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AFX Capital Review
AFX Capital was a forex and CFD broker with UK and Cyprus units. Regulators shut both down between 2019 and 2021, so it takes no clients or deposits now.
Min Deposit
N/A
Spreads From
Not applicable, broker is closed
Max Leverage
Not applicable, broker is closed
Platforms
N/A
Pros
- AFX Markets held genuine FCA authorisation in the UK for several years
- AFX Capital Markets held a real CySEC license in Cyprus from 2010 to 2021
- The FCA acted fast, freezing client assets before more money went missing
- UK clients gained access to FSCS compensation after the 2019 failure
- CySEC punished the directors and auditors involved, not just the firm
Cons
- AFX Markets was placed into special administration by the FCA in 2019
- CySEC found serious client money failures before suspending the license
- CySEC withdrew the Cyprus CIF license for good in December 2021
- Cyprus based clients had no FSCS protection when the firm failed
- An unrelated clone firm, AFX Capital Excel, later misused the brand name
AFX Capital was a forex and CFD broker built from two linked firms. AFX Capital Markets Ltd was registered in Cyprus in 2009 and gained a CySEC license in 2010. Its UK partner, AFX Markets Ltd, held FCA authorisation from May 2012 and passed client trades to the Cyprus firm.
The group collapsed in 2019. The FCA froze AFX Markets and stopped its trading on 31 July that year over concerns about unpaid debts and weak client money checks. The High Court placed the firm into special administration on 27 August 2019. CySEC suspended the Cyprus license soon after, then fully withdrew it in December 2021 and fined two directors and two audit firms.
AFX Markets held about 1,200 accounts and near 7.5 million pounds of client money when it failed. UK clients could claim through the FSCS from 2021, but Cyprus clients had no such cover. AFX Capital is closed today, takes no new clients, and an unrelated firm called AFX Capital Excel was later flagged by the FCA as unauthorised.
Max Leverage
Not applicable, broker is closed
Spreads From
Not applicable, broker is closed
Regulation, fund safety, track record
Spreads, execution, leverage
Platform quality, charting, features
Analysis, webinars, learning materials
Support quality, responsiveness
Mobile app quality, features
