User comment
0
CommentsWrite a review
No comment yet
Global Broker governance & inquiry App
Scam Brokers
Score
0123456789
.
0123456789
0123456789
/10
The WikiFX Score of this broker is reduced because of too many complaints!
AFMFX
Australia|5-10 years| Suspicious Regulatory License|Fake MT4|Chinese market only|Suspicious Overrun|High potential risk|
http://www.afm-fx.com/en/
Website
Rating Index
MT4/5 Identification
MT4/5 Identification
Counterfeit
2
Server Name
MT-AFMFX Demo MT4
Server Location 
Hong Kong
Hong KongContact
0061-2-9350-5230
http://www.afm-fx.com/en/
The WikiFX Score of this broker is reduced because of too many complaints!
Licenses
VPS Standard
No restriction on the broker account. Support service provided by WikiFX
Single Core
1G
40G
Open Now
Contact number
English
0061-2-9350-5230
Broker Information
More
Company Name
ARCADIA FUNDS MANAGEMENT LIMITED
Company Abbreviation
AFMFX
Platform registered country and region
Australia
Company website
Pyramid scheme complaint
Expose
Check whenever you want
Download App for complete information
This platform is a Ponzi Scheme. Please stay away!
5
Previous Detection :
2024-04-29
- This broker has been verified to be illegal and all of its licences have expired, and it has been listed in WikiFX's Scam Brokers list. Please be aware of the risk!
- The platform is a Ponzi Scheme, which refers to the use of "principle of value multiplication". In the form of rolling or static fund circulation, it uses the money of next member to pay to the present one, which is essentially a pyramid scheme with the distinction of hidden, deceptive and socially harmful. By calling common person's desire for money, fraudsters in the platform begin raising funds underground. Since this kind of platform mostly will abscond after 1 or 2 years, the fund-raising mode just can exist less than 3 years.
WikiFX Verification
Users who viewed AFMFX also viewed..
XM
9.04
Score10-15 yearsRegulated in AustraliaMarket Making(MM)MT4 Full License
Official website
MultiBank Group
8.59
Score10-15 yearsRegulated in AustraliaMarket Making(MM)MT4 Full License
Official website
HFM
8.25
Score10-15 yearsRegulated in CyprusMarket Making(MM)MT4 Full License
Official website
VT Markets
8.64
Score5-10 yearsRegulated in AustraliaMarket Making(MM)MT4 Full License
Official website
Exposure
10 pieces of exposure in total Pyramid scheme complaint
Expose Others
Scam platform!
After liquidated on March 9th, my account is frozen as of 30th! Don’t be cheated.
2020-03-31 13:35
Resolved
Is AFMFX manipulated manually?
Now there is only one person who takes charge of the business in the Chinese mainland. It is said that Caishen could dock with the company out borders within 3 years. Due to illegal operation, he plunged over 200 thousand family into abyss. Now he is still in the jail.
2020-05-23 06:51
Resolved
Unable to withdraw
In last July, I was inveigled by my friend to deposit 10 thousand. Within short several months, the withdrawal became unavailable. Claiming to cooperating police’ investigation, the broker has absconded.
2020-03-11 20:06
Unable to Withdraw
Illegal fund collection
The withdrawal is unavailable for 3 months. The gang of scam, Li Qinlin, Li Wenying and Shao Hongmei kept fending off and was out of contact.
2020-05-30 13:36
Resolved
The platform has absconded.
The platform, without noticing its member, closed its website and gave no access to the withdrawal.
2020-03-10 21:34
Unable to Withdraw
The website is disabled since March 9th, leading to unavailable withdrawal.
After inquiring the Acadia Corporation, I figured out that AFMFX is a scam. Its company located in Chinese mainland was reported! The Australian headquarter replied that they had no clients in Chinese mainland or Hong Kong. In addition, Acadia Corporation is an housing-estate company without forex license, which is a simply Ponzi Scheme.
2020-03-22 22:53
Scam
The scam platform has absconded.
I was induced by my friend to deposit fund. Within one month, my account became forced liquidation. It is simply a Ponzi Scheme which rips victims off. Call the police as soon as possible. Don’t let the gang of fraud go unpunished.
2020-04-15 07:41
Unable to Withdraw
Unable to withdraw money from the scam platform
The following are transactions after I deposited in this scam platform. The forced liquidation occurred on the 9th March and I was unable to withdraw money.
2020-04-04 16:06
Resolved
The fraud has given no access to withdrawal, claiming that it would be normal on 13rd. I have called the police. Be wisely.
The withdrawal is unavailable. Hope you call the police as soon as possible. Don’t let them go unpunished.
2020-03-30 16:51
Scam
AFMFX
My dad was defrauded and obsessed by this platform, in which he invested money. I hope the scam platform will be investigated as soon as possible by exposing it on FXEYES. The contract states that the estimated monthly income is 10% to 30%, and the service fee is only 30% of profits. At the same time, it promises us profits only and it there are losses, they will be borne by the platform and return to us. The transaction is completed by transferring money to a personal WeChat account, and there is no any bank card. The platform claims itself to be a Hong Kong company and is regulated by Ali, a subsidiary of Ma Yun. I checked the addresses of the servers online, finding they are located in the United States, which is completely inconsistent with the claimed Hong Kong Australian company. The platform's marketing model is completely consistent with MLM. After A recruits B, A can get 6% bonus, which only credited into the platform account. It is just a numberAnd if B recruits C, A can get bonus again. That is what my dad said, and the words can be confirmed. Some netizens said A can get 18% commission. I looked up a lot of information. The regulatory information and qualifications are all fake. I hope the platform can be exposed as soon as possible. The company is now widely defrauded in the Chenzhou area in Hunan. The company name is Henderson Culture, which is completely inconsistent with afmfx. And the company address cannot be found on Baidu map.
