AceTopFin review – 5 things you should know about acetopfin.com

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Beware! AceTopFin is an offshore broker! Your investment may be at risk.

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AceTopFin is a hell of a broker. We know that usually, one associates such phrases with a positive thing, but in this case, there is nothing positive about the broker. e had to wait a whole minute for the website to load, and after that, each new loading session was also excruciatingly long and tedious. We would have understood the wait if there was something worth waiting for but in the case of AceTopFin it was all a waste of time. However, someone must reveal what AceTopFin stands for and disclose what this broker really aims for. That’s why we have compiled the following review with all the necessary details.

First of, we had to register to get the best out of the broker.  Creating an account with today’s broker was easy, and we had been given full access to a user area in no time. The trading area is what you would call a copy-paste template. All in all, it took us a while to create a trading account, because the user area is confusing. We had to change passwords and create new accounts, but in the end, were able to open the web trader with a Micro account. Things should not be so complicated; it’s offputting.

The EUR/USD cost of trade is around 1.5 to 2.3 pips, making the spread very unstable. The leverage is capped at 1:500. And the available trading assets are forex currency pairs, metals, oils, energy spots, futures, shares, cryptocurrencies, and indices.

The website of the firm is available in English, Italian, German, and Spanish.

ACETOPFIN REGULATION AND SAFETY OF FUNDS

All in all, our research led to the only possible conclusion that AceTopFin is absolutely anonymous. Let us tell you why.

First of all, on the footer, we see a claim saying that the broker is regulated in various jurisdictions. This type of ambiguity is a common tool used by unlicensed brokers in order to get out of a tight situation.

Next, the contact page put the company on British soil, but there is no solid proof of this being so. In the UK you must be regulated by the FCA if you wish to offer legit FX services. There is no way around this.

And last but not least, the terms and conditions, are not only very short, but offer no further insight into the legitimacy or location of AceTopFin.

Thus AceTopFin is UNLICENSED, a risk to all investors, and most probably a scam!

Investing in brokers that have no license is a pure waste of funds. You could be doing so much more with your money. Like, say investing in an FCA or CySEC regulated entity where there is a real chance of winning. Not only are all regulated brokers trustworthy, but they also work for the client, always endeavoring to bring the best and most stable trading experience out there, which makes the market very competitive. Furthermore, some regulators, mainly the FCA and CySEC employ fund compensation schemes whose main purpose is to reimburse users at times when the broker cannot pay his clients back, mainly due to bankruptcy. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.

ACETOPFIN TRADING SOFTWARE

The trading platform used by the broker clearly reminds us of the MT4 or the MT5.

Of course, the web trader does not really compare to the superb MT4/5, and it covers at the most only 5% of the features that the MetaQuotes terminals come with. And needless to say that we have seen this office being used by dozens of other unregulated brokerages.

ACETOPFIN DEPOSIT/WITHDRAW METHODS AND FEES

The user area discloses that the minimum deposit amount is $1, meaning that there is no minimum deposit. The only way to invest is through a bank transfer.

The withdrawal area reveals only that the user can take out money only through a wire transfer.

And then we have the Deposit & Withdraw Policy, a document that always spells trouble. According to it, the withdrawal processing time is around 5 days, and there are fees. However, the broker has not revealed these fees, only mentioned them, which is typical of scammer broker.

By far the biggest bust in the Policy is the following clause that forbids users from withdrawing funds earned through trading.

We believe this clause is the last big reveal we make before concluding that the broker is a complete scam, and not worth it! Stay away!

How does the scam work?

The way that scams work is very simple, and it is a surprise that still many people fall for them in this day and age.

What happens is that user clicks on misleading ads on social media or other popular websites, and are there redirected to a scammer broker, an intermediary site, or an investment site that is also a scam. Either way, you are in deep stuff once you enter.

These ads are very alluring, using a number of methods to attract users: beautiful women, luxurious cars and houses, expensive vacations, etc.

Once you enter these sites, the broker will try to convince you to invest, which you should not do! The first investment is usually initiated by the rookie scammers, who will get a large commission out of it, meaning they have a motive to defraud you.

A second deposit is made in the presence of the advanced scammers, or sometimes called account managers. These are sweet talkers and can steal your money without you knowing of it.

There will come a time when the user will start getting suspicious. This mainly happens when one tries to withdraw and fails on multiple occasions. Each scammer broker uses one of many tactics to stop users from withdrawing: stalling the request, shutting down the account, not responding to requests, or at times closing down the entire website!

What to do if scammed?

Chargebacks are your safest bet. Credit and debit card companies have this option for such cases. MasterCard and VISA have a chargeback period of 540 days.

Wire transfer losses are harder to recuperate, however, your bank may have a plan installed just for such scams. Best check with your local bank. And make sure to change your bank account user name and password.

If you have lost your money by means of a crypto deposit, then we have some bad news for you. Please never invest in an unregulated broker through any crypto method.

Finally, you may stumble by accident on a recovery agent or similar person or agency claiming to be able to get your money back. Never trust these, for they are scams on their own, or can sometimes work for the fraudulent broker.

Rich Snippet Data

Reviewer

TheForexReview

Review Date

2021-05-21

Reviewed Broker

AceTopFin

Broker Rating

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