Updated on March 29, 2024
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In our rigorous review process, a team of seasoned financial specialists, boasting more than 20 years of experience in Forex trading, carries out an exhaustive evaluation of various trading services. Our team delves deep into the investigation of fees, assesses the trading platforms, and verifies adherence to regulatory standards. We also interact directly with customer support and conduct actual trades to gain a real-world understanding of the trading conditions. This comprehensive approach enables us to provide informed insights and advice on why we recommend avoiding AZ Trades due to the issues we've identified.
Is AZ Trades Scam or Legit Broker? ▲
Engaging with AZ Trades presents a significant risk to traders. Owned by AZ Markets Ltd., a company with registration in St. Vincent and the Grenadines, AZ Trades lacks accountability to any reputable financial regulatory authority. This omission marks the broker as potentially fraudulent, given that it operates without the stringent compliance and monitoring required for ensuring trading safety. St. Vincent and the Grenadines has become a haven for dubious forex brokers due to its minimal regulatory oversight and low operational costs, placing brokers such as CapitalXP and TraderUR under scrutiny. The absence of a credible license from any global Forex authority further underscores the risks associated with AZ Trades, advising traders to proceed with caution or seek alternative brokers with proper regulatory safeguards.
The broker AZ Trades asserts its registration with the Financial Commission, brandishing a registration number of 24462. Despite the Financial Commission's reputation, its status as a self-regulatory body falls short of offering the robust protection and oversight found with regulatory agencies like the FCA in the UK or ASIC in Australia. The annual membership cost of €24,000 does not equate to a guarantee of safety for traders' investments, as there is an absence of operational guidelines or protective measures for clients. AZ Trades' offering encompasses a broad range of trading instruments, including over 45 forex currency pairs, indices, CFDs commodities, and cryptocurrencies like bitcoin. However, the presence of a UK-based customer support number does not equate to regulation by the UK's Financial Conduct Authority, further emphasizing the broker's lack of transparency and reliability.
Our exhaustive investigation into AZ Trades compels us to advise traders and investors to steer clear of this broker and others based in St. Vincent and the Grenadines due to the significant risks involved. For those seeking a secure trading environment, it is imperative to choose brokers regulated by trustworthy authorities such as the FCA in the UK or ASIC in Australia. The recent inactivity on the AZ Trades website signals a cessation of operations, yet we urge vigilance and caution against any future solicitations from this broker or similar entities.
When considering alternatives, brokers like Interactive Brokers, City Index, and AvaTrade stand out. They not only offer the security of stringent regulation but also bring to the table comprehensive trading solutions that can meet the needs of both novice and seasoned traders.
AZ Trades Review 2024
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