AAFX Trading review: can you trust this broker?
AAFX Trading is a an offshore broker that become quite popular in the last few months. Although it is a suspicious choice because of its location, many people state that it is a really trustable service. Is it really so? Let us find out in this AAFX Trading review.
About AAFX Trading
The brokerage service was founded in 2012 and is located in St. Vincent and the Grenadines, which is an offshore zone where many scam brokers place their headquarters. AAFX Trading has no regulations from globally recognized authorities, so it is difficult to judge it by this criterion.
What can you trade with AAFX Trading?
AAFX Trading provides several kinds of products for customers to work with. These include:
- 42 forex pairs
- 11 indices
- 15 commodities
- 1 cryptocurrency
- almost 200 stocks
The number of assets is quite big and it allows different traders to gather the best portfolio for themselves in one place.
There are 4 main account types which have various benefits. For example, the Fixed account has spreads that are as low as 2 pips while with the ECN type the spreads start at 0.2 pips. Both accounts are commission-free and their final difference is in the variability of spreads.
The next two types are the VIP and Swap-Free accounts. The former is suitable for traders who operate with high sums and provides them with the lowest fees possible. VIP users also get additional bonuses and gain access to all the available instruments. The latter is suitable for people who want to take advantage of the absence of any commissions.
Basically, the four types are:
Have you noticed any alarming signs? Yes, it is unclear how the broker makes profits with all these account types. With no commissions in most of them, the company would make not enough money to operate how it is supposed to. Moreover, it adds to the suspicions that we have from AAFX Trading’s location.
The company accepts many payment methods for deposits and withdrawals. These include bank cards, Neteller, BTC, Skrill, Instacoins, many other e-wallets and cryptocurrency options. It is said that the broker does not charge fees for deposits and provides instant withdrawals.
AAFX Trading uses the MetaTrader 4 software which is the most popular choice in the field. It is a good choice for both beginners and professionals who know that they need the best for the most efficient sessions. It lets users work with different assets while watching various news that may impact the prices, use plenty of indicators and trading instruments, and more!
The company has even though of its mobile users. The mobile version of the MT4 software can be found at Play Market or App Store depending on your device’s OS. The program includes 3 chart types, 30 indicators for detailed analysis, all the software’s functions, and the trading journal. It is a good choice if you do not know what to choose to trade on the go.
On the broker’s website, it is stated that the customer support works 24 hours 5 days a week. It can be contacted via several methods:
- Live chat
- Phone call
- Email and others
The agents there speak a lot of languages including English, Russian, French, Chinese, and more. Some users claim that agents answer instantly even at night. This is a good sign and it shows that the service cares about its customers.
The company also has an educational section that helps users learn more about trading and everything that is related to it. The materials can only be accessed by clients who log into their accounts. There are many videos that cover important topics: trading platform usage, technical analysis, tools usage, basic strategies, etc.
The materials are available in English and Arabic. This widens the audience that can watch the videos and gives more users the possibility to self-educate.
Customer reviews on AAFX Trading
There are different opinions about the AAFX Trading brokerage company. However, most of them are positive and this is a surprise because the service is located in an offshore zone that is quite risky to use. According to Trustpilot, 57% of all reviews are excellent and 18% are good.
Here is what a user with the nickname Etlen Verhelst writes about the company.
He says that you can find pros and cons everywhere. The user states that AAFX Trading does its job properly and there have been no issues during his trading experience. The organization is good and he likes it.
Another user, Pler Fletch, says that AAFX Trading provides the highest leverage in the industry.
The leverage provided by the broker is 1:2000 which can significantly boost a user’s profits. However, it boosts losses too. Pler Fletch is very happy by this possibility because it let him make $6000 out of $1000 in 4 deals.
Although AAFX Trading is a suspicious offshore broker, the user reviews show that it can actually be trusted and the company provides high-quality service. It has several account types with very good trading terms, but they are strange because it is unclear how the company make any profits from this. The trading platform is the MT4 software for both computers and mobile devices, so you will have no issues using it.
Overall, we recommend that you remain cautious with this company. Your funds may be at risk. What do you think of it?
Author: Jack Matias