Beware! This is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
ACYFX is an Australian forex broker, which has a partnership with OANDA Australia. OANDA is one of the pioneers of forex trading, with subsidiaries across the world. ACYFX is targeting the Chinese market, while offering the OANDA level of quality. At the time of writing, the Chinese version of their website feels better maintained than the English one.
Unlike some other Forex brokers ACY offers clients only one account type. This is neither a better or worse practice in our opinion, however it shows the company doesn’t offer different conditions to clients. This may be beneficial to newer traders, planning to deposit lower amounts, as they will get the same treatment as the bigger clients.
ACY FX is owned by ACY Capital Pty Ltd, which is registered with the Australian Securities and Investment Commission (ASIC). Regulation should be a key point when choosing your FX broker. The ASIC, for instance requires a minimum of AUD 1 million, to allow a brokerage to operate. Keep in mind that unlike some other regulators it doesn’t impose a mandatory compensation scheme (a system which allows protection of client funds, in case the broker goes bankrupt).
As a partner of OANDA Australia, ACY FX transfers clients’ deposits directly to them. The funds are kept there in segregated accounts, meaning the company can not operate with them. This is another key aspect of financial regulation, which benefits the clients.
Overall your funds will be safe after you deposit with ACYFX.
Forex spreads at ACY FX are relatively competitive with the current industry averages, being based on their partners’ (OANDA) liquidity. They are floating, with a proclaimed average of 0.8 on EUR/USD. As you may expect the spread widens with the more exotic pairs.
When it comes to metals, the average spread on XAU/USD is 0.2. Commodity and index CFDs are also offered with variable spreads, which also seem in line with expectations.
The leverage level goes up to 1:500, which is pretty high. For investors with smaller accounts this may even be even more beneficial than opening an account directly with OANDA, as they offer lower leverage in other jurisdictions. As you may know trading with high leverage can carry significant risk for your capital, if you are not careful.
ACY FX offers MetaTrader4 to its clients. The platform is well known, stable and a traders’ favorite due to its simplicity and support of automated systems (Expert Advisors). The mobile version of the platform may not be suitable for full-time trading, but it offers a practical way to check your positions and the market conditions, when you are on the go. Some seasoned traders don’t like the lack of multiple screen support by the default version of the platform, but that is not a problem for most users.
OANDA’s in-house platform is not offered at ACYFX, which may come as a disappointment to people who are used to it. At the end of the day it’s not such a big deal, as MT4 is more than suitable for most of your needs.
At the time of this review, the only funding method is a bank transfer. This may be a temporary situation, but we can see it as a potential problem for some clients. There are people who prefer using their Credit/Debit Card or an e-wallet, such as Nettler or Skrill.
Live chat support is active and relatively fast. It is also mainly targeted to the Chinese market, with all the buttons and menus being in Mandarin. The support managed answer some of our questions in English and we suspect the response time would be even better in Mandarin.