Discuss AAFXTrading.com (Warning - This broker earned a SCAM label)

[Pharaoh]

Or, perhaps, $420 wasn't enough money to trigger problems like those that happened to many FPA members. Many smart scammers know that paying small profits at first can lead to much bigger deposits to walk away with later.

 

[Vo32ss]

Just wanted to ley you know that I've withdrawn my initial depo of $300 and $120 of profits as well this November from AAFX Trading account.
Sorry I didn't let you know earlier - had to fight the trendy desease recently and I must admi it wasn't fun at all :/
Anyway, the money arrived safely, no delays. Nobody tried to stop me from closing the account and withdrawing the funds along with the profits. This is a huge relief, I must admit.
Profits that traders can make using a huge leverage are often taken for nothing but a good luck of a trader. I don't share this feeling and I would have been very upset if the broker didn't withdraw the profits. I know sometimes this happens: people make unexpectedly good profits and later the broker lets them know that they broke some rules and it all wasn't fair.
I know I didn't violate any rules. I honestly used the services that AAFX offers. I completed KYC and provided the copies of my real docs. I didn't hedge positions using second account, I didn't try to trick anybody. That's why I'm not really surprised that it all ended well. This is what it was supposed to be like.

I can't argue with that. I simpy don't have the full picture of what happened to those users that claim to have been robbed by aafx.
On the one hand, I've got my own positive experience of working with the broker now. On the other hand, I totally agree, that the amount is not very significant so your arguments are very sound.

 

[Shalirad]

Pharaoh is absolutely right, a scam brokerage can really sacrifise $120 from their own budget to preserve the good reputation and wait for a bigger fish.
I don't understand though, is that really possible for a company to run the business like that for years and years, once in a while ripping 50K of some rich but naive trader who invested that much money in an unregulated brokerage with no guarantees? What if the big fish does not come? AAFX Trading exists since what? 2010-2013 I think? Running a brokerage that supports both MT4 and Mt5 is expensive. Their licenses are expensive. Operational costs are expensive. 24/7 support is expensive. How come that they still have their license? I know they are registered not in the most trustworthy jurisdiction, but even Virgin islands don't allow a pure scam to run under their license.
I agree that withdrawing small profits to get more - that's a scam that is very likely to happen when you deal witha young broker that is not regulated and runs own custom trading platform. However, I sincerely don't understand, how a broker can keep the business with huge operational costs running for ages if the real purpose of this business is a scam. I'd really appreciate is if someone explained the mechanics.

 

[Spellkiller]

We have to differntiate here. Some brokers do small scam on a daily basis - manipulate charts and quotes to make their customers lose more money. All the orders get executed internally with such brokerages, which means the broker is always on the other side of a trade. When their customers lose, they win. It's obviously dangerous to work with such brokers.
The story with AAFX looks different. They seem to be a normal brokerage currently, but at the same time they've had some major issues in the past which resulted in an FPA scam label. I'm not the one to question the decisions of FPA court but there were 3 almost identical cases in 2017 agains this broker. All victims have lost around the same amount of money. They all had these issues simultaneously. They complained at FPA only and didn't address their compaints to SVGA. The broker still works fine and they still work under SVGA license (not the most reliable one, but even SVGA does not allow a pure scam to work under their jurisdiction). If these people didn't attach some proofs to their complaints at FPA, I'd have thought this was targeted campaign against AAFX brokerage for whatever reason.

 

[Goldcaster]

LOL, just checked out one of those threads where AAFX was found guilty. Come on, the guy attached a couple of irrelevant charts to the post and used the thread to promote his EA and find some new subscribers. What kind of evidence are you speaking about?

 

[Vo32ss]

Hmm, interesting. Where did you find it? EA promotion I mean.

 

[Goldcaster]

The two last posts here promote the EA of a topicstarter.
In this post the same guy that complained about AAFX says he is super happy with the other broker (recommends it instead of AAFX) and mentions that his EA yields around 100% monthly for himslef and another victim of AAFX that posted the similar thread at FPA.
I have zero tolerance to scam and brokers that manipulate charts and scam their clients. Yet, we mustn't be naive and blind when we deal with these issues and see someone is accusing a broker with some obvious purpose. Let's not turn FPA in a witch-haunting crusade.

 

[Spellkiller]

well, the screenshots there are quite persuasive, aren't they? It's a pity that those guys didn't manage to attach the historyof their trades, but we've seen the evidence of sending that money to the broker. Or am I missing something?

 

[Goldcaster]

Let me ask you a question please. Which of the evidenced did you find to be persuasive enough?
A case where the guy is promoting the subscription to his EA that is claimed to have gained enormous profits with AAFX Trading?
Or maybe the case where the same guy keeps promoting his EA?
Or may be the case where html file was used as a proof? Do you know how easy it is to create such files. I spent less than a minute to create a 'proof' that this guy has lost 1 million dollars with AAFX. Editing the numbers in html files is no more complicated then editing a doc file.
So which of the evidence was found to be persuasive enough?

 

[Purekiller]

Sorry to bring it up here guys, but I've got a real need to find a broker that would offer 1:2000 like the one that is discussed in this topic does. Is there an alternative for AAFX Trading in this regard that you might know of?
A better alternative I mean.