Who are AFXMC?
Excellent question. This is always the first question to ask before sending anyone any of your hard earned cash. Who are AFXMC. Their name is suggestive of being a ForEx broker and they definitely appear to be a broker of some kind, but who are they? Let's see if we can find them as a company on any company registers:
There is hardly any mention of them online - they do not seem to have any filings at any UK registers or have any advertising or material of any kind except their own website which is odd. You would expect a broker, even one founded as recently as 2020, as their website states, to have some sort of review or mention online. The only thing they have is a twitter feed.
Let's see what Trustpilot says (although this can be risky as the scammers usually have far more fake reviews than real ones. Trustpilot is actually a very dangerous site as the scammers tend to outwith TP pretty often.)
No reviews at all - this seems odd but bear in mind that these companies on TP can remove reviews so they may have simply deleted all of the reviews that are not complimentary.
If we have a look at their trading interface, we can see that it bears a striking similarity to those that we often see being rolled out by the scammers:
It appears to trade ForEx, crypto, stock and indices as displayed on the right just like MT5 does, but only in terms of CFDs as speculations.
We have had a quick look at the website and here are our thoughts:
As you can see it is pretty obviously full of lies and deceit. This is not a company you want to depositing your money with.
There is not registration number for the company. There is nothing useful at the bottom of the page at all in fact, just nonsense.
The warning that reads
Trading with Afxmc by following and/or copying or replicating the trades of other traders involves high levels of risks, even when following and/or copying or replicating the top-performing traders. Such risks include the risk that you may be following/copying the trading decisions of possibly inexperienced/unprofessional traders, or traders whose ultimate purpose or intention, or financial status may differ from yours. Before making an investment decision, you should rely on your own assessment of the person making the trading decisions and the terms of all the legal documentation.
does appear to be exclusive to AFXMC as it does not give any other results in Google but the message is clear. We are not liable for any advice our product or staff give. Which means that they could well be using the idea of other traders to mislead you into making a huge, leveraged loss and then making out that it was because you followed a trader that had a different strategy to you. In those situation, the broker keeps the money, and that is who is tricking you here. This company is using the idea of shadowing other traders to divert the blame away from them. That could well be a sign that they employ tactics that include fake trading accounts which would also explain why they do not use real MT% but a bespoke system that just looks like MT5:
Where are AFXMC Located?
The phone number is still set at +123456789 as you can see on the website capture below:
There is no real address, the address they mention is '40 Bank St, London E14 5NR, United Kingdom' which is the building on the right.
Hardly the sort of place for a company that forgets to change their website phone number over from the one that came with the free website template.
So as we can see, they lie about who they are, they lie about where they are, they refuse to give any company details, and the web has never heard of them.
What Sort of Trading do AFXMC Support?
Well they certainly have facility for trading on cryptocurrency but not in terms of value, only in terms of differences in a CFD fashion. All of the options to purchase are for one price against another and so this is a highly dangerous trading house offering trading that has been recently outlawed by the FCA in the UK, so they are definitely not centered in London. CFDs are highly complex and completely unsuitable for novice trader. No inexperienced trader should be looking at depositing with AFXMC.
VERDICT: AFXMC are scammers!