Binary Options Broker AZAFOREX

AZAFOREX – A Brief Review of a Scam Binary Options Broker The fraudulent broker AZAForex began operating in the binary options market in March 2016. The scammers' website claims to be an international broker registered in the Marshall Islands, but in fact, AZAFOREX PRO LLC has never been registered there. At least, there is no official information about this company from the authorized body of this island nation. AZAFOREX REVIEWS

Binary options broker AZAForex is another scammer operating under the guise of an intermediary. As befits a scam company, AZAForex offers "the best conditions on the market" and numerous bonuses. This scam broker boasts its own trading platform for desktop and mobile devices and rebates that supposedly cover 30% of the spread on traded Forex volume. In this review, we'll determine whether this binary options broker's promises can be trusted or whether it's best to avoid it.

Content:

• Key Features of a Binary Options Broker
• General information about the broker
  • Domain registration
  • Licensing and Regulation
  • Social media promotion
  • Trading conditions
• Register with broker AZAFOREX
• Verification of personal data
• Minimum deposit on the AZAFOREX platform
  • Depositing funds to a broker account and withdrawing funds from the site
• Account types
• Trading platforms
• Competitions and bonuses
• Training programs
• Customer support service work
• AZAForex user reviews
• Pros and cons of a broker
• Conclusion: Is AZAFOREX Worth Trading?

Key Features of a Binary Options Broker

General Information About the Broker

Binary options broker AZAForex presents itself as a reliable intermediary providing trading services on international markets. Its portfolio includes Forex and CFDs, as well as binary options on currency pairs, metals, indices, and cryptocurrencies. The company promises its clients fast trade execution thanks to the modern Mobius Trader 7 trading terminal, available in desktop and mobile versions. AZAForex analysts also publish daily forecasts for various instruments and provide investment recommendations for various assets and PAMM accounts, which the broker also offers.

Domain Registration

The official launch date of the AZAForex brokerage company website is considered to be March 2016. This is the date listed in the Whois database.

However, according to internet archives, the domain azaforex.com appeared much earlier – in 2007. At that time, it belonged to a brokerage company called ForexTradeWorld, and since November 2013, this domain has hosted a blog about forex trading – azaFOREX. Apparently, this is what later gave the name to the binary options broker AZAFOREX.

Licensing and Regulation

As befits a scam project, the pseudo-broker AZAFOREX has no registration documents or licenses to operate in financial markets. There is no information about AZAFOREX PRO LLC in the official legal registries of the Marshall Islands. Therefore, it is safe to assume that such a company never existed. However, there is information from regulators warning investors about the dangers of working with this "broker."

For example, the Canadian regulator, AMF, in the province of Quebec in eastern Canada, states this clearly on its official website.

The Central Bank of the Russian Federation agrees with his conclusions, finding signs of an illegal professional securities market participant in AZAFOREX's actions, as reported in its resolution of November 19, 2021.

Thus, we are dealing with a company that operates illegally and cannot guarantee the safety of its clients' funds.

Social Media Promotion

Surprisingly, AZAFOREX's social media presence is quite extensive and even pompous in places. For example, what does this offshore dump have to do with the British capital? Yet, the cover photo of the fraudulent broker AZAFOREX's official Facebook page features a photo of the British Parliament and the famous Big Ben clock tower.

And, by the way, a logo on a black background (like on the website) suits this scam broker better – it matches its profile of activity.

On Instagram, this "broker" posts technical analysis of the current market situation, feigning customer service. However, the number of followers speaks for itself.

The X social network profile is empty. It's long been noted that scammers aren't welcome on this network, and if you see a broker's empty account, you should be concerned about fraudulent activity on the part of this "company."

This scam broker's YouTube channel is a dead ringer for its Instagram content: the same primitive technical analysis, supposedly for the "benefit" of its clients.

Overall, these scammers deserve credit: at least they tried their best to disguise their blatantly illegal activities as legitimate binary options brokers. Many similar projects are incapable of this.

Trading Conditions

Broker AZAFOREX offers two types of binary options: "Chinese" and "American." Only the broker itself knows why they are called that way. European- and American-style options exist worldwide, but the scammers at AZAForex decided to invent a new instrument, capitalizing on the ignorance of their clients.

So, let's figure out what the differences are between so-called "Chinese" and "American" options, according to these scammers.

Chinese options: When betting on a rise in the rate, the trade is opened at the ask price. When betting on a fall in the rate, it is opened at the bid price, without delay. These options take into account the spread: if you open a bet at the ask price, it will be closed at the bid price, and vice versa.

American options: bets are placed without a spread. The trade is opened at the midpoint of the Ask and Bid prices, both up and down, but with a 60-second delay.

