AAFX Trading Review
Alyaziah Hayat | March 31, 2022
Table of Contents
AAFX Trading is an online forex and CFD brokerage firm that offers over 250 assets for trading online via the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms. The broker offers trading with no commissions and high leverage along with daily market news, technical analysis & educational materials. However, they are let down significantly by lack of regulation and for that reason we would choose another online broker.
Broker Pros / Cons
- Over 250 assets can be traded on its platforms
- No commissions on trades
- Comprehensive trader education package
- MetaTrader 4 & MetaTrader 5 Platforms
- Offshore broker with limited regulation
- High withdrawal fee on bank transfers
- No social trading platforms
AAFX Trading was founded in 2010 in St. Vincent and the Grenadines with a vision for excellent customer service and trading conditions. The broker offers over 250 trading instruments, multiple payment options, good trade execution speeds and no commissions on trades. The broker also has offices in Australia, Hong Kong and Malaysia. The website is available in over 25 languages.
AAFX Trading offers leverage up to 1:2000 which is very high when compared to other brokers especially those regulated in Europe and America. It should be noted that trading with high leverage is very risky and you should have a thorough understand of leverage and the significant risks involved. The broker also offers ECN trading with competitive execution speeds, spreads and no commissions.
AAFX Trading has been rendering assistance to the less privileged around the world as part of its Corporate Social Responsibility. So far, it has made donations to ‘SOS Children’s Villages’; which is an organisation committed to helping children in need by providing care, education and health. It has also made donations to the ‘Red Cross’ and the UNICEF; both of which are internationally renowned organisations rendering life saving humanitarian services.
The brand has been recognized by the industry for superior services and has been honoured with awards. In 2013, AAFX Trading won the ‘Best broker of South East Asia’ award. It is also a recipient of the ‘Best Broker in Malaysia’ award.
AAFX Trading is registered in St. Vincent and the Grenadines (SVG) with the reg. no: 22916 IBC. It is a brand of AA Business Solutions BHD which is authorised and regulated by the Financial Services Authority of the St. Vincent and the Grenadines (FSA SVG). The broker is also registered in Malaysia and Hong Kong.
All clients’ funds should be kept in separate bank accounts from that of the broker. The accounts are maintained with the top European banks that are well established, strong and reliable. The reason for separating the accounts is to avoid the broker from mixing clients’ deposits with its own funds.
The broker states that it makes sure that clients do not lose more money than they have deposited. They attempt to achieve this by implementing an automatic risk management tool on its entire trading system.
To ensure a secured trading environment, AAFX Trading has deployed the Secured Socket Layer (SSL) technology across all its platforms, payment processing gateways and website. This SSL technology deters internet hackers from accessing clients’ bank details, credit card info and other sensitive info as it is being transmitted to the servers.
AAFX trading mandates all clients to identify themselves through ‘Know Your Customer’ (KYC) procedures. This is why at registration; clients are required to upload identity documents like a government issued ID card and a utility bill.
Also, the broker has embraced the ‘Anti Money Laundering (AML) laws which prohibits using the brokerage to transfer stolen money or fund terrorist operations. To this effect, Credit card users are to upload a picture of the card before using it. No cash deposits or transfers from third parties.
AAFX Trading did not provide information on its website regarding the countries they can accept clients from but they do accept US clients.
AAFX provide traders with the popular MetaTrader 4 and MetaTrader 5 platforms completely free of charge for desktop, web browsers and mobile devices for trading on the go.
The MT4 platform was launched in 2005 by ‘MetaQuotes Software Corporation’ which is a Russian firm known for developing financial trading softwares. Since then, the platform has been adopted by numerous brokers and traders. The MT4 platform is known to be fast, reliable and extendable with plugin apps. It comes preloaded with tools for order management and market analysis. The MT4 platform is available on all devices because it comes as follows:
- WebTrader: This version is accessible via a link from AAFX Trading website. It is built on html5 and so, it works on all web browsers irrespective of the operating system or the device.
- The MT4 is available on windows computers as downloadable desktop application. AAFX Trading also has the downloadable version for MAC OS.
- Mobile: This version is downloadable on Android and iOS devices.
Here are some of the core features of the MT4 trading platform:
- Fully customizable layouts, screens, charts, windows, etc.
- Complex charting capabilities in 9 timeframes.
- Up to 30 technical indicators and 24 analytical tools.
- Supports order placement with just one click.
