. First, the ATG World Group is not operational anymore. So if it’s the alleged firm backing this broker, you might as well consider this broker dysfunctional. Secondly, SVG, the tiny offshore nation, has become the preferred hub for hundreds of untrustworthy forex firms due to its lax regulation. Consequently, brokers in this area are free to commit fraud and other unethical business practices.
At this point, we need to clarify something about this broker. It is present in Seychelles’ regulatory agency (FSA) database. However, the agency’s oversight of the forex market is not as elaborate as it does not enforce the fund’s segregation guideline. As such, FSA’s oversight does not offer the much-needed funds’ security.
The broker’s social media page also insinuates that the broker operates in Hong Kong, UAE, and Qatar, probably explaining why its Client Agreement has a lot of Chinese.
There is no evidence that this broker is under forex regulatory bodies. Note that we are referring to oversight agencies that actually monitor forex brokers, not just financial entities. Consequently, you should not deal with this broker, as you will end up frustrated.
When trading forex, choose software that delivers optimal value and a competitive trade experience. The ones that come to mind are MT5 or MT4 platforms. Indeed, the forex industry has endorsed the two, owing to their cutting-edge infrastructure. Unlike the web trade platform with basic and limited functionalities, your options are limitless when using the MetaQuotes platforms. You can backtest strategies, use algorithmic trading, and place multiple trades here.
AWEX surprisingly offers the MT5 platform. They back up their claims by providing a live and demo account. The Chinese discussion reappears, though, in the demo account window that is automatically produced. If traders aren’t given clear information, how can they be expected to make informed decisions? Looks like you have to juggle between translating and trading-weird, right?
Awex Trading Conditions
Awex has availed of some flimsy legal documents that do little to shed light on relevant areas. Nowhere has the broker mentioned the applicable fee except for dormant accounts, which will attract a fee of $25.The broker does not disclose its spread, all the more reason you should be vigilant. While a low spread is fascinating for forex traders, the value placed on it should come after a legitimate forex license.
This entity offers a 1:500 leverage. High-leverage trading might be appealing since it has the potential to generate good returns. Unfortunately, this strategy may also increase the likelihood of incurring losses, especially for novice traders or when the market is particularly volatile. Offshore brokers can offer leverage at their discretion. Therefore, it is incumbent upon you, the client, to exercise caution when adjusting leverage. Only engage in leveraged trading only if you are confident in your ability to do so.
Although this broker awards bonuses, they do not provide a bonus policy. When dealing with such brokers, bonus money always comes with conditions. Typically, they tag along extortionate clauses that prevent you from getting any of your money out of the account, including deposits. For this reason, most regulatory bodies frown upon this practice.
Interestingly, Awex has published users’ reviews which are all positive. We wouldn’t have a problem with this if Awex were a genuine trader. However, the dubious broker is fully capable of manipulating reviews and may as well leave out the negative ones.
Additionally, the fact that there is a referral program whereby the referrer earns a commission suggests the possibility of bias. See, if you were to earn extra income by convincing other investors to join, you would mostly praise the broker. Thus, concluding that these testimonials can be misleading would not be a stretch for us. To be safer, you shouldn’t rely solely on reviews for broker selection.
The forex market may not be as simple as several online ads might want you to believe. On the contrary, you need considerable exposure to get how it works. Undeniably, some investors have made a fortune out of forex trading. However, it’s worth noting that this is possible only with a valid forex broker. As for Awex, let’s call it what it is-a scam.
Granted, you will come across many brokers with good deals. Some instances take a discerning eye to tell apart cons from legit ones, while for others, it will be straightforward. To be sure, conduct preliminary research to determine if it is worth the risk.