AZ Trades Review
Reason to avoid: Offshore license
Listed Date: April 11, 2019
Top 3 Regulated Forex Brokers
Beware AZ Trades is a Non-Regulated broker. It is NOT SAFE to trade.
Is AZ Trades a scam or legit broker?
No, it is not safe to trade with AZ Trades. AZ Trades is owned by AZ Markets Ltd., which is an offshore company registered in St. Vincent and the Grenadine.
St. Vincent and the Grenadines is notorious for its practically absent requirements and regulations. Due to the setup cost is low and it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as CapitalXP, TraderUR and more.
According to the AZ Trades website, the broker is registered with the Financial Commission under the number 24462. Even though the FinaCom is a well-respected organization, it is a self-regulatory organization which cannot guarantee the safety of the trading environment and does not regulate the daily operations of the company, therefore can’t provide necessary protection to the client.
From our source, it costs €24,000 per year to become a member. However, and there is no handbook or guidelines for brokers to run their business. Therefore, there is zero protection for traders. You can read our detailed article about the risk of trading with brokers from St. Vincent and the Grenadines.
AZTrades.com offers over 45 forex currency pairs, indices, CFDs commodities, gold, silver, bitcoin and other cryptocurrencies for personal investment and trading options. The customer support number on the website has British country code, however, the broker is not regulated by the UK’s Financial Conduct Authority.
We advise all investors and traders to avoid AZ Trades and other brokers from St. Vincent and the Grenadines. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as IG Markets and Plus500.