AAAFx Review 2020
AAAFx is an online forex and CFD broker that offers over 200+ instruments for trading online via the provided platforms. This broker supports social trading platforms and signal copying but is lacking in educational materials, trading tools and detailed market analysis to inspire traders.
AAAFx Review 2020, Pros & Cons
- Social trading powered by ZuluTrade
- Access to trade on the flexible & powerful MT4 platform
- Multilingual customer support desk
- Flexible funding options
- Limited regulation
- Restricted leverage
- Withdrawal fees
- High commissions
- $300 minimum deposit
- Lack of educational materials & trading tools
- No services to residents of USA, China, Cuba, Iran, North Korea, Sudan & other countries
In this detailed AAAFx review, our online broker research team have covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
AAAFx is not ranked in our best forex brokers, best stock brokers, best cfd brokers, best crypto brokers or best online brokers categories. You can use our free broker comparison tool to compare online brokers including AAAFx.
AAAFx Review: Summary
AAAFx is an online broker established with the aim of offering outstanding trading experience and excellent support to investors. Founded in 2008, AAAFx has its headquarters in Athens, Greece and serves traders from 176 countries all over the world.
The broker offers over 220 trading instruments for trading on its platforms. AAAFx is an ECN broker that offers a Non Dealing Desk (NDD) brokerage model. The broker promotes social trading via ZuluTrade. Thus, every AAAFx trading account is automatically linked to ZuluTrade; a leading social trading platform used by over a million traders from around the world. There is also the choice of trading with the popular MetaTrader 4 (MT4) platform which is a versatile and flexible trading platform suitable for traders of all experience levels.
AAAFx offers tight spreads and competitive trading fees, although not the cheapest. Multiple payment options are available and a friendly, multilingual customer support team is on hand to assist.
AAAFx Review: Regulation
AAAFx is regulated by the Hellenic Capital Market Commission (HCMC); which is the regulatory body in Greece. The HCMC is MiFlD compliant, so the broker is licensed to operate within the EU region.
Clients’ funds must be maintained in segregated bank accounts which are kept in the top-rated European banks. AAAFx cannot use clients’ deposits for its own operations under any circumstances.
Clients’ funds are further protected by the insurance provided by the Greek Guarantee Fund which is financed by the Athens Exchange members and supervised by the HCMC. So, if AAAFx goes bankrupt, the Greek Guarantee Fund can pay compensations to eligible investors of up to a maximum of €30,000 per client.
To further secure a trading environment, AAAFx has implemented the Secured Socket Layer (SSL) technology which encrypts all communications between the trader and AAAFx servers. This helps to deter cyber criminals and protects the client.
All new clients are made to provide verification documents in order to ascertain their identity. This is in compliance to the Anti Money Laundering (AML) and Know Your Customer (KYC) policies. To complete the registration process, new clients are required to scan and upload their ‘proof of address’ and a ‘proof of identity’.
AAAFx Review: Countries
AAAFx does not accept clients that are residents of the United States of America (USA), Puerto Rico, Quebec province, China, Cuba, Iran, North Korea, Sudan and Syria.
Please note that the above list is subject to change according to regional and international regulations, and as a result is not exhaustive.
Some AAAFx broker features and products mentioned within this AAAFx review may not be available to traders from specific countries due to legal restrictions.
AAAFx Review: Trading Platforms
This is a web-based trading platform for buying and selling of forex and CFDs. No downloads are required as it runs directly in web browsers and works on all devices and on all operating systems. The ZTP platform allows manual trading using multiple order types and a set of trading tools. The platform supports charting on multiple timeframes as well as technical analysis using indicators and analytical tools. ZTP supports ZuluScripts™ which is used to develop trading robots which automate strategies. The platform supports the deployment of robots created via ZuluScripts. ZTP accounts fully integrate with ZuluTrade which is a social trading platform.
