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AAFX Trading Review
Reason to avoid: Offshore company. Negative Reputation.
Listed Date: October 3, 2020
Top 3 Forex Brokers
FP Markets Review
- Our Review
- AAFX Trading User Reviews
- AAFX Trading News
Beware AAFX Trading is an offshore broker. It is NOT SAFE to trade.
AAFXTrading Company LTD. AAFX trading Capital.
- Registration Address/ License:
St. Vincent and the Grenadines. Representative offices in Honk Kong and Malaysia.
- Registration requirement: 2,000$
AAFX Trading is an investment company specializing in stocks, commodities, CFDs and currency trading through its incorporated and registered office in St. Vincent and the Grenadines (SVG). However, SVG is a known area for its very liberal zone with a slight regulation of the financial companies comparing to other reputable authorities that requires a way more strict compliance that ensures a higher level of clients’ protection.
Moreover, the broker claims its incorporation and registration in Malaysia under the business solutions company SDN BHD and operation of the office in Hong Kong. Yet, there is no any other regulation that the company does comply with, therefore the company chooses the easiest and cheapest way to perform and deliver its financial services to international clients. Being unregulated in Hong Kong, the company appears in SFC warning list that prevents clients from an investment with the AAFX Trading company (check warning here).
In addition to that, there are numerous negative reviews about the company services, along with the guilty verdicts about scam operation. The AAFX Trading clients faced typical fraud issues while tried to withdraw profits, the company gave numerous excuses why the request can not be performed. As well as the issues with trading manipulations, faking the facts of the requests, etc. Overall, these issues do not give a positive opinion about the company and just causes suspicious questions in their regards that might cause significant capital losses.
That is why we do always recommend to invest only with the regulated brokers only that are located among the reputable jurisdictions and offer respective overseen investment services. These companies are overseen and reporting regularly about every step they do or treat the client, which protects investors by many means.
I cannot agree with the fact that this broker has a bad reputation, all because I have a lot of friends who trade here – and everyone is happy with the cooperation. I’ve been working here myself for a long time and I rarely come across any technical issues, and I’ve never had any major complaints about the aafx over the years. I just do not know what kind of complaints can arise directly to the company, which gave us a normal terminal and gives us the opportunity to work with a large set of assets and indicators, in addition, there are excellent adjustable settings that allow you to adapt everything for yourself. If we talk about the procedure of withdrawal of funds, it is notable for its simplicity and at the same time, everything is loyal with commissions and spreads.
It’s both truth and misleading in one sentence. Yeah, AAFx Trading is off-shore registered brokerage and company never hide this, it’s clearly stated in the brokerage official website. However, that doesn’t mean that mean that brokerage isn’t safe. I think everything is determined with brokerage reputation – AAFX Trading has good one. Let’s be fair, each trader understand that offshore registration is because of taxation, not because brokerage wants to be a scam. Moreover, just keep in mind that regulations are about making restrictions – for deposit, for minimum deposit or for minimum lot, nevermind for what, but regulations take a part of traders’ freedom, promising us safety. It’s approach that’s accepted by many traders – trade with a lot of restricitions, but with understanding that your brokerage is regulated, but it doesnt’ mean that it’s 100% right. I think all this regulations in nothing good for traders, they bring restictions only and aren’t useful at all. It’s always better to be guided with reputation. I came to AAFX by my friend suggestion and I trade there for 2 years. Everything okey, broker always withdraw money, has a fast support service and all benefits, but also provides huge leverage and 100 dollars min depo, much lower than all ‘regulated’ brokers. Spreads are also lower, so think twice about this!
