Zulutrade/AAAFX is a scam

[Dimohrusafov]

how much do you pay into your trading account with AAAFcx before Zulu can trade your account?

well, iit's min 300USD/EUR to open an account and no extra commissions to trade on zulutrade or per manual lot traded, if this is what you are asking.

 

[Timmi]

AAAfx is a regulated broker by Mifid, employs 70 people, and opens daily more than 100 new live accounts. All wire transfer withdrawals are processed same day. Credit card withdrawals above $1,000 require scanned cc copies from both sides (at the time of the withdrawal), and your credit card statement.

Do not hide behind MiFiD to give yourself credibility.
mifid is a law, it is not a regulatory body.
it takes a regulatory body to enforce the rules that are set out by mifid.
what country and regulatory body have you chosen as your regulator?

 

[Timmi]

Regarding slippage AAAFX is much better than other brokers. In my situation there was some delay in opening the account. However i didnt get angry as I felt more safe thinking that this happened in order for them to check papers, bank etc

I agree. We don't know how many emails and transactions each employee has in their inbox awaiting processing.
We have to give them a chance to do their job.

Also, regarding the original message, my gut reaction is that, if I were to already give them all my info to open the account, I can't claim to be concerned about identity theft to provide a statement, as they already have all the info they need to do that and don't need to ask for it again, should that be a person's intent. I believe that the extra precautions are good, because they prevent anyone from just taking your money from that account.

We can all have several bank accounts, including a very small one for purposes of forex, and need not be embarrassed at submitting a statement with little funds in it.

 

[phylo]

Do not hide behind MiFiD to give yourself credibility.
mifid is a law, it is not a regulatory body.
it takes a regulatory body to enforce the rules that are set out by mifid.
what country and regulatory body have you chosen as your regulator?

Regarding due diligence with reference to this Broker the above appears to hold water. While there is, on the AAAfx site, a link that opens a pdf of the MiFID (Markets in Financial Instruments Directive) the Broker does not advertise itself regulated in any country under any regulatory body. Without recourse to a regulatory body I can only see the client-trader covering legal costs in case of a dispute. The MiFID link on the Brokers site in term of client recourse amounts to nothing.

I don't know of any Brokers operating in the United Kingdom not regulated by the FCA (Financial Conduct Authority), previously FSA (Financial Service Authority).

Below is a list of UE Regulatory Bodies. Address: Financial Regulation in the European Union to Help Prevent Forex Fraud

Regulatory Agencies in the European Union

The following are the primary regulating organizations for financial services providers that may include retail forex brokers operating in the following countries of the European Union:

Austria - Financial Market Authority (FMA)

Belgium - Banking, Finance and Insurance Commission (CBFA)

Bulgaria - Financial Supervision Commission of Bulgaria (FSC Bulgaria)

Cyprus – Cyprus Securities and Exchange Commission CySEC

Czech Republic - Czech National Bank

Denmark – Danish Financial Supervisory Authority (Danish FSA)

Estonia - Finantsinspektsioon

France – Autorite des Marches Financiers (AMF)

Germany – Federal Financial Supervisory Authority (BaFin)

Greece - Capital Market Commission

Hungary - Hungarian Financial Supervisory Authority

Ireland - Irish Financial Services Regulatory Authority

Italy - Commissione Nazionale per le Società e la Borsa (CONSOB)

Latvia - Financial and Capital Market Commission

Lithuania - Securities Commission of the Republic of Lithuania

Luxembourg - Commission de Surveillance du Secteur Financier (CSSF)

Malta – Malta Financial Services Authority (MFSA)

Netherlands - Authority for the Financial Markets (AFM)

Poland - Polish Financial Supervision Authority (KNF)

Portugal - Portuguese Securities Market Commission (CMVM)

Romania - Romanian National Securities Commission

Slovenia - Securities Market Agency (ATVP)

Spain - Comisión Nacional del Mercado de Valores (CNMV)

Sweden - Financial Supervisory Authority of Sweden

United Kingdom – Financial Services Authority (FSA)

Three other countries that are currently outside the European Union have also adopted the MiFID. They and their financial regulatory organizations are:

Iceland - Icelandic Financial Supervisory Authority

Liechtenstein - Financial Market Authority (Liechtenstein) (FMA)

Norway - Financial Supervisory Authority of Norway

Financial firms regulated by any of these organizations can now benefit from the MiFID’s passport program when dealing with residents of other countries.

