Note: Auto Fx Trades official site - https://www.autofxtrade.asia/ is currently not functional. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker.
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.
General Information
Auto FX Trade presents itself as a true ECN brokerage specializing in Forex, CFDs, Commodities and more. Auto FX Trade says its platform is designed for individual and professional clients alike. Auto Fx Trade is an online trading broker based in Kolkata, India. The company claims to offer trading services in Forex, CFDs, commodities, and more. However, it is important to note that Auto Fx Trade is not regulated by any major financial authority. The company's website is currently inaccessible, which raises concerns about its legitimacy. They offer three live account types with minimum deposit requirements ranging from $500 to $5,000. The broker supports the popular MetaTrader 5 (MT5) trading platform and provides multiple funding options for deposits and withdrawals. However, based on user feedback and the lack of regulation, caution should be exercised when considering Auto Fx Trade as a trading broker.
Is Auto FX Trade legit or a scam？
Please note that, according to WikiFX, Auto FX Trade is not authorized or regulated by any regulatory authorities. Although this alone does not mean that Auto FX Trade is a 100% scam, investors are strongly recommended to take extra vigilance before investing with this broker.
*Note: The screenshot date is February 16, 2023. WikiFX gives dynamic scores, which will update in real time based on the broker's dynamics. So the scores taken at the current time do not represent past and future scores.
Market Instruments
Auto FX Trade offers its clients access to a wide selection of trading instruments, including Forex, Indices, CFDs, Metals, Energies, Cryptocurrencies, and Futures.
Account Types
With Auto FX Trade, three live accounts and a demo account are available. A demo account is an essential tool for beginners to professional traders. Traders can get a feel of this platform, and gain a better understanding of its products by trading in a risk-free trading environment while using the same rates from the real account.
Three live accounts include Silver, Gold and AutoFX Special, categorized by the minimum initial deposit requirements. The silver account requires a minimum deposit of $500, which sounds not acceptable for most regular traders. Another two accounts, the Gold and the AutoFX Special accounts request a trade to fund at least $2,000 and $5,000, respectively.
The Silver account is the entry-level option, requiring a minimum initial deposit of $500. It offers basic trading features and access to the platform's available instruments. While it may suit beginner traders or those with limited trading capital, it is important to note that this account type has its limitations and may not provide advanced features or additional benefits.
The Gold account, requiring a minimum deposit of $2,000, offers enhanced features and benefits compared to the Silver account. Traders with the Gold account can access additional trading tools, receive priority customer support, and potentially have access to more advanced educational resources. This account type may be suitable for traders who are more experienced and willing to invest a higher amount of capital.
The Auto FX Special account is the highest-tier account offered by Auto Fx Trade, requiring a minimum deposit of $5,000. This account type is designed for more advanced and professional traders who seek additional benefits and features. Traders with the Auto FX Special account may have access to premium research and analysis tools, personalized assistance from account managers, and potentially enjoy lower trading costs or preferential trading conditions.
Please note that the table above provides a general overview of the account types based on available information. Traders should refer to the broker's official website or contact their customer support for detailed and up-to-date information regarding account features, benefits, and requirements. Swap-free options do not apply to these three accounts.
Leverage
The trading leverage is determined by trading accounts, with the AutoFX Special account offering the highest leverage up to 1:1000. AutoFX Trade is an unregulated and offshore brokerage with no restriction on leverage, it tries to use high leverage to attract newcomers. Please note that leverage can amplify gains as well as losses, investors should choose the proper amount based on their trading style and risk tolerance.
Trading Platform
Auto Fx Trade provides its clients with access to the popular trading platform, MetaTrader 5 (MT5). MT5 is a widely recognized and user-friendly platform that offers advanced trading features and tools for traders of all levels of experience. The platform is known for its comprehensive charting capabilities, technical analysis tools, customizable interface, and support for automated trading strategies through Expert Advisors (EAs).
With the MT5 platform, traders can execute trades, monitor real-time market prices, analyze charts, set up indicators, and implement various trading strategies. The platform also supports multiple order types, including market orders, pending orders, and stop orders, allowing traders to manage their positions effectively.
