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Azaforex broker review - A broker without a license

azaforex.com
nika
Written by:
Nika
Av
konstantinrabin
Edited by:
Konstantin Rabin
Calendar
Written on:
10 July 2023
Date
Last edit:
29 March 2024
Our rating:
4.86

4.86

Summary
Safety & Security of Azaforex
0.1
0.1
Trading assets offered by Azaforex
5.4
5.4
Account types available for traders on Azaforex
7.6
7.6
Fees & commissions review of Azaforex
6.8
6.8
Trading platforms reviewed at Azaforex
3.8
3.8
Mobile trading at Azaforex
10
10.0
Education and research tools offered by Azaforex
5
5.0
Customer support of Azaforex
4.8
4.8
Conclusion

Azaforex broker review - A broker without a license

azaforex.com
nika
Written by:
Nika
konstantinrabin
Edited by:
Konstantin Rabin
Calendar
Written on:
10 July 2023
Date
Last edit:
29 March 2024
Our rating
4.86

4.86

Visit broker
Trading is risky
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Main summary

Azaforex is a global Forex and CFD (Contracts for Difference) broker that offers access to trading various instruments, including CFDs on stocks, commodities, cryptocurrencies, Forex, indices, metals, and options.

The brokerage was founded in 2016 and has managed to increase its customer base to over 122,000 active traders since. The biggest concern about Azaforex is that there’s no regulatory body that supervises the broker. 

In this review, we’ll dive deep and learn more about the broker’s safety, and trading conditions, such as trading fees, account types, platforms, and more.

Pros & cons of Azaforex broker

  • Offers high leverage
  • Offers access to Mobius Trader 7
  • Fast and digital account opening/verification
  • Offers access to 70 Forex pairs, 33 CFDs (Contracts for Difference) on stocks, 10 crypto derivatives, 7 indices, and 3 commodities
  • A low minimum initial deposit requirement for Opening START account
  • Most payment options are free and instant
  • The broker is not regulated 
  • High leverage can be dangerous for novice traders
  • More popular trading platforms such as MetaTrader 4, MetaTrader 5, and cTrader are not available

Azaforex Fact sheet

Main features
Regulations China, Cyprus, India, Ireland, Italy, New Zealand, Romania, Russia, Singapore, Slovakia, South Africa, South Korea, Spain, Sweden, Thailand, Turkey, UAE
Fees on deposits 0 USD
Fees on withdrawal 0 USD
Inactivity fees 0 USD
Minimum deposit 1 USD
Minimum account activation 0 USD
Number of available assets 123
Leverage up to 1:1000
Available trading markets CFDs on Stocks, Commodities, Cryptocurrencies, Forex, Indices, Metals, Options
Account currencies USD, EUR, GBP, JPY, AUD, CAD, CHF, NZD, UAH, RUB, CNY, ILS, IDR, MYR, THB, VND, BTC, BCH, ETH, DASH, LTC, XMR
Demo account Yes
Live account types START, PRO, VIP
Islamic account Yes
Security
Negative balance protection Yes
Part of compensation fund -
Keeps funds on segregated bank account Yes
Assets
Forex 70
Shares 0
Cryptocurrencies 10
Indices 7
Commodities 3
Total 123
Fees & spread
Forex From 0.1 pips
Shares N/A
Cryptocurrencies From 0.004
Indices From 0.6
Commodities From 0.017
Software
Platforms Mobius Trader 7
Mobile trading support Yes
Mac device support Yes
Commodities Yes
Payment systems
Payment methods Bank Transfer, Credit/Debit Card, Crypto, Neteller, Perfect Money, Skrill
Minimum deposit Bank Transfer, Credit/Debit Card, Crypto, Neteller, Perfect Money, Skrill
Minimum withdrawal Bank Transfer, Credit/Debit Card, Crypto, Neteller, Perfect Money, Skrill
Withdrawal processing time Instant
Time to open an account -
Show all

Safety & Security of Azaforex

Azaforex is not licensed by any regulator, which is why it’s difficult for us to recommend the broker. Some traders prefer to open accounts with unregulated brokers as they are not subject to regulations and are able to offer high leverage, however, it’s important to note that regulations are in place to protect investors. 

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Trading assets offered by Azaforex

Forex trading on Azaforex

Depending on your account type, there are up to 70 currency pairs available at Azaforex, including major, minor, and exotic pairs. Spreads start from 0.1 pips on EUR/USD for VIP account type users. The START account offers spreads from 1.1 pips. Available leverage for trading currencies is 1000:1.

Stock CFD trading on Azaforex

There are 33 of the most popular company stocks as CFDs (Contracts for Difference) available for trading with this broker. Fees start from 1 cent per share, and there's a 0.003% commission on the START account.

Crypto CFD trading on Azaforex

Customers of Azaforex have access to up to 10 crypto derivatives. Spreads start from 0.004 pips and the maximum available leverage is 100:1. This is a very high leverage compared to most other brokers. 