- With the inbuilt MetaQuotes Language (MQL) editor, clients can create and deploy their own trading robots to automate their strategies and trades.
- From the embedded market tab, traders can access the MQL market where they can buy EAs, indicators and other plugin apps which will add more features to the MT4.
- Alert notifications via email, SMS and platform pop-ups.
Mobile Trading Platform
The MT4 mobile app is available for iOS and Android devices. The apps can be downloaded from the respective app stores. This is the only mobile trading platform available to AAFX Trading clients.
Here are some of the features of the MetaTrader mobile trading app:
- Simple, intuitive and customizable app.
- The ‘Quotes’ tab shows the live buying and selling prices of all the tradable assets.
- The ‘order’ screen presents different order methods including market orders and pending orders. Stop loss and take profit are also available.
- The ‘Chart’ tab shows the live charts of all instruments displayable on 9 timeframes.
- Up to 30 technical indicators and drawing tools are available for technical analysis.
- Order history and management can be viewed from the app.
- Price alert push notifications.
Daily Market Review
This comes up daily on the website. It gives a review of the markets as well as analysis on selected instruments. It also gives trading strategies and even trading signals.
Daily Market News
This is presented live from the newsroom of AAFX Trading on a daily basis. The news correspondents report from the world’s financial capitals. The news session gives the latest news within the financial markets. The videos are usually short and straight to the point.
This shows the dates for important events that usually have impacts on the market prices. It also shows its impact history, analysis and analysts’ forecast. This tool is indispensable in fundamental analysis. The AAFX Trading economic calendar is powered by ‘TradingView’; a third party social network, charting package and financial research firm.
The education centre comprises of a VOD library in English and Arabic. The English videos are grouped as follows:
- Basic Forex Education: There are 12 videos in this section. The video lessons are targeted at beginners. The lessons introduce forex to beginners by explaining why we trade forex. It then progresses to terminologies, how to trade, charting and finally ends with technical analysis.
- There are 4 video lessons on Fibonacci analysis procedures and tools.
- Understanding Candlesticks consists of 13 lessons. These video lessons examine the various candlestick positions on charts and their meanings.
- Chart formation patterns: This set has 13 videos that looks at various patterns and trends formed on the charts.
- Forex Indicators: 10 video lessons teaching how to use the most popular forex indicators.
- Timing in Forex: 2 videos teach traders when to enter a position at the right time.
- MT4: This set of 12 videos shows how to use the most important features of the MT4 trading platform.
- Cryptocurrencies: There are 18 videos that introduce traders to the history and evolution of blockchain and cryptocurrencies. It then focuses on Bitcoin; how to buy, trade and use Bitcoin.
The following instruments are available for trading online with AAFX Trading:
- 42 Forex Currency Pairs (inlcuding major, minor & exotic crosses)
- 11 Indices
- 15 Commodities
- 1 Cryptocurrency
- 197 Stock CFDs
AAFx Trading account types depend on the traders’ capital, preferences and experience. All trading fees are incorporated into the spread. There are no commissions.
- Fixed account: The minimum deposit is $100 while the maximum leverage is 1:2000. The fixed spread starts from 2 pips on forex major pairs.
- ECN account: The variable spreads are as low as 0.2 pips on all forex major pairs. The maximum leverage is 1:2000 while the minimum deposit is $100.
- VIP account: This account is specifically made for high net-worth traders who desire the best trading conditions. The minimum deposit is $20,000 and traders are given access to the ECN network with raw spreads. No commissions and no swaps fees are charged. AAFX Trading only makes profits from the thin spreads. The leverage is up to 1:2000 for accounts less than $250,000 and 1:1000 for accounts more than $500,000. Account holders are given access to consultations with AAFX Trading analysts including the Chief Market analyst.
All AAFX Trading accounts are swap-free and so, no need for separate Islamic accounts. Free demo accounts are available and can be easily created from the website.
The customer support desk at AAFX Trading is always available during the forex trading hours, which is from Monday to Fridays 24/5. You can reach the support on their phone lines and email. Instant web chat is available on the website. Clients can also chat with the support team on Skype. On social media, they are on Facebook, Twitter, YouTube and LinkedIn.
AAFX Trading prohibits third party deposits. In fact, 3% penalty charges apply to all third party deposits. This means that if a third party payment of $1,000 is made into a client’s account, AAFX Trading immediately refunds $970 to the funding source retaining $30 as penalty fee.
