Website URL: http://azafx.com/
Deposit Methods: Credit/Debit card, Moneybookers, Bank Transfer
Minimum Deposit: From $100
Free Demo Account: Upon request
Types of Assets: Oil, Natural Gas, Index, Metals and Currency Pairs
Aza FX is a broker based in the United Arab Emirates that accepts clients from all across the globe, except the United States. This broker says it’s regulated by the Cyprus Securities and Exchange Commission and authorized by the Financial Services Board (FSB).
Once you go to the CySec to check the registration number, you won’t find anything. Also, the Financial Services Board (FSB) was a financial regulatory agency and it stopped working in 2018. Apparently, Aza FX doesn’t have a trading license.
The first thing in this Aza FX review is a trading platform and we can tell you straight away, this broker made an excellent choice with MetaTrader 4. One of the best things about this platform is the fact it is optimised for every device. You just need to download an app for a computer (PC and MAC) or mobile phone (Android and Apple) and that’s it. You will always have a responsive platform.
Aside from that, MT4 has a customisation option. This means you can make some small changes and adapt them according to your preferences. Also, the interface is multi-language and you won’t have to worry about updates, they are regular.
At Aza FX you can find three different accounts. The smallest one is a Cent Trading Account, and the minimum deposit amount is $100. The size limitation of the minimal trade is 1 lot ($0.10 per Pip). After a Cent Account, clients have an option to choose a Mini Trading Account, and the minimum deposit for this one is $500, while the size limitation of the minimal trade is 1 lot ($1 per Pip).
The last option is the Standard Trading Account. It has no fees and you can change trading leverage as many times as you want. The minimum amount for deposit is $1,000 and the minimum trade is 1 lot ($10 per Pip).
Aside from these Live Accounts, there is a possibility to open Demo one. Unfortunately, this option is available only upon request. You need to send them a request on the website and wait for a reply.
There is one thing we dislike when it comes to accounts and trading conditions. On the main page, you can see that the leverage is up to 1:500. Well, once you go to the page with account types, you will see that the leverage for gold and silver trade is 1:100 and for CFD trade is 1:20. There is not even a possibility to get 1:500 as this broker promoted.
When it comes to customer support, Aza FX needs to work a lot on this part. There is a Contact Us page, but what you can see there is one message saying you need to fill in a contact form and someone will reach out to you within 24 hours.
The thing is, there isn’t any contact form on the website. On the right side, you have four buttons. One is for SMS (you can type the message and phone number, and someone will send you an SMS), another is for a phone call, but we do not have a phone number listed. Instead, Aza FX left their Skype account and you can call them. In reality, the Skype button is not working since that is not a valid Skype account.
The third button is to request a call, but you need to fill in the contact form that is not provided. So, this option is apparently not available. Lastly, there is a Live Chat. Well, don’t get too excited. No matter the day or time, when you go to the Live Chat it will simply tell you that there are no agents available right now.
If you wish to send an email, you cannot since there isn’t any email listed on the website. Overall, there isn’t any way to contact the support at Aza FX and that is not only disappointing but worrying, too.
Deposits and Withdrawals
Each client Aza FX client can choose to deposit with Credit/Debit Card, Bank Transfer, Moneybookers or to transfer funds from an existing Forex broker. When it comes to these methods, we are satisfied with the selection. But there is one problem. Aza FX does not support instant deposits. This means you will have to wait some time to see that money on your account and start trading.
For Credit/Debit cards (and Skrill) the waiting time is 24 hours and the fee is 3.5%. For Bank Transfers, the waiting time is from three to five business days and the fee depends on the bank.
With the Perfect Money and WebMoney, you will have funds on account within six hours, but you will have to pay a 1% fee to the broker. And the last option, Local Depositor, requires between one or two days and the bank fee varies.
For withdrawals, you won’t find much information. There is a FAQ page where it’s written that the withdrawal process lasts one business day and that’s it. We have to say that we are surprised to see one broker needs more time to process the deposit than withdrawals.
The last part is education. If we need to describe it in one sentence it would be — not good, not terrible. There are some educational materials like what Forex is, is Forex Market fair, etc. but those are just a few articles for beginners, nothing else.
As you can see, this broker is not the worst one out there, but it also doesn’t belong to the group of the best ones. We do have a problem with non-existing customer support, but on the other hand, there are some good things also.