AZAforex is a broker that will give you access to binary options + CFDs, forex, and cryptocurrency trading. The broker has been active since 2016 and emphasizes simplicity and accessibility.
AZAforex markets itself as an ECN or ECN-style broker, but it is important to know that this claim (whether true or not) does not pertain to the binary options section of AZAforex. A true ECN broker will not be your counterparty in a trade; it will send your order on to a liquidity pool within an Electronic Communications Network (ECN). When you are buying binary options from AZAforex, you are not buying them on any open market or from a liquidity pool. Just as on other standard retail platforms for binary options outside the United States, your broker (AZAforex) is also your counterpart in the trade. When you profit, the broker loses money, and vice versa. This creates an inherent conflict of interest that is not present on true ECN broker platforms. A true ECN broker makes money from the commissions you pay, and sometimes also from spread mark-ups.
AZAforex has received mixed feedback in trader communities. Some users highlight its wide asset selection and straightforward platform, while others report problems with withdrawals, account restrictions, and misleading promotions.
Trading Platform Experience
AZAforex will give you access to their proprietary web-based trading platform. It is simple and straight forward, and allows clients to trade across forex, CFDs, crypto, and binary options. While it may suit beginners seeking ease of use, the platform lacks the advanced features of industry-standard software such as MetaTrader 5 (MT5) and cTrader, including automated trading, advanced charting, and customizable tools. This simplicity can appeal to newcomers but may frustrate experienced traders who require robust analysis and execution capabilities.
The platform is probably okay for most binary options traders, as this type of very simple proprietary platform is standard in the retail binary options industry, and many binary options traders are inexperienced traders who places a high value on simplicity. If you are a more experienced trader interested in CFDs, forex, or cryptocurrency, much more advanced platforms are available through other brokers, and you can also pick a broker that is licensed by a stricter financial authority that will provide better trader protection.
Payouts
The highest paying binary options on the AZAforex platform pay out 90%.
Underlying Instruments for Binary Options
AZAforex offers binary options based on forex, commodities, and stock indices. Binary options are not available for cryptocurrencies and individual stocks.
You can for instance used binary options to speculate on EUR/GBP, EUR/AUD, GBP/USD.
When it comes to commodities, the focus is on hard commodities. Both metals (e.g. gold) and energies (crude oil and natural gas) are represented.
Examples of stock indices that are available as underlyings for binary options on this platform are FTSE100 and S&P500.
Account Types
This broker has multiple account tiers with varying deposit requirements. Higher-tier accounts come with perks such as tighter spreads, faster withdrawals, and priority service. As a binary options trader, it is important that you verify how much of the benefits that would actually help you, since some of them pertains to other types of trading.
The three tiers for real-money trading are Start, Pro, and VIP.
- Start. Minimum deposit is just $1, which is appealing to many beginners, small-scale traders, and traders who wish to try out a broker with a very small deposit before committing any more funds. You only get Market Execution at this level (not ECN), but that is not relevant for a binary options trader. From $100 deposit, you get access to the rebate program, and from $500 deposit you get access to the loyalty bonus program.
- Pro. From $2,000 deposit. You get access to both Market Execution and ECN, although that is not relevant for binary options trading. Access to rebates and loyalty bonus, plus cash deposit bonus. Personal manager.
- VIP. From $10,000 deposit. Access to all of the Pro perks, and the cash deposit bonus can become as high as $20,00.
In addition to the real-money account (with the three tiers), there is also the Demo Account, where you can use play-money to explore the trading platform and test-run new strategies.
Bonuses and Promotions
Deposit bonuses and promotional offers are an important part of AZAforex’s marketing campaigns. Since AZAforex is not supervised by any of the stricter financial authorities, it can offer bonuses and other perks to retail customers with vague or opaque terms and conditions. Make sure you read the fine print and fully understand what you accept when you accept an offer. Restrictive conditions can trap trader funds by tying withdrawals to unrealistic turnover requirements.
