Ace Forex Review

Is Ace Forex a scam or a legit broker?

Ace Forex is not a secure Forex broker since it does not hold a license from any worldwide serious Forex authority. Meaning the broker is suspected of being a fraud company since it was not checked for its compliance before establishment, never monitored in terms of its safety and simply may operate the business in any way it wishes.

Ace Forex claims to be the global leader and an award winning broker specialized in trading Forex, CFDs, Commodities and Binary Option.

According to the website, Ace Forex’s headquarter is located in New Zealand and also located in St. Vincent & the Grenadines, U.S. and Hong Kong. The trading services are provided by ACEFX LIMITED, a company registered in St Vincent and the Grenadines under Licence number 24338 IBC 2017. Despite the fact that the broker claims to have offices in New Zealand, U.S. and Hong Kong, it is not regulated in those countries.

However, the fact is that St. Vincent and the Grenadines is an offshore zone, which does register the financial investment firm, but provides very poor if none requirements to the company operation. That means, the broker is not regulated, not overseen and does not comply with strict international rules that provide protective measures to the traders. Therefore, it became an offshore zone for shady forex brokers such as CVC Markets, AAG Markets and more. Read more about St. Vincent and the Grenadines regulation by the link. 

We also keep reminding that FSA has announced that it does not issue any licenses for forex trading or brokerage nor does it regulate, monitor, supervise or license international companies, which engage in such activities.

Conclusion

Trading with offshore brokers is extremely risky. Many of these brokers are scam companies seeking to cut financial and regulatory corners. We advise all investors and traders to avoid Ace Forex and other brokers from St. Vincent and the Grenadines. Traders should trade with well-regulated brokers such as UK brokersor brokers in Australia and reliable brokers such as AvaTrade and XM.com.

You can also share your trading experience with Ace Forex by commenting on this review.

Ace Forex website is no longer active.