Forex trading and online investing have greatly changed in the last few years. The markets are more accessible than ever to the retail side, which brings a lot of opportunities for all the parties involved. However, you must be careful while choosing a broker for your needs, or else it will drain you emotionally and financially. AAFX Trading is a Forex and CFD broker that is regulated in St. Vincent and Grenadines.
Technically speaking, due to the local restrictions present, for the most part, they can be considered unregulated, which also implies that the funds deposited with them aren’t secure enough compared to their regulated counterparts.
They have a lot of positive feedback on the web, and they seem to have maintained a healthy relationship on most forums. Nonetheless, there are more things individuals need to know about them before proceeding with them. So, read the following information, and after analyzing all the information, make a wise choice.
AAFX Trading Legal Status
AAFX Trading claims to be a regulated broker, and in some sense, they are, but as we mentioned above, due to the place they are registered in, their credibility is not up to par. They are registered in St. Vincent and Grenadines with registration number 22916 IBC. In other words, the law only safeguards the residents’ rights, and as far as offshore clients are concerned, it doesn’t provide them any safety.
In addition to the registration in St. Vincent and Grenadines, this firm has also acquired licenses to operate in Hong Kong and Singapore. The lack of regulation from reputable authorities means they won’t be forced to adhere to certain favorable standards on the retail side.
For starters, they won’t have any compensation scheme, and though they claim to have segregated accounts, there is no way to verify the claims. Given the risks involved, it is not advisable to move forward with an unregulated broker in any way. Remember, there are tons of regulated brokers who allow the clients to tackle the markets with as low as $100. So, reevaluate your decision and move forward cautiously.
This broker seems to shine in the customer care aspect. They provide 24/5 assistance, and their team supports over 20 languages. The amount of care they have given to this category is immense, and it clearly shows the professionalism in their approach. If you have any queries, the staff can be reached via email, phone, skype, and live chat.
Our investigation discovered that their live chat feature is extremely streamlined, and the waiting periods are a breeze. Overall, it is surprising to see their breached level regarding customer satisfaction. Additionally, they also have a social media presence, and all of their contact details are gathered below.
- Suite 305, Griffith Corporate Centre, Beachmont, Box 1510 Kingstown, St. Vincent and the Grenadines.
- Two Exchange Square 8 Connaught Place Central, Hong Kong.
- Level 4, 27 – 20 Shelley King Street Sydney NSW 2000, Australia.
- St Vincent and the Grenadines: +19142335216
- Hong Kong: +85281981079
- Australia: +61280035080
AAFX Trading Platforms and Conditions
AAFX Trading supports MetaTrader 4 and 5, a dedicated mobile app, and web trader support. In simple words, regardless of the device you are using, they have something you can work with, provided you have internet access. Anyone familiar with the trading sector and with reasonable experience will never face any problems and find themselves at home with the default applications.
Clients are free to use any kind of strategy they want, and they can even employ Expert Advisers. With thousands of free indicators available for MT4/5, experienced traders will surely have no issues when it comes to manipulating the platform to suit their needs. This broker offers numerous trading instruments, including forex, commodities, stocks, indices, etc. If you are particularly after stock trading, you need to download the MT5 for a better experience.
Get in touch with our affiliated Cryptocurrency Forensic Specialists at CNC Intelligence for free by filling out the form below.
All of the instructions regarding the downloading process and setups are provided on the platform itself. Moving on to leverage, this brokerage offers up to 1:2000, which is absolutely huge. Experienced traders might like this, but we think newbies should stay away from it because the amount of damage it can inflict is immense and should never be taken lightly.
There are a few restrictions before enabling that kind of leverage, and as they are subject to change at times, contacting the support team will give you the best relevant information.
There are 3 types of accounts offered by this platform. Before proceeding with any account type, consider your objectives carefully and choose the one that makes the utmost sense. The difference between fixed and ECN accounts is very thin, and unless you are a scalper, it doesn’t really matter which one you go for.
On the other hand, if your trading objectives are very precise and you need all the bells and whistles the broker offers, then you need to upgrade to a VIP account. $100 is the minimum balance for a fixed and ECN account; the minimum balance required for a VIP is $20,000.
The leverage doesn’t change regardless of the account type you choose, and based on your strategy, you can opt for any figure you want or are comfortable with. Lastly, do know that they also offer Islamic-friendly accounts.
AAFX Trading Partnership Program
AAFX Trading brings a lot of interesting propositions for affiliates and marketers. Anyone who is interested in working with them can either promote them or use the white-label platform to make the most out of their traffic. The exact commission rate per client is unknown, but we strongly believe it is based on the trading volume each affiliate generates.
Before getting the opportunity to work with them, there may be a few prerequisites and processes involved, but as they are not disclosed publicly, you have to contact them to know the requirements. They also provide a wide array of promotional tools to all their affiliates. Overall, the policies are just and don’t show any questionable practices or conflicts of interest.
We found a lot of tutorials and newbie-friendly content on this platform. On top of the basic educational series, they also do a program informing people about the latest incidents and events that might affect the market.
The good thing about the educational series is that it is offered to everyone, and clients do not have to make a deposit to unlock the content necessarily. If you are a bit old school, you can head to their ebook section and find content on the most relevant topics. In short, they have done more than most regulated brokers to educate their clients and help them gain consistency.
Funding and Payment
When it comes to deposits and withdrawals, AAFX Trading offers a lot of choices to clients. They support the most popular e-wallets, such as Skrill, Neteller, Perfect Money, etc., along with Bitcoin, credit or debit cards, and wire transfers. For most e-wallets the transaction fees are covered by them. Thanks to their zero fees policy, if you deposit a larger sum, usually in the neighborhood of $10,000, you will be exempt from any fees whatsoever.
On the flip side, be careful before accepting the welcome bonus they provide. The conditions associated are pretty clear. However, using history as a guide, we encourage people never to accept them as they have the potential to cause havoc during certain times. The withdrawal processing time is unknown, and we didn’t find any information related to it anywhere on their platform.
AAFX Trading appears to be a good broker from most aspects, but due to their regulation, it is better to avoid them or at least remain cautious while dealing with them. The client feedback on sites like Trustpilot has been positive. However, there are a few deadly accusations of unethical practices as well.
Our best advice for you is to take on the markets with a regulated broker, and given the number of alternatives present, it shouldn’t be a problem. If you have lost money to this brokerage and cannot recover it, contact our team for a free consultation. We will gladly give you personalized steps to get your money back from them.
Want to be kept updated regarding similar scams?