The lack of regulation or the presence of poor regulation is a huge red flag. It means AceFxPro is a scam and most likely, an illegal operation.
Companies offering investment services or opportunities without having a license can vanish without leaving a trace. Furthermore, the lack of a regulatory license allows them to get away with it and face no legal consequences.
That’s why it’s vital for you to always check a company’s regulation status as well as its license information. The presence of a license allows consumers to reach out to an authority if something goes wrong.
In the case of AceFxPro, victims have nowhere to go due to the absence of a watchdog or license.
You should ask yourself the following questions when you come across a new investment firm or opportunity:
- Does the investment provider maintain transparency about its CEO?
- Do they have a license from a renowned regulatory authority?
- If the need arises, can I reach out to an authority to report this company as a scam?
AceFxPro is a trading company that was officially registered with GoDaddy on January 17, 2019. The website is safeguarded by Domains By Proxy and is hosted by Amazon.com. The company is headquartered in Portsmouth, United Kingdom, and has a staff of 11-50 individuals.
SimilarWeb data indicates that the website attracted 11.5 thousand visits in September 2023 from various countries like Turkey, India, Vietnam, the United States, Namibia, and the United Kingdom. AceFxPro has a worldwide rating of 9,293,620.
AceFxPro possesses a SEMrush Authority Score of 9% and has garnered 552 backlinks from 120 referring domains. The company’s About page emphasizes its dedication to robust ethics and values, consistently prioritizing customer interests.
AceFxPro, established in 2015, operates as a CFD broker and provides a diverse range of trading opportunities encompassing CFDs, indices, commodities, shares, and cryptocurrencies. The company’s primary objective is to generate profits regardless of whether the market is experiencing an upward or downward trend.
AceFxPro maintains a widespread presence and commitment to accessibility by establishing offices and support centers around Europe, the Middle East, and Asia.
AceFx Pro is a versatile trading platform that provides a variety of services to meet the requirements of diverse traders. It offers a trial account to assist users in acquainting themselves with CFD trading before participating in real transactions. Traders can increase their entire trading experience by utilizing charting and trading tools available on a customizable MT5 platform.
The platform provides a range of account types that have unique characteristics, including varying deposit requirements, spreads, and leverages. AceFxPro prioritizes transparency and commits to offering an authentic trading experience by refraining from price manipulations and requotes.
Nevertheless, prospective users need to note that the site provides substantial leverage, which entails considerable dangers, particularly for novice traders. The website may not adequately emphasize this feature, given the inherent risks connected with high-leverage trading.
Furthermore, the regulatory component of the platform necessitates meticulous examination. AceFxPro is officially registered with the Financial Services Authority (FSA) of St. Vincent and the Grenadines, demonstrating compliance with regulatory standards. However, prospective users may want to assess the resilience of this jurisdiction in safeguarding their interests in comparison to well-established regulatory authorities.
AceFxPro offers three separate trading account categories on its platform: Standard, Ultimate, & Pro. Every account varies in terms of deposit requirements, spreads, leverages, and instrument accessibilities.
The platform offers details about swap-free accounts specifically designed for Muslim clients, the ability to trade across multiple devices, the convenience of one-click trading, the availability of hedging options, the specified stop-out levels, and the relevant commissions applicable to Pro and Ultimate accounts.
- Deposit: $200
- Leverage: Up to 1:500
- Instruments: CFDs and Metals
- Deposit: $10,000
- Leverage: Up to 1:100
- Instruments: CFDs, Metals, Indices, and Cryptocurrencies
- Deposit: $3,000
- Leverage: Up to 1:200
- Instruments: CFDs, Metals, and Indices
The Standard account, which has a reduced deposit minimum and increased leverage, may seem more attainable, but it carries substantial risk due to the heightened leverage.
Although a general risk warning is provided, it would be beneficial to have a more specific analysis of the risks connected with each type of account, especially given the significant levels of leverage involved. This would help to increase awareness of the potential risks.
Several users have faced considerable difficulties while attempting to withdraw monies from their AceFxPro accounts. Certain individuals have reported enduring prolonged waiting periods, spanning several years, without receiving clearance for their requested withdrawals.
However, it’s worth noting that many scammers disable their payment channels before shutting down their operations.
They might give you multiple reasons including:
- A technical error
- A glitch in their system
- Banking issues
- A “hacking attack”
And many others.
But in 9/10 cases, the scammers actually stop making payments and keep the money to themselves. Hence, the payment methods we discussed here might not work.
If you want to get your money back from a scammer, you’d need to file a chargeback.
Users have voiced their discontent with the customer service provided by AceFxPro. Although the organization exhibited responsiveness and effective communication before receiving deposits, users allege that the support crew turned unresponsive after the deposits were made. Account managers were alleged to have disregarded or insufficiently resolved client inquiries or issues.
Some users allege that AceFxPro engaged in account manipulation or provided deceptive advice, leading to financial setbacks. The allegations also encompass the corporation employing coercive strategies to incentivize larger contributions
When it comes to scammers, you should only measure the quality of their customer service if they respond to your complaint.
In the beginning, scammers tend to remain very accessible.
This means their representatives will keep calling you until you invest with them. Furthermore, they will act friendly and make it seem as if you’re one of their most valuable consumers.
However, they do all this just to win your trust.
Scammers understand that in order to convince someone to give them a large sum, they will need to seem like a friend.
