AAAFx Review 2023
AAAFx is a global forex and CFD brokerage firm based in Greece. The company has been rendering retail and institutional trading services since 2010. Besides providing access to third-party trading platforms, the company offers flexible account types to cater to the trading needs of individual investors. Clients can trade a wide range of financial instruments across various asset classes. The multi-regulated broker also has advanced risk management procedures to offer clients a greater sense of security. However, the company’s lack of educational resources and the absence of a proprietary trading platform appear to be its weak aspects. In this piece, we review AAAFx in detail. If you’re looking for a full overview, click here to head right to their official website.
Regulation and Security
AAAFx holds regulations in various jurisdictions around the globe;
- South Africa: South African Financial Sector Conduct Authority (FSCA – license no. 2017/315029/07)
- Greece: Hellenic Capital Market Commission (HCMC – license no. 2/540/17.2.2010)
- Vincent and the Grenadines: St. Vincent and the Grenadines Financial Services Authority (SVGFSA – registration no.25849 BC 2020)
Note: SVGFSA doesn’t regulate or issue licenses to intermediaries dealing in forex and stock trading. Instead, It only registers companies operating within the region.
The company employs advanced safety precautions such as biometric logins, two-factor authentication, and SSL internet encryption to ensure clients’ privacy. However, the broker hasn’t shared any details about indemnity insurance in case the company faces liquidation issues.
Negative Balance Protection
The broker protects clients’ accounts against losses exceeding their initial deposit at AAAFX. If your account ever incurs a negative balance, the broker resets it to zero.
The company keeps clients’ investments in segregated bank accounts. That means your funds are never used for any personal or business purposes.
Is AAAFx available worldwide?
Based in Greece, the broker serves clients through its regional offices worldwide. Clients from almost all parts of the world are welcomed, except for a few jurisdictions such as the United Kingdom, New Zealand, Japan, Turkey, Sri Lanka, India, and Afghanistan.
Further, it doesn’t provide services to residents or citizens of any country on the OFAC list of countries where providing such services is illegal.
Despite featuring a rich collection of trading platforms, the broker fails to offer an in-house trading solution. Available trading platforms include ActTrader, MetaTrader 4, and MetaTrader 5. All supported platforms are accessible via the web, desktop and mobile phones. Let’s quickly go through some of the features available under each channel.
Online trading: ActTrader’s sleek design prioritises clarity and legibility so that users may concentrate intently on the available trades without being distracted by unnecessary features or dated technology. Using it over the web even makes it more convenient for clients to navigate and trade their favourite assets. On the other hand, MT4 and MT5 trading platforms need no introduction either. Trading on MT4 is common among investors of all skill levels. The software provides access to more than 30+ trading tools and indicators helpful for effective technical analysis. Similarly, MT5 is the advanced version of the MT4 trading platform and comes with enhanced charting options and support for trade automation.
Desktop trading: Those who prefer accessing the markets right from the comfort of their desktops can download either of the trading platforms on their PCs. Because of the intuitive design of the platforms, even novice traders can quickly become proficient in using them. Both MT4 and MT5 trading platforms allow clients to employ different analysis tools, trading robots (expert advisers), and trade duplication. On the other hand, ActTrader is a straightforward and simple-to-learn trading terminal. Its deep liquidity and user-friendliness make it a prefered choice for newbies.
Mobile trading: Trading apps are available for both iOS and Android, allowing users to manage their accounts from anywhere. Clients may find the same premium charting tools, account summaries, and other features accessible via desktop clients or web terminals. While the “ActMobile” trading app offers cutting-edge technology and provides access to more advanced functions, MT4/MT5 mobile platforms come with equally powerful features such as visual market data and analytical charts, different order types, and one-touch trading.
If you wish to find more details regarding the platform, you can click here to experience their unique features and make an informed decision.
AAAFx offers three account types, including ECN, ECN plus, and ECN Zulu.
ECN: The broker offers low-cost trade execution and raw ECN spreads in the ECN accounts. While the minimum deposit to open an ECN account with the broker is $10, the company doesn’t limit your ability to use any particular trading method. However, clients have to pay a commission on trading their favourite financial instruments across all asset classes in the ECN account.
ECN plus: With a minimum deposit requirement of $10,000, the ECN plus accounts come with almost identical features, except for the reduced commission charges and tight spreads. Also, the broker doesn’t charge any commission on trading FX pairs in the ECN plus accounts.
ECN Zulu: AAAFx clients who wish to experience social trading can sign up for the ECN Zulu account for a minimum deposit of $300. The ECN Zulu account offers instantaneous access to a top-tier trading community, low spreads, and minimal commission fees. Other services available in this account include cutting-edge trading tools, a large pool of liquid assets, and rapid order execution.
Demo Accounts: Clients can also open a demo account with the broker to practice their trading skills without compromising real funds. The virtually funded demo account comes with unlimited expiry at AAAFx.
