Reason to avoid: Suspended License. Negative Reputation.
Listed Date: September 28, 2018
Top 3 Regulated Forex Brokers
- Company name:
AtlasCapital Financial Services Limited. AtlasForex
- Registration Address/ License:
Cyprus. Suspended authorization by CySEC (license no. 085/07)
ACFX is a trade name of AtlasCapital Financial Services, which is also a member of Atlas Group, one of the largest business conglomerated in South Eastern Europe for the last 20 years. The group operates in the fields of financial services, banking, insurance, real estates and more. The company was also authorized by the Cyprus CySEC to provide its services within the EU along to the registrations with FCA and other reputable authorities.
The broker delivers a vast of trading opportunities to their clients while claiming to offer unbeatable market conditions with Spreads from 0 pips, as well as the world-class international compliance with the client protection. However, there were numerous complaints and act against the company waved by the ACFX traders or investors that claimed issues with withdrawals, settling of obligations towards customers and finally found themselves an excuse of short on client funds.
For that reason and other issues, CySEC has suspended the license of ACFX back in April 2016 and identified nonlegal status of the firm due to its lack of necessary safeguard procedures to client assets. Yet, the company still claims on its website its respected status of authorization. (view the CySEC announcement)
“The Cyprus Investment Firm ‘Atlas Capital Financial Services Ltd’ as there are suspicions of an alleged violation of the Law Sections, due to the Company’s possible non compliance at all times with the authorization and operating conditions”
The sum of the above concludes that it is not safe to trade with the ACFX, the traders should avoid any contact with the firm at any means, since the risk is in the highest position. There are many well-established and regulated by CySEC companies that do follow the strictest rules of the clients’ protection and maintenance of the reliable trading environment, so you can check our listing and choose the best suitable one.