Review of aura-fx – Forex managed Account
Here is another one of my reviews but after going through the aura-fx website there is really not a great deal to report unfortunately. The website itself certainly looks nice and what is there is well written. There is not a lot of writing and not a lot of depth. They have all the right boxes and links to click on but not enough information behind them. I don’t like the actual contact us page, I don’t know what they are trying to say but I think the design is little darts or arrows. Having said all this, aura-fx is a New Zealand company and they do have an address in Auckland clearly written on the contact us page as well as a corresponding phone number applicable to that area, and an email contact.
So as I mentioned they are based in New Zealand and I think it is the first website on which I have seen details of anti-money laundering. I like the clear and concise way they have described how they protect themselves and their clients.
Regulated or Unregulated?
I might have said potentially I would have become a client, but unfortunately I do not see any license or regulatory authority detailed on their website. I see they are registered but not licensed. I realise that even a regulated company could lose my money and trading foreign currencies entails a certain amount of risk, but for me, I do feel that regulated has to have a little more protection than unregulated. After all, a licensed company surely has to work within some guidelines and be culpable for their actions.
On the aura-fx website they say ‘Rely on the savvy expertise of the money manager’, but nothing specific.
FAQ’s are all relating to their trading platform and Metatrader software not specifically to managed forex accounts. Hence I couldn’t find anything relating to performance fees. It also appears that they have trading results and performance available but not on the website. I would have to contact them for this information. I do always feel that if the results are that good, then companies display them for everyone to see clearly.
I found something else on the aura-fx website which I have not seen during my research and reviews before. The credit match is interesting, I would put in $5000 they match my $5000 because the minimum investment is $10,000. I was wondering how they could just give me free money, there are terms and conditions. I was thinking they would place orders on my $5,000 account as if it was a $10,000 account, which would mean they are actually taking more risk on my money. So are they just doubling up the trades on my $5000 or trading on a $10,000 account? Without delving further at the moment my understanding of this would be my share of the profit would be only from the $5000 less any performance fee. Fair enough, or more risky, I am not really sure at this point?
So in summary, they are definitely a company where I would have to contact them for more information as there is not enough on the website. As aura-fx does not show the license or regulatory authority details on their disclaimer, I will not contact them for further information. There is no need for them to have my details and continue to send me emails or offers when I already know I will not be using them to manage my forex account. As with all of my reviews I like to give a score out of 5 and aura-fx receive a score of 2 out of 5.
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