AAAFx Broker Review/Test 05/2018 – Is it a good broker?

Our experience with AAAFx summed up in a review/article

About AAAFx:
The Greek company AAAFx, cannot be described as a bad broker, nevertheless, the online broker should continue to revise its offers/features in order to keep up with the competition.

So far, AAAFx is particularly notable for its interface/connectivity to the ZuluTrade social trading network, as well as the fact that its clients can engage in both CFD and forex trading as well as binary options trading and social trading through a single broker. What is missing from the offer of the company, however, is what we will explain here in our AAAFx test.

Advantages and disadvantages of AAAFx
Free and non-binding demo account
Interface to the social trading network ZuluTrade
Binary options trading via the SpotOption platform
MetaTrader 4 for CFD and forex trading
Easily accessible customer support
Deposit bonus of 10%

AAAFx clients can either engage in social trading with the Greek broker through an interface to ZuluTrade, trade Forex, or CFD via the MetaTrader 4, or trade binary options through the SpotOption platform – also with a free and non-binding demo account. For questions about the trade or the 10% deposit bonus, traders can turn to quite accessible customer support – unfortunately the relatively small online support catalog will not be increased.

The regulation of AAAFx
Experienced traders know that the risk of fraud in online brokers without reliable regulation is far too high to be traded through such a broker. Fortunately, AAAFx is subject to reliable EU regulation: The Greek company is regulated by the Hellenic Capital Markets Commission (HCMC,) which is regulated by the European MiFID and thus promises a secure exchange trading.

Although the HCMC is by no means as well-known as the British Financial Conduct Authority (FCA) or the Cyprus Securities and Exchange Commission (CySEC,) traders need not fear fraud when trading via AAAFx. Most customers would probably have reacted less skeptically to the broker if it had opened his headquarters in the UK or even Cyprus, rather than in Greece.

Caution: AAAFx does not provide information on deposit insurance
The most important feature of a reputable online broker is basically the transparency: information on trading fees or the security environment of a company should be clearly and quickly accessible on the website of the broker. If you want to inquire at this point about the deposit insurance of the provider, you will not immediately find it: neither in the FAQ of the company, nor in the “about us” section of the website information on deposit insurance is made, which comes into force when AAAFx Bankruptcy and the funds of customers are in danger.

In some cases, the trader may also contact customer support directly to ask for the exact deposit guarantee and look for answers there – however, the fact that the required information is not listed on the company’s website cannot be positively assessed in this AAAFx test/review.

AAAFx works as a market maker
The market model of an online broker has a great influence on the trading experience that the customer will have; ECN and STP brokers, which are grouped together under the umbrella term DMA (Direct Market Access) brokers, usually convince by a particularly fast order execution, in which the trader is directly connected to the liquidity provider – in addition, spreads are usually lower here, as commissions are charged instead.

The market makers, which include AAAFx, are also referred to as retail brokers and refrain from raising commissions but instead demand a higher spread from the client. Order execution tends to be slower, as traders are not themselves connected to the liquidity providers through a market maker, but instead trade at the brokers’ prices. They enter the market in a counter position to that of the customer in order to win even if the customer loses. Due to the resulting conflict of interest, only a few traders prefer the Market Maker to a DMA broker.

Under no circumstances should the trading conditions be ignored in the search for the right online broker: The AAAFx trading terms include first and foremost the minimum deposit of $300 which the customer must deposit in his trading account in order to trade via AAAFx. Once this deposit has been made, the company’s client can engage in CFD or Forex trading with a maximum leverage of 1:500 without having to pay commissions, account maintenance fees, or administration fees to the broker. Only the spread falls on the opening of a position and amounts to from 0.4 pips for EUR/USD. Here is an overview of the other spreads we saw in our AAAFx test/review:
USD/JPY: from 0.25 pips
GBP/USD: from 0.35 pips
EUR/USD: from 0.3 pips
AUD/USD: from 0.75 pips
USD/CAD: from 0.85 pips
NZD/USD: from 0.95 pips

Opening an account with AAAFx is not rocket science
In order to trade with AAAFx, customers must first open a trading account with the Greek broker. Experienced traders should already be familiar with this procedure, but even beginners should have no trouble opening an account with AAAFx. To open a demo account, it is sufficient to select the desired trading platform and then enter the e-mail address, name and telephone number.

