Ace FX (fxace.com) is another broker without a cause. The platform will rip off anyone who attempts to sign up and deposit with them. Those who recently signed up are now ruing the decision. AceFX ignored all their pleas to withdraw even a penny from the accounts. And that's why we must protect the next investor from making the same mistake. It would be best if you learned more in our detailed ACE FX REVIEW.
The platform claims to be a leading and global provider of FX trading instruments. On the about us page, the platform has a touching statement. Ace FX claims to be at the heart of ecosystem change-makers. The platform claims to empower investors to shift towards sustainable finance initiatives.
AceFX claims to have close to half a million users under the about us section. We see a platform boasting over 60 international awards with over ten years of experience. The platform also boasts of having over 180,000 daily trades.
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Ace FX doesn't offer much in terms of service delivery. Despite their efforts to try and convince us, we have a lot of questions. The biggest of them is why no one gets to withdraw from the platform?
There are hundreds of complaints from members who recently signed up. The platform claims there was a hiccup in their withdrawal system. Weeks later, the platform doesn't seem to respond to emails or phone calls.
And that's where we draw the line with such investment and trading platforms. You have to stay away from these platforms or else risk losing everything. These platforms often provide investors with no genuine investment opportunities.
We recommend going for platforms backed by experts and the trading community. Makes sure you check to confirm which platform has what it takes to offer the best services. Go for platforms that promise delivery, and there's proof of withdrawals.
There are several drawbacks you will find on the platform. To see them, you must have a keen eye or have traded professionally. Unfortunately, these are the red flags that the naïve investor won't get to see on the platform.
And that's why we believe the platform is not the kind of platform to invest with. The platform is full of loopholes. First, we have much missing information regarding the available account types. So let's start from there.
Ace FX doesn't seem to mind the level of unprofessionalism on the platform. I mean, there's no information on available account types. Does the platform offer one account for all trading? That's the information clients need to find first before signing up.
We find it weird that a trading platform could fail to provide sufficient information on such services. The platform must end its charade and come clean with what is going on. You need to know all the information on available accounts before proceeding.
Without information on accounts, clients can deposit any amount quoted by the broker. However, you should know that regulators have set $250 as the acceptable minimum deposit. So you get to invest with real accounts starting at $250.
The other information you need is the maximum acceptable leverage on financial instruments. An excellent example would be the acceptable leverage for forex instruments. Most regulators set the maximum leverage for FX at 1:100.
In the United States, retail traders enjoy maximum leverage of 1:50. Any broker quoting leverage higher than the industry recommended quote is taking advantage. As a result, the broker is putting your financial position at risk.
The best time to use high leverage is when you are absolutely sure of your position. Only experts take advantage of high leverage, which is usually rare. You stand to lose more if you fail to get the correct trading sequence.
Here's another missing information on the platform, who owns and runs it. You would expect a platform claiming to have over ten years of experience to have some owner. The least you would expect is a company profile with the CEO or Founding members mentioned.
That's not the case, as the platform fails to provide such information. As a result, investors are on their own as they don't know who handles funds on the platform. And that makes Ace FX an anonymous trading platform.
The problem with anonymous trading platforms is that there's no guarantee of safety. Such platforms pop up and disappear almost immediately with funds. You won't get the chance to withdraw, as is the case.
No trader or user has come forward and heaped praise on the platform. The way to know whether a platform is legit is through members' eyes. No single positive traction of the platform anywhere on social media platforms.
And that points to a platform that doesn't offer much reality. The platform could also be the only one without any comments from members. With over ten years, someone ought to have said something about it.
The truth is that fxace.com doesn't have ten years of experience. It's only a fragment of their information. Nevertheless, the platform seems to have what it takes to fool naïve investors into signing up.
Your funds are far from safe with a platform failing to protect members. In addition, the platform fails to deposit the required amount with regulators to start a forex business. In most jurisdictions, such platforms must deposit $20 million with regulators.
The amount is insurance cover if the platform goes under or faces insolvency. Public members need protection, and that's where regulators come into play. The platform won't cover any insurance for deposits made.
You also get a platform failing to segregate accounts as trading regulations dictate. The platform will, without a doubt, hide funds in offshore accounts. That makes it impossible for recovery agents even to recover funds from it.
There are several depository options available on the platform. These include bank and wire transfers. Once you deposit funds, the platform will likely store them in offshore accounts. That's the last you will see of it.
After depositing funds, the balance will reflect on your trading account within 24 hours. You can then start trading and hope for the best. But, when the times come to withdraw, all hell breaks loose.
The platform will send excuses via email as to why members can't withdraw funds. First, you get an email notification claiming their withdrawal system is under maintenance. The next excuse is that the platform released funds, but your bank account doesn't seem to accept them.
After a while, you will realize the platform is only taking you for a ride.
Ace FX doesn't hold a license and will likely fail to provide one. Make sure to sign up with platforms registered by ASIC, BaFIN, CNMV, CONSOB, CySEC, and the FCA.
Please stay away from unregulated platforms.
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