- Social trading platforms are available
- Excellent customer support in different languages
- Very low charges and commissions
- No trader education is provided on their website
- Minimum deposit required in $300.
Aaafx is an online broker that offers the trading of forex, CFDs and cryptocurrencies using their trading platforms. Aaafx was established in 2008 in Athens, Greece, which is where the company’s head office is located. This office is at No. 14 Akti Kondyli Street, Piraeus 18545, Greece.
Aaafx is regulated in Europe with the registration no. 2/540/17.2.2010. The official website is available in 11 languages which includes English, Greek, German, French, Spanish, Italian, Portuguese, Russian, Chinese, Arabic and Japanese.
The company claims that within the last five years, they have opened thousands of live accounts from 176 countries all over the world.
What are the trading platforms offered by Aaafx? Let us examine these platforms.
The ZTP is the web-based manual trading platform utilized for trading forex and CFDs. It runs on web browsers from any operating system. ZTP offers technical charts and indicators like oscillators, trend, Bill Williams, etc. It is fully customizable and you can use robots via ZuluScripts, which is a scripting language owned by a company known as ZuluTrade. ZuluTrade is a software company that operates a mobile social and copy trading platform. They integrate with brokers to provide their platforms which can be used for copying the trades of successful expert traders across different brokers. Aaafx is directly integrated with ZuluTrade because Aaafx is the brokerage arm of ZuluTrade.
MetaTrader 4 (MT4)
This is the most popular trading platform among retail forex traders and brokers. It comes with a repertoire of tools for market analysis. MT4 provides a flexible trading system which is perfect for traders at all levels. It is fully customizable and can be automated using Expert Advisors (EAs). MT4 is available as a downloadable application on the computer or mobile phone. The mobile versions are available from the android play store or the iPhone app store.
This is largest social trading network of traders from over 190 countries. On Zulutrade, a trader can easily follow and copy the trading signals from an experienced expert trader. ZuluTrade makes it possible to connect to traders across multiple brokers in different parts of the world in order to copy trades from successful traders. This platform is available on the Windows computer and on mobile devices. It comes with modern tools to search for traders and their trading history.The mobile versions are available on android and iPhone/iPad.
Aaafx offers multiple trading instruments for trading on their platforms. They offer 61 currency pairs which includes the major, minor and exotic pairs. They offer precious metals like Gold, Silver etc. Commodities like US Oil, UK Oil and Natural Gas are available for trading. 10 indices like GER 30, AUS 200, UK 100 etc can be traded. Cryptocurrencies that are available for trading include Bitcoin, Ethereum and Litecoin.
Fees and Commissions
Just like most brokers, forex traders on Aaafx pay a spread. Their spreads are just as low as you would find on the platforms of other brokers founded within the late 2000s. For e.g. the EURUSD spread is 0.2 pips. Commissions are charged on trading CFDs and on cryptocurrencies.
Rollover Charges are charged on trader accounts that maintain an open position by 9:00pm UTC.
A performance fee of 20% is charged from profits made by copying a trader. This is obtainable from traders who hold a “Profit Sharing Account”, which is an account designed solely for copying traders through the ZuluTrade platform. The ‘standard account’ can be used for both manual and copy trading.
Security and Fairness
Aaafx is regulated by the European Union (EU). So, they abide by the rules propounded and enforced by the EU.
The official website is protected by modern security softwares. This is to protect user data from hackers especially during transmission over the internet. The trading platforms are equally protected by updated secured encrypting softwares. Traders’ funds are kept separate from brokers funds. This is to ensure that the money is still available even if Aaafx becomes bankrupt.
The provision of social trading, manual tradingand automatic trading is very generous and fair of Aaafx. They also provided the already very popular trading platform; the MT4. It is very considerate of this broker to provide low spreads and low commissions. Demo account for practice purpose is also provided.
Customer support is available on a 24/5 basis from Sun 8:00pm to Fri 9:00pm UTC. The support is available in 11 languages and in different forms.
On the website, there is a comprehensive Frequently Asked Questions (FAQs) page filled with useful answers to most questions raised by website visitors and prospective clients.
There is email support which is replied in less than 24hrs. Phone support is available. The support staff are friendly and eager to help out not just on regular support channels, but also on social media channels such as Facebook, Twitter, LinkedIn and Google+.
Aaafx is regulated by the European Union, which provides a certain level of security of funds for traders. Security is top notch as both the platforms, website and funds deposited by the clients are secured using modern encryption technology. The very popular MT4 platform is available for traders. With seamless integration with ZuluTrade, social trading is available on sophisticated platforms. Best of all is that these platforms are available on mobile devices and so, trading and analysis can be done anywhere. The customer support provided is very efficient and responsive. Even though Greek standards are not as stringent as you would find elsewhere, there is enough put in place by Aaafx to provide a passable retail brokerage service to its clients.