Regulation and Reputation
AZAforex is owned and operated by AZA Pro LLC, a company registered in Saint Vincent and the Grenadines (SVG), and island nation in the Caribbean. The broker has been active since 2016.
Saint Vincent and the Grenadines is a jurisdiction known for taking a lax approach to trader protection, so you will not get the same level of legal protection as you would with a broker based in a place like the United Kingdom, Australia, or the European Union.
Official address in SVG:AZA Pro LLC
First Floor, First St Vincent Bank Ltd Building,
James Street, Kingstown,
Saint Vincent and the Grenadines
On AZAforex’s own contact page, they indicate another official address:
AZA PRO LLC, Number 808 LLC 2021
Trust Beach Lodge Apartment Complex,
Lagoon Road, Batkan Village, Majuro
96960, Marshall Islands
The Marshall Islands is an island country in the central Pacific Ocean. It’s known for its remote location and for being a popular offshore registration hub for businesses, including forex and binary options brokers.
Deposits and Withdrawals
AZAforex supports deposits via credit cards (VISA, MasterCard, Maestro), bank transfers, e-wallets, and cryptocurrencies. Deposits are generally fast, but withdrawals are a common source of trader complaints. Delays, repeated verification requests, and outright denials of withdrawal requests have been reported.
Under certain circumstances, AZAforex will cover the transaction fee for larger deposits, e.g. over $1,000 via bank transfer or over $100 via e-wallet. Contact the AZAforex support for more detailed information.
Examples of cryptocurrencies accepted by AZAforex:
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Bitcoin Cash (BCH)
- Dashcoin (DASH)
- Monero (XMR)
- Tether (USDT)
Examples of accepted e-wallets: Skrill, Neteller, Perfect Money, Paybis, Advcash, QIWI, Volet
Some users have reported that cryptocurrency transfers is the only feasible method with AZAforex.
Customer Support
The customer support is available through phone, live chat, and email, plus the apps Whatsapp and Telegram.
Phone/Whatsapp: +44 7700 100833. Available 8 am – 8 pm UTC. Since you an use Whatsapp, you do not have to worry about paying for a phone call to the UK if you are located somewhere else in the world.
Email: support@azaforex.com.
Live chat: Available from the AZA forex website 8 am – 8 pm UTC.
Telegram: @azaforex
According to some reports, it is much more difficult (sometimes impossible) to get hold of someone during Saturdays and Sundays.
Restricted Countries
AZAforex imposes restrictions on clients from certain countries due to international sanctions and regulatory considerations. According to their official Terms of Use, AZAforex does not provide services to residents of North Korea, Iran, Myanmar, Cuba, Sudan, and Syria.
Some of the payment processors accepted by AZAforex are more restrictive, so make sure you check on this in advance.
Why Are Traders Choosing AZAforex?
Traders who pick AZAforex are typically retail traders who want access to binary options and are okay with the increased risks that come with picking a broker registered in SVG.
Unlike some of the competing binary options platforms, AZAforex offers access to more than just binary options, and you will find forex trading, CFDs, and crypto trading alongside the binary options on this platform. For some traders, this is big plus, since they can manage all their speculative activity on a single platform rather than juggle multiple accounts across different brokers.
The proprietary web-based AZAforex platform is stripped down compared to platforms like MetaTrader 5 (MT5) and cTrader. While this limits advanced functionality, it makes the platform accessible to beginners who value simplicity and do not yet need complex technical tools or automated trading systems. This simple trading platform is aligned with industry standards for entry-level binary options trading, and is appealing for that clientele. Traders who are more interested in forex trading, cryptocurrency trading, and/or CFDs might find the platform lacking in features, especially if they are experienced traders. If retail binary options are not your main focus, you can skip AZAforex and pick one of the brokers that will give you access to a more feature-rich platform.
AZAforex is a platform designed for short-term speculation. Traders interested in longer-term trading (or even investing) will typically not pick AZAforex. The broker caters to traders who enjoy short-term speculation. The financial products on offer carry significant risk but also provide fast outcomes that appeal to individuals who prefer short expiry times and high-action trading environments.