Reviewed by
Shaun David
Shaun David
Regulation • Trading Algorithms • Market Analysis
I’m extremely passionate about the financial markets and working with innovative technology that makes trading better and safer. Since joining the CleaRank team, my primary role is working with real-time broker performance data using the CLEAR™ technology and broker evaluation methodology. I investigate brokers by testing their platforms and uncovering hidden risks and costs. My end goal is to level the playing field for traders and With an extensive background in market analysis and algorithmic trading, I’m qualified to find what matters most to traders.
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Last fact check on June 7, 2026 by
Michelle Sofia
Michelle Sofia
Compliance Analyst • Editorial Review
Michelle is the financial content architect and SEO market analyst at CleaRank, and the final editorial reviewer on every CleaRank publication. With a background in financial journalism and fintech reporting, she fact-checks each broker investigation for accuracy before it goes live.
AAFX Trading Review 2026
AAFX Trading is an offshore foreign-exchange and CFD broker operating as AAFXTRADING COMPANY LTD, a Saint Vincent and the Grenadines International Business Company numbered 22916, with a registered address at The Financial Services Centre, Stoney Ground, Kingstown, Saint Vincent and the Grenadines. The broker references a Malaysia entity called AA Business Solutions SDN BHD and a Hong Kong office under the name AAFX Trading Capital. The Hong Kong office is the entity named on the Hong Kong SFC Alert List. AAFX Trading holds no Tier-1 licence anywhere.
Two primary-source regulator filings frame everything that follows. The United States Commodity Futures Trading Commission added AAFX Trading (owner-operator AAFX Trading Company Limited, origin Saint Vincent and the Grenadines) to its Registration Deficient (RED) List on 25 April 2017. The Hong Kong Securities and Futures Commission carries an entry on its Alert List for AAFX Trading Capital and AAFX Trading Company Ltd as an entity unlicensed in Hong Kong and believed to be targeting Hong Kong investors. The CFTC entry has been on file for nine years.
Our CLEAR investigation gave AAFX Trading a Failed score of 0.30 / 5, placing it in the severe-risk band alongside MTrading and Plexytrade. The most measurable concern is the most direct: Ahrefs data from 04 June 2026 shows the United States accounts for 290 of AAFX Trading’s 383 monthly organic visits, 75.7 percent of all traffic, despite the operator’s own publicly listed restricted-residents list naming the United States. The operator has been on the CFTC RED List specifically for unregistered solicitation of US customers since 25 April 2017. Verify any broker’s current risk status using the CLEARCheck Broker Risk Scanner.
Failed CLEAR™ Score: 0.3/5
Two Regulators On Public Record Against AAFX Trading
Two primary-source regulator filings define the compliance ceiling for any conversation about AAFX Trading. Both are public artifacts. Both name the operator directly. And both remain on file as of June 2026.
CFTC RED List, 25 April 2017
The CFTC RED List is the United States Commodity Futures Trading Commission’s public list of foreign entities soliciting US customers without registration. The AAFX Trading entry was added on 25 April 2017. The CFTC names the entity as AAFX Trading, names the owner-operator as AAFX Trading Company Limited, gives the origin as Saint Vincent and the Grenadines, and lists the type of offering as Over-the-Counter Foreign Exchange Trading and Contracts for Difference. Nine years on, the entry has not been removed.
Hong Kong SFC Alert List
The Hong Kong Securities and Futures Commission Alert List carries an entry for AAFX Trading Capital and AAFX Trading Company Ltd. The SFC defines the Alert List as entities that 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. The page metadata is dated 2024-07-05. AAFX Trading does not hold any Hong Kong licence.
SVG FSA position: no forex regulation
The Saint Vincent and the Grenadines Financial Services Authority publicly states it does not issue licences for forex trading or brokerage and does not regulate international forex companies. The AAFX regulation page cites the SVG IBC number 22916, which is a company incorporation number rather than a regulatory authorisation. There is no equivalent Tier-1 licence on file anywhere in the world.