MetaTrader 4 (MT4)
The MT4 platform is a very popular choice that has become a standard for many brokers. It is used by millions of traders all over the world. It gives traders the opportunity to trade manually or automatically using Expert Advisors (EAs). AAAFx provides the desktop version of the MT4 platform which is downloadable on windows computers and also the mobile versions available as Android and iOS apps. The MT4 platform has inbuilt tools for trading and market analysis using charts and technical indicators. It supports the development of plugin apps using the MQL programming language and built in MetaEditor programming interface. Thousands of plugin apps have already been developed and many of them can be acquired from the MQL market which is accessible from within the MT4 platform. Indicators, EAs, scripts, trading tools, etc are all available as plugin apps which extend the features of the MT4 platform – some of these are free whilst others are paid.
ZuluTrade is one of the largest social trading platforms in the world today. It boasts of clients from 192 countries who provide and copy trading signals from each other. The ZuluTrade platform gives access to cutting edge tools and features useful to all traders. It is available in multiple languages and also available on mobile apps for iOS and Android compatible devices.
Traders who choose to invest have the opportunity to search for signal providers who are ranked based on their performance statistics. The investor then makes a choice if they wish to follow the trades of the signal provider. They can also use advanced risk management features like ‘Margin-Call-O-Meter’ and ‘ZuluGuard’ to help limit risks. Traders who choose to broadcast their signals for copying can benefit from a performance fee depending on how successful their trading signals are. To find out more about ZuluTrade and how it works, you can read our ZuluTrade Review.
AAAFx Mobile App
This is the proprietary mobile trading app developed by AAAFx for Android and iOS devices. It is available in the Apple and Google play stores. From the app, traders can manage their trading accounts, make deposits, request withdrawals and upload verification documents. The app is fully integrated with the ZuluTrade platform, so, investors can search through thousands of signal providers in order to choose a provider to copy signals from. The investors can manually close trades opened by their signal providers, adjust stops, limits and set trailing stops. Manual trading and analysis using charts, technical indicators, etc are also available on the app. The app is easy to use and operate.
MT4 Mobile App
This is the mobile version of the popular MT4 trading platform. The app can be downloaded and installed on iOS and Android devices. The MT4 mobile trading app is currently being used by millions of traders because of its speed, convenience and extensive range of trader tools. The MT4 app integrates seamlessly with all MT4 accounts in real time. You can open trades on the MT4 desktop platform and then monitor, adjust or close them from the MT4 app. The MT4 app has tools for complex analysis using 3 chart styles displayable on 9 timeframes, 30 indicators and 24 analytical tools. Trade positions can be opened, monitored in real time, adjusted and closed at will. The app is simple, customisable and user friendly.
AAAFx Review: Trading Tools
In addition to the trading tools that come with the platforms, AAAFx unfortunately do not provide any other tools that can further help traders. The broker is primarily focused on providing social trading services and thus, do not provide standalone tools. It is assumed that traders and signal providers already have their trading strategies, tools and everything that they need. They could certainly improve in this aspect of their brokerage service.
AAAFx Review: Education
A short glossary of about 18 forex and CFD trading terms is provided on the website. This is to assist traders in knowing the meanings of various trading terminology. Formulas for swap, pip value as well as examples are given as part of the definitions. The educational material is distinctly lacking when compared to other online brokers who provide trading guides, video tutorials, courses, seminars, webinars and more.
AAAFx Review: Trading Instruments
The following instruments are available for trading online via the AAAFx trading platforms:
- 34 Forex Currency Pairs (minors, majors & exotics)
- 10 Indices
- 6 Commodities
- 1 Treasury
- 5 Cryptocurrencies
- 169 Stock CFDs
AAAFx Review: Trading Accounts & Fees
AAAFx charges commissions on all trades. For forex, retail clients pay $10 per side per lot while institutional clients pay $3. For CFDs, it is $0.8 for retail accounts and $0.3 for institutional accounts. The maximum leverage is 1:30 in compliance with ESMA directives.
