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

[Purekiller]

Got you, thanks.
What were the largest drawdowns?

 

[Vo32ss]

Around 40% of depo, so yeah, that's a risky one. Yet, I'm funding account now. The R:R is still good imo.

 

[Vo32ss]

I finally did it! Having spent enough time playing with a demo account, I dared to open a real one to try my averaging method combined with their strikingly big 1:2000. I deposited $300 and got down to trading. Well, I obtained quite controversial outcomes. So, I increased by depo to $420 only using my averaging. You may wonder that I could have achieved more. Yeah, perhaps, but it seems to me averaging doesn’t get along with this very large leverage, the use of which is quite scary, I should confess. Well, I didn’t lose my depo and I attribute it to my averaging approach. As for 1:2000, it’s not bad but it should be used for something different, I don’t know for what yet.

 

[Shalirad]

As for your averaging, I’m not going to change my point of view. I guess you were simply lucky. However, maybe you are right.

 

[Purekiller]

I have no idea how to use this 1:2000. You need to be extremely cautious and psychologically prepared to use it. Keep up, guys, I’ll be watching you. I wonder how you can make the most of AAFX Trading.

 

[Pharaoh]

Consider this:

Imagine if you got scammed. You've exhausted all legal and regulatory routes to try to resolve your issue. You and others bring your issues to the FPA and the company is labelled as a SCAM.

Would you want other FPA members to boycott the broker that scammed you?

If yes, how would you feel to find a group of FPA members discussing opening accounts with the broker that scammed you? What would you think of your fellow FPA soldiers providing money to the enemy?

I would personally never open an account with any broker that's been labelled scam by the FPA. If the broker claims to be reformed, they need to come back and resolve all the issues that lead to them getting that label. Otherwise, they will not only never see one cent of my money, but I will keep warning others away from the company.

AAFXTrading has been labelled as a scam since March 2017.

 

[Vo32ss]

Consider this:

Imagine if you got scammed. You've exhausted all legal and regulatory routes to try to resolve your issue. You and others bring your issues to the FPA and the company is labelled as a SCAM.

Would you want other FPA members to boycott the broker that scammed you?

If yes, how would you feel to find a group of FPA members discussing opening accounts with the broker that scammed you? What would you think of your fellow FPA soldiers providing money to the enemy?

I would personally never open an account with any broker that's been labelled scam by the FPA. If the broker claims to be reformed, they need to come back and resolve all the issues that lead to them getting that label. Otherwise, they will not only never see one cent of my money, but I will keep warning others away from the company.

AAFXTrading has been labelled as a scam since March 2017.

To tell the truth I didn't take seriously the scam alert on AAFX Trading as I attributed it to an old Hong Kong government alert on AAFX. I investigated that case and found out that the alert was issued due to the fact that the broker recruited HK investors but was not properly licensed in HK.
Show me an international brokerage that didn't target asian customers. Every broker does so. So that's my excuse for a careless attitude to scam alert on FPA.
I understand now that the company had more issues with customers. There are two other cases at FPA that the broker was voted guilty for. Both are about 60K worth capitals invested in 2017. Both customers could not withdraw it back in a short term after funding their accounts and both complained at FPA and opened their trials. What a shame on a brokerage! I now see what your concerns are and why this thread makes you worry.
On the other hand, I must admit I am shocked to see two individual retail investors both investing very significant amounts of money in an unregulated brokerage accounts. Unfortunately, after examining both cased I did not see the position of the brokerage itself on this matter. The court has voted guilty already, so who am I to question the decision? But dear fellows, don't you see some suspicious circumstances here? The only reason I can see for a person to invest in an unregulated forex brokerage and immediately try to withdraw it - is some kind of a money laundry activity. Sorry, I'm definitely not an expert here, but that's what comes to my mind and these are the ideas I want to share with FPA community.
At the same time I agree that these thoughts might be a product of my mind reactions. My way to protect the decision I've take when I funded the AAFX Trading account. Some sort of a logical fallacy cause by excessive ego.
For this reason I'm ready to close my account with the broker that does not meet the standards of a community and share the results of my attempt to withdraw my profits from this broker in this thread. Hope this can make up for my bad.
Yet there is a question that troubles me. If AAFX really bothered to remove that scam label what would they need to do? I believe that even if I succeed withdrawing the funds that would not remove the label (and it shouldn't, I assume). Has FPA ever removed a scam label?
Please understand me. Reading the name of the forum I focus on Peace rather than Army, so the questions of justice bother me. I want to find out the truth about the broker I've chosen. If the intuition did not let me down this time and there is a reason to consider AAFX non-guilty, I want to know that. If it is guilty and I was wrong - I'm ready to repent.

 

[Pharaoh]

The FPA was ahead of the regulators on this one. The review pages shows an FPA Scam label coming in 2 days before a regulator warning.

Simple "unauthorized firm" warnings aren't enough to trigger anything bigger than a note about the regulator warning on the review page. Ripping off multiple FPA members or being charged with a serious crimes by regulators is what leads to earning the title SCAM.

My recommendation is to witdraw all your funds from AAFXTrading. Afterwards, tell them why. The most likely 2 responses would be:

1. They claim to have reformed. If they say this, tell them to send a rep to the FPA and pay those traders what is owed to them.

2. Accuse the FPA of being a scam. If you check every page of the FPA, you'll find the only thing for sale is banners. The FPA has cancelled banner contracts with companies that stole money from FPA members. That's about as anti-scam as a website can get.

 

[Vo32ss]

ok, I'm withdrawing all the money from AAFX Trading. I'm interested myself whether they will return me the money along with the profits.
Will keep you posted in this thread!

 

[Vo32ss]

The FPA was ahead of the regulators on this one. The review pages shows an FPA Scam label coming in 2 days before a regulator warning.

Simple "unauthorized firm" warnings aren't enough to trigger anything bigger than a note about the regulator warning on the review page. Ripping off multiple FPA members or being charged with a serious crimes by regulators is what leads to earning the title SCAM.

My recommendation is to witdraw all your funds from AAFXTrading. Afterwards, tell them why. The most likely 2 responses would be:

1. They claim to have reformed. If they say this, tell them to send a rep to the FPA and pay those traders what is owed to them.

2. Accuse the FPA of being a scam. If you check every page of the FPA, you'll find the only thing for sale is banners. The FPA has cancelled banner contracts with companies that stole money from FPA members. That's about as anti-scam as a website can get.

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.