In today’s article, we expose a classic example of an online trading scam — the Auto FX Trade broker. This brokerage company carries huge risks to all traders due to implementing various malicious tactics. That being said, fraudsters behind this illegal organization use falsehoods and misinformation to lure traders into their scamming scheme.
For instance, let’s take a quick look at what unproven statements come from Auto FX Trade.
- Authorized by several financial market regulators — A big fat lie.
- Being an award-winning broker — Not by any means.
- Providing favorable trading conditions — Fabrication.
- The availability of a modern trading platform (MT5) — False.
- Guaranteed protection of funds — Impossible.
- Enabling plenty of tradable assets — Dubiously.
- Offering generous promotions — A decoy.
- Ensuring access to lots of educational material — Questionably.
- Having over a million clients across the globe — When the hell freezes over.
So, please continue our Auto FX Trade review discussing and verifying each of aforesaid findings.
Additionally, we strongly advise you to avoid the fraudulent brokers IntraO, VTindex, and RXKCapital.
| Broker status: | Unregulated Broker |
| Regulated by: | Unlicensed Scam Brokerage |
| Scammers Websites: | autofxtrade.net |
| Blacklisted as a Scam by: | N/A |
| Owned by: | N/A |
| Headquarters Country: | United States |
| Foundation year: | 2022 |
| Supported Platforms: | MT5 |
| Minimum Deposit: | 1000 USD |
| Cryptocurrencies: | Yes (Bitcoin, Ethereum, Tether) |
| Types of Assets: | Crypto, forex, commodities, stocks |
| Maximum Leverage: | N/A |
| Free Demo Account: | No |
| Accepts US clients: | Yes |
Is Auto FX Trade a Legitimate Broker?
Let’s start with the most important thing for forex providers — licensing and regulations. Keep in mind that in order for your funds to be safe, you should trade only with a licensed broker. Also, all brokerage firms have to be regulated by respective supervision authorities to operate legally. Otherwise, they are illicit and can be involved in fraudulent trading activities.
The Lies About Regulation
When it comes to Auto FX Trade, it is completely full of lies. This fraudster claims to be licensed under the British FCA, German BaFin, Spanish CNMV, Italian CONSOB, Danish FSA, Cyprus CySEC, and South African FSCA. Moreover, it states that it abides by MIFID legislation (Markets in Financial Instruments Directive), which is enforced by ESMA (European Securities and Markets Authority).
So many lies in one place are outrageous but easily refuted. By simply checking the registers of the foregoing regulators, it can be ascertained that there is no trace of Auto FX Trade’s licenses.
Another nonsense coming from Auto FX Trade is 5M insurance. First, unlicensed brokers are not insured, and second, no compensation scheme is such a sizable sum. For instance, BaFin indemnifies up to 100,000 EUR.
Lastly, Auto FX Trade deceives people by stating that it is headquartered in the US. Firstly, there is no info about this company in the relevant registers. Then, it is not possible to be a US-based broker without being authorized by respective financial authorities (e.g., NFA, CFTC, and SEC). Further, this fraudulent broker is allegedly regulated by the US Financial Services Authority (UFSA). However, there is no such agency in the US.
Also, avoid the trading frauds XTB Global, Invest Kingdom, and Firmon at all costs! Moreover, before investing, always look into the past of internet trading firms!
So Is Auto FX Trade a Decent Broker or a Scam?
Auto FX Trade is a far cry from a licensed and regulated broker as it claims to be. It renders poor services based on inappropriate trading software and unfavorable terms of exchange. Everything related to the Auto FX Trade broker is wrong.
What Trade Software Does Auto FX Trade Provide
Speaking of Auto FX Trade’s trading platform, its claim of providing the most popular MT5 is as genuine as this broker. Instead of MetaTrader 5, it offers a web trader that can barely be considered a functional trading program. Not to mention this company’s dishonest character. So, there is no point investing your money here.
If you want the best trading experience, you should select forex providers offering MetaTrader 4, MetaTrader 5, cTrader, or Sirix. These powerful programs are accessible from any device and equipped with advanced features (stop loss, social trading, and expert advisors).
