AAAFx Review and Tutorial 2020
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|AAAFx Facts & Figures|
AAAFx offers automated and copy platforms for forex and CFD trading.
|Bonus||30% deposit bonus up to $3,000|
|Instruments||Forex, CFDs, cryptocurrencies|
|Min. Trade||0.01 lots|
|Regulated By||HCMC (Greece), FSA (St Vincent & Grenadines)|
|Trade CFDs on FX, stocks, indices, & cryptocurrencies|
Trade on dozens of currency pairs with tight spreads
Trade cryptocurrencies against the US Dollar
|Spread||From 1.3 pips|
|Coins||BTC, LTC, ETH, XRP, BCH|
AAAFx is an international forex and cryptocurrency broker providing automated and copy trading. This review explores the services on offer, including spreads, commissions, demo accounts, and fees. We will also unpack AAAFx’s registration and login requirements, including minimum deposits.
AAAFx Company Details
AAAFx was founded in 2008 and is headquartered in Greece. The EU-regulated broker has since opened thousands of real-money trading accounts for clients in 176 countries. Supporting those traders are over 70 staff, including a customer support team that assists in 11 languages.
Two platforms are available – MetaTrader 4 (MT4) and ZuluTrade. Each has manual and automated trading capabilities.
MT4 is widely used by traders of all experience levels. The platform houses over 30 technical analysis tools, 50 customisable indicators, and nine timeline options. It also has automated and social trading capabilities through a ZuluTrade add-on. It’s an excellent all-round, user-friendly platform.
MT4 is available as a free download from AAAFx’s website and is compatible with Windows and Mac computers.
The web-based ZuluTrade platform is designed for social and automated trading. The platform requires no installation and allows clients to invest in traders from 190+ countries. Accounts are protected by ZuluGuard and Margin Call-o-Meter, limiting losses if followed traders deviate from their normal strategies. There is also an algorithmic trading option provided by ZuluScripts, allowing users to write code to carry out trades.
The platform’s only major drawback is the limited analysis and charting tools. As a result, manual traders will be better suited to the MT4 platform.
AAAFx offers trading in forex, commodities, stocks and cryptocurrencies:
- 36 FX pairs
- 9 stock indexes
- 170 US company shares
- 6 commodities, including gold, natural gas & crude oil
- 5 cryptocurrencies, including Bitcoin, Ripple, & Ethereum
AAAFx’s fee structure combines spreads and commissions. The spreads are competitive, for example, the EUR/USD spread is typically 0.3 pips, and GBP/USD and EUR/GBP are also tight, at 0.7 and 0.5 pips, respectively.
AAAFx also charges a commission on each trade, with defined rates for different account types. For MT4 and Profit Sharing accounts, commissions are $2.50 for forex trades and $0.30 for CFDs. Classic accounts using automated trading are charged $10 for forex trades and $0.80 for CFDs.
Overnight swaps, or rollover rates, are charged on positions held open past 17:00 EST. See the broker’s rollover calendar for details.
Overall, if you take AAAFx vs the likes of Pepperstone or ICMarkets, the broker’s fees are fairly competitive.
Maximum leverage rates depend on the location of the client. Due to ESMA regulations, leverage rates for clients in the European Economic Area (EEA) are limited to 1:30. For these traders, major currency pairs have leverage up to 1:30, other forex pairs, plus gold and major stock indices, go up to 1:20. Commodities and indices can be traded with up to 1:10 leverage while US company stock rates go up to 1:5, and cryptocurrency up to 1:2.
AAAFx International leverage rates are much higher, reaching 1:500 for all instruments. With that said, this reduces to 1:200 for equity greater than $50,000 and all new accounts are opened with standard leverage of 1:100. The customer support team, details of which are below, must be contacted to increase leverage levels.
Straightforward margin calculators can be found online.
AAAFx offers a mobile version of the MT4 platform. The app has almost all the capability of the desktop program, though with fewer customisation and analysis tools. Mobile users still benefit from one-touch trading, visual market information, analysis charts, and multiple order types.
Perfect for traders on the go, the mobile application can prevent market opportunities being missed and can be installed on both iOS and Android-powered devices.
Multiple payment options are available for funding and emptying live trading accounts. Visa and MasterCard may be used in EUR, USD, CHF, and GBP alongside Union Pay cards in CNY. Deposits can also be made via wire transfer, Bitcoin, Skrill, Neteller, or six e-payment types, including Giropay and QIWI.
Transactions are processed instantly for deposits made by payments cards and Neteller, while Bitcoin transactions can take up to 30 minutes. Skrill and e-payments can take 1 business day, and wire transfers 2-3 business days. Deposit fees are charged, though they vary with the transaction method, and conversion fees may be applied if the deposit currency is different from the account currency. The minimum deposit required is $300.
Withdrawals must be made via the same funding method as the deposit. Withdrawals are free when using payment cards, though for other methods the broker charges a withdrawal fee of $25. Withdrawals are processed by AAAFx within one business day, though payment providers may have their own processing times.
The broker offers a demo account for traders to test the MT4 and ZuluTrade platforms. Funded with fake money but using real-time market information, demo accounts allow for the risk-free exploration of trading strategies, charting types and analysis tools.
