Is AAFX a Brokerage Firm We Can Trust?
Being accused of scamming its clients, things are not looking up for the brokerage AAFX. Should interested traders chance upon its a review of its capabilities, it would rather be unfortunate for the broker as a number of client testimonies single out the firm as being fraudulent and as such should not to be trusted completely.
However, the reviews are not all that bad. The positive remarks that the broker receives allude to its provision of the MT4 and MT5 platforms, its wide range of accessible assets, welcome bonuses, and competitive leverages.
With the two sides battling for attention, the review team aims at giving a pointed assessment of the firm’s capabilities through a hard look at the following facets:
1. The regulatory body that sanctions all of AAFX’s trading activities
2. The trading instruments accessible through the firm
3. The trading accounts the firm provides to its clients
4. The trading platforms that AAFX offers
5. The fees the firm charges for its trading services
To serve the cause, the review team had spent months with the broker to employ an exhaustive review of all of AAFX’s services and offers.
Established back in 2013, AAFX is a brokerage company that specializes in CFDs on shares, indices, commodities, and cryptocurrencies.
The brokerage firm is being regulated by Financial Services Authority (FSA) of St. Vincent and the Grenadines. It is open to the clients across the globe including the United States, something that the review team had been pleasantly surprised given its rarity.
The regulation also came as a surprise. While the FSA of the region is one of the lesser-known financial authorities in the trading industry, fact of the matter is, this gives the broker plenty of apprehension should it perform any fraudulent transactions. In this light, the bold claims of being scammed can easily be disputed given that the brokerage undergoes regulation.
Offers and Services
Accessible Trading Instruments
AAFX opens its doors to traders wanting to trade CFDs on shares, indices, commodities, and cryptocurrencies.
With CFDS, the traders would be given the chance to trade, Stocks (197), Indices (11), and Commodities (15).
With CFDs on Commodities: Gold, Silver, Platinum, Sugar, Wheat, Corn, and Oats just to mention a few.
The Shares offered are Cocal Cola Facebook, Google, Amazon, Netflix, and BMW.
The Indices accessible are S&P 500, France 40, UK 100, and DAX 30, Nikkei 225
With the cryptocurrency, only the BTC/USD pair may be traded.
Available Trading Accounts
AAFX offers 3 trading accounts. The offers for each are detailed in the box below:
What immediately jumps out of the trading account details are the offerings of leverage offered for each. While it is understandable for the Fixed and the ACN Accounts as they share the same minimum deposit of only $100, the VIP Account should be availed of more competent leverage.
The lot restrictions are also up for question as all the accounts have the same 1000 lots per ticket/order. The only takeaway with the VIP Account is its provision of Raw Spreads. Admittedly, the accounts not bearing any evident discrepancies with each other is seen as a red flag by the review team. The VIP account costs too much to maintain only to have the same offerings with the Fixed and ECN Accounts.
On the other hand, Swap Free trading accounts are also available through AAFX.
Offered Trading Platforms
The brokerage firm offers MetaQuotes’ landmark trading platforms, MetaTrader 4 and MetaTrader 5.
Through the MT4, AAFX traders are able to enjoy no rejections and leverages that are highly-flexible. The leverages offered range from 1:1 to 2000:1.
Apart from these, traders are also provided with the following:
- Low Spreads at 0 pips
- Expert Advisor
- One-Click Trading
- News streaming function
- Technical Analysis
AAFX had also made MT4 available through mobile, web (MT4 webTrader), and MAC.
Through AAFX’s MT5 offering, traders would be able to experience the same range of leverage. The following are also offered:
- 1000+ trading instruments
- Spreads at 0.6 pips
- Expert Advisor
- Support for all trader types
- 80+ Technical Analysis objects
Trading with AAFX
With the points described within this review, it is clear to see that the services offered are enticing and appears to be wholly lucrative. And without a doubt, this just might be the case. Such is being claimed by the review team in light of the following:
1. The firm’s due regulation
2. The wide array of accessible trading instruments
3. The offering of reliable trading platforms, MT4 and MT5
However, the review team also notes that the allegation of scam and fraud should not be taken lightly. As this is the case, the team advises that the readers of this review practice due diligence in performing further research about AAFX.