Aza FX Review
Aza FX is a broker based in the United Arab Emirates. It allows the clients to trade oil, natural gas, index, gold, and silver and it offers over 45 currency pairs. You can register from any country, except the U.S.
This broker claims to be regulated by the Cyprus Securities and Exchange Commission and authorized by the Financial Services Board (FSB). Well, that’s not exactly the case. Once you go to the CySec and check the registration number, nothing will appear. Also, the Financial Services Board (FSB) was the government of South Africa's financial regulatory agency but it was dissolved in 2018. Apparently, we are talking about an unregulated broker.
What can you expect from Aza FX? We will see about that, but what this broker promises are ultra-fast trading execution, ethical brokering (interesting, if we have in mind there isn’t any license), flexible risk, never-ending support (24 hours, 7 days a week) and flexible strategy.
Let’s start with the first thing we see, the website. It is simple but not very responsive. Everything important to traders is located on the main menu but some things are not working as they are supposed to. For example, if you go to Funding Option and press on Deposit, it won’t work. Also, I have some complaints about optimization. If you want to visit Aza’s FX website using your phone, you won’t have any important options. There is only a landing page, but the main menu is not available.
Now, we can move on to accounts and see what this broker offers. There are three different accounts, Standard Trading, Mini Trading, and Cent Trading. The Standard Account has no fees and the main advantage is universality. You can change trading leverage as often as it suits you and deposit as much as you want (but the minimum is $1,000). The minimal trade is 1 lot ($10 per Pip).
Mini Account is similar to the Standard one. You can change trading leverage, but the minimum deposit is $500 this time and the size limitation of the minimal trade is 1 lot ($1 per Pip). The third account is Cent Trading one. The minimum deposit for this one is $100, and the size limitation of the minimal trade is 1 lot ($0.10 per PIP).
No matter the account, leverage for gold and silver trade is 1:100 and for CFD trade is 1:20. My problem with this is that Aza FX promoted leverage up to 1:500 on the landing page, and you cannot get that apparently. You can also open a Demo Account and this one is valid 30 days from opening. But you cannot open it by yourself. Aza FX will allow you to create a Demo Account only on special request. That said, you need to send them an email and wait for a reply, to see if your request will be approved.
Platform and Execution SCORE: 90%
The platform this broker uses is MetaTrader 4. This is an excellent choice since MT4 gives you the ability to create various custom indicators, different periods (from minutes to months). The interface is multi-language and it has regular updates.
The most important thing is that it can be downloaded on both computers and mobile phones, so you can trade no matter the device.
Withdrawal Speed SCORE: 50%
For deposit, you can use different methods like Credit or Debit Card, Bank Transfer, Moneybookers, and transfer from your existing Forex broker. The problem with all of these methods is that you will have to wait for the money to appear on your account. None of them is instant and that shouldn’t be the case.
If you use Bank Transfer, fees depend on the bank and the deposit process lasts from three to five business days. So, if you deposit on Friday, for example, you have to wait at least five days to start trading.
With Credit/Debit Cards and Skrill, the fee is 3.5% and the money will be on the account within 24 hours. The Perfect Money and WebMoney options require a 1% fee and 6 hours of waiting for the money to appear. Lastly, with a Local Depositor, you need to wait between one or two days and the bank fee varies.
When it comes to withdrawals, there is not a single word about that on the website. The only thing you will find is in the FAQ Page, saying that you only need to submit a withdrawal form and it will be processed within 1 business day. This is a little bit odd since they need more time to proceed with deposits than with withdrawals.
Support and Assistance SCORE: 30%
When you go to the Contact Us page, there is not much to see. Just a simple message, saying that customer agents will be in touch with you within 24 hours from the moment you send a message.
There are different contact methods and I was excited to see that. Unfortunately, my excitement didn’t last long since half of the methods are not working properly. First of all, this broker wrote that clients should send a message using the contact form below. Well, there isn’t any contact form, so apparently, this method is not available.
There is an option to send an SMS. Simply type your message online alongside the phone number and someone will reply to you via SMS. You can call customer support, but nobody listed a number. The only way for a phone call is via Skype if someone is available at that moment.
There is an option to request a call, but it’s not working. You are supposed to fill in the online form but again, that form is not provided. Aside from that, Aza FX did not list an email so sending one is not an option.
The only available option for chatting is Live Chat, but don’t get excited too soon. You cannot expect an instant reply, since you will always find a message saying there are no agents available right now, so you have to leave a message and wait for someone to reply to your email.
There are also buttons for social media platforms like Facebook and Twitter, but when you click on them the Facebook page does not exist and Twitter is used years ago. As you can see, Aza FX is not a place where you can count on support and assistance. You need to find solutions by yourself since the Frequently Asked Questions Page consists of only eleven general questions.
The biggest problem I have with the customer assistance is that this broker promised never-ending support and it failed to fulfill that.
Education and Tools SCORE: 60%
The education part is done nicely. It’s called Fxpedia and you can find different articles inside this section. I appreciate the effort but keep in mind that Aza FX provided educational material to beginners only. So, if you are an experienced trader you already know what Forex is, if Forex Market is fair, etc.
There is also a part with Forex tools, and it has different things like market sentiments, economic calendar, market volatility, etc. Overall, the education part is not bad, but it is not fully satisfying either.
When it comes to final thoughts, I am pretty much indifferent about this broker. As you already saw in this Aza FX review, this broker is not licensed, and it doesn’t offer a lot of things. On the other hand, it’s definitely not that bad so the choice is completely yours. If you want my advice, there are much better places for trading, but I do not believe that Aza FX is a scam broker.