Nevertheless, when you have invested a considerable amount of money and need to get it back, their customer support will become inaccessible.
All of a sudden, their numbers would either stop responding or become unavailable.
Still, they might remain accessible to convince you to invest further. Also, they might begin by making a few excuses regarding your payment.
However, in the end, the customer support won’t resolve your issues and become increasingly unavailable.
- Xavier D. Pancras, one of the customers of AceFxPro, provided a comprehensive complaint outlining his initial satisfaction and subsequent disappointment with the organization. He expressed experiencing persistent issues with withdrawals and a dearth of clear communication. Pancras also addressed the deceptive and unresponsive behavior of account managers, stating his determination to pursue legal recourse if the problems remained unresolved.
- Xavier D. Pancras provided a more elaborate grievance, whereby he described his initial achievements and subsequent disappointment with the organization. He expressed experiencing persistent issues with withdrawals and a dearth of clear communication. Pancras also addressed the deceptive and unresponsive behavior of account managers, stating his determination to pursue legal recourse if the problems remained unresolved.
- KeeKrish vehemently criticized the broker, categorizing them as a “blatant scam broker.” The customer encountered persistent problems with the rejection of withdrawal requests, after making several attempts over two years, and strongly advised others to avoid the same experience.
- 温温 expressed dissatisfaction with the lack of trading indications received despite depositing $500, even after two weeks. The account manager’s lack of responsiveness further exacerbated the user’s unhappiness.
Consequently, every user seems to convey their disappointment, lack of trust, and dissatisfaction, mostly focusing on problems such as lack of responsiveness, difficulties with withdrawals, and doubts about the broker’s authenticity and transparency in operations.
It’s worth noting that many scammers tend to purchase fake reviews. Buying fake reviews has become extremely easy and it’s a multi-million dollar industry.
Scammers like AceFxPro tend to purchase fake reviews for their online profiles to make themselves seem more credible.
TIME Magazine investigated the fake review industry and estimated it to be worth more than $150 million. Certainly, there are a ton of scammers who want to seem legitimate and a bunch of fake reviews is the most effective way to do so.
That’s why you shouldn’t trust AceFxPro reviews easily.
It’s easy to identify fake reviews as well. You should look out for 5-star reviews that are posted by temporary accounts (profiles which only posted 1 or 2 reviews on the platform). Also, you should see if the positive reviews share any detailed information about their experience with the firm or not.
In the case of AceFxPro, chances are, you wouldn’t find many legitimate reviews.
Another prominent way scammers like AceFxPro enhance their credibility is by burying negative reviews and complaints under a lot of fake reviews.
This way, when you’ll look up “AceFxPro reviews”, you might not find many complaints. Or, you might find them buried within numerous reviews praising AceFxPro.
You should always look out for consumer complaints. In the case of AceFxPro, the most common complaints I found were about:
- Poor customer support
- Delays in payments
- High fees and charges
- Lack of transparency regarding their leadership team
- Aggressive sales staff
Do you have a similar complaint about AceFxPro? You can share your complaint in the comment section or submit an anonymous tip.
Doubts have been expressed questioning the legitimacy of AceFxPro’s activities. Certain users express skepticism over the authenticity of the company’s addresses, considering the overall operation to be questionable.
Compounding the lack of assurance is the regulatory dimension, as obtaining registration with the Financial Services Authority (FSA) of St. Vincent and the Grenadines gives the appearance of complying with regulations. However, potential investors may view this situation with caution, citing concerns about the jurisdiction’s effectiveness in protecting their interests.
AceFxPro is an unregulated entity. Although they might fall under the jurisdiction of a watchdog, they don’t have the license to offer financial services to consumers.
The lack of a license means they are not answerable to any regulatory authority. As a result, the people behind AceFxPro can run away with your money without any prior notice. You should be extremely cautious when dealing with an unregulated service provider.
The absence of a watchdog also means you cannot report to them to anyone.
Also, due to the absence of specific regulations, there is no provision protecting you from the insolvency of this entity. If they go bankrupt, you won’t be able to do anything about it.
Can You Trust AceFxPro?
All the evidence suggests that AceFxPro is a scam. If you have lost money to them, there is still a chance you can get it back.
To recover your funds, you’d need to file a chargeback.
Is AceFxPro a scam?
Can I withdraw money from AceFxPro?
Where is AceFxPro Located?
How do I get my money back from AceFxPro?
Launch a website/app with a generic name
A website or app with a generic name allows scammers to hide behind common Google search results. Marketing such names is easier as well.
Pay influencers & social media pages to promote the scheme
By getting influencers and social media pages to promote their brand, scammers make their shady company seem more legit than it actually is.
Send thousands of emails and make cold calls to potential victims
It’s common for scammers to buy the contact details of people and spam them through email, phone calls, social media messages and other means.
Make victims feel safe through “small wins”
Such small wins usually include a few payments transferred into the victim’s account. This makes them seem more legitimate.
Convince victims into investing large sums of money
Due to the small wins, the victim is now convinced that the company is legit. Now, the scammers try to manipulate the victim into giving them larger sums.
Disable withdrawals & take down the website/app
Once the scammers have recieved a signicant sum, they either stop responding or cite a technical error to freeze their victims’ funds.
Repeat the cycle
After making the money, the scam will shut down and the people running it will launch another and repeat the cycle.