AAAFX & Accumarkets Account Experience: Full Explanation from Demo Account to Withdrawal

AAAFX General Information

What is AAAFx?

AAAFx, a trading name of Alpha Global Ltd, is a multi-asset broker founded in 2007 and registered in Saint Vincent and the Grenadines that claims to provide its clients with various tradable financial instruments with flexible leverage up to 500:1 and floating spreads from 0.0 pips on ActTrader, MT4, MT5, and ZuluTrade trading platforms via four different live account types, as well as 24/5 customer support service. However, it's worth noting that AAAFx currently operates without a valid regulatory license, and traders are advised to carefully consider the associated risks before engaging with the platform.

Pros & Cons

Is AAAFx Safe or Scam?

AAAFx currently has no valid regulation, but it claims to offer certain protection measures such as Negative Balance Protection. It's advisable to conduct thorough research and consider the risks associated with trading on an unregulated or partially regulated platform.

Market Instruments

AAAFx provides a diverse range of trading instruments to cater to the needs of its clients. Traders can access over 200 financial instruments, including major and minor currency pairs in the Forex market, popular stock indices from around the world, a selection of commodities such as gold, silver, and oil, a variety of individual stocks from different global exchanges, and even cryptocurrencies like Bitcoin, Ethereum, and Litecoin. This wide range of instruments allows traders to diversify their portfolios and take advantage of various market opportunities across different asset classes.

Accounts

AAAFx offers a range of account types to accommodate different trading preferences and needs. Traders can start by practicing their strategies and familiarizing themselves with the platform using a demo account, which allows them to trade with virtual funds in a risk-free environment. For those ready to trade with real money, AAAFx offers five live trading account options. The ECN account is suitable for most traders, requiring a minimum deposit of $100 and providing access to competitive spreads and fast execution.

The VIP account is designed for more experienced traders, with a higher minimum deposit of $5,000 but offering lower spreads and additional features. Additionally, AAAFx offers an Islamic account for traders who adhere to Islamic principles, which operates in compliance with Sharia law.

AAAFX Demo Account

Many traders try out their strategies on demo accounts.AAAFx has a demo account. Therefore, you can familiarise yourself with the platform.

In this video you will learn how to open a demo account with AAAFx!

In fact, even if you've traded forex before, it's best to try out their demo account before trading with real money. This way you can familiarise yourself with the platform.

After signing up, you will use a demo of your favourite platform. For example, if you prefer ZuluTrade, the demo account will allow you to practice as if you were in a real trading environment with real money. You will be able to see how your favourite traders trade. You can start practising immediately, without real money.

Leverage

AAAFx provides flexible leverage options, allowing traders to choose the level of leverage that suits their trading style and risk tolerance. With leverage ratios ranging from 1:1 to 500:1, traders can effectively amplify their trading positions and potentially increase their potential profits.

However, it is important to note that higher leverage also comes with increased risk, as it amplifies both potential gains and losses. Traders should exercise caution and carefully consider their risk management strategies when utilizing leverage.

Spreads & Commissions

AAAFx offers competitive spreads and commission structures for different account types and trading instruments. Spreads are variable, depending on the account type and trading instrument selected. With the exception of the ZERO account where spreads start at 0.3, spreads on all accounts start at 0.0 pips, providing traders with tight and competitive pricing.

Trading Platforms

AAAFx offers a range of powerful and user-friendly trading platforms to meet the different needs of traders. The popular MetaTrader4 (MT4) and MetaTrader5 (MT5) platforms are available for desktop, web, Android and iOS devices. These platforms are known for their advanced charting capabilities, technical analysis tools and automated trading options. Traders can use a wide range of trading tools to easily execute trades and monitor positions in real time.

Additionally, for those interested in social trading, AAAFx supports the ZuluTrade platform, which allows users to follow and copy the trades of successful traders.

With AAAFx's diverse range of trading platforms, traders have the flexibility to choose the one that best suits their trading style and preferences, ensuring a smooth and convenient trading experience.

See the trading platform comparison table below:

Deposits & Withdrawals

AAAFx provides traders with a variety of convenient deposit and withdrawal methods to cater to their diverse needs. Traders can choose from options such as bank cards, wire transfers, APM (Alternative Payment Methods), e-wallets, and cryptocurrencies.