I can’t even catch why people can adhere to such articles. Let’s be fair, regulations very ofthen simply don’t work and if brokerage will be unfair, regulations won’t secure your money and you will lose tham, that’s true.. So what the point to care about this? AAFX Trade has registration in Saints-Vincent and Grenadines. I can agree, that’s not the best jurisdiction to be registered, but many brokers simply don’t have even such registrations. That’s first point, so AAFX is mb better than other brokerages in this regard. Secondly, AAFX has good reputation, that’s go without any doubts, if you will search the internet, you’ll find that there are a lot of positive reviews and extremely low amount of negative. As for me, that’s much more important sign in my opinion. Of course, I can’t say that article’s author isn’t right, from technical side he (or she) is 100% right, but in practice that’s not so important and that’s what I’m talking about. My (as well as many of my friends) experiecne proves that AAFX is good broker and that’s the most important point. Of course, we can seek for the regulations or other points. But from the logical point and people’s experience it’s importance is extremely low. That’s like people that overestimate chance to get seek cause of coronavirus, but underestimate other probabilities.
Okey, I understand that there is informational era and author is free to post anything what he or she wants. But I don’t understand what’s the point to create review only from one end. it seems, if we read this text, that AAFX has nothing positive to offer its clients, as author simply doesn’t mentioned nothing. What’s correct in this article: 1. Company name 2. Registration and Malaysian license info 3. AAFX description (brokerage for stocks, CFD and Forex) 4. Explanation that SVG is liberal zone What’s wrong: 1. Claiming that SVG registration is something bad (that’s the main point of this article). That’s not true and that’s mislead. There are some scam companies under the US or EU registration and there are fair companies under off-shore registration. Just remember OFF-SHORE registraion is about TAXATION, not about company quality. Regulations means nothing, but reputation means a lot 2. There was no mention that AAFX won prize as Asian BEST brokerage in 2020 3. Registration in Malaysia is additional feature and it’s not the cheapest way. Malaysia is perspective market and that is ADVANTAGE, not disadvantage. 4. I can’t find ANY fraud verdicts, there are only pre-payed reviews from competitors with no proofs, or complaints from people that think that forex is a way to earn with no skills So, as I said, regulations means nothing and I can claim AAFX to be 100% reputable and safe. For my 2 years of trading there was no single situation when brokerage acts incorrect. By the way, lets reader decide, I just express my opinion.
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Since CySEC and other European regulators not even speaking of american ones have started limiting brokerages with strange rules like “do not provide enough leverage for retail customers” – since those times all these talks about regulations and licenses stopped having much sense. You either let customers have what they want or go for regulations and licenses. This is basically the choice brokers have got nowadays. In this light AAFX is just another broker who has chosen to follow the demand, not the rules of politicians.
I don’t mean to sound rude, but I have an economic background, I traded with a very famous American broker at one time, so I can explain everything in detail. To begin with, I’m not personally trading with AAFX, but my brother is and he is very pleased. When he read this article, he asked me to explain everything, because he already wanted to withdraw money and find other broker. I will now write the same thing I told him. Shortly – statement that offshore registration equals to unreliable broker is wrong. Let’s start with the basics of economics – rich countries have more money. According to the law of competition, they want to protect their dominance. If the country has more money, the prices are higher, but the income is also higher. There is such a thing as Purchasing Power Parity. If we compare the USA with a less developed country, we can see that it is 1 PPP in the USA, and in less developed countries it is from 2 to 4. This means that in these countries you can buy 2-4 times more goods than in the U.S. for 1 dollar. But the salaries are 6-10 times lower there, so people live poorer. This has always been the case. People from poor countries simply couldn’t get into the rich ones and earn as much As americans or Europeans do. Now everything has changed – we have the Internet. Look, traders in Kenya or Malaysia trade in the U.S. stock market, earn the same money as traders from the U.S., but live in countries where almost everything is 2-4 times cheaper. It turns out that the US or EU lose their money, that goes to less developed countries. They don’t want to lose their money, so limit that in every possible way. As a result, for many brokers it is simply impossible to get a license. More precisely, they can get it. But it costs money, a lot of money. Millions. Taxes in the U.S. are actually about 45% on financial services. The AAFX takes a fair commission. But if it registers in the U.S., it will have to take twice as much money to compensate for the taxes. Add to this the fact that each trader will have to pay 40% of what he or she has earned in the form of taxes or deal with bureaucracy, proving that he or she will pay taxes in another country. Interesting prospect? Would you like to trade in this way? There are also about 1400 SEC instructions that regulate each transaction, so in order to make a deposit or withdraw money, you will have to wait not for 1-2 days, as in the AAFX, but much longer. I hope you understand why the AAFX isn’t trying to get the US or EU license?. The broker wants to be convenient for the client, not for Uncle Sam (or for aunt Merkel).
