AAAFx: Fraud or serious: regulated broker for Fx trading

The company is active worldwide and its customers include traders from 176 countries. In terms of trading instruments, the broker offers a selection of currency pairs, CFDs, commodities and indices. In addition, AAAFx offers binary options trading and, through its collaboration with ZuluTrade, AAAFx clients can also access the world of social trading. Let us show you if AAAFx is serious and what the broker has to offer.

Positive and negative aspects of AAAFx at a glance
That convinced us:

  • Low spreads from 0.3 pips
  • Live chat 24/7 available
  • Friendly, competent customer support
  • Transparency in all costs and conditions
  • Low minimum deposit of 300 US dollars
  • Free use of MetaTrader 4
  • Demo accounts are available
  • Free demo accounts for all trading platforms

This was negatively noticed:

  • Comparatively small selection of underlyings
  • Partially high fees for deposits and withdrawals
  • No educational offers

1 – trading offer: quite small selection of instruments

At AAAFx, clients can trade foreign exchange, indices and commodities as well as CFDs. In addition, trading with binary options is also possible. In the course of our AAAFx experience, we have found that the Greek broker offers a comparatively small selection of underlying assets when it comes to CFD trading. Thus the following instruments are available at AAAFx:

  • More than 60 currency pairs including both majors and exotic pairs
  • 12 indices like GER 30, ESP 35, US 30 or NAS 100
  • raw materials such as oil, silver or gold

This means that AAAFx is clearly not one of the frontrunners, but even this selection allows the implementation of different trading strategies. In trading with binary options, there are not only currencies, indices and commodities, but also shares on whose price development one can speculate.

  • Small selection of underlying instruments for CFD trading
  • Indices, currencies and raw materials selectable
  • When trading with binary options, shares are also offered as underlying instruments

2 – trading conditions: Low spreads and commissions

In our experience with AAAFx, we have found that the broker charges fixed spreads and commissions for Fx trading. For example, the spread for the EUR/USD currency pair is 0.4 pips, and for USD/JPY it is even 0.3 pips. These costs are clearly among the better ones when comparing different brokers. AAAFx can also score points with the exotic currency pairs. For example, the spread for USD/MXN is 20 pips – with most other brokers, the spreads of this currency pair start at 50 pips.
In addition to the spreads, commissions are charged by the Greek broker for trading. In Forex trading, the amount of these fees depends on the base currency. For example, in the case of the US dollar, commissions of $10 are charged per $100,000 needled (or per standard lot). The broker makes a difference between private and institutional accounts. Commissions on the US dollar would be $3 per standard lot on the institutional account.
For binary options trading, the minimum bet is $25. A maximum of $1,500 per trade is possible and the returns average 75 percent of the amount bet.

  • The spreads in Forex trading start at 0.3 pips
  • Commissions are also calculated
  • Binary options trading can be used for stakes between $25 and $1,500

3 – deposits and withdrawals: $300 minimum deposit

opening an accountIn terms of deposits and withdrawals, our AAAFx experience has shown that customers have nine payment methods available to them for transferring funds. A negative aspect in this context is that for almost every deposit and withdrawal with the broker, sometimes quite high fees are due. The amount of these fees depends on the chosen method and concretely the whole thing looks like this:

  • Credit and debit cards: 2.95 percent of the amount
  • Bank transfer: free of charge
  • Skrill: Bank fee of 2.90 percent + 0.25 Euro, US Dollar etc.
  • GiroPay: 2.20 percent of the amount
  • EPS: 2.90 percent of the amount
  • Sofortüberweisung: Bank fee of 2.20 percent of the amount
  • Teleingreso: 5.90 percent of the amount
  • iDeal: 0.70 percent of the amount
  • Przelewy24: 2.90 percent of the amount
  • Qiwi: handling fee of 4.20 percent of the amount

With this selection, the broker can guarantee uncomplicated transfers for people in many countries. The minimum deposit is comparatively low with AAAFx and with a minimum amount of 300 US dollars, trading is also possible for small investors.

