Beware! Accuratefxmarkets.com 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.
An overly generic trade name like Accurate FX Markets is in itself a reason to be suspicious of Accuratefxmarkets.com Closer inspection provides us with many more reasons to believe that this is not the reputable forex and crypto broker it claims to be. Let’s take a detailed look at why it is in your best interest to stay away from this website.
ACCURATEFXMARKETS.COM REGULATION AND SAFETY OF FUNDS
Legitimate forex brokers provide clear and detailed information about the legal entity that owns and operates them, where it is based, what licences it has and which regulators oversee its activities. Lack of such details or improper presentation of them are always a red flag that we are probably dealing with a scam.
We find no identifying information on the Accuratefxmarkets.com home page – no owner company name or contact address is listed.
The website links to a set of legal documentation, but it belongs to another broker, Kiexo, using the domain kiexo.com. You can read a detailed review of Kiexo here.
We have no reason to believe that Accuratefxmarkets.com has any affiliation with this broker. It is not unprecedented for a fraudulent website to use details and documents “borrowed” from real existing companies.
But even if Accuratefxmarkets.com is owned by the same company that operates Kiexo, that gives absolutely no assurance that Accuratefxmarkets.com actually provides the services it claims. Kiexo is based in the Saint Vincent and the Grenadines (SVG), an offshore zone that does not licence forex brokers and does not regulate the activities of International Business Companies that engage in such activities. Because of this, many scammers register offshore companies there, and only pretend to be real brokers.
If you have decided to invest in financial instruments, and especially if you are a novice trader, you should use the services of a licensed broker based in a jurisdiction with strong regulations.
You should only trust legitimate brokers operating in one of the established financial centres like the UK, EU, USA or Australia. There, the activities of brokers are controlled by powerful regulatory bodies such as UK’s Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), Commodity Futures Trading Commission (CFTC) in US or Australian Securities and Exchanges Commission (ASIC). Clients of these brokers receive protections such as negative balance protection and segregation of the client’s funds from the broker’s funds.
In the EU and the UK, brokers must also participate in guarantee schemes that cover a certain amount of the trader’s investment if the broker becomes insolvent. These guarantees amount to up to 20 000 EUR in the EU and 85 000 GBP in the UK. However, the likelihood of such a bankruptcy is low because regulators also have significant net capital requirements that companies must maintain – EUR 730 000 in UK and Cyprus, AUD 1000 000 in Australia and at least 20 million USD in the United States.
ACCURATEFXMARKETS.COM TRADING SOFTWARE
On the Accuratefxmarkets.com home page we see a statement that the two most widely used trading platforms in the industry, MetaTrader 4 (MT4) and MetaTrader 5 (MT5), are being offered. But Accuratefxmarkets.com provides neither links to download the applications nor credentials to log into a trading server.
Although the new account registration form was functional, Accuratefxmarkets.com did not send an account activation email, so we were unable to log in. We cannot confirm whether Accuratefxmarkets.com has any trading software or not, but we can be sure that this unlicensed broker does not offer real trading and only aims to scam you out of your money.
There are more than enough licensed brokers offering clients the MT4 experience and/or the newer version of the software MT5. These platforms have established themselves as industry standard because they offer a wide range of features, including a variety of options for customization, multiple account usage, designing and implementing custom scripts for automated trading and backtesting trade strategies.
ACCURATEFXMARKETS.COM TRADING CONDITIONS
Accuratefxmarkets.com claims to offer multiple types of trading accounts, but does not specify the trading parameters associated with those accounts. It only specifies a minimum deposit of 250 USD for the starter account. For the same or often lower amount you could open a starter account with almost any licensed broker.
Elsewhere on the website it is stated that very high leverage up to 1:1000 is offered.
This is not a level that you see with regulated brokers. Trading with high leverage allows higher profits, but also increases the risk of sudden and excessive losses proportionally. All leading regulators limit leverage for retail traders. In the EU, UK and Australia the maximum permitted level is 1:30 and in the US it is 1:50. This maximum level only applies to trading major currency pairs, with even more limited leverage for more volatile assets.
ACCURATEFXMARKETS.COM DEPOSIT/WITHDRAW METHODS AND FEES
Accuratefxmarkets.com claims to allow deposits and withdrawals with credit cards, wire transfer, and el-wallets such as Skrill and Neteller. But we have not been able to confirm whether this is true. Experience has shown that shady brokers often advertise conventional payment methods but actually steer their potential victims towards cryptocurrency transactions. The reason for this is that cryptocurrencies do not allow the defrauded to ask for a refund or chargeback.
If you’re interested in legitimate brokers that accept digital currency payments alongside more transparent methods, check out this list.
HOW DOES THE SCAM WORK
While browsing the interwebs there is a significant chance you will come across comments, videos, social media pages that promise easy ways to passively make money. If you follow the links you will be taken to websites claiming to be legitimate brokers or investment firms. And if you take the next step and make contact with the people behind these websites, you will be contacted by slick and experienced scammers who will lure you in with promises of easy profits. For a while they will convince you that your investment is generating impressive returns and you need to pour in even more money to make sure you don’t miss out on this once in a lifetime opportunity.
However, the attitude towards you will be changed if you want to withdraw your money. Suddenly, it will turn out that your investment makes losses and you even owe money to the fake broker for unexpected fees and expenses. They will show you clauses hidden in the Terms and Conditions, according to which you can only withdraw money after you have traded an impossible minimum volume, or that you will have to pay withdrawal fees of 20%, 30% or even more. When you try to hold them accountable you will find they are using fake names and shell companies in shady offshore jurisdictions without any regulatory oversight.
WHAT TO DO WHEN SCAMMED
Your options to recover your money are limited. If credit/debit cards were used for the transactions, you have the possibility to request a chargeback. But most scammers insist that you send them proof of identity and address with which they can dispute that the transactions were legitimate. Fraudsters also predominantly use cryptocurrencies, where refunds are impossible.
You should also be aware that there are many scammers who offer to recover your money for an upfront fee. You should not trust such offers. It is better to contact the relevant authorities in your country and warn them about the activities of the scammers.