Note: FOREX AZ's official website: https://forex-az.info/ is currently inaccessible normally.
FOREX AZ Information
The establishment of FOREX AZ dates back to 2006 in Istanbul, Turkey. The broker offers a demo account for practicing, segregated accounts to protect customer funds, and an Islamic account for those who need to comply to religious rules. The starting point of trade is $100, typically industry leverage and affordable to most investors. And the usage of MT4 platform further enhances customer experience.
However, the broker's website is currently inaccessible, leaving the public uncertain about its background, business scope, and operational status. What's worse, the broker operates without valid regulation from authority bodies, meaning less compliance to industry rules and customer protection. These are warning signals that you should not neglect about this broker.
Regulatory Status
Regulation is a crucial aspect of evaluating the legitimacy and reliability of a brokerage firm, and in the case of FOREX AZ, the broker operates without any valid regulatory oversight. The absence of a regulatory framework raises huge concerns regarding the broker's adherence to industry standards, financial transparency, and the protection of client interests.
Downsides of FOREX AZ
Unavailable website: FOREX AZ's website cannot be opened currently, which indicates possibility of cease of operation.
Regulatory concerns: The broker operates without valid regulation by any financial institutions, meanig that it might not comply to industry standards. This heightens trading risks with them.
Wide spreads: The broker's wide spread from 5 pips will undoubtedly increase trading costs for traders and eat up their profits.
Lack of transprancy on business scope: The broker does not disclose its business scope, leaving the information about their products unknown. This is ridiculous since this is the core info traders need to know in the first step of investment.
Limited customer support channels: FOREX AZ can only be approached by social platforms instead of the formal telephone or email. This will significantly impact comminication effectiveness between them and clients.
Account Type/Fees
FOREX AZ offers a demo account so investors can practice and get familiar with the company's trading conditions and offerings before committing real money.
For live accounts, there are two options to choose from based on your preference: Mini account and VIP account. Minimum deposit is said to be an affordable $100, and Islamic account is available for those who need to follow the rules of Sharia laws.
Spread is fixed at 5 pips, which is a significant drawback of the broker because wider spreads eat up customers' profits.
For commissions, the broker does not disclose any information.
Leverage
FOREX AZ offers leverage up to 1:500, which allows investors to control a position of 500 times of their initial deposits.
However, you should be very prudent to use such tool since leverage not only amplify profits, but losses will be augmented at same level as well.
Trading Platform
FOREX AZ offers the industry-leading MetaTrader4 platform, which is widely used around the globe. You can access the charting tools, analysis resources and automated trade execution through the platform. Functions like hedging and scalping can also be accessed.
The broker supports MT4 on web and mobile apps.
Deposit & Withdrawal
FOREX AZ accepts deposit and withdrawals via Moneybookers, WebMoney, Paypal, Cashu, Neteller, MasterCard, VisaCard and Bank Transfer.
And the broker claims that deposit bonus is available, but details are not published.
