AAAFX Warning! questions about regulation claims and requests for money before approving accounts

[Timmi]

My experience so far, and red flags the aaafx website and online chat agent have raised.
aaafx please clarify.

I went to open an account with aaafx.com filling everything out and eagerly uploading my documents right away. But a week and a half later, they still haven't looked at the documents and the account isn't yet approved. I went to online chat recently, and the agent told me that I have to send them my money first, before they look at the documents. How does that make any sense?

Their website is vague regarding aaafx being regulated. If we read carefully, the website talks about the mifid law... and claim they are an FCM, but I have been unable to locate on their website where they mention a regulatory body that actually watches over them and enforces these regulations upon them.

AAAFX, could you please clarify and give us some reassuring information? Could you please give us a REAL registration number that is verifiable on a regulatory agency's website. And could you make this information more readily accessible on your website.
Also, could you please clarify your policy about the accounts approval and funding process as outlined by your online chat agent.


22 OC 2013 UPDATE: aaafx sent the link to their registration. Please see my reply below. They would do well to improve the wording on their website, to make things appear less vague.

 

[Pharaoh]

My personal advice is to never place 1 cent with any broker before your documents are verified.

See if you can find something in their Terms of Service about not verifying docs before someone deposits.

A lot of brokers use that "mifid regulated" ploy. Get on their live chat and ask them for the name of their regulator, the regulator's website, and their registration number.

 

[aaafx sales]

My experience so far, and red flags aaafx has raised.
aaafx please clarify.

I went to open an account with aaafx.com filling everything out and eagerly uploading my documents right away. But a week and a half later, they still haven't looked at the documents and the account isn't yet approved. I went to online chat recently, and the agent told me that I have to send them my money first, before they look at the documents.
How does that make any sense? Has anyone ever left money at a bank or financial institution without having an open account to deposit it into? And have you ever heard of a financial institution that accepts to open an account without verified ID? So, I'm of the understanding that they'll take money, but won't necessarily activate the account. What happens to our money then? If they have a documents review process, they obviously refuse some accounts. Why would they accept money from more people than they are opening accounts for? It doesn't make any sense.

Traders should also be warned about claims regarding aaafx being regulated. If we read carefully, they talk about the mifid law... and claim they are an FCM (which is a broker), but I have been unable to locate on their website where they mention a regulatory body that actually watches over them and enforces these regulations upon them. If MIFID is a law, and not a place you register with - then the distinction is very important. Should they not be regulated, do we even know that they are even in Greece where they claim?

I feel that this needs to be investigated. So many websites listed here that were shut down and disappeared with people's money, and it is no time to be vague and evasive with information.
AAAFX, could you please clarify and give us some reassuring information?
Could you please give us a REAL registration number that is verifiable on a regulatory agency's website. And could you make this information more readily accessible on your website.
Also, could you please clarify your policy about the accounts approval and funding process.

Dear Timmi and FPA readers,

Firstly, we would like to inform you that AAAFx is regulated under the Hellenic Capital Markets Commission (HCMC) with registration no. 2/540/17.2.2010 and is therefore MiFiD compliant.
You can find detailed information about AAAFx at HCMC's website at http://www.hcmc.gr, under Market Participants, Market Intermediaries, Investment Firms. Please note AAAFx will appear under our full legal name 'Triple A Experts SA'.

Regarding the account opening process, we would like to make clear that AAAFx can of course review the submitted documents prior to receiving a deposit.
In more detail, please note that the user’s web account is enabled the moment the registration process is completed and email address has been verified.
Then, in order to activate an investment (MT4) account, the user needs to submit all the relevant documents and make a deposit. Once both of these have been cleared, the user will receive his trading credentials.
Please accept our apologies if you were misinformed on this by a support representative - we assure that we understand your point, and of course you are entitled to having your documents reviewed prior to making a deposit, like so many clients have done in the past!

Please feel free to contact our support team via live chat or email (support@aaafx.com) for any questions or concerns.

Best regards,
AAAFx

 

[Timmi]

the agent told me that I have to send them my money first, before they look at the documents.

AAAFX, could you please clarify and give us some reassuring information?
Could you please give us a REAL registration number that is verifiable on a regulatory agency's website. And could you make this information more readily accessible on your website.
Also, could you please clarify your policy about the accounts approval and funding process.

Allow me to update everyone:
It appears they are regulated by the Hellenic Capital Market Commission.
They answered my email, giving me this link to their registration.
Should anyone here be more versed than I in these categories, please feel free to jump in and help us clarify.

There's a link at the bottom for English.
Here is the link to the English version of aaafx's registration
just in case the link doesn't work for you:
hcmc.gr/pages/axepeyIn.asp?compID=932&catID=107