Commodity CFD trading on Azaforex

The number of available commodities is limited to only three. Traders can get up to 200:1 leverage on precious metals and oil. Spreads for VIP traders start from 0.017 pips. 

Indices trading on Azaforex

There are 7 popular indices for trading at Azaforex. Leverage for trading stock indexes is up to 1000:1, and spreads depend on your account type. VIP users pay spreads from 0.6 pips, while START account holders are charged with spreads starting from 1.5 pips.

Account types available for traders on Azaforex

Customers of Azaforex can choose between START, PRO, and VIP account types. The VIP account type offers the lowest spreads and better trading conditions. To open the START account you only need to make an initial deposit of 1 USD. For the PRO account, the initial deposit requirement is 2,000 USD, and clients that wish to open the VIP account need to deposit 10,000 USD or more. 

Pros & cons of Azaforex account types

ProsCons
There is a very low minimum deposit of $1 for opening a START accountExotic currency pairs are charged with commissions
Enables traders to use demo and swap-free account typesThere are no accounts without spread markups
Accepts deposits in various currencies, including popular cryptocurrencies. 

Fees & commissions review of Azaforex

Comparing Azaforex fees with other brokers

Trading fees at Azaforex depend on your account type. START account holders are charged with high fees, while PRO and VIP accounts have lower fees. Let’s compare Azaforex fees against its competitors to better understand the fee structure. For the comparison, we picked the START account fees, as this account is the most affordable.

Azaforex fees compared to Interactive Brokers fees

Type of FeeAzaforexInteractive Brokers
EUR/USD SpreadFrom 1.1 pips (on START account)From 0.6 pips
Fees on DepositsNo1%
Inactivity feeNoNo*

*Inactivity fee was eliminated by IB in 2021, it used to be $20/m

Azaforex fees compared to CM Trading fees

Type of FeeAzaforexCM Trading
EUR/USD SpreadFrom 1.1 pips (on START account)From 0.9 pips
Fees on DepositsNoNo
Inactivity feeNoYes, 15 EUR/USD per month after 60 days of inactivity

Azaforex fees compared to plus500 fees

Type of FeeAzaforexplus500
EUR/USD SpreadFrom 1.1 pips (on START account)Variable
Fees on DepositsNoNo
Inactivity feeNoYes, 10 USD per month after 3 months of inactivity

Azaforex fees compared to XM fees

Type of FeeAzaforexXM
EUR/USD SpreadFrom 1.1 pips (on START account)From 0.6 pips
Fees on DepositsNoNo
Inactivity feeNoYes, 15 USD after 12 months, +5 USD/m

Azaforex fees compared to AvaTrade fees

Type of FeeAzaforexAvaTrade
EUR/USD SpreadFrom 1.1 pips (on START account)From 0.9 pips
Fees on DepositsNoNo
Inactivity feeNoYes, 50 USD after 3 months, 100 USD administration fee after a year

Azaforex fees compared to Capital.com fees

Type of FeeAzaforexCapital.com
EUR/USD SpreadFrom 1.1 pips (on START account)From 0.9 pips
Fees on DepositsNoNo
Inactivity feeNoYes, 50 USD after 3 months, 100 USD administration fee after a year

Trading platforms reviewed at Azaforex

Azaforex offers access to the Mobius Trader 7 platform. The platform offers modern design and access to various asset classes. The platform is compatible with Windows, browsers, macOS, Android, iOS, and Linux. 

Mobile trading at Azaforex

The mobile version of Mobius Trader 7 is a very capable platform. It enables traders to access live price charts and place various order types. Moreover, the platform offers a modern design. 

Education and research tools offered by Azaforex

Educational material at Azaforex is limited, however, there are extensive tools for market research and analysis, including: 

  • Trading Signals
  • Traders Blog
  • Economic Calendar
  • Analytics Benefits
  • Trading Terminology

Customer support of Azaforex

Azaforex offers professional customer support to its clients. Customer service is available via email, over the phone, and live chat. Existing and new customers can contact the broker from 8:00 a.m. to 4:00 p.m. UTC on workdays. 

Conclusion

To sum everything up, Azaforex offers a wide range of asset classes, and three account types to its clients. There’s Mobius Trader 7 available as a trading platform and professional customer service. However, it should be mentioned that the main downside of this broker is the lack of a license. While the broker is able to offer high leverage as there are no regulatory restrictions, it is still difficult to recommend an unlicensed broker.

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FAQs about Azaforex

Is it dangerous to register with an unlicensed broker?

Opening an account with an unregulated broker is not recommended, as traders are not protected by regulatory bodies. Regulations are put in place to protect the interests of traders and provide a fair and transparent trading environment. However, it’s worth mentioning that some people prefer unlicensed brokers, as they offer high leverage and are not constrained by regulations. 

What can I trade with Azaforex?

Azaforex offers a wide range of trading instruments to choose from to its clients, including 70 currency pairs, 33 CFDs (Contracts for Difference) on stocks, 10 crypto derivatives, 7 indices, and 3 commodities. The assets are available on the Mobius Trader 7 platform.