AAAFx Review Scam Complaint
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AAAFx is a Forex broker that is headquartered Athens, Greece. The comapany claims to be regulated in Europe and is licensed by the Hellenic Capital Market Commission. Moreover, it is not much clear about how exactly the company is regulated, since the authorization has been received from the local bank, thus which kind of rules they do comply with and if in general their services are supervised.
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About the AAAFx:
AAAFx is a Greek broker integrated with the largest social trading network, Zulutrade. It offers its client a single account named Standard Account, with leverage up to 1:500. It also provides option to trade in micro lots and charges no commission for trading signals. If you want to open a live account with AAAFx you must be having $300 to deposit and start trading. Standard Account of AAAFx, the sole account of the company, provides variable spreads, averaged around 0.2 pips on EUR/USD. But, AAAFx charges salty commission of $10 per standard lot. Therefore, average cost of trading with this brokerage company is around 2.2 pip per lot, which is way too much than 1.0-1.5 what other most brokers provide. The leverage AAAFx is providing is 1:500, which is again, a very high ratio. High leverage ratios involve greater risk and this broker is offering you more risk ultimately.
AAAFx provides MT4 platform along with the web based Zulutrade platform with some good technical indicators. The promotional offering of AAAFx are upto 30% bonus on all deposits, $100 refer to a friend bonus, $25 welcome bonus. Traders have faced issues in withdrawing the bonus they have earned so these schemes are bogus. The broker is attracting the clients with these schemes and ultimately takes away money from them; this is backed with the point that the broker does not offer a variety of deposit and withdrawal methods.
Is AAAFx legit or scam?
AAAFx is not a legit broker, despite of its claim of being authorized one of the industry’s known regulator CySEC (Cyprus) had published a warning statement stating, though the firm AAAFx is regulated by another jurisdiction it are not authorized to provide its services. There are a vast number of the complaints from the traders with regarding the performed operation disappointments, which show some of the broker tricks while trading, as well as numerous operational misleads and there also has been some misleading information at the official source which shows that transparency is lacking with this company.