While I agree with you that regulation is very important, especially what country/regulatory body regulates the broker, you are incorrect as far as AAAfx being regulated. Firstly, you should refer to the definition/description of MiFID in wikipedia here : MiFID Wiki . You will note that it mentions ,
"Firms covered by MiFID will be authorised and regulated in their "home state" (broadly, the country in which they have their registered office). Once a firm has been authorised, it will be able to use the MiFID passport to provide services to customers in other EU member states. These services will be regulated by the member state in their "home state" (whereas currently under ISD, a service is regulated by the member state in which the service takes place)."
Therefore, in order to fall under MiFiD, the the brokerage must be authorised and regulated by it's country's recognized regulatory body...please show me where this is the case with AAAfx - it is not.
Secondly, even if AAAfx did fall under MiFID, MiFID does not cover the forex market, so traders will receive not coverage under it.
AAAfx in my opinion quite sneakily refers to the Mifid regulation on it's website here :AAAFx MiFID , suggesting that it is regulated by MiFID, however this is not the case, all they say in that document is that if the trader states that they understand the inherant risks involved with forex and that they are experienced etc etc , then " AAAfx will provide the protection stipulated by the MiFID institutional framework" .... in other words, they state they will offer you the same benefits as would be the case IF they were regulated under MiFID - WHICH THEY ARE NOT .
Anyway, be careful and always read the fine print. There are quite a few brokers out there claiming or at least suggesting that they are regulated, when in fact they are not. A couple of that spring to mind are two that are Registered in Saint Vincent and the Grenadines, OctaFX and FXOptimax, who I have seen on a number of forums claiming to be regulated, however there are merely REGISTERED, there is a big difference.