Is AFX Markets Online a scam or a legit broker?

According to our research, AFX Markets Online is a total scam. The broker is not regulated and has no legal right to provide financial services to public. Moreover, AFX Markets Online has been suspected in fraud, when pretending to be another company with a better reputation.

AFX Markets Online is an online broker providing trading services by offering various accounts types, trading software and tools to enable individuals and institutional investors to trade Forex and CFD’s on indices, metals and energies. The company is owned and operated by the offshore-based Blue Isle Markets Inc. located in the St. Vincent and the Grenadines. Despite its offshore registration, the company is located in Johannesburg, South Africa.
Many brokerages operate without regulation in offshore jurisdictions such as St. Vincent and the Grenadines, the Marshall Islands, Seychelles. One of the major reasons that these brokers choose to forego regulation is to cut their operational costs. Another reason is that those brokers are basically not regulated by any authority. That’s why we recommend to avoid trading with offshore-registered brokers.

Licensed brokers, on the other hand, overseen by a well respected financial institution, such as the Cyprus Securities and Exchange Commission (CySEC), the Financial Conduct Authority (FCA) or the Australian Securities and Investments Commission (ASIC) offer traders sufficient security for their investments.

Conclusion

We strongly advise opening a trading account only with the brokers that are regulated by the respected world authorities that comply with the required set of rules and a good reputation through the delivered timeframe of operations. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and Eightcap.

Yet, it is always great to hear your personal opinion about AFX Markets Online. So you may share your experience or thoughts or discuss them below or ask us for additional information.