If you are looking for a reliable and trustworthy broker to invest your money with, you may have come across Angel Finance. They claim to offer a wide range of trading products, such as forex, stocks, commodities, indices, and cryptocurrencies. They also promise to provide low spreads, fast execution, and excellent customer service. 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 the background, features, and reputation of Angel Finance. 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
Angel Finance is a brand name of Angel Finance Ltd, a company registered 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 25694 IBC 2020.
However, this does not mean much in terms of credibility and security. St. Vincent and the Grenadines is an offshore jurisdiction that does not have a strong regulatory framework for financial services. The FSA does not oversee or supervise the activities of forex brokers, nor does it require them to adhere to any standards of conduct, capital adequacy, or customer protection.
Therefore, Angel Finance is essentially an unregulated broker that can operate with little or no oversight from any authority. This means that they can manipulate prices, delay withdrawals, or even disappear with your funds without any consequences.
Features and trading conditions
Angel Finance offers four types of accounts: Basic, Standard, Gold, and Platinum. The minimum deposit for the Basic account is $250, while the other accounts require higher deposits ranging from $2,500 to $25,000. The leverage for all accounts is up to 1:400, which is very high and risky.
The spreads for the Basic account start from 2.8 pips for the EUR/USD pair, which is very wide and uncompetitive compared to other brokers. The other accounts have lower spreads starting from 0.1 pips, but they also charge commissions ranging from $6 to $10 per lot round turn.
The trading platform offered by Angel Finance is MetaTrader 4 (MT4), which is a popular and user-friendly platform that supports various tools and features for trading. However, the broker does not provide any educational or analytical resources for its clients, such as webinars, tutorials, market news, or signals.
Reputation and customer feedback
Angel Finance has a very poor reputation among online traders and reviewers. There are many complaints and negative feedback about their services on various forums and websites. Some of the common issues reported by their clients include:
- Difficulty in withdrawing funds or receiving no withdrawals at all
- Unprofessional and rude customer support
- Unauthorized charges or fees on their accounts
- False or misleading advertising and promotions
- Manipulation of prices or execution
- Closure of accounts without explanation or notice
Many of these complaints suggest that Angel Finance is a scam broker that uses fraudulent tactics to lure unsuspecting traders and then cheat them out of their money.
Conclusion
Based on our research and analysis, we do not recommend Angel Finance as a broker for any trader. They are an unregulated and shady broker that has a lot of red flags and negative feedback from their clients. They offer poor trading conditions, low-quality service, and no security or protection for your funds.
There are many other reputable and regulated brokers that offer better features, conditions, and customer service than Angel Finance. You should always do your due diligence before choosing a broker and avoid any broker that seems too good to be true or has a lot of complaints against them.
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