AAFX Trading processes all withdrawal within 3 days but the payment channel or bank used will need time to complete their own processing. Generally, clients should give up to 10 days to receive their withdrawals. Third party payment processors may charge additional fees that you should be fully aware of.
- Credit/Debit Cards: The major cards accepted are Visa and MasterCard. The minimum transaction amount is $100. Card deposits are processed instantly and there are no fees.
- Bitcoin: The minimum transaction amount is $100 and the payments are processed instantly. There are no deposit fees and no restrictions.
- Electronic payments: The e-payment options available are Skrill, Neteller, FasaPay and WebMoney. The minimum deposit or withdrawal is $100. The deposits are immediately processed but withdrawals take up to 24 hours. No commissions are charged.
- Bank Wire Transfer: This is the slowest payment method because it can take up to 7 business days depending on the banks involved. The minimum deposit and withdrawal is $1,000. There are no charges for deposits but withdrawals are charged at $50.
Visit the broker website and click on ‘Open Live Account’ which is found just above the menu bar. The form below displays.
Fill the form and click on ‘Open Account’. Alternatively, if you already have accounts with Facebook or Google, you can click on the appropriate button to automatically receive your profile settings from theses websites. Immediately the account is opened and you are logged into the secured clients’ area. This is where you can upload verification documents, create multiple live and demo accounts as well as view you trading performance and account statements. From the clients’ area, you can also make deposits, download the MT4 platforms and commence trading online.
|Broker Features||AvaTrade||IG||IC Markets|
|Regulated||ASIC, BVI, CBI, FFAJ, JFSA, FSCA, IIROC, ADGM FRSA||FCA, CFTC, NFA, BaFin, FINMA, ASIC, FMA, MAS, FSA, FSCA, DFSA, JFSA, METI, MAFF||ASIC, CySEC, FSA, SCB|
|Country||Australia, Ireland, South Africa, Japan, British Virgin Islands||Australia, UK, USA, Switzerland, UAE, Singapore, Japan||Australia, Seychelles, Bahamas, Cyprus|
|Min. Deposit||Min $250 Deposit||Min $100 Deposit||Min $200 Deposit|
|Commission||From $0||From $0||From $0|
|Instruments||Forex, Commodities, Cryptocurrency, Stocks, Shares, Indices, Metals, Energies, Options, Bonds, CFDs, ETFs||Forex, Commodities, Stocks, Shares, Indices, Cryptocurrencies, Metals, Energies, Options, Bonds, ETFs, CFDs||Forex, Commodities, Cryptocurrency, Stocks, Shares, Indices, Metals, Energies, Bonds, CFDs|
|Platforms||MetaTrader 4, MetaTrader 5, AvaTradeGO, AvaOptions, AvaSocial, DupliTrade, ZuluTrade, Web, Mobile||MetaTrader 4, IG Platform, IG Progressive Web App, ProRealTime (PRT), L2 Dealer, FIX API, Web, Mobile||MetaTrader 4, MetaTrader 5, cTrader, Web, Mobile|
|Type||Market Maker, STP||STP, ECN, DMA||ECN|
|Funding||Wire Transfer, Credit/Debit Card, Paypal, WebMoney, Neteller, Skrill||Wire Transfer, Credit/Debit Cards, PayPal||Wire Transfer, Credit Card, Debit Card, WebMoney, Neteller, PayPal, Skrill, FasaPay, UnionPay, Qiwi, Bpay, Poli|
|Visit Broker||Visit Broker||Visit Broker||Visit Broker|
AAFX Trading is a broker that is focused on its customers. The broker is regulated by the FSA in SVG. The brand offers over 250 forex and CFDs for trading online via the versatile MT4 trading platform. Clients’ funds are kept segregated, technological security solutions have been implemented and decent trading conditions are provided.
The VIP account is special because it offers ECN trading with competitive spreads and without swap fees or trading commissions. For most brokers, ECN accounts attract commissions for every lot traded.
Multiple payment options are available. The MT4 platform is reliable and takes care of the trading needs of most brokers. AAFX Trading allows all trading styles and strategies including the use of EAs, scalping and other trading systems. Market news and analysis is provided along with training videos to help those who are new to trading.
However, charging $50 as withdrawal commission on bank transfers is very high when compared to other brokers who charge nothing. The broker also does not provide social trading platforms or managed portfolios to help investors. Also, many traders frown at offshore regulations because they believe that it is not as reliable as that of ASIC, CySEC or FCA. We would be very careful when dealing with this broker and prefer to use an alternative online broker. You can see our best trading brokers for alternative options.