Basically, the MiFID provides the forex market with a standardized home based regulating mechanism that services the entire European Union.

To some extent, this helps provide European based forex traders with a measure of recourse in the event that a problem should arise when dealing with their retail forex broker.

 

[joelmch]

I don't think Zulu and Ava are a scam. They have proven themselves over the years to be legit.

 

[MarijnK]

I deposited money with AAAFX in order to trade with Zulutrade - the two of them seem to be the same company.

The signals I had chosen from Zulutrade did not perform on my live account so I decided to withdraw my funds.

AAAFX refused to refund the funds to the credit card that I used to deposit them - WHY?

They asked me to provide bank account details and withdraw the funds to my bank account. I provided the required details.

After ten days of making a withdrawal request on the website, nothing had happened, so I enquired with the 'live chat' support line. They said there was no problem but it would just take some more time.

I enquired every day for the next few days. Eventually I was told that I must resubmit images of my credit card and a copy of my credit card statement. I was told that this is a 'new requirement'. They hadn't bothered to inform me of this requirement.

I had already (reluctantly) uploaded images of my card and am not prepared to supply a copy of my bank statement to them because they are clearly dishonest and I am concerned about the possibility of identity theft.

They refuse to return MY MONEY to me.

I havr the same concerns.......did they actually stole your identity? or did you have problems last years?

 

[vontogr]

Hi guys,

I am a signal provider on ZuluTrade. zulutrade.com/trader/198760
These a*******s make a big profit on the followers trades as the amount following is more than $60,000.
Still they wont sent me my funny share of $100. IT is taking more than 2 months and I got nothing.
They steal from their clients as well as from providers.
I dont actually need them as I have infrastracture to mirror trades on my own but I dont have such website to promote myself.

 

[FxMaster]

Hi vontogr,

It will be good if you can open your own thread regarding the problem you had/having with them.

 

[Gean5555]

Well, there have been some delays in payments, but I received all my requested amount. You should write to the Trading desk and they will help you out.

 

[peepbb]

Dear Sir

During the last 2 months, credit card fraud is taking off. Allied Wallet does not offer withdrawal to a credit card. Only to a bank account. Our newest credit card processor Wirecard allows withdrawals to a credit card.

Now regarding your case: we need to make sure you are the card holder. You might have sent credit card scanned copies in the past, but since we distroy them immediately, due to recent fraud activity during February, we would like to make sure you are the owner. Credit card withdrawals are subject to extra evaluation, and we might require you to verify your identity multiple times. This is not personal. It's because of the nature of the way of cc deposit.

AAAfx is a regulated broker by Mifid, employs 70 people, and opens daily more than 100 new live accounts. All wire transfer withdrawals are processed same day. Credit card withdrawals above $1,000 require scanned cc copies from both sides (at the time of the withdrawal), and your credit card statement.

We have lost over 300,000 Euros only in February due to credit card fraud and we need to be cautious with the cardholder identity. Again wire transfer withdrawals are fast always.

Please contact backoffice@AAAfx.com
To resolve the issue asap

You Zulutrade you are not BROKER you are completely SCAM. It is useless to waste time with you on forums you are all criminals!! You write feedback yourself like good you are, but you are the hugest scam in Forex industry! AAAFX = ZULUTRADE = FRAUD = SCAM BEWARE ZULUTRADE!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! CHEATERS