I’ve been working with the company for two years and haven’t seen any problems. Thanks for the article, I was interested in reading it. However, it speaks about numerous complaints and lawsuits. But there aren’t any. I would like to see concrete examples of court cases. I will only speak for my own, but I think many traders will agree with me. There are very few problems with the AAFX, and payments don’t take more than a few days. So I can’t understand where the negative comments for this broker comes from, as me and my friends never faced such troubles.
AAFX Trading Review – Is aafxtrading.com a good forex broker or a scam?
RECOMMENDED FOREX BROKERS
Trading Accounts & Conditions
|Account type||Minimum deposit||Minimum trade size||Maximum leverage||Spreads|
|Fixed||$100||0.01||1:2000||fixed 2 pips|
|ECN||$100||0.01||1:2000||variable, from 0.5 pips|
Clients of AAFX Trading are offered a choice of 2 account types, Fixed and ECN. As its name suggests, the Fixed one offers fixed spreads, while spreads on ECN account are variable and tight. Unlike most brokers, this one does not charge ECN account holders with commission. Both account types offer micro tradeable lots and leverage up to 1:2000, which is super high. We advise traders to exercise caution when using high leverage ratios, for they involve greater risk.
In addition, swap-free (Islamic) accounts are also available with this broker.
It seems that this broker offers competitive trading conditions. AAFX Trading’s fixed spreads are average – 2 pips on EUR/USD, while the ECN ones are really low, starting from 0.5 pips on EUR/USD, and no commission applies.
The Company. Security of Funds
AAFX Trading was offers trading in a number of currency pairs and various CFDs on the widely used MetaTrader 4 platform. The brand is owned and operated by AAFX Trading Company Ltd., a company operating under the jurisdiction of St Vincent and the Grenadines (SVG). The firm also has representative Offices in Australia and Hong Kong.
SVG-based International Business Companies (IBC) provide financial services under the local financial regulatory regime, which is one of the most liberal ones. Registration procedure is easy and inexpensive and companies face little regulatory supervision, if any.
That is why, if you plan to invest a large amount of money, we would advise you to select among brokers regulated in the EU or Australia, or another jurisdiction, where the respective financial watchdogs are on alert and your money will be safe.
This brokerage supports the popular MetaTrader 4 (MT4), which comes in desktop and mobile versions.
MT4 is the preferred software by most traders, because it is advanced, yet user-friendly trading platform. It offers a number of technical indicators, extensive back-testing environment, advanced charting package and what is more – Expert Advisors (EAs). By downloading ready-made or creating their own EAs, traders may fully automate their trades.
The broker used to support the Vertex trading platform, but has abandoned it.
AAFX Trading offers a Refer-a-Friend bonus from 5% to 10%, depending on the deposit amount of the referred one, which gets 30%.
It also provides a 30% welcome tradable bonus to clients who deposit a minimum of 500 EUR/USD.
Methods of Payment
AAFX Trading offers a large number of payments methods to accommodate all our clients: bank wire transfer, credit/debit cards and e-wallets Neteller, Skrill, paynow, PerfectMoney and FasaPay.
Withdrawals are processed within three business days, but banks may take longer.
AAFX Trading is a MT4 broker that offers trading in wide range of instruments.According to us, the main problem with this broker is the fact that it is registered offshore. Here are, in a nutshell, the advantages and disadvantages of AAFX Trading:
No PAMM accounts, no signals trading
High leverage levels offered
No choice of trading platforms
FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.