Shortly thereafter, new customers receive the required access data and download links via e-mail and can start trading with AAAFx shortly thereafter. If the mail does not arrive within a few minutes, it is first necessary to check the spam folder of the mailbox and, if necessary, to contact the customer support, in order to be able to rule out a typing error when specifying the email address. The same applies to opening a live account, however, additional personal information and trade experience information must be provided before the trader can verify his trading account by sending copies of the identity card and a current consumer bill.

New customers get deposit bonus of 10%
In order to win new customers, the Greek company AAAFx promises its customers a deposit bonus of 10%. This deposit bonus can be claimed after paying the minimum deposit of $300 and logically amounts to $30.

Up to a deposit of $50,000, new customers can benefit from bonuses, which are staggered at regular intervals – when paying the maximum amount, the bonus amounts to approximately $3,000. In order to receive this bonus, traders must be able to demonstrate a trading volume of a certain amount. How high this trading volume must be, traders can learn on the website of the provider.

Three platforms
A user-friendly trading platform is essential to successful trading and the AAAFx team is aware of that. That’s why MetaTrader 4, which allows for easy and safe Forex and CFD trading, is what customers expect most from the Greek broker. Traders can not only use a professional user interface, but also numerous indicators, charting tools, and self-programmable Expert Advisors for successful trading.

They quickly realize that the MetaTrader 4 is not without reason as the most popular trading platform of customers since 2005 – however, ZuluTrade enjoys now a great popularity and allows the customer a pleasant social trading through a modern provider of both beginners and even experienced traders can benefit. Last but not least, we were also able to rate the Spot Option trading platform for binary option trading at the Greek broker: A clear user interface is accompanied by efficient use and fast order execution.

All in all, the AAAFx opinions of customers on the available trading platforms are very good, which we also rated positively in this review/test.

Automated trading via ZuluTrade at AAAFx
As the interface to the social trading provider ZuluTrade is the main focus of the offer of AAAFx, we naturally also want to pay special attention to this service in this AAAFx test. ZuluTrade was founded in 2007 as one of the first social trading brokers and made it possible, at that point in time, customers to take benefit from the knowledge of the mass in trading.

Beginners can “follow” experienced traders and copy their trades into their own trading accounts, while professional traders can benefit from broker remuneration for a particularly large number of followers. In addition, however, both experienced and inexperienced traders enjoy the contact with other traders and the lively exchange on different trading strategies and their efficiency. In order to be able to formulate opinions on ZuluTrade with AAAFx, traders only need to open a trading account with the Greek provider and begin social trading via ZuluTrade.

The customer support of AAAFx is quite easy to reach
Every day, urgent questions or technical problems that require a quick fix occur in daily trading. In this case, the customer can contact AAAFx directly by phone with the company’s customer support, which is likely to be the fastest option. You can choose between an internationally valid telephone number as well as country-specific numbers.

For urgent inquiries, customers can either contact the company’s telephone number or use the provider’s live chat function: Here, AAAFx employees can be contacted quickly and easily in writing 24 hours a day, 7 days a week, for urgent matters. Written contact is also possible by email, but this option is more suitable for less urgent issues as all customers worldwide have only one e-mail address available to contact support.

The educational offer of the Greek company is hardly available. AAAFx customers looking for webinars, seminars, written guides, eBooks, or video courses will be disappointed – instead, traders with a thirst for knowledge will only find a small FAQs section at AAAFx, which rather offers the client the functions and services of the broker, instead of informing about forex trading.

If traders want to continue their forex-education before opening a demo account with AAAFx, they must use other sources. Youtube channels can be just as useful as web forums or relevant specialist literature – and, last but not least, traders can also gain experience in exchange trading through the interface to ZuluTrade, without having to make use of an educational offer from AAAFx.

Conclusion: Rating: 6.9/10
Since its founding in 2008, AAAFx has not been able to expand its offer very well: Although the available trading platforms, customer support, and 10% new customer bonus appeal to customers of all levels of experience, the company’s security environment certainly does not convince traders of the trading conditions along with non-existing educational offerings. There is still a lot of catching up to do for AAAFx in order to compete with the top forex brokers.

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