AAFX Trading is a Forex & CFD broker, with offices in Hong Kong, Saint Vincent & the Grenadines, and Australia. AAFX offers a wide variety of assets, along with a variety of different account types so as to meet the needs of different types of traders. With branches in multiple locations, this FX broker is allowed to provide services to a broader range of traders. From a quick glance, we did notice several qualities about this broker that got our attention, so stick with us if you’re currently on the hunt for a sufficient broker.
AAFX allows traders to choose between opening a Fixed, ECN, or VIP account. The account you should choose depends on how comfortable you are with trading and risk. Fixed and ECN accounts would be the most commonly chosen, due to the reasonable minimums and conditions. The VIP account isn’t for everyone. In fact, it’s only suggested for serious traders with money to burn. More info on that later. First, you should take a quick look at the summary below to get an idea of which kind you’d be interested in.
Commission &Swaps: None
Minimum Deposit: $100
Commission & Swaps: None
Minimum Deposit: $100
Spreads: Variable Plus
Commission & Swaps: None
Minimum Deposit: $20,000
Spreads: 100% RAW spreads
All accounts offer currency in USD, GBP AND EUR. All of the accounts are commission and swap free, which is more beneficial for the client, since this broker’s profits come directly from spreads. Note that there are some differences related to spreads. One interesting and rare thing we noticed about VIP accounts is that you get three free consultations with a chief market analyst, which is definitely noteworthy. However, AAFX is very clear on the fact that they only recommend you choose this account type if you have the cash AND experience to handle it. If you’re interested in a swap-free Islamic account, these are also offered. Simply sign up and then send the request to email@example.com.
AAFX exclusively offers the crowd-pleasing MetaTrader 4 platform. Honestly, MT4 is preferred by many over its successor, and it offers a wide variety of tools. Each and every trader will most likely be completely satisfied with this platform, so there’s no need to look elsewhere for a better option. Some of the perks to trading on the MT4 platform include the following:
- Full EA (Expert Advisor) Functionality on MT4
- 1 Click Trading and Built in News Functionality
- Technical Analysis Tools with 50 indicators and charting tools
- 3 Chart Types
- Micro Lot Accounts (Optional)
MT4 is also widely accessible, so you shouldn’t have any problems using the platform. To be more specific, the website provides directions for you to download the platform on Mac, PC, Android, or iOS. If you’d prefer to use the browser based version that doesn’t require downloads, you can use the WebTrader. On the website, under the ‘Trading Platforms’ tab, you’ll find a couple of helpful video tutorials that show some of the features of MT4 on different devices as well.
Leverage options begin at 1:10 and go as high as 1:2000. To be clear, 1:2000 leverage will stay up to $20k account size in the standard account like FIXED AND ECN and after that, it will down to 1:1000 and further drop down to 1:500 after $50k account size. Even with these conditions, the leverage options are very flexible. Of course, trading with such a high leverage is risky, so it isn’t for everyone. Those that do use higher leverage may make more profits, so this decision would be entirely based on your own personal trading style. If you’re on the fence about trading with a higher leverage, we strongly suggest you open a demo account and try it out to see if it’s for you. Also, keep in mind that you can always change your leverage, so if you decide to go higher or lower than the amount you originally chose, there’s no hassle.
The smallest trade sizes listed begin at 0.01 lots for both the Fixed and ECN accounts. The largest lot sizes are 1,000 per order, no limit in total. These trade sizes are generous, so we felt no need to check elsewhere for a better deal, since 1,000 lots should satisfy even the best of traders. However, if you’re trading with a VIP account, you’ll only be allowed to trade very large contact sizes. No mini lots allowed. Let’s move on to the margin call and stop out levels. When a trader gets close to a 25% margin level, they will be warned by the platform that they are getting close to automatic liquidation. The moment your margin level falls below 20%, you’ll be subject to automatic liquidation. The margin call/stop loss levels are as follows:
Margin Call – 50%
Stop Loss – 20%
Stop loss levels are put in place to keep you from going negative, so there’s no avoiding this regardless of which broker you choose. Fortunately, the stop loss levels here are very reasonable. To clarify, you wouldn’t be able to place any new trades if you reach the 50% maximum margin, and your trades would be liquidated once you’ve reached the 20% stop loss level. If you want to avoid this, log into your trading account often enough to keep a good eye on your trades, or keep an eye on your email, since you’ll receive a warning when you’re getting close to the stop loss level. At that point, you would need to decide whether to deposit more funds, close some trades, or both.
