Thinking of getting into business with AndersFX? Here is what you must know about this broker. Carefully read this review to find out if andersfx.com is the trading platform you will want to trade with.
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About AndersFX
AndersFX is an offshore brokerage company with a lot of promises for traders. The address of the broker is missing on its webpage. To begin with, this is a red flag that reminds us of similar fraudulent scheme of scam brokers.
There are different account types the broker offers.
Added, it trades on the following instruments like forex, stocks, commodities, crypto, bonds and indices.
To clarify, regardless of the trading instruments AndersFX claims to offer, traders must know they are dealing with an unknown broker which does not have a regulation over its head.
andersfx.com: Reasons to Avoid This Broker
Firstly, andersfx.com is a platform with no financial authority overseeing its financial services. We discover the broker is not worth your money as Financial Conduct Authority (FCA) UK has blacklisted the broker. Sadly, AndersFX has a broken legal documents that provide no relevant info at all.
Secondly, we noticed andersfx.com has no demo account for traders. Since traders can’t test the broker on a free account, we can’t know its viability in the forex market.
More so, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These are cons for forex traders to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
Withdrawal and Deposit
Withdrawal process
AndersFX withdrawal process takes 3 business days with a minimum withdrawal amount of $50. Here, the broker claims zero withdrawal fee.
As for an inactive account of 3 months, the broker charges $50 a monthly maintenance.
Minimum Deposit
AndersFX minimum deposit is pegged $250 according to the FAQ.
As for the payment methods, the broker mentions cryptocurrency and Credit/ Debit cards. Truly, you should not consider making any payment with this broker because it is a risk. So beware!
AndersFX Platform
AndersFX offers web based trading platform and not MT4 or MT5 (Industry standard trading platforms) which gives us more reason not to take this broker serious.
As for the leverage, the broker discusses nothing for traders. Truly, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
AndersFX Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation which means wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
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Licensed in Australia(ASIC) and Cyprus(Cysec)
Accepts Traders Worldwide
Minimum Trade Deposit $100
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Conclusion: Is andersfx.com a Reliable Broker?
No, andersfx.com is not a reliable broker for traders even though it promises offers that look good to be true.
Most importantly, the broker is unregulated which means it is not authorized to operate in any regulated country and you should definitely not put any money into it.
We owe our readers the duty to fish out scam forex brokers as well as share reasons to avoid fraudulent schemes. Meanwhile, we will not recommend this broker for trading.
Kindly share your comment about this broker in the comment section.