Aw Financials

Aw Financial Services is a forex broker under the “awfinancials.org” domain, that allegedly holds a license from ASIC. However, the trading conditions we encountered were quite frankly abysmal. The entirety of the broker behaves like a common scammer brokerage firm, and so we decided to dig deeper in order to find just what this firm is up to.

Fist of all, in the ASIC registry for regulated entities, Aw Financial Services, henceforth referred to as Aw Financials, goes under the name Aw Financial Services Pty Ltd. We checked with ASIC, and got the following, which states that Aw Financial Services Pty Ltd is regulated with an Australian Business Number (ABN) 623 716 825.

When we clicked on the ABN link, we were redirected to a more detailed section that laid out things more scrupulously. There we found all the business name under which Aw Financial Services Pty Ltd conducts its affairs. These are underlines in the following snip:

As you can see “awfinancials.org” is missing, meaning that Aw Financial Services Pty Ltd is not the holding company of this particular broker. And with no mention of another regulation, we must conclude that Aw Financials is UNREGULATED, and thus a risk to all those that invest in it.

Sometimes being pedantic is necessary. Brokers like Aw Financials remorselessly take others’ work and present it as their own. If even the slightest hint of suspicion presents itself, be sure to triple check every detail of the regulation before investing. We advise traders to go with FCA/CySEC regulated brokerage firms, since these two agencies are some of the best for the job. Not only do these agencies oversee operations and require regular reports from brokers registered with them, but those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC)

Aw Financials acts also as a real estate agency, on top of providing Forex and CFDs trading. When registering, there are two Plan types, one for trading and another for Real Estate Investment. The Real Estate part of the broker is mentioned just here and there throughout the website, without the manners of a professional agency. The shortened Terms and Conditions have no clauses related to this. Many shady brokers are known for falsely advertising services that they do not offer, for the sole mean of making their website more appealing to potential victims.

We mentioned the Terms and Conditions. At Aw Financials they are so suspiciously short, that they include only 5 abrupt clauses. Moreover, the T/Cs are the only legal document; there is no privacy policy, no client agreement, etc.

Even after we registered, a process that was incredibly easy and straightforward, we were not presented with a leverage amount. Neither was there a leverage value written anywhere on the website. The exact same thing is applied to the spread. More on this is the following section.

The broker claims to be dealing with Forex Pairs, Cryptocurrencies, CFDs on undisclosed products, and let us not forget, real estate, if one is to believe it.

The website can be translated in nearly 50 languages. The twist here is that all the translations are provided by a Google Translate widget.

AW FINANCIAL SERVICES LOGIN

Here we find ourselves with the biggest piece of evidence that something is obviously not right with Aw Financials. And that is the complete absence of a trading platform. Not only does the broker not mention it anywhere on its website, but the client dashboard (where usually one finds a trader) is barren of any sort of terminal. This is one of the reason we could not give you straight leverage and spread amounts.

With all the prancing about crypto investment opportunities (literally the first thing anyone sees on the home page), and other types of investing, the absence of a platform is an insult.

AW FINANCIAL SERVICES MINIMUM DEPOSIT

The minimum deposit, as pointed out on the website, is $2000. Yet on the personal dashboard we were able to proceed with as little as $0.1. This irregularity is another brick for Aw Financials.

Furthermore, the dashboard gave us the possibility of depositing via Bitcoin, Ethereum, Litecoin, BitcoinCash, and Bank Wire.

All signs point to the obvious: that this broker is not to be trusted due to its lack of regulation. It’s only logical that we advise traders against it. Brokers with proper licenses from the FCA and CySEC (among others) operate in ways that put the trader’s security of funds and personal information as a pivotal priority. These agencies are the top non-US financial license issuers, which should give you an idea of the brokers working under their oversight.

DON’T PROVIDE YOUR CREDIT CARD CVV CODE

The CVV code is the one thing that separates a buyer from a product. Without it, one cannot complete a purchase, even if him/her has given all other necessary information. By giving this detail to someone else, you are essentially inviting them to use your funds for their own means. And be warned that unregulated brokers most certainly plan to do so.

DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER

It may or may not happen, but if an unregulated broker asks you to install AnyDesk or TeamViewer and give them log in details, consider yourself very open to a complete drainage of your funds from all your online accounts. These softwares allow for anyone to access your PC from another station and go through all your files and vital information, including credit card, bank and alternative payment method details. Thankfully, these platforms are completely legal and will need your own personal approval in order to be used.

AW FINANCIAL SERVICES WITHDRAWAL TIME AND FEES

One must deposit first, which is in itself very risky in order to get the minimum withdrawal amount.

As is expected, there is zero info on withdrawal processing times and fees. There is one clause in the T/Cs that is worth a mention. It states that a user cannot withdrawal unless he or she has traded. It also refers to a 30 day dormancy period which adds a layer of confusion, and so we leave it up to you to see

ADDITIONAL FEES AND TAXES

There are no additional fees mentioned anywhere. Don’t let this soften you up. Brokers that have no regulation are known to launch incoming fees without notice. For this reason they try to postpone any withdrawal request. Either the broker will find a loophole in the terms and conditions that is completely made up, will firmly advise you against withdrawing, or they will ask more deposits needed if one wished to withdrawal. Scammers come up with additional fees and taxes for the sole purpose of keeping you on stand-by, and to deplete as much money from you as is possible.

ACCOUNT VERIFICATION

If a broker is unlicensed, never give you ID and personal details to it, because the broker will use these details against you once you file for a charge back. Furthermore, any allegation held against the brokerage will be easily refuted if they have in their possession a copy of your ID and proof of address.

We are positive that this so called broker will not return your funds; the evidence we have laid out before you work in sync against it. The sound thing to do is to direct your attention and investment to an FCA or CySEC licensed broker where the law is integrated in every aspect of their operations.

HOW TO RECOVER

Filing for a chargeback is the best advice we could give you. Immediately contact your bank or credit card company and lay out the circumstances.

Cancel your credit card if you have shared any notable details with the fraudulent broker, especially if you have provided them with the card’s CVV code. If such is the case, annul your credit card ASAP.

Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won't ever hear from them again.

The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!

BOTTOM LINE

Aw Financials is a bad broker, that pulls some heavy strings when attempting to conceal its veritable nature. Nothing here works in favor of the client, and for this reason we urge readers to stay away from this one at all costs.