WikiFX Visited Forex Broker AFX in Cyprus

Broker: AFX

Address: Arch. Kyprianou 2 & Ayiou Andreou, G.Pavlides Building, 3rd Floor, 3036, Limassol, Cyprus

Visited by: WikiFX team

Background

AFX Group is a retail forex broker licensed by the FCA(UK) and CySEC(Cyprus). In July last year, the Cyprus Securities and Exchange Commission(CySEC) suspended the license of forex broker AFX Capital Marekets for 10 days, because the broker violated customer funds protection regulations and caused negative impact on the orderly and stable development of the market. Later, the British Financial Market Conduct Authority(FCA) also suspended the company's license. In order to protect investors' assets safety, WikiFX team visited AFX Group in Cyprus.

Geographical location

Limassol is located on the southern coast of Cyprus and is the second largest city in Cyprus. In recent years, because of a regulation more relaxed than that in Europe and America, Cyprus has attracted many forex brokers to register here.

On-the-spot investigation

According to the regulatory address, WikiFX team came to the center of the old town of Limassol and found a weathered multi-storey building. we entered the office building and found a company sign. According to the directory, level 3 to level 5 of this office building belong to AFX. We then took the elevator directly to Room 301 on the third floor, and found AFXs logo at the door. But no one answered when we rang the doorbell or when we went upstairs and knocked on the door. We waited for nearly an hour at the entrance, but saw no one entering or leaving.

Conclusion

Per investigation, we found that although AFX‘s office was indeed in Cyprus, the broker didn’t seem to be in business. According to WikiFX App, AFX is rated at 3.32, and its MM license from CySEC(Cyprus) and appointed representative license from FCA(UK) have both been canceled by the issuing authorities, while the broker‘s investment consultation license from FCA isn’t authorized for forex brokerage business. Investors need to be aware of the risks with this broker.

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