There are limits on the broker’s demo accounts, however, as 14 days of inactivity will result in a closed account. Also, the AAAFx ZuluTrade demo account is only valid for 30 days.
Deals & Promotions
International clients are offered an incentive in the form of a 30% deposit bonus. Clients can earn up to $3,000 from this scheme with a $10,000 deposit. Deposits up to $500 require only 13 lots to earn the $150 bonus, however, the $3,000 bonus requires a 225-lot round turn. AAAFx also runs periodic promotional events reducing this round turn requirement and removing withdrawal or deposit fees, though these may require special promo codes.
Regulation & Licensing
AAAFx is licensed in Greece by the Hellenic Capital Markets Commission (HCMC), who authorises it to provide trading services to clients in the European Economic Area. The broker also complies with ESMA rules regarding compensation and fund segregation. European clients are protected by the Greek Guarantee Fund with compensation up to €30,000.
AAAFx International is licensed by the Finance Services Authority (FSA) in St. Vincent and the Grenadines to provide its services elsewhere in the world, although this excludes the USA, China, and some other countries. Additionally, AAAFx offers negative balance protection to all clients, regardless of account type or location.
The broker does fall down when it comes to helpful extra features. Beginners will be disappointed by the lack of training materials. As a result, AAAFx is better suited to experienced traders and those looking for an easy-to-pick-up copy trading platform.
Three AAAFx account types that can be created during registration. All accounts offer the same instruments, spreads, leverage rates and minimum deposits. Instead, the differences lie in the trading methods available and platforms.
- MT4 & ZuluTrade
- $10 forex commission
- Manual & social trading
- MT4 only
- Manual trading only
- $2.50 forex commission
Profit Sharing Account
- ZuluTrade only
- Social trading
- $2.50 forex commission
- $30 monthly subscription fee
- 25% performance fee on profit above the highest previous level
Note, Islamic-friendly trading conditions can be applied to each of the account types.
There are several good reasons to sign up with AAAFx:
- Payment options
- Automated trading
- Competitive spreads
- Social & copy trading
AAAFx could improve its rating in the following areas:
- No VPS
- No educational resources
- Complaints of withdrawal problems & fees
Industry-standard trading hours are followed by AAAFx, with platforms open 24/7 with 1-minute breaks at 17:00 EST each day for rollover calculations.
All commodities and cryptocurrencies open 23:00 GMT Sundays and close either 21:45 or 22:00 GMT Fridays, except UK oil, which opens 01:00 GMT Monday and closes 21:45 Friday. All stock CFDs open Sunday at 09:30 GMT and close Friday at 16:30 GMT. Opening times for stock indices vary depending on the region in which they are based.
AAAFx’s support team operates 24 hours a day, 5 days a week. Opening one hour before markets on Sundays (21:00 UTC) and closing one hour after on Fridays (23:00 UTC), customer service representatives can assist in 11 languages, including English, Japanese, Arabic, and Spanish.
Contact the customer support team via:
- Email – firstname.lastname@example.org
- Live chat – chat accessible in the bottom right corner of the website
- Telephone – see the broker’s website for the contact number in your area
AAAFx employs Secure Sockets Layer (SSL) encryption to website traffic. Further cybersecurity measures include firewalls, authentication systems, and access control mechanisms. Overall, we’re comfortable AAAFx is a trustworthy broker.
AAAFx offers multiple tradable instruments and excellent social and automated trading services. However, the fees charged are fairly high, particularly the $25 withdrawal fee. There are also some negative customer reviews online. As such, we recommend caution when considering opening an account with AAAFx, and if in doubt, consider alternatives covered on this website.
AAAFx accepts traders from Australia, Thailand, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.
Traders can not use AAAFx from United States, Puerto Rico, Canada, China, Myanmar, Cuba, Iran, Korea, Sudan, Syria.
What documents does AAAFx require to open an account?
To register with AAAFx, clients need identification, proof of residence, proof of income, and proof of employment status. These documents can be uploaded to the account page or sent via email to the customer service team.
Is AAAFx trustworthy or a scam?
AAAFx is a legitimate broker that abides by regulations from agencies inside and outside of the European Economic Area. This coupled with over a decade of experience means we’re comfortable client capital is relatively secure.
Can I trade cryptocurrencies at AAAFx?
For EU clients, five cryptocurrencies can be traded against the US dollar; Bitcoin, Litecoin, Ethereum, Ripple, and Bitcoin Cash. For AAAFx International clients, only Bitcoin, Ethereum and Litecoin may be traded.
Does AAAFx offer copy trading?
There are social and copy trading options offered by AAAFx for those traders who opt for Classic or Profit Sharing accounts.
Can you use MetaTrader 5 with AAAFx?
No, AAAFx does not offer a MT5 download, though MT4 is provided on the the broker’s website. There is also the ZuluTrade web-based platform that is designed for social and automated trading.
Can I open an AAAFx account in Canada?
No, Canada, along with the USA and China, belongs to the list of countries that do not allow the services provided by AAAFx.
|AAAFx offers automated and copy platforms for forex and CFD trading.|