AAAFx outsources its trading platform from a different broker and does not provide any information for the account types it offers. The broker does not tell anywhere that what kind of withdrawal options does it provide and also does not tell anything about the leverage that is offered.
In terms of commissions and spreads, the broker asks too much as compared to different brokers from the market. Let us read about the scam broker more.
AAAFx: Account types
The broker does not provide a lot of information on the account types. The only two words that were somewhere related to accounts were a live and a demo.
they are very clearly listed on the homepages and in some excellent cases, the whole comparison is given on one single page by the broker. Apart from this, the broker offers an account called the Islamic account.
Inside the live account, the broker provides an individual and corporate account type and then mentions nothing about their specifications.
The account should at least come with some information about the leverage it offers, the kind of trading instruments a trader can use with that account but it looks like the broker is trying to keep everything hidden from the trader.
Such a scam practice should not be entertained by the community as a whole.
Apart from all this, the broker advertises a so-called Islamic account. While the broker hides information about accounts that can be liable for bringing in serious business, the broker makes a special account for a religion based population.
The broker outsources its trading platforms with another broker by the same name as the platform and does not provide trading with the latest MetaTrader softwares. AAAFX forces the use of prior versioned programs, completely insulting the fact that newer softwares are already in the market.
Every company either updates its application at a regular interval or completely replaces them with a newer version. MetaTrader4 has been succeeded with MT5, and it was necessary since the older programs miss out on a lot of important indicators that result in a profitable trade for the trader.
Scam brokers are known to outsource a lot of things, but AAAFX takes it up a notch by completely outsourcing one of its primary trading platforms with a completely different broker, ZuluTrade.
The odds of the broker being legitimate to take a dip when two of them combine and try to scam the trader. It has to be kept in mind by the trader that a lot of things can happen over the trading platform and if it is not the latest, developed on low-level languages, then some problems can happen over time. Lagging, sudden freezes are two of the most common complaints the brokers receive on their customer support if they actually have one.
AAAFx: Deposits and withdrawals
The broker nowhere talks about the withdrawals. There’s a link to the deposit page however here, and the broker talks about a minimum balance that is supposedly three hundred dollars. The market offers to trade on a minimum amount that is actually minimum. $ 300 is a lot for a novice trader. The legit brokers know this, and they offer less than a hundred dollars for most of their accounts.
AAAFX is so scammed that it completely hides the information that is related to withdrawals in any way. How will the trader take the money out of his or her account is still a big question that the broker needs to answer
Again and again, we come across instances with the scam broker where it deliberately hides information, out of choice. Such devious nature can be harmful to the trader. Who knows, the broker hides its info from some and gives it to some.
Commission and spreads:
The broker so scammed that it starts talking about the spreads and the commissions on the first page of the website itself. The commissions range up to ten dollars in some cases. This is ironical, what a trader would make if he or she trades forex with just one standard pair of currency units.
The broker tries to rob the trader and at the same time, also makes sure that the trader is unaware of any such thing. The spreads begin from less than a pip but then shoot up to twenty-five in some cases.
Commissions too, reach to 1200 for specific currencies. The broker does not leave the trader an opportunity to make money, and if the trader somehow manages to make some profit, the broker gets it out of the pocket by applying such high commissions and spreads. The shows that the broker AAAFX is a complete scam.
AAAFx: Tradable Assets
All the scam broker talks about on the website is either forex trading or trading via CFDs. Trading on CFD can be a risky thing for a novice trader, and it is important the trader knows the basics of trading for making money here.
Forex, in itself, is a volatile market, and the broker advertises these two with a primary focus.
Keeping all this aside for a while, we tried to look for relevant information about different assets that the broker adverts but failed to find any. It felt like the broker wants the trader to either forex or via CFDs.there can be different trading instruments and the broker also sometimes mentions them in places but at the same time fails to provide any concrete relevant information like the leverage offered or anything for such sorts.
The broker claims that it has been in the market since 2008 but fails to provide any proof for the same. Such a huge claim should be backed by some fact at least. The broker does not provide any registration related documents to its users. The broker claims to be regulated by one regulatory authority despite the fact that it has an offshore service program. There is no mention of any other regulatory authority on the website. Once again, the broker hides very crucial information from its users and ensures that no one understands how the regulations part of the firm works.
Scam or safe:
The broker by the look of it is a complete scam. There is a lot of information that AAAFX hides from its traders, and it is very crucial that the trader knows about all this.
The broker does not even care to tell that it provides what kind of account.
Does not share data about how many customers it has and most importantly outsources its trading platform from a different broker.
The broker is a complete scam, and no trader whatsoever should get involved with such a party. The novice trader needs information and the latest tech so that they can take the market head-on. There are plenty of brokers that offer such services HFTradng, GlobalTradeATF, ROinvesting top the list of legit brokers who have been in the market for a considerate amount of time. These brokers provide the trader with every possible information he or she needs and help the community grow.
Frequently asked questions:
Is my money safe with AAAFx?
No, your money is not safe with AAAfx. In fact, there is a huge chance that the capital you have already invested is no more with you.
What else do I have to look out for, other than a scam broker?
The market you want to deal in should always be on your types, in terms of daily updated information. The scam brokers like AAAFx do not provide relevant educational materials, but legitimate brokers do.
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