AZForex.trade review – Is azforex.trade a scam or safe?

AZForex.trade review – Is azforex.trade a scam or safe?

AZForex.trade Key Facts

🔴 AZForex.trade offers suspicious managed accounts. A scam sign!

🔴 AZForex.trade fraudulently claims to be MFSA regulated. Red flag!

🔴 AZForex.trade isn’t transparent enough. Red flag!

🔴 AZForex.trade creates irrational expectations. A disturbing sign!

AZForex.trade products and services

AZForex.trade offers managed accounts allegedly securing at least a 3% profit daily after a deposit of only $50. That’s an irrational deal because such guaranteed profitability is impossible when talking about FX and CFDs markets. That’s highly likely a fraud looking very much like an HYIP scheme.

Traders and investors should stay away from HYIPs. It stands for High-Yield Investment Program, which is considered a type of Ponzi scheme promising impossible return on investments. It’s perfectly in line with the scammers’ practices who create unrealistic expectations to entice people into their crooked games. The legit and trustworthy companies can’t in any way secure more than a few per cent gain annually, let alone per day. Judging by the products and services offered, this business is most probably a scam, so beware.

AZForex.trade company and regulation

AZForex.trade is a fictitious company or an offshore IBC that’s impossible to validate. In both cases, it’s an unregulated business and very likely a scam. Furthermore, our research showed that AZForex.trade isn’t in any way linked to regulated companies, which further raises the scam suspicions. In this section, we’ll demonstrate why people shouldn’t rely on offers that sound too good to be true and why regulation is so important.

HYIPs are unlicensed and unregulated, meaning that the people standing behind are not abiding by the laws. The absence of regulation makes it possible to conduct illicit activities, and it’s not surprising that most of the HYIPs are pure scam. The Internet is bustling with shady investment businesses selling hefty deals, so be cautious when you see an offer that sounds too good to be true.

The regulation is crucial because the financial authorities impose strict requirements ensuring customer protection, but also push scammers away.  However, the US regulation is quite complex, and there are many agencies taking care to supervise the market such as SEC, NFA and CFTC, to name a few of them. The license in the US is costly, the FX broker and some investment companies have to provide 20 million paid-up capital to become authorised financial services companies. Also, the majority have to keep clients’ funds in segregated accounts, which guarantees that the money is only used for trading and investments and not for covering daily expenses.

There are also many reporting and auditing requirements the financial businesses have to follow. The different regulators impose different rules, but transparency is of utmost importance. Bear in mind that the financial market in the US is very complicated, so make sure to be up-to-date with the latest changes in the regulatory framework. HYIPs are shady businesses not abiding by the law, so make up your mind. 

AZForex.trade address and contacts

AZForex.trade doesn’t reveal their headquarter address or contact numbers, which indicates lack of transparency. That’s actually expected because scammers would either provide fraudulent details or nothing at all. In the end, scammers are involved in criminal activities, so it’s crucial for them to remain anonymous and difficult to catch.

Transparency is critically important when it comes to investing. The financial authorities around the world are very strict about transparency because it helps fighting scammers. Transparent businesses are less likely to engage in fraud because it would quickly become evident and they would suffer severe penalties as a consequence. The regulated financial companies are compelled to provide the public with their basic corporate information including addresses, contacts and license numbers. This rule is implemented to make it easy for traders and investors to verify that they are dealing with a legit company. It’s most probably a scam if you can’t validate the company’s legitimacy or they are hiding their addresses and contact numbers.

AZForex.trade website info

AZForex.trade is a domain registered on the 14th of July 2020, so it’s less than a year old at the time of writing. It’s registered on an IP address in the United States:104.219.248.112, currently co-hosting almost 2000 websites.

Alexa doesn’t even rank the domain, so it’s a highly unpopular website, which people do not trust. The Alexa ranking isn’t a key factor, but the lack of popularity isn’t a positive sign.

AZForex.trade uses protection services to hide website ownership. The latest trend in the privacy policy denies it should be a problem, but considering investment services, we might as well dismiss it as a disturbing sign.

Note that we reviewed more than one suspicious investment scheme hosted on the same IP, so all covered may as well be a part of a larger network. Check the ones we’ve come across so far:

TokotafWealthwayExpertFxProAZForex.trade
Kryptechinvestment

Scam warning

The people running HYIPs are experts at using social media, and they lure people by creating the impression that the schemes are legit and trustworthy. But it’s still a shady business and a scam. The con artists will sometimes operate in a pool, maintaining fraudulent payment systems, creating webpages of fake regulators, abusing genuine companies’ names, etc.

Many of the HYIP schemes operate precisely as a Ponzi because many investors can actually withdraw and get money, but in the end, the service will inevitably close and people would be left with losses almost impossible to recover. There are so many of these that some scholars and policy-makers even came up with the term Ponzimonium to emphasise that scam is excessively widespread today.

An example of an HYIP scam is OSGold, which is believed to be a $250 million scam. It was introduced as e-gold imitator providing guaranteed monthly returns of 30 to 45 per cent, and it’s reported that they operated 60 000 accounts at its peak. HYIPs are dangerous, so stay away from these programmes.

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