Acc-FX seems very likely to be yet another disappointing broker, whose entire existence is centered around one single idea: to lure in more inexperienced traders and take their money in return for nothing! Not that we hoped for anything more than that for Acc-FX. It comes with the typical copy-paste website, which provides limited information and a lot of filler content. But enough of beating around the bush. Read the review for all the important details of this broker.
We tried opening a Live account without success. As a matter of fact, the account creation process was professional and we could not complete it because we had to give way our ID documents. This shows a certain amount of promise if we have to be honest.
There was an option to open a demo account, but we were unable to do so for some reason. The broker wouldn’t let us. Now, this is more like a shady broker.
Without creating an account, we must rely on the website for all the trading details. According to the website, there is just one account type, but the registration process gave us three. The website alleges that forex pairs, cryptocurrencies, metals, and indexes are the sole tradeable financial instruments. There is only one mention of a 1:200, while all hope for a spread value is lost.
The website is available exclusively in English.
ACC-FX REGULATION AND SAFETY OF FUNDS
The company encompasses very short and thus useless legal documents that give us no way to hope for the broker’s legitimacy. The length of the legal documents determines the number of legal points that the broker covers; the shorter the docs are, the less legal it is.
In these documents, we find no helpful information about a license, not even a mention of a country in which the broker might be regulated, even if it was a complete lie!
The same conduct is taken by the website. There is absolutely no mention of a license anywhere, while an address is also excluded. There is nothing for us to work with here.
Acc-FX is absolutely anonymous, without a way to trace it, unless you are aware of specific tracing methods. In our experience, brokers who keep their location a secret, be it real or fake, are unregulated and scams.
In other words, anonymous brokers track their victims and reveal themselves at the appropriate moment.
Acc-FX is therefore UNREGULATED, and most probably a scam. Not to mention that it is a risk to all deposited funds.
Never rely on unlicensed brokers. They are scams and will steal from you! Put your money where the real FX trading happens, with any FCA or CySEC regulated broker, or any other brokerage licensed by a legit overseer. All watchdogs demand safe and integral conduct and do not tolerate unlawful behavior. Moreover, the FCA and CySEC offer compensation schemes applied to users whose brokers cannot pay them back. CySEC offers a €20 000 refund amount per person, while the FCA guarantees up to £85 000.
ACC-FX TRADING SOFTWARE
The broker claims to be offering an MT4, and wouldn’t you know it, it actually offers a full desktop version of one. We cannot help but be impressed, but also very suspicious. We think that illegal brokers find way to manipulate the MT4 software without paying for it.
But whatever the case is, Acc-FX offers an MT4, yet the presence of this giant platform is, unfortunately, not enough to redeem this broker. It remains a risk to all, but above all else, unregulated!
ACC-FX DEPOSIT/WITHDRAW METHODS AND FEES
We only gather that the minimum deposit requirement is $500, but without much certainty.
Other than that, there is zero information on any deposit details, and neither is there any news on withdrawals.
The most common payment methods include credit cards, debit cards, wire transfers, crypto payments, and a list of alternative payment gateways.
Withdrawals are feed depending on the broker, but scammer brokers tend to rely on fees, no matter if they indicate this or not.
Overall, Acc-FX has proven to be a complete scam of a broker. It is a risk to all deposited funds, and any ID documents you may have provided are also at a risk!
How does the scam work?
The scam really works when the reps of the broker contact the user, either through a phone call or an email address. They will start asking for deposits all the while promising super profit gains. Those that deposit might even get a taste of false gains, whose true purpose is to compel the client to deposit more. These scammers know very well how to manipulate users. Their catalog of psychological trickery is vast, and their patience is unbreakable.
An initial deposit leads to a second one, a third one and so forth.
As for the methods of these fraudsters getting a hold of your phone numbers or email addresses, they are many, and most of them follow simple steps. It takes a false ad to convince a user to give her contact details. These false ads are very promising but ultimately misleading and very manipulative. You might have already seen them: luxurious cars and villas, carefree lifestyles, expensive items, and beautiful vistas. All are stock images to start your imagination and propel you to give away your contact address, and in the perfect scenario, to invest.
Once the client wishes to withdraw, either because she feels suspicious, or because she wishes to take out some cash from her profit, the broker will apply a number of very cheap techniques to make withdrawals impossible. For one, the scammer will close down the account, shut the entire website, or just not return phone calls and emails.
What to do if scammed?
If a user has lost funds by means of a credit or debit card, then the first thing to do is file for a chargeback. MasterCard and VISA have a chargeback period of 540 days.
Bank account swindles are harder to get bank but not impossible. First of all, change your bank account user name and password, and then call the bank to find a plan of action together.
Never invest with cryptocurrencies sin an unregulated broker. All such deposits are lost, and cannot be recuperated.
Also, don’t trust the self-proclaimed recovery agents. These are also scammers, and will ask you for a fee, and in return they promise to recover all your lost funds. Obviously, once this commission is paid you will never hear from them again!
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