Two CFTC-Listed Entities Plus An Unverified Malaysia Claim
The corporate paperwork behind the AAFX Trading brand sits in three jurisdictions but only two of the three carry independent regulator records. AAFXTRADING COMPANY LTD is the Saint Vincent IBC numbered 22916, registered at The Financial Services Centre, Stoney Ground, Kingstown, Saint Vincent and the Grenadines. AAFX Trading Capital is the Hong Kong office named on the SFC Alert List, at Two Exchange Square, 8 Connaught Place Central. AA Business Solutions SDN BHD is the Malaysia entity referenced on the AAFX regulation page; the Securities Commission Malaysia does not list AAFX Trading as an authorised broker, and the Malaysia claim is not independently verified by any primary regulator filing. The combination of an SVG IBC that the SVG FSA does not regulate, a Hong Kong office on the SFC Alert List, and an unverified Malaysia entity forms a structurally incomplete picture for any retail client trying to verify authorisation.
AAFX Trading: nine years on the CFTC RED List, still on file
AAFXTRADING COMPANY LTD, a Saint Vincent IBC numbered 22916, on the CFTC RED List since 25 April 2017 and on the Hong Kong SFC Alert List. 1:2000 leverage routed through a jurisdiction with no retail forex regulator. Homepage footer still reads "Copyright 2017".
A Saint Vincent IBC named on a 2017 CFTC RED List filing, a Hong Kong office named on the SFC Alert List, and a Malaysia entity referenced by the broker without independent verification.
AAFXTRADING COMPANY LTD
Saint Vincent and the Grenadines IBC named on the CFTC RED List entry of 25 April 2017. The SVG FSA publicly states it does not issue licences for forex trading or brokerage. The IBC number is an incorporation number, not a regulatory licence.
No real licenceAAFX Trading Capital
Hong Kong office named on the Securities and Futures Commission Alert List as an entity unlicensed in Hong Kong, believed to be targeting Hong Kong investors. The SFC alert metadata is dated 2024-07-05.
SFC alert-listedAA Business Solutions SDN BHD
Malaysia entity referenced on the AAFX regulation page. The Securities Commission Malaysia does not list AAFX Trading as an authorised broker. The Malaysia claim is not independently verified by any primary regulator filing.
Unverified1:2000 leverage
Maximum leverage of 1:2000 on Fixed and ECN accounts up to USD 20,000 balance. FCA, ESMA and ASIC cap retail forex leverage at 1:30. The leverage is only possible because the operator routes retail clients through the SVG entity that has no retail forex regulator.
Structural riskRetail traders inside a US-heavy, leverage-heavy funnel
AAFX claims it does not accept residents of the United States, Iran, North Korea, Syria, Cuba and Sudan. The CFTC found in 2017 that AAFX was soliciting US customers anyway. Ahrefs measured on 04 June 2026 that the US accounts for 75.7 percent of all organic search traffic. The 1:2000 leverage routes retail clients through an unregulated jurisdiction.
Ahrefs Audit: A Small But Persistent US-Heavy Traffic Mix
Live data from the Ahrefs API for aafxtrading.com on 04 June 2026: Domain Rating 28, 3,257 live backlinks across 506 referring domains, 19 ranking organic keywords with 10 in the top three positions, 383 organic monthly visits, and no paid traffic. The traffic volume is small relative to the brokers covered in earlier CleaRank reviews; the geographic distribution is what matters.
Country breakdown of those 383 organic monthly visits: United States 290 (CFTC RED-listed since April 2017, 75.7 percent of all traffic, on the operator’s own restricted-residents list), United Kingdom 50 (FCA target market, unauthorised), Spain 16 (CNMV warning track), India 9 (SEBI restrictions), Australia 6 (ASIC 1:30 leverage cap while AAFX offers 1:2000), Germany 4 (BaFin and ESMA ban), Netherlands 3 (AFM retail ban), Canada 1 (CSA unregistered), Brazil 1 (CVM not authorised), Russia 1, France 1 (AMF retail forex ban). The United States alone delivers more traffic than every other country combined.