Traders can really take advantage of the low costs associated with trading through this broker. This is based on the fact that all account types are commission and swap free, which only leaves spreads for AAFX to profit from. Elsewhere, you may be able to find brokers that offer swap free accounts, but charge commissions, or vise versa. So, it’s great to see that this broker is making it less costly and providing a better opportunity for their clients. Those that enjoy leaving positions open overnight will definitely benefit from the lack of swap fees offered.
AAFX currently offers an impressive number of instruments, 100 in total. These include Forex, CFDs and Futures. If you’re a VIP account holder, you’re able to trade all of the assets available on the website, but you’ll also have the ability to request more instruments. We like having the ability to trade Bitcoin, Gold, Silver, Indices, Crude Oil, Stocks, and Commodities because it can be hard to find all of these offerings widely available. If you’d like to check for a specific asset, check out the categories under the ‘Instruments’ tab on the website.
As mentioned earlier, Fixed accounts come with fixed spreads, ECN accounts are variable, and VIP accounts are raw. The website lists spreads as starting at 0 pips, and we found several spreads as low as 0.01 on several assets when we checked the lists. Spreads on all majors are as low as 2 pips. Keep in mind that spreads do vary by asset and they are constantly changing, so if you’d like to check the specifics, you can do so by navigating through the drop down list under the ‘Instruments’ tab on the website.
The minimum deposit amount is 100 USD for either the Fixed or ECN account. This minimum is the same for all deposit methods, with the exception of wire transfer. Unfortunately, wire transfer requires a deposit of $1000, so you may have to cross that option off your list if you don’t have that much available. However, wire would be a good option for anyone opening a VIP account, since the minimum deposit for those accounts is $20K, so you’d meet the requirements by default. We thought that the $100 deposit minimum was average, although you could sometimes find brokers offering lower amounts. In reality though, you can’t do much with only a small amount of funds in your account, so there isn’t that much of an advantage to depositing smaller amounts anyways.
Deposit Methods & Costs
AAFX offers several methods for deposit, including Visa and MasterCard, as well as bank wire, Bitcoin, Skrill, Neteller, Fasapay, and WebMoney. With the exception of bank wire, all deposit methods are fee free, processed instantly, and require a minimum deposit of $100. Bank wire doesn’t carry a fee for deposits, but the deposit minimum is $1,000 and it can take up to 10 days for your bank to credit your account. Deposit time is also listed as instant for every other method. Check out the details below:
- Visa/MasterCard: Deposit Time: Instant – Fees: 0
- Bitcoin: Deposit Time: Instant – Fees: 0
- Skrill: Deposit Time: Instant – Fees: 0
- Neteller: Deposit Time: Instant – Fees: 0
- Fasapay: Deposit Time: Instant – Fees: 0
- WebMoney: Deposit Time: Instant – Fees: 0 – Minimum Deposit: $100
- Wire Transfer: Deposit Time: Up to 7 days – Fees: $50 – Minimum Deposit: $1,000 EUR/USD
Make sure that you always fund from your own account, because third party deposits are not allowed, and a 3% penalty will be charged on any third party deposits that are returned. As mentioned earlier, wire transfer is probably more attractive if you’re depositing a larger amount of funds. Otherwise, the deposit times and minimums are great and it’s nice to be able to avoid having to compare fees, since all of the options are fee free. Having the option to deposit by card is a plus as well because this is the most popular method for funding accounts, especially considering how easy it is to fund and withdraw with one’s card.
Withdrawal Methods & Costs
All of the methods available for deposits are also available for withdrawals. Processing time is listed as being finished within three business days, but it could take up to ten days for your bank to credit your card. All of the withdrawal methods are fee free, except for bank wire, which carries a high $50 fee. On the other hand, bank wire withdrawals for more than $2000 will be fee free, so you can disregard the fee if you meet those requirements. Note that in order to withdraw funds, you should have at least 250% free margin.
Withdrawal Processing & Wait Time
AAFX will process most withdrawals within three business days. This isn’t the best processing time we’ve seen, but it also isn’t the worst. If you don’t want to wait long for your funds, try making your request earlier in the week. That way, you’ll be able to avoid the extra days that the weekend would factor in. If you choose bank wire, however, processing time can be up to seven working days, so there’s no avoiding the wait time. An important fact listed is that some merchants, like Neteller, may keep your funds on hold if you make very frequent withdrawals, which could put your wait time between 8 and 15 business days. To avoid having this happen, you could make larger, less frequent withdrawals. If that doesn’t sound appealing to you, you’ll have to deal with the longer processing times.
