Beware! Accuindex 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.
AccuIndex is a Vanuatu-based brokerage which provides the MetaTrader 5 trading platform. The brokerage requires a minimum deposit of $250, which is just about the industry average, and provides clients with a wide range of payment methods, including many e-wallets. Clients are also extended a generous leverage of 1:400. The spread on EUR/USD stands at 1.4 pips which is quite just about the industry average.
AccuIndex regulation & safety of funds
Reading through the website of the brokerage we discern that the company which owns and operates it is registered in Vanuatu. Here is a screenshot:
The government of Vanuatu does regulate Forex trading through its regulatory body Vanuatu Financial Services Commission and after checking with the online registry of the Vanuatu Commission we can safely conclude that Accuindex is in fact regulated by the VFSC. The Vanuatu Financial Services Commission cannot compare with prestigious regulatory agencies in Europe such as the Financial Conduct Authority in the UK or CySEC in Cyprus, for one, it does not assure clients of the brokerage participation in a compensatory scheme by which they may recover any losses suffered due to bankruptcy or fraud. However, even though there is no room for comparison – a license by the VFSC is better than anonymity and certainly counts for something in Forex trading.
Furthermore, through a demo account we could get a look at the MetaTrader 5 trading platform of the brokerage. Here is a screenshot:
On it we could see a spread of 1.4 pips on EUR/USD which is just about the industry average. The brokerage does state on its website that clients are provided with just 1 pip spread, however, the statement is in fact not genuine. All in all, we are inclined to suspect that potential clients of the brokerage may be open to substantial risk due to the lack of regulation.
Traders needn’t have to worry themselves with such risk if they choose to trade with a brokerage regulated and authorized by a prestigious regulatory agency. Such agencies are the Financial Conduct Authority in the UK or CySEC in Cyprus which have been leading names in Forex trading for some time now. Their regulatory framework is composed of a number of strict rules which prevent clients from falling victims to fraud. Such rules include the segregation of accounts which assures that commingling with the client’s money is not possible. Furthermore, a license by such a regulatory body entails participation in a financial mechanism by which clients may be compensated if they suffer losses due to fraud or bankruptcy.
AccuIndex deposit/withdrawal methods and fees
We could not find in the Terms and Conditions any nasty withdrawal conditions. However, the brokerage does state in the terms and business that clients are liable to any transfer fees or commissions that may be warranted.
Such ambiguous provisions induce us to remind readers that there is no guarantee that the brokerage may not charge some unexpected withdrawal fee once it has received the initial deposit. This is why we remind readers of all the ways a trader may test the brokerage’s intentions. Firstly, traders are advised to always put up only the required minimum deposit, instead of risking a bigger amount with no certainty. Afterwards, they may also try to withdraw a small amount in order to check for any unexpected fees or delays. Such fees and delays are usually the signs of a scammer.
How does the scam work?
Scammers mostly rely on vulnerable and easily tricked people, that is why a well-informed trader is, perhaps, their most difficult target. That is why we believe all traders should be well-versed in the different ways of the scam. Here is the most popular one:
In most cases through clicking a tempting ad with promises for quick and easy profits, you will be redirected to a website like Crown Signals or Top-Algo Trade where registration will require your address, email and phone number. Your personal information will be immediately shared with brokers in call centers who are just waiting for fresh leads. After a few minutes on the phone listening to the whole prepared brokers pitch , you decide to deposit some $200-250. And just like that –a 25 per cent commission gets wrested from the initial deposit by the broker on the phone.
After stinging you for a few hundred bucks, senior scammers will take you up and begin pushing you to further invest. You may even budge and continue investing. At some point, however, you’ll probably begin to consider closing the account and getting back your money.
However, now comes the “recovery” part of the scam. After stating that you wish to withdraw your money, it will be high time for the “recovery people” to take it from here. They will begin further stalling in any way possible in order to remove the last guard you may have – filing a chargeback with your bank. This options expires for good after six months or more have passed since the initial deposit.
What to do if scammed?
A scam could happen to anyone, including you, and, in such a case, it would be best to know what options are still available to you. That way you’ll be certain your reaction will be adequate and on spot.
You may contact your bank or credit card provider and file a chargeback, but only within six months of the initial deposit, as was noted above.
If however you have provided the broker with your credit card details, immediately cancel your credit card.
If you have given information regarding your online banking pass – you should change it asap!
So-called “recovery agencies” should not be trusted! Such agencies target scammed and vulnerable traders in an attempt to further swindle them into giving away their money. They will require from you an “up-front payment” in order to get your money back, but no such thing will happen!