Beware! FX Pace 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.
FX Pace offers three account types with a leverage of up to 500:1 and the MetaTrader4 platform. Spreads, as tested with a demo account, started around 1,6 pips, which is more or less fine with a standard account, while their portfolio included over 80 forex pairs with lots of exotic currencies like Mexican peso, Brazilian Real, Turkish Lira, Russian Rubble, Chinese Yuan, Singapore Dollar, Norwegian Krone, Swedish Krona, Danish Krone, Hong Kong Dollar, Hungraina Forint, Polish Zloty, Czech Krona and South African Rand.
Other available assets include CFDs on crypto currencies like Bitcoin, Ripple, Ethereum, and Litecoin, spot metals like gold, silver, platinum and palladium, agricultural commodities including coffee, cocoa, rice, sugar, cotton, corn, soybeans, wheat and copper, as well as oil, natural gas, 17 indices and stocks.
And although this might sound attractive, take a note that FX Pace is a unregulated, offshore broker and that significantly erodes its credibility.
FX Pace regulation & safety of funds
FX Pace is owned and operated by Salvax Limited, a Bermuda based company, which also runs a couple of other unregulated, offshore brokers, namely FX Suit and Navitas Markets.
And our issue with FX Pace is exactly this – neither the broker, not the company behind it is regulated by an official financial authority such as the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC).
And that basically makes all FX Suit operations on regulated markets, including all countries in the European Union, Australia, the UK, Japan and USA completely illegal.
And besides, trading with regulated brokers is the only way you can feel secure about your investment.
A legit license means that the broker follow strict financial and ethical rules, among which to file regular reports, to allow external audits, to provide a negative balance protection to traders, to protect their funds in a segregated account, to refrain form offering trading bonuses, to maintain at all times a certain minimum capital adequacy ratio and with all EU regulators even to insure traders funds.
Thus for example with FCA brokers the insurance will cover up to 50 000 GBP of your funds, while with CySEC brokers the insured amount is up to 20 000 EUR.
FX Pace deposit/withdrawal methods and fees
You can pay at FX Pace with all major credit or debit cards like VISA and MasterCard as well as with a bank wire transfer.
Popular e-wallets like Neteller and Skrill are also accepted and the minimum deposit requirement is not high – 100 USD. The broker, however, offers a series of trading bonuses like the Velocity Bonus and the Accelerator Bonus, which come with additional withdraw conditions attached.
Have in mind that the practice of offering trading bonuses, so popular with offshore brokers, is highly controversial and since last year the European Securities and Markets Authority (ESMA) has banned all trading bonuses altogether.
How does the scam work?
Scammers are surprisingly well organized. They often employ call centers and the so called robo scam web sites like Crypto Revolt and Bitcoin Evolution, where you will be tempted to join an innovative trading app or a platform with a promise for fast and mind blowing returns. And all you will be asked in the beginning is your e-mail and phone.
Fill the simple registration form and you will be promptly transferred to the web site of an offshore, scam broker, where you will have to deposit your first 250 dollars.
Here, take a note, that if you do deposit those money and open a trading account with the scam broker, the people running the robo scam website will get their commission.
Besides you will be surprised by how amazingly successful your first trades will be – the funds in your account will probably double in less than a day or two. That however will be just part of the scam. The con- artists will simply manipulate your account so that latter you will be more susceptible to the idea of investing a larger sum.
And precisely than you will receive a phone call as well. It will be form a senior account manager, who will patiently and professionally explain you that if you want to make some real money, you will definitely have to invest more – like at least 10 000 USD.
And most probably you will never realize you have been scammed until the very moment you decide to withdraw some of your cash. Than all of a sudden it will turn out you do not have the right to withdraw, because you have not fulfilled some minimum trade volume requirement, probably linked to the trading bonus you have so gladly accepted in the first place. Certainly the pretext could be different, but in any case the end result will be the same – you will not receive a single dollar back.
What to do if scammed?
The single adequate step you may take in an attempt to recover the money you have deposited with the scammers, is to file for a charge back with your credit card company. The good news here is that both VISA and MasterCard have extended the period in which you can do that to 540 days. Still, do not waste any time and file for a charge back immediately.
Some scammers might have tricked you to tell them your credit card number and your online banking password. If that is the case, be sure to immediately block your credit card and change your password.
And finally, do not waste your time and money with the so called recovery agencies. They will not recover your money, but will simply collect an upfront payment and will leave you even deeper in to the red.