AAFX Trading reviews: any good for cryptocurrencies?

[Sajinn]

Currently I'm looking for a decent brokerage that would allow trading both traditional assets and bitcoin. To tell the truth, I'm not that much interested in alts so far, but Bitcoin still seems to be interesting in a long-term perspective.
I liked AAFX for they have really attractive spreads for all the assets, no commissions and most importantly currently offer 40% bonus to new account replenishments. The claim is the bonus is withdrawable. Did anyone work with this brokerage? Is it really withdrawable? How difficult is it to complete the requirements for bonus withdrawal?

[Felsa]

I don’t believe that any brokerage can ever! ever! offer you a bonus that you will be able to withdraw to your real account. Are they nuts to do that? Well, even if they really promise to do so and plan to do so without any cheating intentions, they surely have set some really difficult requirements that you will never ever be able to fulfill in your life. It must be some crazy volume to be traded so that they can make enough money with commissions before they give you your 40%.

[Sajinn]

This is actually why I’m asking. I have the same suspicions, but according to the rules, it’s not that bad. They give you 60 days to trade and if the volume is big enough, they transfer the bonus to your main account from where you’ll be able to withdraw it to bank. Unfortunately the bonus is no longer 40% as well. But still 35% for the first deposit. If I won’t find anyone who’s tried the service here, I might need to be the AAFX pioneer and try it myself.

[Adoragamand]

No doubt the idea of a bonus that you can actually withdraw really is fascinating, but oh my, why do you think alts are not worthy attention. Why do you consider a brokerage that can offer Bitcoin only for trading? Do you know that when Bitcoin gains 10% some of the decent alts can give 50% profit?

[Sajinn]

Yeap, I know that. But you see, I came in crypto market from regular stock market. I’ve been trading stocks for a few years and  I know for sure that investing in SnP500 index is much safer that investing on one of  the stocks from the list. Moreover, if you choose the wrong stock, you may run into troubles and the probability of such troubles is much higher if you use just one stock. Especially if it deals with some unexplored technologies or pharmaceuticals. Just one mistake of company’s management - and here is the black swan that swallows your deposit. I view Bitcoin as such index that shows the overall tendency in the crypto-world. When BTC grows, alts grow and vice versa. I don’t like alts for enormous 100%  risks that they offer along with high profits probability.

[Adoragamand]

I see. Well, if we speak of unknown alts or ICO’s investments that must be true. But I also think that there are some alts that can compete with BTC in their reliability. However, if you do have some experience with stock trading this might really be a better strategy for you to stick to the well-known assets and add Bitcoin to those. Better than nothing from crypto-world anyway. So good luck. Let us know about the bonus if you dare to try.   

[Sajinn]

If you mean Ripple or some other alts of this kind, yeah they can be called reliable in some sense. However, if reliability is based on the roots leading to a certain corporation, this nivelates the sense of being an altcoin. If you need a centralized asset to invest in - better choose some stock.
Anyway, I’ll keep in touch about the bonus. Just funded the account by $500. Hope this was not the last time I’ve seen this money

[Felsa]

You never know, you never know. Don’t mean to disappoint you, but I am VERY sceptic about the AAFX idea. Actually I’m skeptical about all forex brokers. They all give false promises and their main source of income is your lost deposit. I really hope it won’t be true in this case, but..

[Sajinn]

I understand. You are right in some sense. Many brokerages want traders to lose. But there are others that earn with commissions and spreads. I really hope AAFX is the second case. Was hoping to find some traders here that have tried the brokerage themselves but now I’m gonna be the pioneer myself. It’s been three weeks so far. I didn’t do any withdrawals yet, so have not much to say. On the other hand, they don’t do any of those dirty tricks with slippages and quotes manipulations for sure. At least I haven’t noticed any problems with executions so far. Bonus is putting some pressure on for sure, but the rest of it is ok so far.

[Felsa]

Just wanted to drop a few lines. Remember, I was very sceptic about your broker. I know trading is a very stressful occupation by itself. I didn’t want you to feel bad about what I said. The reason I’m writing this is that I’ve read the AAFX CEO interview in a trading magazine. The interview created a good impression and looks like the broker is going to support MT5 sometime soon, which is a good sign. So let’s be more cheerful and good luck with your bonus!

[Sajinn]

Thank you, yeah, let’s be optimistic. They have this requirement that if you do the withdrawal, you don’t get the bonus. So I’ll be able to withdraw the funds only after the bonus time is over (not sure if I’ll get the requires turnover or not). But I will definitely let everyone know when I’m done with that, either successfully or not. 

[Adoragamand]

That’s correct. Only a withdrawal process can be the final evidence about broker being a scam or not. From what I see, AAFX offers a rather big leverage. It can be a powerful  weapon in fighting the markets. And I’m wishing you a good luck!

[flanmustelafu]

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[Sajinn]

That’s correct. Only a withdrawal process can be the final evidence about broker being a scam or not. From what I see, AAFX offers a rather big leverage. It can be a powerful  weapon in fighting the markets. And I’m wishing you a good luck!

Thanks! Yes, the max leverage is 1:2000 for most of the assets, but its smaller for Bitcoin. Anyway, I’m not fond of using too much of the leverage anyway. I think the max reasonable lever is 1:100. Whatever is more is too risky. Unless you have some special trading strategies to make use of a bigger ratio. BTW I’m nearly done with my turnover. Making 5-10 trades a day using 5 minutes timeframe makes it not that difficult. I expected to have more trouble, but I did not realize before, that both entry and exit count for volume.   

[chrisbarett]

I have the same suspicions, but according to the rules, it’s not that bad. They give you 60 days to trade and if the volume is big enough, they transfer the bonus to your main account from where you’ll be able to withdraw it to the bank. My advice it trades with a broker at legal company.