Established in 2008, AAAfx broker offers trading serviices in regulated environment.
AAAfx broker is extremely strict with the registration process and requires quite a bunch of official documents in order for you to receive an account. The sign up process seems time-consuming and very demanding:
Copy of valid ID or password
Copy of recent Proof of Residence (utility bill, bank statement)
Copy of Proof of Income (income tax return)
Copy of Employment Status (employment contract, pay slip)
The last two documents are an unusual request among forex brokers, especially for account opening.
On top of that, the deposits via credit and debit cards above $1,000 require another set of documents including copy of the card itself and recent card statements.
Minimum deposit requirement is $300 and account can be opened in USD, Euro, Japanesse Yen, Australian Dollar, Pound Sterling and Swiss Franc.
Payment methods include Wire, Credit Card, Skrill, Neteller, giropay, EPS, directpay24, teleingreso, ideal, qiwi.
Both deposits and withdrawals are subject to fees. For example, deposits via Credit/Debit card are charged 2.95% fee and Moneybookers deposits are charged 2.95% + 0.29€, while for withdrawals a flat fee of $25 is applied.
This is great way to ensure that you make bigger deposits right from the start (to avoid the overcharge) and withdraw once in a blue moon. After all, imagine that you made couple of hundreds. Most likely you will keep the profit in the account, because withdrawal fee will take away $25 and with the next deposit you need to pay almost 3% in commissions!
Trading Conditions and Platform
Broker provides several trading platforms:
MetaTrader 4 platform
Binary options web trader
Zulutrade - automated copytrade features
AAAfx allows you to trade Micro lots (1k). Islamic accounts (swap-free) are available to all citizens of Islamic countries.
Leverage is up to 200:1; however please note that new accounts are by default with 100:1 leverage, which can be changed upon request. Contact the support team to adjust the leverage to your liking.
Hedging, scalping and EA are allowed. The broker provides No Dealing Desk execution.
Spreads on majors start from 0.2 pips. For a complete spreads table refer to the broker’s official website.
Each individual trader can open up to 10 accounts. Aside standard accounts, AAAfx also offers Corporate, Institutional and PAMM accounts.
Customer service is available via email, live chat and phone. Broker’s website is available in English, French, German, Spanish, Italian, Russian, Chinese, Hebrew, Arabic and Greek.