Beware! Acceptrade 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.
Warning! Acceptrade is an anonymous offshore Forex broker, allegedly registered in the Commonwealth of Dominica. It has already been confirmed as a scam by the British financial regulator FCA. The first thing to know is that you shouldn’t deal with offshore brokers, because way too many of them are scam schemes. Upon first look at Acceptrade we are not impressed, at all, this Forex has a cheap website which doesn’t provide any useful information to the traders, confusing Terms and Conditions and most of all, a fishy contact address linked with many other dodgy companies and scammers. Find out everything you need to know about this scam Forex broker in the full Acceptrade review.
Acceptrade REGULATION AND SAFETY OF FUNDS
Acceptrade is an offshore Forex broker registered in the Commonwealth of Dominica. The Caribbean island is an offshore zone which has recently gained popularity, as many other tax havens, such as the Cayman Islands, BVI, Seychelles and Panama, for example, took some steps in terms of transparency. Dominica and SVG are two of the most sought for destinations among scam Forex brokers, because the financial regulators in these jurisdictions do not supervise the retail Forex activities taking place there.
The British FCA issued an official warning against Acceptrade, published on 30 September 2020, confirming that the so-called Forex broker is a scam enterprise.
Your funds are not safe if you deposit with Acceptrade it’s an unlicensed, unauthorized and unregulated offshore Forex broker, a proven scam that was blacklisted by FCA Avoid this scam and report immediately if some of their representatives contact you!
If you are looking for a reliable, true Forex broker choose between the CySEC(EU) and FCA(UK) regulated companies, which are the leaders in the retail Forex industry. The customer protection policy is placed on top of their priority list, not because they want to, but because they have to. In these jurisdictions the Forex brokers have to comply with many strict rules and regulations, such as minimum capital requirements of 730 000 EUR, personnel qualification standards, segregation of the clients accounts etc. But most importantly, there are money protection schemes in operation, such as ICF in Cyprus and FSCS in UK, which guarantee the deposits of the traders. Under CySEC(Cyprus) supervision you can claim up to 20 000 EUR in compensation, while in UK under FCA you are guaranteed of even up to 85 000 GBP. Each EU member state is compelled to create and further operate similar insurance funds, which are seen to be the last resort for the traders, in case a Forex broker faces difficulties to meet its financial obligations.
Acceptrade TRADING SOFTWARE
Acceptrade does not offer Metatrader4 or Metatrader5 accounts, instead they claim to offer their own web based platform, which has nothing to do with a real trading software. It consists of a single AUD/CAD TradingView chart, which serves for information purposes only, the EUR/USD pair isn’t even accessible! Acceptrade do not provide with functional trading platform!
No spreads, no leverage, no margin requirements known! There aren’t any account types offered either, stay away from Acceptrade, it is a proven scam anyway.
Acceptrade DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit specified is 250 USD. There are 4 funding methods available- Transcoin, Bitcoin, Credit/Debit cards and Paystruct.
The minimum withdrawal amount required is 50 USD, but as this is a scam Forex broker no transfers back should be expected by them anyway! However, a flat fee of 30 USD per withdrawal is charged. Request processing time unknown.
No dormant account policy known, but Acceptrade will close any open deal due to inactivity period of 90 days, giving no further explanation of this highly perplexing clause and of the term “inactivity” as well!
Bonuses are introduced, but nothing clarified except for the minimum trading volume, which in terms of lots amounts to half of the sum deposited. It means that for a deposit of 500 USD you have to trade 250 lots which is 25 000 000 USD! Insane, but as we know there isn’t a functioning trading platform, and you won’t be able to trade even a dollar if you make a deposit!
No partnership programs known to take place.
HOW DOES THE SCAM WORK
A group of scammers usually operates many different scam brokers, scam websites and call centers. Sometimes they will simply rely on the quantity, they will publish tens or hundreds of websites and will just wait for traders and investors with little or no experience to bite. Nowadays, it’s very cheap to create one, and it looks like a profitable strategy, as they carry on doing it.
It’s a scam sign if a Forex broker accepts cryptos as the only funding method, and that should be remembered! They are doing it for a reason, the cryptos are perfectly unregulated, there isn’t a single authority in the world to deal with the digital currency, and the payments are totally anonymous and difficult to trace. Once you deposit cryptos with scammers, it’s virtually impossible to get a refund! Stay away from brokers who does not accept the traditional funding methods, there is something fishy going on!
Fraudsters are working in the social media nowadays, an increasing number of scammers will first introduce their “services” to the people through Facebook or Instagram. You will click on a page, promising a lush lifestyle if you follow their example, they will contact you, probably offer you a demo account and after some time you will be tempted to invest and make guaranteed profits. Once you are signed-up they will ask you to deposit money and this is just the beginning, because gradually they will be asking for more, no matter if you lose or make profits. The end is always the same, a robbed-off investor who lost his hard-earned money.
WHAT TO DO WHEN SCAMMED
No one is immune to scam, anyone can fall into the trap. Scammers are constantly looking for new and different ways to scam consumers. What you need to do first, in case you got scammed, is to protect yourself from further risks. Contact your bank and explain to them your situation, they will give you important instructions to follow and will help you, if possible, recover your money.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing. Seek help actively!
Share online your experience, it is important to protect others, as well. Be responsible!
Amedeo
I started to have relationship with them from last 14th October 2020. The results seems very good. Being suggested by them agent Alex Couper reserve of Bitcoin were done being resold to JP Morgan with wonderful profit. The problem came out when I asked to withdrawal part of this amount. When the agent using my computer by AnyDesk remote control started the operation, after I paid the related taxes using my money not part of the one present in my AcceptTrade account (strange matter), he told me was necessary to make it in more tranches because the amount was to high. During the withdrawal operation at certain point he asked me to give him the OTP I received on my phone to fix the first credit on my credit card. My bank blocked my card the operation and a following one. My bank told me the operations were both in out not in in! So now my funds are still indicated as present in my AccepTrade account and Alex Couper yesterday told me he will call me today to withdrawal and send this amount to my bank in a different way. Now, in today afternoon Mr. Alex Cooper is continuously writing me that the credit card is the only way to have back my money…
Meanwhile in AccepTrade website is possible as first choice indicated to have a bank wire I already asked. I also wrote on it website asking to be informed when the wire transfer is executed and informing teh company about its agent unprofessional action. We’ll see what will happen. I will update.
Sandra Semedo
hello good afternoon my name is sandra semedo and the same thing happened to me that you can’t see my money in their account anymore
Dewald van der Merwe Snr.
Which broker can we trust in South Africa?