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Is AW FX Bank a reliable broker to trade with?
Sanit
Kenya
2023-08-10
ANSWER AW FX Bank is not a reliable broker to trade with because it is an unlicensed platform warned by two financial regulators.AW FX Bank claims that its website is operated by AW Financial Solutions under the regulation of Financial Markets Reference number 763894. Firstly, this broker gives an equivocal statement about its regulatory status, without providing the specific regulator that regulates it. This is a red flag, casting doubts on AW FX Bank's reliability.Secondly, based on the form of the license number, we assumed it refers to the FRN issued by the Financial Conduct Authority (FCA). However, our search for this number in the FCA registry found that the license belongs to a company named AWS Financial Solutions Limited, which looks similar to the company AW FX Bank claims but has no association with AW FX Bank. As such, AW FX Bank is falsely claiming to be a regulated broker. In addition, both the Italian Companies and Exchange Commission (CONSOB) and the Comisión Nacional del Mercado de Valores (CNMV) have added AW FX Bank to their warning lists for it offering financial services illegally. To read CONSOB warning, and CNMV warning list.In essence, AW FX Bank is an unlicensed broker that comes with significant risks such as financial losses and identity theft, as there are no rules in place to safeguard investors. Therefore, we strongly suggest investors stay away from unlicensed brokers like AW FX Bank and instead choose a fully regulated one.
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Risk Warning:

FX trading is of high risk and may not be suitable for all investors. Leverage will create additional risks and loss. Before trading, please carefully consider your investment objectives, experience level and risk tolerance. You may lose part or all of your initial investment; do not invest money that you cannot afford. Educate yourself about the risks associated with FX trading. If you have any questions, please consult an independent financial or tax advisor. Any data and information are provided "as is" and only for information purpose, not for trading or recommendations. Past performance does not predict future results.

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