Scam Alert! Beware of the Unlicensed Broker AAFX Trading

There are several ways that investors are entrapped by Forex scammers. The most common one is that scammers induce investors with fast deposit/withdraw and claim to be regulated. But after victims make some deposits and start to trade, they will encounter many bad situations, such as unable to withdrawal.

BrokersView recently learned that the forex broker AAFX Trading has been one of the above scam brokers.

Wipe out Investors' Account Money

A client posted that he wanted to withdraw his funds with a total deposit amount of €28,804 and profits of €10,346. He was told that he needed to wait more than once. A few hours before he would finally be allowed to withdraw huge trades (195 lots total) and a large spike wiped out his account.

Another client reported that his account was suddenly shut down when he made over $250,000 in a few months. He shared that he shouldn't trust his money with AAFX Trading for it is a fraud company. He won't notice that until he make a lot of money. But once he made a profit of over $250,000 in a few months and AAFX Trading suddenly shut down his account based on absurd reasoning and without any prior communication to address the issue.

Claims to be Registered in SVG & Warned by Three Regulators

AAFX Trading is completely unregulated.

AAFX Trading claims to be registered with Saint Vincent and Grenadines(SVG) FSA under the registration number of 22916 and the company name of AAFXTRADING COMPANY LTD. However, We found that there is no matching records on SVG FSA website. Moreover, as a forex trader, we all know that SVG FSA does NOT regulate forex trading, cryptocurrency trading, or binary options trading.

Besides, from the information we gathered, we found there are a few regulatory warnings against AAFX Trading.

1, The HK SFC has issued an Unlicensed Entity Alert against aafxtrading.com(AAFX Trading).

2, AAFX Trading is on the CFTC's RED List.

3, The Japanese Ministry of Finance has issued a warning against AAFX Trading. 

AAFX Trading offers trading worldwide but doesn't have all the licenses to do, it's a scam. This is often the case with fraudulent brokers by claiming its strict rules and regulations or just registered with offshore regulators who actually doesn't regulate forex activities. BrokersView advises you to only deal with forex brokers that are authorised by the regulators.