2019-09-24 22:36
AFMFX · Company Summary
Note: AFMFXs official site - http://www.afm-fx.com/ is currently not functional. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker.
| AFMFX Review Summary in 4 Points | |
| Founded | 1-2 years |
| Registered Country/Region | Australia |
| Regulation | Not regulated (suspicious ASIC clone) |
| Customer Support | Phone |
What is AFMFX？
As an online trading platform hailing from Australia, AFMFX provides financial market trading services to enthusiastic individuals. However, it's crucial to be aware that the AFMFX website is currently inaccessible, rendering its authenticity or regulatory status challenging to confirm. Interestingly, questions have been raised about the ASIC (Australia Securities & Investment Commission) license number 225417, claimed by the broker as it is suspected to be a clone. Further increasing apprehension, the broker has been labelled as illegal and a scam on WikiFX, which instigates significant security and customer protection concerns.
In the forthcoming analysis, we will meticulously dissect the features of this broker from multiple perspectives. Our goal is to supply you with concise and systematically arranged information. If this topic piques your interest, we encourage you to continue reading. Upon reaching the conclusion of the article, we will succinctly summaries essential points to provide an immediate overview of the broker's attributes.
Pros & Cons
| Pros | Cons |
| • None | • Not regulated (suspicious ASIC clone) |
| • Lack of transparency | |
| • Website dysfunctional | |
| • Negative reviews from their clients | |
| • Limited customer support channels |
AFMFX appears to have no clear advantages for potential users based on the given criteria.
In terms of disadvantages, AFMFX presents numerous red flags. It is not regulated and is suspected to be a suspicious ASIC clone, which brings its legality and business practices into question. The platform also exhibits a lack of transparency, further complicating user trust and understanding of their operations. A dysfunctional website detracts from the user experience, making it difficult for clients to navigate and interact with their services. Negative reviews from clients may reflect issues with service quality, satisfaction, or trustworthiness. Limited customer support channels may also present difficulties in seeking help or resolving issues. As such, prospective users are advised to apply caution when considering AFMFX.
Is AFMFX Safe or Scam？
When considering the safety of a brokerage like AFMFX or any other platform, it's important to conduct thorough research and consider various factors. Here are some steps you can take to assess the credibility and safety of a brokerage:
Regulatory sight: It is not regulated by any major financial authorities,which means that there is no guarantee that it is a safe platform to trade with. The ASIC (Australia Securities & Investment Commission) licenses with number 225417 claimed by the broker is suspected to be fake clone.
Besides, the official website of the broker is inaccessible, indicating that the trading platform may have absconded. These make investing with them risky.
User feedback: The existence of 10 reports on WikiFX regarding inability to withdraw funds and scam allegations should be deemed as possible warning signals. Thus, it is prudent to engage in comprehensive scrutiny and due diligence before committing to any broker or investment platform.
Security measures: So far we cannot find any security measures info on Internet for this broker.
Ultimately, the decision of whether or not to trade with AFMFX is a personal one. You should weigh the risks and benefits carefully before making a decision.
User Exposure on WikiFX
Our website WikiFx documents two incidents of traders being unable to withdraw their funds—a serious concern warranting a red flag. We highly recommend all traders to meticulously scrutinize all available information before risking their hard-earned money. Our platform serves as an extensive information resource aimed at helping traders make informed decisions. If you unfortunately encounter any fraudulent activity by brokers or become a victim of such an incident, we strongly encourage you to report this in our 'Exposure' section. We highly value your input. Our expert team is committed to addressing these issues and will vigorously work towards establishing a resolution for such problematic situations.
Customer Service
AFMFX provides a single form of customer support, which is via phone contact. This limited method of communication could result in potential restrictions in accessing the platform's help or assistance when needed.
Phone: 0061-2-9350-5230
It's notable that a broader spectrum of customer support, including email or live chat alongside phone support, is usually seen as a more user-friendly approach, as it provides more options to suit different user preferences.
Therefore, potential users should consider this aspect when deciding whether or not to engage with AFMFX.
Conclusion
AFMFX, an Australian-based online trading platform, caters to a global clientele offering its trading services. However, diving deeper exposed a number of red flags.
The broker, reportedly, seems to be operating without any financial regulations while allegedly cloning ASIC's (Australia Securities & Investment Commission) license, which raises serious credibility and legality issues, as traders don't benefit from the protection and standards offered by regulated entities.
Moreover, issues such as a dysfunctional website and a lack of extensive customer support, suggest a worrying lack of professionalism and accountability, both crucial for maintaining trust and nurturing long-term professional relationships. Adding salt to the wound, the existing withdrawal issues documented in 10 separate incidents further accentuate risk.
Given these factors, potential clients of AFMFX should tread with extreme caution and consider exploring other broker options committed to transparency, regulation, and customer service. Investors should prioritize choosing financial platforms known for professionalism, security, and accountability for a safer and more reliable trading experience.
Frequently Asked Questions (FAQs)
| Q 1: | Is AFMFX regulated？ |
| A 1: | No. It has been verified that this broker currently has no valid regulation, the ASIC (Australia Securities & Investment Commission) license number 225417 claimed by the broker is suspected to be clone. |
| Q 2: | Is AFMFX a good broker for beginners？ |
| A 2: | No. It is not a good choice for beginners. Not only because of its unregulated condition, but also because of the lack of transparency and reports of unable to withdraw and scam. |
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 provided in this review may be subject to change due to the constant updating of the company's services and policies.
In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.
10
start to write first comment