Bonuses & Promotions
At this time, AAFX is offering several bonuses and a promotion. First, there’s a 35% Welcome Bonus. The conditions are that you must be a new trader depositing at least 500 EUR/USD. So, the negative here, is that the required deposit is higher than the minimum deposit amount for regular accounts, which may make you feel pressure to deposit more than you initially planned to. Moving on, the next bonus would be the Reload Bonus. Conditions are that you must deposit at least 500 EUR/USD to claim a bonus up to 30%. This bonus can only be claimed two times per account. Right now, there is also an ongoing promotion where clients can get a free Iphone 6S or Ipad Air. So, you’re probably wondering what the catch is. Basically, your initial deposit has to equal a certain round turn lot trade amount. The specifications are:
$10,000 – $24,999 deposit = 250 lots
$25,000 – $49,000 = 500 lots
Over $50,000 = 1,000 lots
Another qualification for the promotion that probably stands out is the fact that you’d have to make a significant deposit to be eligible. For many, this won’t be an option, but some will be able to take advantage of this promotion.
Educational & Trading Tools
AAFX does offer demo accounts, daily reports, and some brief explanations on their webisite, but the educational offerings are slim. Fortunately, the internet is full of articles and videos for beginner traders, so it isn’t hard to get access to this information if you need it. We do suggest you take some time to research if you’re a beginner looking to invest for the first time. This broker also offers an economic calendar directly on their website. Clients will find a variety of tools available within the MT4 platform, including Technical Analysis Tools with 50 indicators and charting tools, 1 Click Trading and Built in News Functionality, and Full EA Functionality, just to name a few. We are highly satisfied with the tools that are available, but it would be nice to see more offered directly in ways of education.
Customer service can be reached via LiveChat, phone, Skype, and email. Customer support is available 24/5, with LiveChat support available from Monday 00:00 to Friday 23:59 GMT+2. The company provides several email addresses, along with three different phone numbers for different offices. All of the details for the available contact methods are as follows:
Customer Support: firstname.lastname@example.org
Customer Sales: email@example.com
Customer Relations: firstname.lastname@example.org
Hong Kong: +85281981079
St. Vincent & the Grenadines: +19142335216
We personally chatted with support several times and felt that each time the agent was kind and helpful. Some brokers can also be hard to get on the phone, so we enjoyed the fact that this broker listed their direct contact numbers, rather than forcing clients to make call back requests. Services are offered in 20 languages, which is not common. It’s very important for clients to be able to get in touch with support easily, especially considering that their hard earned money is involved. Fortunately, you won’t receive the cold shoulder from AAFX’s support team, so we had no complaints about the customer service.
Opening a demo account is a great way to test the market and gain experience without risking real funds. Fortunately, AAFX does offer demo accounts. Note that the only available currency for demo accounts is USD, but all of the other options mimic real accounts, including the leverage options and account type. You can also choose the deposit amount from a drop down list, starting at $100 and going up to $100,000. So, you could test out trading with a smaller, more realistic deposit, or go for a large deposit amount and high leverage to test the market’s limits.
Lately, more and more brokers have been shutting their doors to US clients. Others located in countries like Japan, Syria, Africa, etc. often find themselves excluded as well. Due to having offices in multiple locations, they have managed to extend service to more locations than ever before, including the U.S. Of course, AAFX may decide to change their restrictions in the future, so if you do encounter any problems with opening an account, contact their customer service department.
There’s a lot to love about AAFX. Reasonable deposit minimums, flexible leverages, bonuses, a wide variety of assets, and regulation are some of the first things that come to mind. We also liked the available deposit and withdrawal methods, including Visa/MasterCard, which we’re seeing offered less often as of lately. Like everyone else, we hate dealing with fees, but AAFX is both commission and swap free, so that was a big plus. They also offer several bonuses and have an ongoing promotion, so one could really benefit from this, so long as they are planning to make a large enough deposit to qualify.
Making larger deposits did seem to be a reoccurring theme with this broker, being that you will be rewarded more for doing so, with those rewards coming in the form of bonuses, higher leverage options, and the ability to open a VIP account. That was one of the things that we considered to be a drawback, since some won’t be able to meet those requirements. Some withdrawals also took a little longer to be received that we would have liked to see. Customer support scored highly, offering several different contact methods, quick access, direct phone numbers, and availability in 20 different languages. In the end, we really felt that this broker was a trusted option with many positive qualities, although we wished there were a few things that we could change. Whether you choose to open an account with this AAFX, or you plan to continue searching, we wish you good luck trading.