Auto Fx Trade's utilization of the MT5 platform provides traders with a reliable and robust trading environment. Traders can access the platform via desktop applications for Windows and Mac, as well as mobile applications for iOS and Android devices, enabling them to trade conveniently from anywhere.
Overview of Auto Fx Trade's Trading Platform:
Please note that the provided information is based on general knowledge about the MetaTrader 5 platform, and specific features or functionalities may vary depending on the broker's implementation. It is recommended to visit Auto Fx Trade's official website or contact their customer support for detailed information about their specific offerings and features related to the trading platform.
Deposit & Withdrawal
Auto Fx Trade offers multiple options for depositing and withdrawing funds. Traders can make deposits using Credit Cards (VISA), E-payment methods such as Skrill, Neteller, and Perfect Money, as well as Crypto-wallets like Bitcoin.
To deposit funds into their trading accounts, clients can choose the preferred payment method and follow the instructions provided on the Auto Fx Trade platform. It is important to note that the minimum deposit requirement varies depending on the chosen account type, with the Silver account requiring a minimum deposit of $500.
For withdrawals, traders can use PerfectMoney or a BTC wallet. The specific withdrawal process and requirements are not explicitly detailed in the available information. It is recommended that traders refer to the broker's official website or contact their customer support for the most accurate and up-to-date information on the withdrawal procedures, any associated fees, and the timeframes for processing withdrawals.
As with any financial transaction, it is advisable for traders to carefully review and understand the terms and conditions related to deposits and withdrawals, including any potential fees or limitations, before engaging in transactions with Auto Fx Trade.
Customer Support
Auto Fx Trade offers customer support to assist their clients with any inquiries or issues they may have. Clients can reach the customer support team by phone at +918710046005. By contacting this phone number, traders can seek assistance, ask questions, or address any concerns related to their trading accounts or platform usage.
Having access to customer support is important for traders, as it allows them to receive timely assistance and guidance when needed. However, it is worth noting that the availability of customer support channels and their responsiveness may vary, and it is recommended to reach out to Auto Fx Trade directly to confirm their support hours and response times.
Additionally, it's important for traders to utilize other available channels such as email or live chat, if provided, to further communicate with the customer support team. This allows for flexibility in reaching out and receiving support based on individual preferences.
Traders should also consider the effectiveness and promptness of the customer support when evaluating a broker, as good customer support can greatly enhance the overall trading experience and provide peace of mind in case of any issues or inquiries that may arise during the trading journey.
Summary:
Auto Fx Trade is an online trading broker based in Kolkata, India. While the broker offers a variety of trading instruments, including Forex, Indices, CFDs, Metals, Energies, Cryptocurrencies, and Futures, there are several pros and cons to consider.
Pros:
Multiple Trading Instruments: Auto Fx Trade provides a diverse range of trading instruments, allowing traders to explore various markets and diversify their portfolios.
Account Types: The broker offers different account types, catering to traders with varying levels of experience and capital requirements.
Demo Account: Auto Fx Trade provides a demo account, allowing traders to practice and familiarize themselves with the platform before committing real funds.
MT5 Platform: The broker supports the widely recognized MetaTrader 5 (MT5) trading platform, known for its advanced features, charting tools, and automated trading capabilities.
Cons:
Lack of Regulation: Auto Fx Trade is not regulated by any major financial authority, raising concerns about the level of investor protection and oversight.
Inaccessible Website: The broker's website is currently inaccessible, which can create doubts about the transparency and reliability of their operations.
Limited Fee Information: There is a lack of detailed information about spreads, commissions, and other potential fees, making it challenging to assess the overall trading costs.
Potential Risk: The absence of regulation and limited information available raise red flags and increase the potential risk for traders.
Considering these pros and cons, it is crucial for traders to conduct thorough research, exercise caution, and weigh the risks before engaging with Auto Fx Trade as a trading broker.
Frequently Asked Questions (FAQs)
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