If you have done your homework, then you should understand that the broker you decide to use for trading financial instruments online can play a huge role in your success. A reliable platform can simplify the trading process for you and allow traders to enjoy plenty of benefits, whereas shady and scam brokers can complicate the process unnecessarily and result in losses. Of course, everyone wants to avoid this scenario, but it can be difficult to distinguish between a reliable and shady broker because of the latter’s offerings. This is where AtnFx review becomes a must.
One of the most renowned forex and CFD brokers, AtnFx claims to offer retail traders access to hundreds of financial instruments in numerous global markets. They also advertise lower spreads, superior execution technology, unrivaled liquidity and cutting edge trading platforms. Furthermore, AtnFx states that it has received various industry awards and is catering more than 2 million traders in around 140 countries across the world, including scalpers, beginners and active traders.
There is no doubt that all of this sounds wonderful and can attract your attention towards AtnFx. But, is it a legitimate and reliable platform? Sadly, it doesn’t seem so:
Licensing and Regulation
The first indicator about the reliability and legitimacy of any broker is their licensing and regulatory status. The problem with AtnFx is that their website appears to be fully anonymous and they don’t seem to have a legitimate forex license issued by any regulatory authority in the world, whether it is the Cyprus Securities and Exchange Commission (CySEC), the Financial Conduct Authority (FCA) in the UK, or the Australian Securities and Investments Commission (ASIC).
As a matter of fact, you will come to know that AtnFx is actually based offshore and do not have regulation in any jurisdiction. There is absolutely no information available about their regulation or licensing. The only thing that they do have is a post box address in the Marshall Islands and a phone number in the United Kingdom. This doesn’t really offer you much information, making it an anonymous platform.
As the website is virtually anonymous, it is understood that it won’t be possible to make money via AtnFx. But, if you are still unconvinced, you can go through their Terms & Conditions and discover some of their withdrawal policies. Doing so will show you that you may not be permitted to make any withdrawals at all. How? This is due to the fact that AtnFx has clearly stated that they can decide to cancel withdrawal requests at any time, if they are investigating your account, believe the transaction to be fraudulent, lack of funds in the account or due to bonus requirements.
They have also mentioned that accounts can be terminated or suspended due to non-compliance with their policy requirements. To put it simply, AtnFx can come up with any reason and decide to cancel your withdrawal request, thereby preventing you from getting access to your funds. Moreover, they have also mentioned that withdrawals are subjected to handling and processing fees, but have not bothered to give any specific amounts.
There is a Micro Account that you will find on AtnFx and the minimum deposit requirement for this account is set at 1,000 USD. This is quite shocking because it is four times the minimum deposit required by most brokers in the market. For an anonymous and unregulated website, this sum is too hefty and the minimum deposits for other accounts is equally higher.
Another big problem with AtnFx is that they claim to offer a number of trading platforms to their clients, including the popular MetaTrader4. But, as it turns out, they are only misleading their customers because there is only the Sirix web trader that you will find and there is no MT4 or any other trading platform available.
These red flags are a clear warning that AtnFx is not a reliable platform and you shouldn’t sign up for their services.