AAFX Trading Isn’t Regulated in Hong Kong, Warns SFC
The SFC is clamping down on unauthorised investment providers, saying investors should go for regulated brokers instead.
The Securities and Futures Commission (SFC), Hong Kong’s paramount securities and financial markets regulator, has issued a warning on AAFX Trading Capital for suspicious activity, according to an SFC statement.
AAFX Trading Capital / AAFX Trading Company Ltd, which operates through AAFXTrading.com, was added to the SFC’s alert list on suspicion of being unlicensed or unregistered in Hong Kong. The company claims to be registered with the department of economic development of Hong Kong and lists its principal place of business at Square 8 Connaught Place Central, Hong Kong.
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However, the SFC said that the unregulated firm is not located in the region although it may be using the details of a legitimate company to confuse investors. The regulator also said it uses a bank account in Hong Kong in the name of Yellow Sand International Ltd for settlement.
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According to AAFXTrading’s website, the company claims to operate as a global online trading broker specializing in stocks, commodities, CFDs and currencies. It also states that the firm is licensed and regulated with major financial commissions worldwide, including in Malaysia and Saint Vincent and the Grenadines.
Presently, the SFC’s comprehensive Alert List features the names of businesses that have come to the attention of the watchdog because they are unlicensed in Hong Kong and are believed to be, or to have been, targeting Hong Kong investors or claim to have an association with Hong Kong.
AAFX; their name resembles AAAFX, Mr. Leon Yohai’s company, which also runs Zulutrade.
No body minds free typo traffic, I guess.
Such cases are happening all the time. Brokers receive the licenses from the certain regulators, register in different jurisdictions, then regulators change the policies and they are pulling the licenses and so on. The fact AAFX is regulated not from Hong-Kong, but from Saint Vincent and the Grenadines or somewhere else, doesn’t matter, the company either function normally or not. I think that AAFX is a normal broker. Many people are trading through it and withdraw the money, and they don’t really care, who regulates the company. I know a few forex-company, which are not regulated at all, and they… Read more »
I agree, most of the time the attitude of the regulator to the certain broker is just a politics. There is not a single broker in the world, which would make happy everyone and nobody would complain about it. Even if the company plays honestly, there can be unexpected stuff during the money withdrawal. Something like banking error or something else – and here the negative review is coming and accusation in scamming, but in reality broker hasn’t done anything bad. And here we are not talking about the tons of negative reviews, paid by the competitors. I know that… Read more »
I also think that AAFX is a normal broker. I started to work with them recently, but everything is ok so far, I didn’t have any issues at least with the trading.
But I’m still a little bit worried after I read the article. Did anyone withdraw money from AAFX lately? How did it go? Were there any issues? And what to do if there are some?
I withdrew 700 dollars a week ago. Everything went fine, like during the past times. Don’t worry, broker carries on as before, when you need to withdraw your money – just go ahead)))
Regarding the question about the issues. I don’t know, I have never had any problems XD But if there is something wrong, contact support or call the hotline, the numbers are on the website heading. Somebody was writing on the forums, that AAFX has exceptional support, they will respond immediately and help you with your question.
Anyway, don’t worry and good luck with trading!