AUXI MARKET Review
Finding a brokerage is the first step that people have to take for starting their online trading journey. While it is true that you do not need to step out of the house to do so, it does not mean that you will have a broker presented to you on a plate. There is some effort required on your part because scams are rampant in the online world and disguising themselves as brokers is one of the top tactics that these scammers use. If you are someone new to the world of online trading, you need to first understand how these cybercriminals use this tactic and this AUXI MARKET review can help you do so.
The biggest mistake people make is believing that they will be able to identify a scam, simply by looking at its website. There was a time when these impostors made some obvious mistakes that had made it easy for people to learn their true nature, once these scams had become common. However, these shady characters have gotten smarter over the years and have changed their tactics, due to which it is no longer so straightforward. In fact, some are so good at pretending otherwise that even experienced traders cannot tell them apart right away.
Then, how do you get to know the reality? You have to uncover the truth and this can be accomplished by checking their offerings. No matter how good their presentation is, no scam will be able to conceal their actual nature if you take a close look at their services. The same is the case with AUXI MARKET that has done a good job of creating an illusion of a legitimate brokerage. They are trying to appear to be an authentic brokerage based in the United Kingdom. Therefore, they have given a London address and even a registration number.
If you didn’t know any better, you would end up falling for their big claims, but when you are dedicated to uncovering the truth, you will discover that AUXI MARKET is not what it portrays itself to be. Let’s uncover the truth:
False licensing claims
Every trader will be recommended to use the services of a regulated and licensed broker when they are starting out on their online trading journey. No matter how tempting unregulated platforms may be, considering that they deliberately have features and services meant to draw attention, you should steer clear of them. This is because these platforms cannot give you the same kind of protections you would expect from a regulated company in terms of transparency, segregated accounts and competitive services.
But, many scam operators have realized that they wouldn’t be able to attract as many victims due to their unregulated nature, so they pretend to be regulated. This is what AUXI MARKET does as well because if you go through its website, you discover that it claims to be regulated and licensed by none other than the Financial Conduct Authority (FCA). The FCA is the regulatory body of the UK and one of the world’s well-respected financial authorities.
Their license has a great deal of value, so the fact that AUXI MARKET claims to be regulated by the FCA can make a big difference in your impression of the broker. But, when you check the online register of the authority, you will find that this is just a lie. In addition, it becomes apparent on its own that AUXI MARKET cannot be regulated by the FCA because it is going against its rules.
For instance, AUXI MARKET is offering cryptocurrency CFDs, which have been banned by the authority. Likewise, the leverage ratios that are offered by the brokerage go as high as 1:400. But, brokerages in the UK are not permitted to allow ratios higher than 1:30 because of the risky nature of leverage. This makes it evident that you are dealing with an unregulated broker and to top it off, it is lying about it to gain your trust.
No Terms and Conditions
Another aspect of AUXI MARKET that shows it is not a genuine brokerage is the fact that it does not appear to have any Terms and Conditions on its website. There is no legal documentation at all, such as Client Agreement, which is a big concern. These documents are meant to establish how your relationship with the brokerage would work and its absence shows that they intend to exploit you by introducing whatever terms and policies they want later on, as accepting them is mandatory when you sign up on any platform.
The Terms and Conditions also outline how much you will charged and any other costs you will incur, but since they cannot be found on the AUXI Market website, you cannot know what to expect.
Lack of trading platform
You need a trading platform to actually execute your trades in the financial markets, so when you register with AUXI MARKET, you assume that you will be presented with one. However, you are in for disappointment because what AUXI MARKET offers to you is nothing more than an illusion. They only have a user dashboard on their website that boasts a few crypto quotes provided by Binance. While it is certainly one of the world’s largest crypto exchanges, it is not related to the broker in any way.
Other than these third-party quotes, you will find that the AUXI MARKET platform does not offer any trading at all, which makes it a low-effort scam and nothing more.
Only crypto payments accepted
If you need additional proof of the authenticity of the broker, you will find it when you check AUXI MARKET’s payment methods. They only accept crypto payments, which is a big flaw because they are a favorite of scammers. This is because they are not eligible for chargebacks like credit cards, so people cannot claim their money back. Secondly, they also offer anonymity, which is an advantage for cybercriminals.
These issues with AUXI MARKET help you uncover the truth about the broker’s true nature, which is nothing more than a scam.