Nine different payment methods
Fees are due for deposits and withdrawals
Minimum deposit of $300

4 – broker bonus: 10 percent on the initial deposit

We also took a close look at the bonus conditions as part of our experience with AAAFx. If you open a new trading account with the broker, you will receive a bonus on your first deposit. The maximum amount that can be paid out is 3,000 euros. The bonus is credited to the trading account after the payment is received and cannot be paid out easily. If you want to withdraw the amount, you should meet certain requirements. In Forex trading it is necessary to trade a certain number of lots and in binary options trading the bonus amount must be wagered 20 times before a payout. If you do not use your trading account for more than 90 days, you lose the right to the bonus amount.

First deposit bonus of 10 percent for all new customers
Maximum possible amount of 3.000 Euro
Bonus conditions must be fulfilled before a payout

5 – trading platform: 3 platforms for 3 application areas

AutomaticallyAs our AAAFx experience continues, the broker has three different trading applications on offer, which are MetaTrader, the binary options platform and a connection to social trading at ZuluTrade.
MetaTrader 4 is a world-renowned and popular application that offers a wealth of possibilities for both beginners and advanced traders. With MT4, a broker can do no wrong and the fact that it is available free of charge is a plus. The binary options platform is easy to use and clearly structured.

  • MetaTrader for trading Forex and CFDs
  • Platform for trading binary options
  • Interface to Social Trading with ZuluTrade

6 – mobile applications: Two apps to choose from

AppAs far as mobile applications are concerned, AAAFx also scores points. Apps for iPhones and Android devices are available for trading binary options as well as for Forex and CFD trading. The apps convince with their clear display and intuitive usability. The apps are free of charge and can also be tried out in the demo version without obligation.

  • Mobile applications for iOS and Android devices
  • Trading with binary options and forex trading possible
  • Available free of charge from the App Store

7 -additional offers: Social Trading via ZuluTrade

For some time AAAFx has been cooperating with the social trading provider ZuluTrade. The trading method offered by ZuluTrade primarily addresses inexperienced investors who still want to trade profitably in the markets. Users can copy the trading strategies of the so-called signal providers and thus increase their capital with little effort.
Educational offers and advisors are not to be found against it and from the Webinars, stock exchange encyclopedias and Tutorials of other brokers AAAFx is far away. The FAQ section alone is quite extensive and offers help in many cases.

  • Social Trading via ZuluTrade is offered
  • Quite extensive FAQ sector
  • No educational offers or tutorials

8 -support: 24/7 service and friendly staff

A clear advantage of AAAFx is that customer support is available seven days a week and around the clock. Customers and interested parties can make contact by telephone or use the live chat. It takes just a few seconds to connect to a member of staff and the contact person is friendly and always ready to answer questions in detail.
Anyone who calls, on the other hand, may pay international charges, because a special number for Germany cannot be found. Unfortunately, no German-language support is offered and the communication must be in English, for better or worse.

  • 24/7 customer support
  • Live chat is offered
  • Support not available in German

9 – demo account: One trial version for each platform

One clear advantage is the fact that a free demo account with no time limit is available on all three trading platforms. For the creation of a demo account no complete registration is necessary and the testing is completely risk-free. Thus, it is possible to try out all applications at your leisure or to test new trading strategies in advance. Enter your email address, name and phone number and start getting to know each other.

There is a demo account for each trading platform
The demo accounts are free and can be used for an unlimited time
Email address, name and telephone number are required for registration

10 – regulation: Rather unknown supervisory authority

When it comes to whether AAAFx is fraudulent or legitimate, it is first and foremost the regulation of the broker and whether regulation exists at all. The Greek broker AAAFx is subject to the Greek regulatory authority HCMC. Even though it is a relatively unknown authority, this is a clear sign that AAAFx is serious, because like any European regulator, HCMC is subject to the European Union’s Markets in Financial Instruments Directive (MiFID). Therefore, it can be ruled out that AAAFx’s offer is fraudulent, because the broker’s work is strictly regulated and controlled.

  • AAAFx is subject to the HCMC (Hellenic Capital Markets Commission)
  • This commission is subject to the directives of the European Union
  • The AAAFx offer is therefore serious

Our AFFFx experience in conclusion: What does the Greek broker have to offer?

All in all, our test has shown that the AAAFx broker is quite convincing. Especially the customer support was positive and the spreads are also impressive. The selection of underlyings is rather small and MetaTrader 4 is available for trading as well as a web-based platform for trading binary options. Mobile applications can also be found. Through the cooperation with ZuluTrade, AAAFx also offers access to social trading.

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