Trading212 is a European broker with an excellent proprietary trading platform, which is now available as an iPhone app as well (we tried it out and we loved it). Trading 212’s customers enjoy fast execution a vast selection of trading instruments.
XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.
FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.
FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.
FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.
FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.
HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.
Traders` reviews for AAFX Trading
AAFXTRADING is a scammer, well-known since 2020. Simply, they arenВґt connected to the market, they do not send any orders to the market: they just steal their ВґcustomersВЁВґ monies even by faking monies if necessary. Just take a lot to FPA www.forexpeacearmycom, (https://www.forexpeacearmy.com/forex-reviews/11616/www.aafxtrading.com). They stole me 30.000 dollars but, regretfully, IВЁm just one of their many victims. Their 1:2000 leverage is so attractive as fake: they could offer 1:40.000 as itВґs completely irreal and fake.
I was attracted by a bonus of 35%
I decided to open an account with AAFX because their bonuses seemed attractive to me. I was trading with another broker before on the pretty much similar bases on swaps and spreads, but there were no bonuses at all. So I decided that it makes sense to switch here and get the 35% raise. As a result, it turns out to be that it is more profitable to trade with AAFX since the bonus is kind of partial return of the spread. To be honest, you need to fulfill the certain requirements to get it, but IвЂ™m already a half way through.
Satisfied Forex Broker- Appreciate
Opened an ECN account with them and deposit small amount , $100 to test their executions.
To be honest, my news trade was executed perfectly. their spreads when news were litlle bit high , around 1.2-2 pips when news, but no problem,. as long as my trade executed fairly.
made some profits and some losses, got 40% profits, and decide to withdraw my profits, and recieved it fast in my skrill account.
Good broker with good services. they are fair and not mess with your account with you made some profits. Many brokers like forex.com and xm they manupilate during news which makes you believe that they are market maker. AAFX been very nice in this case so far and I hope they will stay the same.
Finally there are many brokers in the market which i think ver nice for trader to have multiple options to divide their capital and reduce the risk factor. Cheers to all my trading folks.
Unfortunately, this is a dishonest broker. I have two trading accounts opened with this company. On 02/26/2020 approximately at 16.00 GMT the company did not inform or warn, without any reason, blocked both my trading accounts 2132533045 and 2132534223 and nullified the balances on both accounts. Immediately after that, they closed the online chat. Also blocked my personal account. My messages that I sent to customer support are not answered. On the first account I have open positions that need to be constantly monitored, but I have not had access to my account for 17 hours. It all started after I applied to withdraw funds from my second account. The application was submitted on 02/25/2020 and has not yet been executed. On both accounts a rather big amount. Now I am left with nothing. This is some kind of madness, they do not even respond. Be careful, I in no way recommend this broker.
They dont process withdrawal
Trading with this SCAMMER is a total waste of time, avoid them by all costs. they are out there to steal innocent people’s money, in my view they will soon be shutdown by government.
I will make I escalate my experience to the highest authority to make sure they are made to be accountable for their unethical actions and someone is sent to Jail. These people are a bunch on fraudsters which must be stopped by all means, you send your money at your own risk, the chat room basically disconnect the chat when I was asking him tough question about all the fraudulent allegations about them.
AAFX Trading is absolutely a SCAM.
Do not trade with AAFX Trading, they won’t let you withdraw your money because they are thieves.
AAFX is a Scam – please do not give them any money
This so-called broker is just a fraudulent website. I gave them quite a bit of money about 2 years ago, to buy stock. They gave me access to a platform and I used the money to buy stock. However, when I wanted to get money out, they locked me out of my account and ever since, they have not answered my phone calls and have not answered emails. They are a totally fraudulent operation, again: do not transfer any money to their accounts, because they will steal them all.
My experience with AAFX Trading has been a positive one.Their new ECN server is brilliant,it has never froze once.
YOU PROVIDE ME ALL I NEED
THE BEST I EVER TRADED WITH
The platform works fine spreadds are tight.
