Ace Forex Review Scam Complaint
Ace Forex Review – An Introduction
Ace Forex is a forex, CFD, Commodities and Binary Options broker who claims to be the global leader and an award winning broker. On its website it mentioned that it is headquartered in New Zealand and is also located in St. Vincent and the Grenadines, US and Hong Kong. It claims to be registered in St Vincent and the Grenadines and despite this claim, the company is not regulated in the cities it has its offices. The company is owned and operated by ACEFX Limited.
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About the Ace Forex:
Ace Forex is a forex broker that offers trading services to its clients with three types of accounts, Micro, Standard and VIP. All of these accounts are commission free with variable spreads. The broker’s website has announced the spreads that are quite good, as it provides 1 pip on EUR/USD on micro accounts. It provides demo account facility to its traders, and its demo account has seen with average spreads on EUR/USD are floating around 1.1 to 1.2 pips for the EUR/USD pair, which is a competitive pricing. Another thing that is good about Ace Forex is the fact that it supports the MetaTrader5 platform.
MT5 platform due to its successor MetaTrader4 has been in the shadows for some time, but now it is gaining popularity among traders and increasing numbers of brokers are offering it. MT5 platform is actually more advanced than its predecessor, but still has most of the well familiar and loved features of its MT4. The best and most popular feature of MT5 is its trade in futures option. Talking about the initial deposit, Ace Forex requires $50 as initial investment from its clients, which is pretty reasonable.
Is Ace Forex legit or scam?
Having good features and services don’t make a company legit, these offerings are used for preying on the traders. Ace Forex is not a trustworthy broker as the company was regulated in New Zealand, but got removed from the registered list a couple of years ago and is no longer overseen by the Financial Markets Authority (FMA). Hence, the company is working illegally. It was also found that a couple of users of this broker have reviewed the broker quite negative. According to one review by its client, Ace Forex manipulated the account of its client and making them lost all of their profit. Therefore, it is advised to be safe from this scam broker.