Ace Forex has been on the market for several years, serving as a forex trading broker. However, due to its bad reputation over the years, we consider the broker a scammer. Our Ace Forex review will help you stay aware and protected from fraud.
Ace Forex’s website looks legit and professional, but you will notice some scam alerts if you look closely. First of all, the company claims to be registered in New Zealand, Auckland.
This is an offshore region where many scam brokerages register to avoid international regulations and fees. Besides that, the broker does not reveal their establishment year, so we don’t know how long they keep scamming innocent traders.
Our Ace Forex scam review will discuss the most alerting aspects of the broker’s services.
Safety And Regulation
Of course, any broker’s first and most crucial aspect is safety. If the client does not feel safe with the broker, no further cooperation will proceed.
Legit brokers usually demonstrate their safety measurements on the website to ensure the clients how they guarantee their security. However, we could not find this information on acefx24.com and consider it a big disadvantage.
Additionally, Ace Forex is not a regulated broker, explaining why it is registered in New Zealand. Working with an unregulated broker that does not guarantee your financial security means you are bankrupt, so it is highly recommended to avoid investing with this broker.
Ace Forex Trading Conditions
Ace Forex supports trading on the MT5 trading platform. This is a market-leading trading platform and an ideal solution for all levels of traders. However, most brokers today offer MetaTrader 5 platforms. So this is not a big advantage for Ace Forex.
Ace Forex claims a solid fact and offers a wide range of tradable assets in Forex, CFDs, and Binary Options when it comes to trading assets.
Another shocking feature that the broker actually boasts is its high leverage.
The maximum leverage is 1:500. Traders should handle these leverage ratios cautiously as they can significantly magnify losses and returns.
Trading with high leverage is extremely risky when trading with unsafe and unregulated brokers. Your trades are never 100% safe, and signing up with high leverage can drain all the funds in your wallet.
The broker offers three types of trading accounts: Micro, Standard, and VIP. Minimum deposits start at $50, which is relatively low and affordable for everyone, making it easier for companies to attract customers.
Bonuses & Promotions
The next ludicrous fraudulent activity is bonuses and promotions. Scam brokers tend to offer traders attractive but unrealistic bonuses and promotions. For example, Ace Forex offers several promotions, including welcome deposit bonuses and nonstop trading offers that trade every day for five consecutive days.
However, please note that fraud brokers use such offers only to attract newbies and get them to sign up.
Payments and Withdrawals
Ace Forex is very generous in terms of payment options. The broker supports Visa, WebMoney, Neteller, Mastercard, Skrill, cryptocurrencies, and mobile payments. Clients should use the same method for withdrawals.
However, you will encounter many complaints about withdrawals all over the internet.
Customers complained that once they tried to withdraw funds, they could not access their accounts; they were also unable to seek help from the customer support team.
In conclusion, Ace Forex is trying to disrupt the withdrawal process so that customers can steal their money.
Conclusion: Is Ace Forex Scam?
In conclusion, Ace Forex is another unsafe scam broker that you should avoid. Neither their trading conditions nor their cost is worth using.
Before choosing a broker, traders should always do their research, read all previous client testimonials and recommendations, find reasonably honest reviews, and then sign up with a broker.