AAFX A Honest Company full of Professionalism, Integrity, & Respect
My name is Michael Beaton and I have been using AAFX Trading for approximately 5 or 6 months. I have read all of the other reviews and yes there are a lot of good reviews about this company but is it impossible that there is a good FX brokerage company out there and that they might receive good attention. I can’t speak for anyone else by myself but my experience with AAFX has been great. I have tried many different brokers just to see what differences there were in each one. AAFX was the first company I traded FX with so I tested the waters. I will not mention any other company because of the fact their services were not nearly as good.
AAFX might not have the largest bonuses or the most spectacular challenges such as other brokers but in my opinion that makes them more genuine. They offer 2 very generous bonuses in my opinion. The welcome bonus of 30% for new comers, 25% re-deposit bonus, and they also have a nice referal bonus but the referal must be a wire transfer, cannot be deposited with a CC.
So there bonuses might not be as big as the 400% bonuses others brag about. which isn’t all it is said to be. However the quality of service and the professionalism that AAFX offers makes them truly better than any other broker company I have used and I tested about 9 for 2 weeks. Some of them took upwards of 5-6 days to answer a couple of simple questions. Others took 3 days to make a deposit.
If there are any traders out there like me and I hope I am not alone then having your deposit placed quickly is important. That is one important quality to me and AAFX both deposits and allows for withdrawals as quickly as possible. When I said other brokers have taken 2-3 days to make a deposit I wasn’t lieing. Aside from that their online support is fantastic. Professional and friendly. I just got to get them to stop calling me sir all of the time. :). But in all honesty this company is not a scam they deliver quality services to their clients and even upgraded their site to encompass many new features in their clients dashboard.
Also to go back to the margin call the first review mentioned. I believe what he is expressing is that AAFX might have used a virtual plugin for mt4. I again have traded with them for 5 or 6 months and never had an issue at all with it. Signs of a virtual plugin would be yes:
1. yes margin changes.
those two go hand in hand a not so ethical broker will decrease leverage forcing their client into a margin call and clear out their biggest positions. They do this when they are investing or betting against their clients. I have never once seen an issue ever with this.
3. Slowed quotes. Now there are certain times my mt4 bogs down I will admit but it is the same times every single day. Typically during market crossovers. I am in CA -7 GMT. between 5 am and 8 am my time it gets a bit slow at times, also later in the morning around 10 am to 12 am it can be sluggish. However it is like clockwork when those slow times come. It isn’t a surprise when it happens.
Those are the most common abuses of the mt4 virtual plugin and i have not experienced any of them with AAFX. To go back to the first review If anyone has traded on Sunday or researched good trading days, Sunday is by far the worse day to trade.
The least liquid
When the market first opens it is very easy to get whipsawed due to all of the events over the weekend and a mass of fear/greed orders being placed immediately.
Also going back to my time zone of -7gmt from 12:30 PM to about 3 PM there is almost no movement. its the slowest part of the day. It is very easy to place a trade and then have it not move for 5 – 10 minutes then all of the sudden it makes one huge change which could be 5-10 pips.
Anyways I have had such an awesome experience with aafxtrading.com that I wanted to voice my opinion. I am one who believes that if someone has a bad experience they will tell 10 out of 10 people but if they have a good one they might tell 2. Well I had and still am having a great experience and if anyone is serious about forex trading I recommend trying AAFX out.
You can read testimonials and reviews but the only way to know first hand if they are good or bad is to test them out. minimum deposit $100, minimum for the welcome bonus of 30% is $1,000. very quick deposit, very easy setup, can upload verification docs right on their site (this was just implemented in the new dashboard) so if you like forex and have $100 to throw at the market and are looking for a good broker then I suggest trying aafxtrading.com
Also one last note:
They are also one of very few FX brokers that offers 2000 leverage and a no negative balance policy which is great because i got a little eager one day with usd/mxn and piled on 180 standard lots only to have a huge market reversal which actually put my accoutn -$5500 usd. I didn’t have to pay anything out of pocket. That was the biggest thing that initially sold me when I was looking for a broker
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