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Swiss Financial Market Supervisory Authority has issued a warning against Avasunion in August 2023
If you are looking for a reliable and trustworthy online broker, you might have come across Avasunion. Avasunion is a forex and CFD broker that claims to offer competitive spreads, fast execution, and a variety of trading instruments. But are they really as good as they sound? Or are they a scam that you should avoid at all costs?
In this review, we will examine Avasunion’s background, regulation, trading conditions, platform, customer service, and more. We will also compare them with some of the best brokers in the industry and give you our honest opinion on whether they are worth your time and money.
Background and Regulation
Avasunion was founded in 2019 and is based in St. Vincent and the Grenadines. According to their website, they are regulated by the Financial Services Authority (FSA) of St. Vincent and the Grenadines under license number 25498 BC 2019. However, this does not mean much, as the FSA is not a reputable regulator and does not provide adequate protection for traders.
St. Vincent and the Grenadines is an offshore jurisdiction that has a reputation for being a haven for scam brokers. The FSA does not require brokers to adhere to any strict rules regarding capital adequacy, segregation of funds, investor compensation, or dispute resolution. This means that if you trade with Avasunion, you are putting your money at risk and have no recourse in case of any issues.
We always recommend trading with brokers that are regulated by well-known and respected authorities such as the UK’s Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC), or the Cyprus Securities and Exchange Commission (CySEC). These regulators ensure that brokers follow high standards of conduct and provide a safe and fair trading environment for their clients.
Avasunion offers four types of accounts: Basic, Silver, Gold, and Platinum. The minimum deposit for the Basic account is $250, which is quite high compared to other brokers. The spreads start from 2.8 pips for the Basic account and go down to 0.1 pips for the Platinum account. However, these spreads are not fixed and may vary depending on market conditions and liquidity.
Avasunion also charges commissions on some of their accounts. The commission for the Basic account is $10 per lot, which is very expensive and adds to the already high trading costs. The commission for the Silver account is $8 per lot, while the Gold and Platinum accounts have no commissions.
Avasunion claims to offer leverage up to 1:400, which is very high and risky. High leverage can amplify your profits but also your losses, so you should use it with caution and only if you have enough experience and knowledge.
Avasunion offers over 200 trading instruments, including forex pairs, indices, commodities, stocks, and cryptocurrencies. However, some of these instruments may not be available for all account types or regions.
Avasunion provides its clients with the MetaTrader 4 (MT4) platform, which is one of the most popular and widely used platforms in the industry. MT4 is known for its user-friendly interface, advanced charting tools, technical indicators, automated trading options, and compatibility with various devices and operating systems.
However, Avasunion does not offer any web-based or mobile versions of MT4. This means that you can only access the platform by downloading it to your desktop or laptop computer. This limits your flexibility and convenience as a trader, as you cannot trade from anywhere or anytime.
Avasunion claims to have a professional and responsive customer service team that is available 24/5 via phone, email, or live chat. However, we found that this is not true. When we tried to contact them via live chat, we were greeted by a bot that asked us to leave our name and email address. We did not receive any reply from a human agent after waiting for several minutes.
When we tried to call them on their phone number, we were put on hold for a long time before being disconnected. When we sent them an email, we did not receive any response either. This shows that Avasunion does not care about their customers and does not provide adequate support or assistance.
Based on our research and analysis, we conclude that Avasunion is a scam broker that you should avoid at all costs. They are not regulated by a reputable authority, they charge high fees and commissions, they offer poor trading conditions and platform options, and they have terrible customer service.
There are many better brokers out there that offer superior services and features at lower costs and with more security. Some of the best brokers that we recommend are eToro, XM, IG, Plus500, and AvaTrade. These brokers are regulated by top-tier authorities, offer competitive spreads and commissions, provide various platform choices and trading instruments, and have excellent customer support.
Do not waste your time and money with Avasunion. They are a scam that will only rip you off and leave you disappointed. Stay away from them and choose a reliable and trustworthy broker instead.
What to Do If You’ve Lost Money with Avasunion?
If you have been scammed by Avasunion or any other broker, you’ll want to seek assistance from brokercomplaintregistry.com immediately. Our experts will consult with you and bolster your claim to help you get your money back. Brokercomplaintregistry.com is a leader in recovering your funds and will help you retrieve your funds from a broker scam.