Minimum Deposit: $300
Maximum Leverage: 1:30
Today, I am going to introduce you to AAAFx. AAAFx was founded in 2008 and its headquarters is in Athens, Greece.
According to the information I received from the website of the broker, aaafx.com, the company currently employing 70+ people, within the past 5 years, has successfully opened thousands of live accounts from 176 countries globally.
When we look at the number of visitors to the broker’s website, it receives an average of 47k visitors per month. The visitors are mainly from Germany with 33%. Greek and Chinese visitors have been following them.
In this AAAfx review, you will have all the answers to the following questions: Is AAAfx scam or good forex broker? What are the account types of the broker? What are the trading conditions such as spreads, leverage, and minimum deposit? Is AAAfx regulated?
Regulation of AAAfx
The broker is licensed by the Hellenic Capital Market Commission (HCMC), AAAFx is regulated in Europe, registration no. 2/540/17.2.2010. Tax Identification Number: 998281207.
As a Europe regulated broker, the funds of clients are separated from the company’s operational funds. Also, there is a compensation scheme for the investors and it is the Investor Compensation Fund.
The coverage amount for the investment services offered to the clients is up to €30,000 per person. Thanks to this coverage, investors’ funds are secured.
Besides, the companies licensed by HCMC are required to abide by ESMA (European Securities and Markets Authority) guidelines on the forex. You can check my ESMA post to get all the information about the changes.
Account Types and Spreads
There is only a single account type which named as Standard that AAAFx offers. The Standard account requires a $300 minimum deposit. Micro lots are available and spreads are from 0.2 pips has a fixed commission of 20 USD per standard lot traded.
AAAfx offers its clients 30:1 maximum leverage that is really low compared to many brokers. The trading conditions are not competitive. There are high commission fees and high initial deposit amount.
AAAfx offers various trading platforms including the most popular platform MetaTrader 4 (MT4). Another platform that the broker offers is ZuluTrade.
ZuluTrade is one of the largest networks of talented Forex and Crypto Traders from 192 countries that you can simply choose to follow and automatically set your account to copy their trading signals.
In addition, ZuluScripts allows trading robots to be used or developed via your own algorithms to run your trading strategies.
The AAAFx MetaTrader 4 provides you with the most essential tools and resources needed to analyze the Market and improve your Forex and CFDs manual trading performance.
You can use both on mobile applications for iOS, Android, and Windows. You can auto-trade from anywhere, anytime and also enjoy support in multiple languages.
Offering trading options across several instruments including CFDs, binary options and Forex. You can trade with over 50 currency pairs, indices, oil, metals and binary options.
Apart from Forex, AAAFx offers to trade in:
Metals: Gold, Silver, Palladium, Platinum, Copper
Commodities: US Oil, UK Oil, Natural Gas
Indices: ESP35, GER30, US30, ITA40, JPN225, NAS100, SPX500, AUS200, FRA40, UK100.
Treasury: German Government’s Federal Bond
Cryptocurrencies: Bitcoin BTC/USD Ethereum ETH/USD Litecoin LTC/USD
The broker has a good customer service which is available 24 hours a day from Monday to Friday. They offer in-house live customer support-trading desk in 11 languages.
According to the broker, their main focuses are to offer both an exceptional trading experience and outstanding customer support.
Their live chat service was working very well. I asked a few questions and they replied fast and kindly. The brokers’ website supports a wide range of languages such as English, German, French, Spanish, Italian and more.
Deposit and Withdrawal
One of the advantages of this broker is the payment methods that it offers. There are various deposit and withdrawal options to use.
These methods are bank wire transfer, credit/debit cards and e-wallet Skrill, Neteller, giroPay, EPS, Sofort, iDEAL, Przelewy24, and QIWI. You can also use Bitcoin to fund your account.
I can say a lot of good things about AAAfx. First of all the broker is duly regulated and reliable. I think this point is the most important.
They secure your funds and personal details safely. There are also several different platforms that you can choose. They offer various trading instruments and payment methods also.
However, their commission fees are very high and trading conditions such as spreads and maximum leverage are not competitive.
Another negative point about the broker is the lack of range of account types. There need to be offered different types of the account by the broker.
Finally, if you are not satisfied with what this broker offers you, you can check my top forex brokers list and find a better broker that fits you.