The Smoking Gun: Nine Years On The CFTC RED List, Still 76 Percent US
The CFTC RED List entry from 25 April 2017 names AAFX Trading and AAFX Trading Company Limited and gives the origin as Saint Vincent and the Grenadines. The operator’s own restricted-residents list at aafxtrading.com names the United States as a country from which it does not accept clients. Live Ahrefs data on 04 June 2026 shows 75.7 percent of all aafxtrading.com organic search traffic comes from the United States. Nine years of continuous CFTC RED List exposure and no apparent corrective action.
Payment Rails: Cards, Wires, Crypto, And Several E-Wallets
AAFX Trading accepts deposits via bank wire transfer, Visa and Mastercard cards, Skrill (Moneybookers), Neteller, Perfect Money, WebMoney, FasaPay, Bitcoin, and internal account-to-account transfer. AAFX advertises a zero-fees policy on wire transfers above USD 10,000 and on Skrill transfers. The mixed-rail design is broader than a pure-crypto operator, but the inclusion of Bitcoin alongside e-wallets that do not carry chargeback protection narrows the recovery path. Combined with 1:2000 leverage routed through the SVG entity that holds no licence anywhere, the structural environment for retail clients is severe.
Customer Complaints: A Multi-Year Pattern
The complaint record on AAFX Trading is documented across Forex Peace Army, WikiFX, Trustpilot, and Myfxbook. The recurring pattern across 2023-2025 reports: profits accumulated, then withdrawal requests denied, delayed or accounts disabled. Reported tactics include compliance check demands for further deposits before payout, spread widening on profitable positions, and unilateral account closure with profit-voiding language. AAFX has not responded publicly to those allegations. WikiFX flags the broker as Suspicious Regulatory License and cites the CFTC RED List warning. The pattern is consistent with the CFTC RED List finding nine years earlier and with the operator’s choice of an SVG IBC with no retail forex regulator.
Action Steps If You Are Already a AAFX Trading Customer
Stop depositing immediately. Do not add another cent regardless of any bonus or recovery promise.
Preserve every record. Save deposit transaction hashes, MetaTrader account statements, chat logs, KYC submissions, every email and every screenshot.
File a chargeback fast if you deposited by Visa or Mastercard. The dispute window is typically 120 to 180 days from the deposit date.
Report the firm. UK: FCA Report an unauthorised firm. US: CFTC SmartCheck. Canada: Ontario Securities Commission. EU: your national regulator and ESMA.
Avoid recovery offers. Anyone offering guaranteed fund recovery for an up-front fee is a second-layer concern. Legitimate chargeback and regulator-complaint paths do not require an up-front fee.
Our Verdict for AAFX Trading
AAFX Trading’s 0.30 / 5 CLEAR Score reflects an operator that has been on the CFTC RED List for nine years and continues to receive 75.7 percent of its organic search traffic from the United States. CFTC RED List entry of 25 April 2017 unremoved. Hong Kong SFC Alert List entry on file. AAFXTRADING COMPANY LTD operates from a Saint Vincent IBC that the SVG FSA does not regulate. 1:2000 leverage approximately 67 times the FCA retail cap. Homepage footer reads Copyright 2017. Finance Magnates tag page carries two paid Thought Leaders posts and zero editorial coverage. A multi-year customer-complaint pattern.
Avoid AAFX Trading. For real ECN execution under a Tier-1 regulator, use a CLEAR-certified broker such as IC Markets (ASIC), Fusion Markets (ASIC), or Darwinex (FCA). Verify any broker through the CleaRank Broker Risk Scanner before depositing.
AAFX Trading FAQs
Disclaimer: This review documents the regulatory and compliance risks of an unregulated broker and is not financial advice. Always verify a broker’s licenses and seek professional guidance before trading.
Shaun David
I’ve spent majority of my life studying finance and building a successful career from analyzing market trends to spotting successful early adoptions in the crypto industry, and I’ve come to realize I’m not purely analyzing numbers, but the psychology and sentiment of the crowd. As one of CleaRank’s earliest team members I take a hands on approach and personally test brokers by opening real money accounts, executing trades, and stress testing their customer service. Throughout my career I’ve built trading algorithms, managed long term investment portfolios, and helped traders avoid shady brokers before they even knew they were at risk. Whether it’s uncovering hidden fees, evaluating regulatory loopholes, or optimizing trading strategies, I live and breathe the financial markets.