Note: The broker also offers swap-free Islamic accounts. However, clients can request the broker to convert their traditional trading accounts to interest-free accounts since they may be unavailable as a standalone product in some jurisdictions.
AAAFx’s signup process is pretty straightforward and quick. However, the broker mandates account verification before allowing you to fund your account. After collecting your basic details on the registration form, the broker takes you to the signup wizard where you need to complete the following three steps.
- Select your prefered trading platform, account type, leverage level, accounts’ base currency and password.
- Complete the KYC process and submit the documents required for identity and address verification.
- Add funds to your trading account to start placing trades.
Note: You can use a copy of your National ID card, Passport or Driving license to verify your identity. The broker will also ask for the submission of your bank statement and a copy of your utility bill for address verification.
AAAFx trading dashboard looks excessively simple. Except for the six tabs available on the side navigation panel, there is no other option to explore. While the dashboard menu provides access to the member’s area, account configuration and trading platforms accessibility are sourced via the managed accounts tab. Clients can use the fund tab to make deposits and initiate withdrawal requests. The bonus tab is used for accessing the reward page, while PAMM accounts are viewable via the Become a Partner option. Trading tools and indicators are featured under the tools tab.
Deposit and withdrawals
For both deposits and withdrawals, AAAFx offers a variety of payment options, including but not limited to Credit cards, Debit cards, Neteller, Skrill, Virtual Pay, Wire transfers, and cryptocurrencies.
Clients can fund their accounts in 10 global currencies, such as GBP, USD, AUD, etc. Please note that you must use the payment source in your name since the broker doesn’t facilitate third-party payments.
While the minimum deposit amount is $10, there is no limit concerning the maximum amount you can add to your account.
Should you wish to withdraw your funds, the company sends money to your original deposit method. The company hasn’t stipulated any minimum or maximum limit for withdrawals either.
Though all payments are processed instantly, wire transfers take around 02 working days to reach your account.
AAAFx claims to offer a rich product portfolio, though the range of offerings lags behind the industry’s top brokerage firms. Clients can trade 100+ stocks, while 70+ forex currency pairs are available to trade. Moreover, 10+ indices and 4+ cryptocurrencies and a handful of commodities also make up part of the product listings. Please be aware that the number of tradable financial instruments also varies depending upon your selected entity and jurisdictions. For example, the broker doesn’t offer crypto CFDs to clients based in the United Kingdom amid FCA restrictions. You can click here to evaluate AAAFX’s offerings in your region.
Commissions and Fees
AAAFx pricing structure looks competitive. The company keeps both its costs (trading and non-trading) in line with average industry standards. While the commission charged per $100K trading volume starts at $0.74 for trading forex, indices, and commodities, clients can trade stocks for an even reduced commission starting at $0.074.
Concerning non-trading costs, the company employs account inactivity charges of $10 each month on dormant accounts that have been inactive for over 90 days. It also charges a currency conversion fee on funds transferred in currencies other than your account’s base currencies. Moreover, clients also incur swap charges for holding overnight positions, except for Islamic account holders.
The broker employs floating spreads charging mechanism. While the minimum spread for trading FX pairs starts at 0.0 pips across all its accounts, the average spread on major currency pairs like EURUSD stays around 0.4 pips. Spreads can vary significantly between currency pairs; therefore, you must check them before entering a trade.
Using borrowed funds to open sizable holdings is known as leverage. To expand their exposure to the market, brokers frequently permit their clients to utilise leverage up to a certain extent. Although the company’s maximum leverage is 1:500, clients who live in nations with strong regulatory regimes are limited to 1:30.
A widened access to the market with limited funds might fascinate you, but leverage also magnifies your risk of loss. Remember, increasing your leverage might be risky, especially in a highly volatile market like forex.
Analysis and Education
Unfortunately, the broker fails to offer rich research and educational resources to its clients. Except for a few trading calculators, an economic calendar and an FAQs section, there is nothing to list under its educational facility. We believe the broker could have at least provided some beginner-level content such as written pieces and video tutorials covering basic topics of forex and CFD trading.
AAAFx’s customer services appear to be up to par. Customers can get in touch with the business via phone, email, or live chat five days a week. The business is also active on Facebook, Instagram, and Twitter.
Reputation amongst clients
AAAFx is highly reputed amongst investors. With 28 reviews posted on Trustpilot, the company holds a rating of 4.6 out of 5 stars. More than 78% of clients favour the company for trading forex and CFDs. However, a few also blame the company for having higher spreads and withdrawal issues.
Can beginners trade with AAAFx?
Yes! beginners can trade with AAAFx. The broker provides optimal trading conditions for novices, including a variety of trading platforms, several account types, and affordable pricing structures. But beginners’ access to learning can be constrained by a dearth of educational resources.
AAAFx is a medium-range broker well-suited for clients who value simplicity and user-friendliness more than anything. The broker’s pricing structure also seems in line with the average industry standards and multiple regulations offer reasonable assurance concerning its legitimacy. Setting aside the learning constraints, the broker deserves to be given a try at least.