Ace Forex Broker Review – Scam
Be on the Lookout; Ace Forex is an offshore broker; Your investment is at risk.
This Ace Forex broker review is for individuals researching information on how to retrieve investments from such scam brokers.
Is Ace Forex a legit broker?
Ace Forex is an unregulated offshore broker that offers services such as forex, CFD and or binary options trading. The broker is registered in a fiscal haven that lacks the intervention of any investment regulatory process. This means that taking legal action against this forex broker is next to impossible. Read this review to recover your investment from Ace Forex.
Ace Forex broker relies on a number of tricks to reach their prospects and make them believe that the money they are investing with them is in safe hands and will generate humongous returns. Such tricks include the use of the state of the art websites and apps, with all sorts of attractive trading conditions followed by well-spoken staff and very efficient customer support after signup. This is all smoke and mirrors.
As far as this kind of scheme goes, the Ace Forex staff could very well be operating as part of a network of anonymous call centers in undisclosed locations. They could outright lie to you about their location and even their names. In typical investment scams, the staff uses stage names when communicating with the clients to add a layer of anonymity. Using excellent sales skills paired with manipulative psychology techniques, the staff involved in these sophisticated scams will prompt the victims to invest always more money, often beyond what they had planned in an attempt to avoid losing it all. This type of scam is now widespread and used to defraud unsuspecting victims billions of dollars annually.
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Ace Forex broker Reviews
A look into Ace Forex Reviews on various internet forums will reveal that Ace Forex clients have had issues withdrawing their investments and/ or profits. Though the reviews regarding Ace Forex have been drawn from various sources, it reveals a similar challenge. Ace Forex entices clients into this scam through interesting profits posted to their clients’ trading accounts.
The company even goes to the extent of transferring some of the money back to the clients. Once the clients’ trust is gained, they are prompted to invest more money for much better returns. Once the client has transferred the money, the problems begin.
Ace Forex broker will then manipulate the trading platform to create scenarios jeopardizing the clients’ investments. The clients are then prompted by Ace Forex Financial Analysts to transfer more money into their accounts to reduce the losses they are facing, often to avoid losing their investments altogether. Immediately after they do this, withdrawing the funds becomes an issue.
How To Get Your Money Back From Ace Forex Broker?
There is no easy way to get your money back once you have invested it with Ace Forex. Ace Forex is structured in such a way that it makes it hard to pinpoint the scam to specific individuals and prove any wrongdoing. Ace Forex constitutes a brokers brand that is managed by a chain of shell companies registered in fiscal havens. Building a legal case against the broker would require one to utilize the services of a private investigator to track the money trails and trace it to individuals who could testify of the fraudulent practices of the broker. This does not even factor in the huge legal costs that would be required to institute a civil action in such offshore locations. Such prohibitive costs make it hard for customers of Ace Forex to take any action.
However, hope is not lost. There are other means through which investors can recover their funds from Ace Forex, without going the civil action route. A number of Ace Forex victims have managed to recover their funds by maneuvering the banking legal system. While this method might be unknown to many people, it is possible for an individual to get his or her bank to reverse credit card charges and bank wire transactions in his or her favor. While this is possible, the route has a lot of rules and regulations around such a procedure and it would be wise to hire an expert if you want to recover your money from a Ace Forex broker.
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More reasons not to trust Ace Forex
Ace Forex was regulated in New Zealand, but was delisted a few years ago and is no longer supervised by the Financial Markets Authority (FMA).
Currently, the company operating the ACEFX LIMITED brand is registered in Saint Vincent and the Grenadines, a famous offshore destination. Brokers incorporated therein are not regulated or supervised by any authority and are therefore not recommended
Some negative reviews
We have found some user reviews on this broker and they are all quite negative. One of the people said that after requesting a withdrawal, Ace Forex manipulated his account and it turned out that he had lost all the profits he wanted to withdraw. Another person complained about the slow execution, order errors, terrible customer service and, most importantly, refused the withdrawals.
Ace Forex is a forex binary options broker whose trading conditions look good: it offers competitive spreads, high levels of leverage, uses the MetaTrader 5 platform, and does not require a high initial investment.
Based in New Zealand, with offices in Hong Kong and the United States, Ace Forex is actually registered abroad, which is its main drawback. This, combined with negative comments from users, definitively placed this broker in the “Not recommended” section. This is why we advise our readers to stay away and choose from brokerages regulated by the FCA.