Auto FX Trade Affiliate Program
Regarding the Auto FX Trade affiliate program, it is nothing more but a trap to rope traders into investing. There are no specific details about the program on the Auto FX Trade web page. The only thing that can be found is empty promises from this financial swindler. Reportedly, if you become a partner of Auto FX Trade, you get many advantages enabling more profitable trading. Given the fact that this is an outright investment scam, pay no attention to its offer.
Auto FX Trade Range of Trading Markets
With reference to available trading markets at Auto FX Trade, here is the outline of the offer.
- Forex pairs: EUR/USD, GBP/CHF, USD/CAD;
- Commodities: energies (crude oil, natural gas), metals (gold, silver, copper), and agricultural products (wheat, corn, rice);
- Crypto assets: Ripple, Litecoin, Dogecoin;
- Shares: Microsoft, Facebook, Google.
This offering of a wide range of tradable assets is fallacious just to entice you. With such a blatant rip-off, you can’t expect any favorable outcomes. Therefore, think twice before investing money with any brokerage firm giving baseless statements.
What Do We Know About Auto FX Trade Account Types?
In relation to Auto FX Trade’s types of accounts, there are several options. Let’s have a quick look at each of them.
- Bronze: minimum opening balance 1,000 USD/weekly or 100,000 USD/monthly
- Silver: minimum opening balance 5,000 USD/weekly or 500,000 USD/monthly
- Gold: minimum opening balance 10,000 USD/weekly or 1M USD/monthly
- Diamond: minimum opening balance 20,000 USD/weekly or 2M USD/monthly
- VIP: minimum opening balance 50,000 USD/weekly or 5M USD/monthly.
Each of the accounts comes with negative balance protection, which prevents you from losing more than you deposited. We are skeptical about its availability because all this broker wants is to defraud you.
Auto FX Trade Minimum Deposit, Withdrawal Terms, and Fees
Continuing our article brings us to deposits and withdrawals at Auto FX Trade. Before moving forward, to remind you, there are no withdrawal guarantees with scam brokers. So, be careful.
Concerning the minimum deposit by this phony broker, it is 1,000 USD weekly or a whooping 100,000 USD monthly. So why risk money with Auto FX Trade when you can open a live trading account with a credible brokerage firm for a 10 USD deposit?
Methods of Making a Deposit
As regards the funding methods accepted by this shady brokerage firm, nothing can be found about that on its webpage. Being not transparent goes against any legislation, which this fake broker would know if it were regulated. Anyway, typical of fraudsters is to insist on means of payment that suit their unscrupulous needs. For example, most of them support only crypto payments since they are hard to trace and reverse.
What Is Known About Auto FX Trade’s Trading Conditions?
In connection with the Auto FX Trade trading environment, traders can expect nothing but unpropitious conditions based on manipulations. This bogus brokerage company reveals very little about its terms of exchange. According to the Auto FX Trade website, its spreads are 1.9 pips, while a leverage ratio remains unknown. Anyhow, presumably, leverage is not in accordance with the rules — which is just one of many dirty tricks applied by this con artist.
In the matter of malicious tactics, Auto FX Trade attempts to entice traders with generous bonuses. When adding together its multiple bonus offering, it appears that traders allegedly get an enormous 230% deposit bonus, which is an evident sign of a hoax.
Scammed by Auto FX Trade Broker? – Let Us Hear Your Story
If you are defrauded by this or any other bogus broker, you have a chance to get your money back. It is important to inform relevant authorities and share your negative experience to warn others. Everyone can be scammed so don’t feel ashamed. Next time, don’t trust fabricated positive Auto FX Trade reviews on the web, and thoroughly investigate every forex broker.
But What Is A Chargeback?
As said, victims can get a refund thanks to a chargeback; however, it depends on the form of payment. For instance, with credit cards, it is a straightforward process, you just need to apply for cashback within 560 days. Likewise, bank transfers are also refundable if a transaction is canceled before being confirmed. That is why scam brokers like this one don’t use these two means of payment but prefer crypto wallets.
Although crypto payments are hard to undo, with cyber security experts, it is possible. Therefore, get in touch with our company and get professional help from our chargeback specialists.