Beware! AceFxPro 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.
AceFxPro promises tight spreads and seamless profits with over 1000 trading instruments including 77 forex pairs and various CFDs on indices, shares, energy commodities, precious metals and crypto coins, with a choice of three account types, leverage of up to 1:500 and the MetaTrader5 platform. And the broker also says to service over 1 million traders across Europe, the Middle East and Asia and to be regulated by the Financial Services Authority (FSA) of St. Vincent and the Grenadines, while operating an office in London, the UK.
We do not know whether AceFxPro really services 1 million clients (we strongly doubt that), but their claims to be regulated by the Financial Services Authority (FSA) of St. Vincent and the Grenadines are simply not true – the local financial authorities do not regulated forex and CFD brokers, so better check the following review before depositing any funds with them.
AceFxPro regulation & safety of funds
AceFxPro is owned and operated by a ACE GLOBAL LIMITED, a company incorporated offshore on St. Vincent and the Grenadines, which is said to be licensed by the local Financial Services Authority (FSA). And although the company could be registered with the Authority as an International Business Company (IBC), AceFxPro remains a unregulated, offshore broker, because, as we already mentioned, the local financial authorities simply do not regulated or supervise forex and CFD brokers. On the screenshot below you may check a warning issued by the FSA, which explains exactly this.
“The FSA does not issue any licenses to carry on the business of FOREX Trading or Brokerage or Binary Options Trading nor does the FSA Regulate, Monitor, Supervise or License International Business Companies (IBCs) which engage in such activities”, the warning reads. See for yourself:
Otherwise, because AceFxPro says to operate an office in London, it should have been regulated by the Financial Conduct Authority (FCA) in the UK, but unfortunately they are not, so basically AceFxPro is yet another unregulated, offshore broker, which lacks credibility whatsoever.
Clearsave deposit/withdrawal methods and fees
AceFxPro says to accept payments with bitcoins, wire transfer, VISA and MasterCard. We should note however, that if you attempt to pay with a credit card, you will be transferred to the web page of a third party payment provider – ipaytotal.solutions. And we also do not recommend any payments with crypto coins or wire transfers, when it comes to depositing funds with online brokers, because you will not have the option to reverse the payment if something goes wrong (you have been scammed for example). Otherwise the minimum deposit requirement with AceFxPro is 200 USD.
And here is another aspect of AceFxPro that worries us. The trading bonuses. Although bonuses look attractive at first glance they are nothing but traps for gullible investors. The problem is that trading bonuses always come with some minimum trade volume requirement, which latter is used as an excuse for canceling your withdraw requests. That, combined with the fact that AceFxPro reserve the right to amend their bonus policy on their sole discretion, makes it more than questionable if you will ever get the chance to cover the minimum trade volume requirement and become eligible to withdraw.
On top of that AceFxProreserves also reserves the right to delay any withdraws for a number of reasons, without elaborating exactly what – check the screenshot below. This erodes the broker’s credibility even further.
How does the scam work?
You may fall in a scammers’ net pretty easily if you happen to visit one of their specially designed robo scam websites like Crypto Engine and Crypto Master Bot. We call them that way, because they are not broker websites per se, but just gateway promo websites, which distribute potential victim among scam brokers. There you will probably watch a video, where you will be explained how easily you can make a pile of cash if you only agree to join some revolutionary automated trading platform, which is supposed to double your funds every few days or so, while you relax and watch your profits grow.
And if you get hooked and fill the short registration form with your e-mail and phone, in a second you will be transferred to the web page of a unregulated scam broker and will be offered a trading account with an initial deposit of about 250 USD.
And then you will start getting daily calls by your so called personal account manager, who will be trying to convince you to deposit as much as you can – 10 000 USD for a start, because that way, you will be explained, you will benefit fully from the amazing investment opportunity you are offered.
And your trades will go perfectly fine (your trading account will surely be manipulated – that is how scammers work) until you decide to withdraw some of your cash. Than you will be surprised to learn that you have no right to withdraw, because you have not met your minimum trade volume requirement, linked to your bonus, or something like this. The excuse might be different but the result will always be the same. Your money will be gone and you will not receive back a single penny.
What to do if scammed?
There is still a chance to get your deposit back, if you have paid with VISA or MasterCard. In that case you can file for a charge back with the bank, that has issued your card, withing 540 days after you have made your deposit.
Also you should be aware that if scammers have got to your personal banking details like your credit card number, card security code or online banking password, they will surely try to steal money directly from your bank account. So if that is the case, immediately block your card and change your password. And if you have been tricked to install a remote desktop application like Team Viewer or Any Desk, which would give scammers access to your PC, delete the application immediately.
Finally, do not accept any offers by the so called recovery agencies. Those guys will not help you in any way but simply will ask for some payment in advance and that will be the end of the story.