I don’t see this broker is regulated, safety is always the first place
No Major regulation, Multiple guilty cases against them in FPA. Why would someone choose them especially when there are other better options available? Beats me!
Don’t wanna sound naive (I love regulated brokerages either, and would have loved them much more if regulated ones had better trading conditions about spreads and leverage) BUT check out any A+++ rated brokerage and you’ll see they have tons of negative reviews too. There can be a few reasons for that and this is yet another topic of discussion why people do that. I’ll only mention the most obvious one - they belong to true customers who had their accounts blocked for rules violations. I.e they launched HFT algotrading with AAFX, while it’s clearly forbidden with the rules. People often have hard time acknowledging own mistakes. They have no hope to succeed in trading in my opinion.
As for the FPA’s alert, I see it deals with some scam alert, not a violation. Unregulated by HK authorities brokerage attempted to deal with HK investors which was not approved by these authorities and they issued the alert. No other violation detected. Yeap, this is why many brokerages who wish to keep their leverage with no cap (like AAFX) don’t deal with investors from USA, Japan and some other countries. They should have added HK to their black list to avoid this trouble.
You forgot about these funds recovery spam messages. They pop up in every trading-related discussion, in any broker’s thread and claim they’ve lost their funds with THIS broker (they use different broker’s threads, but don’t even change the words and post the same message everywhere) and managed to get the money back with the help of some doctor or professor. Ridiculous, but it still effects broker’s reputation.
Thank you for all the information this seems to be usefull
I see. Thanks for explaining. Have never heard of recovery services before. Can’t believe people can trust such reviews! Isn’t it obvious that if you’ve lost funds trading, you can’t get the money back. It’s like lighting a candle and then ask for the money back cause the candle was burned. I know everyone starts trading cause they want to make profit, but if you’ve made some wrong decisions, no doctor or professor can help.
Exactly. And as well, people don’t always know how to use leverage properly and what lot size they can trade to keep the risks under control. There are special calculators for those purposes. I’m sure you can find such calculators at AAFX official website as well. Or use Google.
I know! I’ve finally funded my live account at AAFX and I was immediately asked to set up the desired leverage level. I can change it if I won’t but for now I’ve decided to keep it 1:200. So the broker won’t let me open a position with the size that exceeds this leverage threshold. I find it very convenient!
I didn’t realize you can set up the upper level of levelege you wanna use for the account at AAFX. You know, I’ve always had this doubt about 1:2000 leverage. Why broker provides it? To tell the truth I thought it was because they wanted us to use it in full in purpose or accidentally and blow our deposits ASAP. If you can set up the max leverage level - this is a different story.
Yeap, this should help. However, if you can’t trade, it won’t help even if trade with no leverage at all. If you know what you are doing, leverage becomes another useful tool that you can use for your benefit and up to your understanding of what is appropriate or not in regard of this tool. Leverage is like a sharp knife. Some can use it to do a surgery, others can cook some food, some can commit a suicide.
Leverage has nothing to do with you blowing your acct. Your risk determines that.
If you are trading, you are using leverage. So, your no leverage comment is puzzling. 1:100 still is leverage. Or are you saying you are doing and advocating 1:1 leverage?
AAFX never once said they are regulated in Hong Kong. What they always only stated was they have a office space in Hong Kong. Those “recovery” ads are scams in itself. I suspect many bizarre reviews are done by spammers & idiots who blew their acct. All businesses set up in Malaysia must honor Islam practices. That is the reason they were able to setup as no swap brokerage with liquidity providers.
how do you withdraw your money from AAFX and how long does it take?
I usually wait for the sum to exceed $500 and do the bank wire. Funds normally arrive next day. For smaller amounts I’d suggest using the credit card, but I don’t know how long such withdrawals take.
i never heard of a bank wire withdrawal taking one day, are you in the U.S.
EDIT: with credit/ debit card you can only withdraw what you deposit all profit must be withdraw other ways
SWIFT used to take 3-4 business days like 5-10 years ago. If you provide all the correct banking info including intermediary banks (if required), you are very likely to get the money in 24-48 hours nowadays. But it depends on the bank on both sides (sending and receiving bank). I haven’t done any withdrawals from AAFX yet, but I have enough experience regarding this matter as I receive wires for freelance jobs. Non-US.
Well… yeah. I guess… Anyway, with this limitation on the leverage you can feel safe at least in regard of accidental trades. You know, when you put another zero to the lot size accidentally. Now I know broker simply won’t let me do this.
i was talking about withdrawals from AAFX, if anybody done a withdrawal with them, the method and how long did it take
I remember you sad the current leverage is 1:200. That’s quite enough to tell the truth. Safer than 1:2000 for sure, but still this is a lot. With account size of couple thousand I won’t dare using it. But could be a golden middle for under 1K accounts IMO.
How do you like the broker so far by the way?
I don’t have much to compare with to tell the truth… And I didn’t do any withdrawals yet, which I know is an important test. But speaking of connection quality with MT4, orders executions, etc - I don’t have any regrets or concerns so far. It was important for me to be able to focus on my trading competence and that kind of stuff. Not fighting with the broker about quotes and executions. My expectations about AAFX in this regard are met so far.