ACForex Review: Licensed Yet Lacking And With Dubious Demands
Only the bare minimum is known about this offshore conduct, operating from Seychelles. Known as a regulated brokerage brand in that concrete jurisdiction, the company has acquired a certificate from the local regulatory body.
However, that is not enough for this firm to hide the glitchy trails, over demanding registration conditions and at the same time the fact that no trading platform could be accessed easily. Find out more on this issue in our ACForex review.
|ACFOREX / AC Global Ltd
|Type of the company
|Online broker / Securities dealer
|Regulated – FSA Seychelles
|Warnings from Financial Regulators
|Majority of clients are from
|France, United States, Vietnam, Australia, India
|FAQs, Contact Form
When you attempt to verify the firm’s legal data, you can do so by accessing the register of certified securities dealers with FSA (Seychelles). AC Global Ltd is present as one of the entities licensed for providing brokerage services. Now, this shaky ACForex regulation doesn’t cover safety measures enforced in better regulated zones of EEA, US and UK.
That would mean no negative balance protection, no compensation funds and not enough transparency, as obvious from the website that hides the majority of the crucial information related to trading conditions.
While it doesn’t immediately mean that an offshore broker has fraudulent intentions, we’d recommend caution. There’s a reason why the majority of illicit online trading platforms pick offshore authorities to regulate their business. For example, Fintegral, based in SVG is known for their unscrupulous activities worldwide.
Trading Platform is Amiss
With this firm, you can forget about learning more about the sole trading process and the software that they have to offer. While the glitchy website attempts to appear informative and welcoming, they do a pretty sloppy work with the entire web presentation.
Not only are some of the basic details about trading software are revealed and you’re first required to create an account.
However, that didn’t work out for us and eventually, we were not able to access the software and test it properly. After all the issues and all our findings, we cannot verify that the said ACForex platform even exists.
Non-Functional Portions of the Site
The company is virtually unknown on the web, and finding any relevant information about it from any source other than the acforex.sc website itself is an impossible task. So far, there are no reviews to be found with the popular ratings platforms like TrustPilot or SiteJabber for instance.
This in itself wouldn’t be suspicious, however the website is using a domain name that is currently not supported by WhoIs. There’s a bunch of buttons on the website that should lead to the company’s profiles on various social media, but these buttons don’t actually work.
It seems that whoever owns the firm went an extra length to make inquiring into the company background as difficult as possible. The question is – why would a reputable firm hide this sort of information?
Account Registration Demands
From the site you can choose if you wish to register for a Demo account or a Live one. Creating a Demo account is a process that cannot be completed, as you will get stuck trying to pick a platform type. The field is obligatory, but no options are given to choose from the drop down menu.
If you, however, want to register for a live account, you first need to input the introducing broker ID and then proceed with sharing your sensitive personal information. That includes your payment options and photos of your ID.
At this point, we advise you to drop the whole procedure and just go with a properly regulated trading portal as a safe alternative to this shady and utterly suspicious financial services provider.
Account Types Comparison
Even if you somehow manage to open an account with this company, you will not be impressed by the number of available packages or what they feature.
At a glance, it may seem like the ACForex broker goes in depth about the details of the offer, but none of the options included in either bundle have particular use, or benefits. Here’s how much you’ll have to pay to obtain an account:
- STP Account – $250
- ECN Account – $5.000
No Disclosure on Fees
When it comes to paying a trading commission, you will not be notified of these amounts beforehand. The STP account allegedly features no commissions, while the ECN package includes commission based on the equity type.
Completely different information is found on another part of the website where it says that spreads start from 0 pips and the leverage varies from 1:2 to 1:30.
Finally, ads on entirely separate parts of the website suggest the maximum available leverage ratio to be 1:500. So much for transparency and respecting the users’ right to know what they’re buying.
Legal documents that cover the aspects of taxes and commissions are either completely empty or provide no useful knowledge on this.
Less Than Ideal Asset Selection
The selection of trading assets is tiny, especially compared to current industry averages. The choices only cover the most popular asset groups:
- Forex – EUR/USD, USD/JPY, GBP/USD, EUR/GBP
- Commodities – Gold, Silver
- Indices – JP225, HK50, NDX100, FTSE100
Let’s take a moment to remember that many fraudsters like Syos Space offer a relatively small number of instruments as well. In the case of these bogus companies, the trading instruments are only available to maintain a pretense that trading actually takes place on the platform.
Now, we’re not the ones to point fingers, but as an impartial review we need to point out that this broker in particular shares a number of similarities with various illicit companies.
Another dubious claim we found on this shady site is that this Forex dealer is especially focused on helping their clients learn and grow. There’s a bunch of learning courses promised, that are supposed to cater to different knowledge levels and interests of traders.
Sadly, it all eventually boils down to a glossary, which by itself is very scarce and doesn’t cover the majority of the most popular terms from the Forex niche.
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What is ACForex?
It is a relatively new brokerage registered in the offshore nation of Seychelles.
Is ACForex Regulated?
The company is properly registered and regulated by the relevant authorities in their jurisdiction, yet it is only an offshore license.
Can I Trust Offshore Regulations?
While offshore regulated brokers do adhere to certain regulatory frameworks, these are a far cry from the safety a Tier-1 regulatory environment would provide. With that in mind, we do not recommend trading through offshore brokers.