This sounds good, but there's one caveat: the spread itself. It's enormous! For example, for a liquid instrument like gold, the spread in the Mobius Trader 7 terminal is 205 pips, while with a typical ECN Forex broker it's only 7 pips — almost 30 times smaller.

Because of this huge spread, standard "higher/lower" options are transformed into in-touch binary options. In this case, you need to predict not just an up or down movement, but a strong, unidirectional movement so that the bid price, assuming an asset rises over the set expiration period, exceeds the ask price at the trade entry. Only then will this fraudulent broker pay you a "mind-boggling" 70% of the bet.

The situation with American options is even worse. They impose a one-minute delay on opening a trade to minimize the trader's chances of success. And most interestingly, trades cannot be canceled: once you click the Buy or Sell button in the terminal, there's no turning back.

Compare this to Pocket Option's trading conditions, where there is no spread and you can expect payouts on Higher/Lower trades of up to 92%.

Register with Broker AZAFOREX

Registration with the scammer AZAForex follows the standard procedure, just like with legitimate binary options brokers: fill out a form and gain access to the trading platform.

After you fill out the standard form and click the "Open Trading Account" button, your personal account will load. Within this secure environment, you can manage your accounts, open and fund a demo account, and much more.

Verification of Personal Data

To be able to trade on a live account, you must verify your personal data. To do this, go to the "Profile" tab in your personal account, then to the "Verification" section.

Next, you'll need to upload a standard set of documents. These may include a passport or driver's license, as well as a bank statement or utility bill confirming your residential address. However, we do not recommend doing this on this fraudulent website.

Minimum Deposit on the AZAFOREX Platform

The minimum deposit on the AZAForex scam platform is $1 for Start level accounts, $2,000 for PRO accounts, and $10,000 for VIP accounts. If you're looking for other options to start trading with small deposits, we recommend checking out our rating of binary options brokers with minimum deposits.

Depositing Funds to a Broker Account and Withdrawing Funds from the Site

There are several ways to top up your account on this fraudulent platform, but we don't recommend doing so. However, if you decide to do so, go to the "Accounts" tab.

Then, go to the "Deposit" section. In the window that appears, select the appropriate payment method and enter the desired amount. Please note: the minimum deposit amount for bank cards is $50.

Account Types

The scam binary options broker AZAForex offers four account types: Start, PRO, VIP for real trading, and a demo account for training.

Trading Platforms

For trading, AZAForex offers the Mobius Trader 7 trading platform from Mobius Soft Ltd. Its advantages include support for all platforms: browser, Windows, Linux, MacOS, Android, and iOS (iPhone, iPad).

But that's official. A closer look reveals that Mobius Soft Ltd supplies unlicensed software for various scam projects. AZAForex is far from its only client. Therefore, it's safe to say: if you see this platform with any broker, you know you're dealing with scammers.

The Central Bank of the Russian Federation agrees with this, issuing a ruling in April 2023 that Mobius Soft Ltd exhibits all the hallmarks of an illegal professional securities market participant.

Competitions and Bonuses

The company doesn't hold any contests. However, it does offer a variety of bonuses:

• Crypto Bonus: Up to 25% extra in cryptocurrency when depositing digital assets.
• Loyalty Bonus: Increases your funds by 120%.
• Deposit Bonus: Can withdraw from $200 to $2,000.
• Rebate: up to 30% of the spread or $50 for every $1 million traded. There are no restrictions on rebate withdrawals.
• Refund of commission on deposits.
• Free VPS for VIP accounts.

Training Programs

This binary options broker's website offers a wealth of analytical and educational materials. They include forecasts from the company's "experts," a Forex market blog with the latest corporate news from leading global companies, an economic calendar, and signals that are definitely not worth trusting. Instead, we recommend taking a comprehensive binary options trading training course on our website to find the optimal strategy.

Customer Support Service Work

You can contact the company's employees via WhatsApp, email, or by sending a message in the chat.

AZAForex User Reviews

Reviews of this broker are mostly negative, which further confirms its dubious reputation.

Pros and Cons of a Broker

The scam project has no advantages, so let's highlight the advantages of its trading platform.

Conclusion: Is AZAFOREX Worth Trading?

AZAForex is yet another scam project simulating a binary options broker, which should be avoided. Despite its attractive terminal and widely advertised trading opportunities, this pseudo-broker fails to pay out profits and misappropriates its clients' funds. Financial regulators in Canada and Russia have already assessed these actions, and reviews on independent platforms further confirm our assessment of the project.

Therefore, we strongly advise against opening an account with these scammers. Instead, choose reputable companies from our ranking of reliable binary options brokers.

Choose a reliable broker

See Also:

• Binary Options Strategies
• Are binary options a scam?
• How to choose the right binary options broker
• What to do if your broker won't withdraw your funds