Ace Forex Review
Reason to avoid: Offshore license
Listed Date: January 3, 2019
Top 3 Regulated Forex Brokers
Beware Ace Forex is a Non-Regulated broker. It is NOT SAFE to trade.
- Company name: ACEFX LIMITED
- Registration/license: St. Vincent and the Grenadines
- Registration/license requirement: USD 2,000
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.
As to the the license with the St. Vincent and the Grenadines Financial Services Authority (FSA), we keep reminding remind 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.
Trading with offshore brokers is extremely risky. Many of these brokers are scam companies seeking to cut financial and regulatory corners. Unlike with the FCA and other EU financial regulatory entities, offshore agencies pay very little attention to compliance-check, reporting and, they don’t report individual transactions, denying the withdrawals. Check the list of the FCA-regulated brokers.