- Unregulated Broker: The most glaring concern is AceFxPro’s lack of regulation. Being registered in Saint Vincent and the Grenadines, a lax jurisdiction, means they operate outside the oversight of reputable financial authorities. This exposes traders to potential manipulation and fraud.
- Withdrawal Issues: User complaints on platforms like WikiFX point to difficulties in withdrawing funds, a hallmark of scam brokers.
- Limited Educational Resources: A legitimate broker equips its clients with educational materials. AceFxPro’s lack of such resources raises questions about its commitment to investor education.
- Varying Commission Rates: The unclear structure of commission fees, dependent on unspecified factors, makes it challenging to calculate trading costs accurately.
AceFxPro, a multi-asset broker founded in 2015, promises a diverse trading experience with a variety of instruments and platforms. However, a closer look reveals red flags that make it a risky choice for your hard-earned money. Let’s delve into the details and uncover why AceFxPro might be a scam.
Company Overview
Feature | Detail |
Company Name | AceFxPro (Ace Global Limited) |
Founded | 2015 |
Regulation | Unregulated (Saint Vincent and the Grenadines) |
Market Instruments | Forex, Commodities, Indices, Cryptocurrencies |
AceFxPro offers CFD trading on over 100 currency pairs, commodities, indices, and cryptocurrencies. They also provide swap-free accounts for Muslim clients upon request.
If you have lost money to companies like All Capital Trade; or Braxton WM; please report it to us on our Report a Scam form.
Trading Platform & Leverages
- Platforms: MT5 (PC & Mobile), Web-based platform.
- Leverage: Up to 1:500 (Standard Account), Up to 1:100 (Ultimate Account), Up to 1:200 (Pro Account). High leverage is risky and can magnify losses.
Spreads and Cost of Trading
- Spreads: Vary depending on account type (Standard: 1.6 pips+, Ultimate: 0.2 pips+, Pro: 0.8 pips+).
- Commissions: Applicable on Pro and Ultimate accounts, rates depend on instrument, account type, and trading volume (starts from $0.70 USD round turn for the mini lot).
License and Regulations
- Legal Warning: AceFxPro operates without a valid license from reputable regulatory bodies. This lack of oversight exposes traders to financial risks.
- Deposit and Withdrawal Methods: Visa, MasterCard, bank transfers, and Bitcoin. Minimum deposit: $200. Withdrawal processing times can be lengthy.
AceFxPro Pros and Cons
Pros | Cons |
Diverse Trading Instruments | Unregulated Broker |
MT5 Trading Platform | Withdrawal Issues |
Mobile & Web Trading | Limited Educational Resources |
Swap-Free Accounts (for Muslims) | Varying Commission Rates |
High Leverage (up to 1:500) | Unclear Risk Disclosure |
Why Dealing With An Unlicensed Broker Is Risky?
Unlicensed brokers like AceFxPro pose significant risks:
- No Guarantee of Fair Trading: Without regulatory oversight, there’s no guarantee of fair execution or price manipulation.
- Limited Dispute Resolution: In case of a dispute, resolving it with an unregulated broker can be a difficult and costly process.
- Fund Security Concerns: Unregulated brokers may not segregate client funds, putting your money at risk.
Client Feedback
Several user reviews online report difficulties in withdrawing funds from AceFxPro, further raising red flags.
How Can “Reviewsadvice” Help You If You Get Scammed?
Unfortunately, recovering funds lost to a scam broker is often challenging. However, you can report the issue to relevant authorities and seek legal counsel. Reviewsadvice can help you by providing professional guidance on recovering lost funds or You can report to us today using the form below.
File A Complaint Against Scammers
Final Thought
AceFxPro’s lack of regulation and concerning user reviews make it a risky platform to entrust your money with. Consider reputable, licensed brokers who prioritize transparency, security, and client support. Remember, protecting your capital should be your top priority when choosing a forex broker.