The minimum deposit requirement is set at a low threshold of $10, making it accessible for traders with different budget sizes. Opening an account requires a minimum deposit of $100, ensuring that traders have sufficient capital to start trading. The minimum withdrawal amount is also set at $10, allowing traders to withdraw their funds as needed.

Base currencies: USD/ EUR/ CAD/ AUD

Importantly, AAAFx does not charge any commission for deposits and withdrawals, which adds to the convenience and cost-effectiveness of using their platform. While wire transfers and VIRTOALPAY deposits/withdrawals may take 1-2 business days for processing, other deposits/withdrawals are processed instantly, allowing traders to start trading without unnecessary delays.

See the deposit/withdrawal fee comparison table below:

Please note that fees may vary depending on the specific account type, payment method, and other factors. It's always recommended to check with the respective brokers for the most up-to-date and accurate fee information.

Accumarkets General Information

Overview of Accumarkets

Accumarkets is a financial service corporate based in South Africa that operates without regulation from the Financial Sector Conduct Authority (FSCA). The company, associated with Elite Financial Services (Pty) Ltd, has surpassed its licensed status, raising concerns about its legitimacy. Accumarkets carries a warning indicating a low score and advises caution when engaging with the company. Suspicious activities related to its business scope further contribute to potential risks associated with Accumarkets.

The company offers a range of market instruments for trading, including forex pairs, indices, and commodities. Traders can access major and cross currency pairs in the forex category, allowing them to participate in the global foreign exchange market. Popular stock market indices from around the world are also available for trading, providing opportunities to speculate on market trends. Additionally, Accumarkets offers tradable assets in the commodities market, such as gold, silver, crude oil, natural gas, and agricultural products, where investors can take positions based on price movements.

Accumarkets provides different types of trading accounts, including the Standard Account, 100% Bonus Account, and Cent Account. Each account type requires a minimum deposit of $5, and the spreads start from 1 pip. Traders can choose from various payment options for depositing and withdrawing funds, including instant smart EFT payment services like Ozow and digital payment platforms like Virtual pay and Paystack. However, potential users should exercise caution and be aware of the potential risks associated with engaging with Accumarkets due to its lack of regulation and suspicious activities.

Pros and Cons

Is Accumarkets Legit?

Accumarkets is not regulated by the Financial Sector Conduct Authority in South Africa. The license type associated with Accumarkets is “Financial Service Corporate,” but it has exceeded its current status. The licensed institution, Elite Financial Services (Pty) Ltd, is associated with Accumarkets, but it is important to note that Accumarkets has a warning indicating a low score and advising people to stay away. There is a previous detection indicating that Accumarkets exceeds the business scope regulated by South Africa FSCA and the National Futures Association-UNFX Non-Forex License. Additionally, it is mentioned that Accumarkets does not have a trading software. This information suggests that there may be risks associated with engaging with Accumarkets, and caution should be exercised.

Account Types

Standard Account: The Standard Account offered by Accumarkets has a minimum deposit requirement of $5. The spread for this account type ranges from 1 pip. Traders using the Standard Account have access to a variety of instruments, including Forex, Indices, and Metals. The trading platform provided for this account type is MT5. Withdrawals from the Standard Account are processed instantly.

100% Bonus Account: Accumarkets also offers a 100% Bonus Account, which requires a minimum deposit of $5. Similar to the Standard Account, the spread for this account type ranges from 1 pip. Traders can engage in trading Forex, Indices, and Metals. The platform provided for this account type is MT5. Additionally, the 100% Bonus Account comes with a bonus offer of 100%. However, hedging is not allowed with this account type. Withdrawals from the 100% Bonus Account are processed instantly.

Cent Account: Accumarkets provides a Cent Account, which requires a minimum deposit of $5. The spread for this account type ranges from 1 pip. Traders can access Forex, Indices, and Metals instruments. The platform offered for the Cent Account is MT5. Similar to the 100% Bonus Account, hedging is not permitted with this account type. Withdrawals from the Cent Account are processed instantly.

Accumarkets Demo Account

Demo accounts are not available at this time.

Deposits and Withdrawals

Accumarkets offers a wide range of payment options for deposits and withdrawals. One of these options is Ozow, an instant smart EFT payment service. It enables users to make online payments directly to their Accumarkets trading account. Another option is Virtual pay, a digital payment platform that offers simple transactions through a variety of payment solutions across the globe. Paystack can also be used as a quick solution for digital payments. In addition, Match2Pay allows users to make quick payments and supports a wide range of cryptocurrencies.