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Ace Forex Review - is it scam or safe?

Ace Forex Review - is acefx24.com scam or good forex broker?

RATING: 1.2 / 0 REVIEWS Ace Forex
Ace Forex is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


 

Trading Accounts & Conditions

 

Account type 

Min. deposit

Min. trade size

Max. leverage

Spread

Micro

$50

0.01

1:500

From 1 pip

Standard

$10 000

0.01

1:100

From 0.8 pips

VIP

$50 000

0.01

1:100

From 0.6 pips

 

Ace Forex is a broker specialized in trading Forex, various CFDs and Binary Options. It offers the account types listed above, all of which are commission-free with variable spreads.

 

 

Ace Forex Advantages

 

Competitive spreads

The spreads announced on the broker’s website are quite good, starting from 1 pips on EUR/USD for Micro account types. We will not discuss trading costs on the rest of the accounts, as the minimum investment required is very high.

We actually tried out the broker’s platform in demo mode and found that average spreads on EUR/USD are floating around 1.1 – 1.2 pips for the EUR/USD pair, which is a competitive pricing. Yet, other brokers offer tighter spreads.

 

 

 >>Real-time spreads of top-rated forex brokers<<

 

 

However, we’d like to reiterate that the spreads are not the most important criterion when choosing a forex broker. It is regulation.

 

MT5 platform offered

Another thing we like about Ace Forex is the fact that it supports the MetaTrader5 (MT5) platform.

 

 

Ace Forex' demo MT5 platform. Click to zoom in.

 

MT5 has been in the shadow of its successor MT4 for some time, but lately it is gaining popularity and increasing numbers of brokers are offering it. MetaTrader5 is actually more advanced than MT4, but has most of the well-familiar and loved features of its predecessor (the charting, EAs, etc.). MT5 allows trading in futures, options and shares, in addition to CFDs and forex.

 

Low initial deposit required

Ace Forex requires an initial investment of $50 from its clients, which is not much. Having the option to invest less is nice, as it allows traders to test the broker’s services in live mode without putting much at stake.      

         

 

Ace Forex Disadvantages

 

Registered offshore

Ace Forex was regulated in New Zealand, but got deregistered a couple of years ago and is no longer overseen by the Financial Markets Authority (FMA).

 

 

Currently, the company operating the brand, ACEFX LIMITED, is registered in St Vincent and the Grenadines, a famous offshore destination. Brokers incorporated there are not regulated, nor overseen by any authority, and are therefore not recommended

 

A few negative reviews

We found a couple of user reviews on this broker and they are all quite negative. One of the people said that after he made a withdrawal request, Ace Forex manipulated his account and it turned out that he lost all the profits he wanted to withdraw. Another person complained of slow execution, order errors, terrible customer support, and most importantly, denied withdrawals. 

 

 

Conclusion

 

Ace Forex is a forex an binary options broker whose trading conditions seem good: it offers competitive spreads, high leverage levels, uses the MetaTrader 5 platform, and does not require high initial investment.

 

Headquartered in New Zealand, with offices in Hong Kong and the US, Ace Forex is actually registered offshore, which is its major disadvantage. This, combined with the negative user reviews, definitely put this broker in the “Not Recommended” section. That is why we would advise our readers to stay away from it and select among FCA-regulated brokerages instead.

 

 

>>Chose a tightly regulated broker in the UK<<

 

 

Regulation in the UK is very good. Brokers operating in the country have to comply with a lot of regulations and are subjected to strict supervision by the FCA. They must report transactions regularly, to keep client funds in segregated accounts and to meet capital adequacy requirements. On top of that participation in the Financial Services Compensation Scheme (FSCS) is mandatory. So, all brokers must contribute periodically to a collective fund. This is then used to compensate clients, in case one of the companies goes bankrupt. The compensation is up to £50,000 per person.

 

Here is a summary of the strong and weak sides of Ace Forex:

 

Pros

Cons

MT5 available

Registered offshore

Competitive spreads

Few negative reviews

Low initial investment required

 

 

 

 

Latest news about Ace Forex
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Traders` reviews for Ace Forex

Spread

Pros

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Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

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