A financial service provider is an essential entity of the financial market. There are various firms which portray themselves as one of the best in the arena but, the reality is sad. When you look deep ignoring the biased review about them, you will find numerous negative points. One such broker portraying itself positively is AAAFx broker. Is the broker right for you? Try to find out this from the unbiased AAAFx Review 2021 provided below.
Bad AAAFx brokerage firm
It is one of the oldest brokerage firms established in the year 2008. Many traders believe in this myth that “Older the brokerage firm, the better and advanced are its services”. It is not true in most cases, and a prime example of this is AAAFx. Though being an old brokerage firm, it has not upgraded its services, features and the official website.
The official website of the broker is overloaded with irrelevant facts and information. The broker has missed many important and essential facts and information. Moreover, the website’s design is basic and fails to lure both novice and experienced traders’ interest. Apart from this, the broker’s services and platforms do not do justice with the high amount charged on trade. It is sad, but there are immense areas where the broker has failed. All these are described later in the article.
Is AAAFx Broker Scam or safe?
The broker has two websites. Both create huge suspicion due to poor registration and licensing. You do not locate the meter of transparency. The information regarding the regulation of the second website (AAAFx international) is unclear. It compels us to think that this branch is also unregulated. So, you shouldn’t invest.
From the information mentioned about we can clearly say that it is an unregulated and unauthorised brokerage firm and hence, your money can be at risk with the firm. Think twice before investing.
Trading platforms offered
The world has moved to MetaTrader 5, the advanced trading platform enhancing your trading standard. MT 5 is still a dream with AAAFx. It has been 12 long operating years. Still the broker is stuck with its outdated platforms. It offers outdated MetaTrader 4 and a random ZuluTrade for trading. We don’t know why the broker has failed to upgrade its platforms. They are an essential part of trading. It seems like the broker cares least about the interest of its clients.
Types of trading account
There are no information related trading accounts provided by the broker for trading on their official website. However, by researching several authentic sources, we learned that the broker allows trading through three basic accounts Classic account, MetaTrader 4 account and profit-sharing account. All these accounts allow trading at the high commission and do not offer any useful feature. Moreover, these accounts fail in providing some essential features also.
1) Metatrader trading account
- Charges high commission on trading
- Only manual trading available
- Lacks bot trading
- Trading through outdated MetaTrader 4
2) Classic trading account
- Charges high commission on forex trading
- The forex commissions are as high as $10
3) No profit-sharing trading account
- Trading is not available through MetaTrader 4
- Charges high commission on trading
- Trading is allowed though random and outdated Zulutrade
- Charges a monthly subscription fee of $30
- Charges commission on forex trading ($2.50)
- Performance fee charged about 25% on gain above the highest previous level
Sadly, the broker charges multiple higher commissions on trading. When you look at various firms’ commission structure, you will find that advanced and renowned firms such as HFTrading, T1markets, Global TradeATF do charge commission fees on trading. To trade with these firms, you have to deposit an affordable minimum deposit.
Markets and Products for trading
The AAAFx financial service provider offers limited or restricted trading markets. It allows trading on only two markets, including the cryptocurrency market and stock market. Thus, leaving some popular ones such as forex, commodity and indices. Also, options available in the provided markets are less than other firms such as HFTrading, 101investing and ROinvesting (allows trading on 300+ assets).
Process of opening trading account
AAAFx account opening is complex, time-consuming and tiring. The broker asks for many uncertain and personal data from the trader, which they might not feel comfortable providing while opening an account.
The other main issue with account opening is the time required for document verification. The process of document verification is time-consuming. Sometimes it takes several days.
Additional tools and features
This financial service provider does not provide any additional tools apart from those pre-installed tools, which comes with their outdated trading platforms. It seems like the broker has pre-assumed that traders already have these tool tools and indicators required for trading. It is certainly a major issue where the broker should pay heed.
Coming to the additional features, AAAFx also fails here. They do not offer any other features. The features already provided are also not exciting and fail to meet the demands of the user. Thus, we can say that the firm is not suitable for both novice and experienced traders when it comes to enhancing the trading standards.
Services in limited countries
The broker has two websites AAAFx international (for global clients) and AAAFx (For European economic area) still it fails to reach every corner of the world. Trading is limited to a handful of countries.
There is no information related to leverage offered on various trades on the website of the broker.
Commission, trading fee and spreads
AAAFx spreads are not up to the mark. The minimum deposit to open a trade with the broker is as high as $300. It is three times higher than that offered by firms like 101investing and ROinvesting. Concerning the commission, the broker charges multiple high fees on trading. Overall, we can say that the high and multiple charges asked by the broker irritate its clients.
Research tools determine the size of your profit and help you to make a potential trading decision. Unfortunately, the brokerage firm does not offer research tools such as a report season calendar, economic session calendar, latest financial event information and, latest news updates. It is something very disappointing about the firm.
The broker customer support team fails to provide a quick response to the queries of customers. The response time for telephone is more than one minute. Clients have to wait long to get answers.
The educational hub is distinctly lacking compared to other renowned brokerage firms which offer educational material covering all financial concepts. Educational courses at HFTrading are very famous. It includes articles, videos, tutorials and several other categories for enhancing your trading information.
Disadvantages of AAAFx Broker
1) High minimum deposit $300
2) Lack of additional tools and trading features
3) Lacks Metatrader 5
4) Charges multiple high commissions
5) Lack of research tools
6) Lack of educational material
7) Limited assets
8) No VPS
9) Time-consuming account opening process
10) Limited withdrawal and deposit options
The Bottom Line
Though being a relatively old brokerage firm, AAAFx lacks many basic features, including research tools, education courses, and additional trading tools. The website of the broker is relatively basic and misses many relevant data. The outdated platforms such as Meta Trader 4 again disappoint traders. Moreover, extremely high charges and regulations issues compel us to opt for other renowned brokerage firms such as HFTrading, 101investing, T1markets, ROinvesting and Global TradeATF.