This account offers clients the opportunity to trade manually or to trade automatically through copy trading. Clients can choose to trade on either the ZTP or MT4 trading platform.
Profit Sharing Account
This account is strictly for copy trading through the ZuluTrade Platform. A commission of $15 is charged per round turn of every lot traded. Any trader can use this account to copy trading signals of other traders. There is a monthly performance fee of 20% that is charged every time the ‘Profit and Lost’ statement is positive and above the water mark; the maximum profit reached by that trader.
This account offers the lowest trading fees of $2.5 per side per lot traded. It is exclusively for trading on the MT4 platform. Account holders have no access to the ZuluTrade social trading platform.
Islamic accounts can be opened by contacting the support team. Demo accounts are freely available but they expire after 15 days of inactivity. Demo accounts can be useful to try out a brokers platforms and services before opening a real trading account.
As broker fees can vary and change, there may be additional fees that are not listed in this AAAFx review. It is imperative to ensure that you check and understand all of the latest information before you open an AAAFx broker account for online trading.
AAAFx Review: Customer Service
The AAATrade customer service team speaks 11 languages and are available on a 24/5 basis. The team can be reached through email, instant web chat and various phone lines from different countries. You can also send suggestions to the customer service team through an opinion form. On social media, AAAF is on Facebook, Twitter and LinkedIn.
A comprehensive Frequently Asked Questions (FAQs) is provided. Over 100 questions and their detailed answers and explanations are available.
AAAFx Review: Deposit & Withdrawal
The minimum deposit accepted by AAAFx is $300. The broker does not charge commissions on deposits but the payment processors might charge the clients a fee. For withdrawals, AAAFx charges a flat fee of $25 except on Debit/Credit cards which is free.
- Debit/Credit Cards: Visa, Mastercard and UnionPay are the cards accepted. The payments are processed instantly and there are no charges.
- Bitcoin: This is accepted from clients who own Bitcoins. There are no transaction charges and it takes up to 30 minutes to process payments.
- Bank Wire transfers: AAAFx accepts direct transfers into their bank accounts from the client’s bank account. It takes up to 3 business days to complete a bank transfer.
- eWallets: The accepted methods are Skrill and Neteller. The deposits are processed instantly but sometimes may delay up to 24 hours.
- ePayments: The accepted methods are Giropay, EPS, iDeal, Sofort, Przelewy24 and QIWI. The payments are processed instantly or at most 1 business day.
AAAFx Review: Account Opening
It is quick and easy to open an AAAFx trading account. Visit the website and click on the “join now” button found on the top right-hand side of every page. The account opening form below will be displayed.
You can fill in your personal info and verify your email address by entering the code received into the space provided. Once you have completed the form, you can then upload the verification documents and make a deposit into your trading account. Once your account has been activated and approved, you can commence trading online. Every AAAFx real trading account is automatically linked to a ZuluTrade account.
AAAFx Review: Conclusion
AAATrade is an established online trading brokerage with over a decade of operations and a large customer base. The broker is regulated, with eligble client funds segregated and insured. Over 220 assets are available for trading on the provided trading platforms which includes forex currencies, cryptocurrencies and stock CFDs. It should be mentioned that the forex currency pairs and some other assets are limited compared to other online brokers.
The ZTB trading platform is fully integrated with ZuluTrade social trading services while the MT4 trading platform is built for manual trading and automated trading via expert advisors (EAs). AAAFx offers multiple flexible payment options including Bitcoin and several e-wallet and online payment gateways.
However, no trader education materials or additional trading tools are provided. There is no in-house team of experts, no market news and no daily technical analysis. When compared to other brokers, the minimum deposit fee of $300 is high and the withdrawal commission of $25 is also high. Overall, there are other brokerages who provide a more competitively priced and complete trading solution, including those on our list of best trading brokers.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when trading CFDs with AAAFx. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.