Ace Forex foreign exchange brokers specializing in providing foreign exchange trading services, the company's official website http://acefx24.com/openlive, about the company's legal and temporary regulatory information, the company's address A-608, Seochodaero 397 Bout ique Monaco, 397, Seocho-daero, Seocho-gu, Seoul.
Ace Forex Forex Broker
Basic Information
South Korea
5-10 years Suspicious Regulatory License Suspicious Scope of Business High potential riskCompany profile
Rating Index
Micro
Standard
Ace Forex Broker - Complete Information Guide
1. Broker Overview
Ace Forex, officially known as Ace FX Limited, was established in 2014. The company is headquartered in New Zealand and also claims to operate in Saint Vincent and the Grenadines, the United States, and Hong Kong. It is a private entity and primarily serves retail clients looking to trade in the forex market.
Over the years, Ace Forex has positioned itself as a global broker specializing in various financial instruments, including forex, CFDs, commodities, and binary options. The broker asserts that it has received several awards, although specific details about these accolades are not widely available. Throughout its existence, Ace Forex has undergone several changes, including shifts in its operational focus and the regions it serves.
The business model of Ace Forex encompasses retail forex trading, allowing individual traders to engage in the foreign exchange market. The broker claims to provide a user-friendly trading environment with various account types and trading tools tailored to meet the needs of different client segments. However, the lack of regulation raises concerns about the safety and reliability of its services.
2. Regulatory and Compliance Information
Ace Forex operates without oversight from any major regulatory authority, which is a significant red flag for potential clients. The broker is registered in Saint Vincent and the Grenadines, under the license number 24338 IBC 2017. However, this offshore registration does not guarantee the security of client funds or compliance with strict international regulations.
The Financial Services Authority (FSA) of New Zealand has previously regulated Ace Forex, but the broker was deregistered a few years ago. As a result, it no longer has any valid regulatory oversight. The absence of a reliable regulatory framework means that clients' funds are not protected under any investor compensation schemes, and there are no guarantees regarding the safety of their investments.
Ace Forex does not appear to have a robust Know Your Customer (KYC) or Anti-Money Laundering (AML) compliance program, which further exacerbates the risks associated with trading through this broker. Traders are advised to exercise extreme caution and consider the implications of dealing with an unregulated entity.
3. Trading Products and Services
Ace Forex offers a diverse range of trading products, catering to various trading preferences. The broker provides access to over 57 forex currency pairs, including major pairs such as EUR/USD and GBP/USD, as well as exotic pairs. This variety allows traders to explore different market opportunities and strategies.
In addition to forex, Ace Forex also offers Contracts for Difference (CFDs) across various asset classes, including indices, commodities, and stocks. The broker claims to provide competitive pricing and a wide selection of instruments to enhance traders portfolios. However, the frequency of product updates and the introduction of new instruments remain unclear, as this information is not readily available.
For those looking for simplicity, Ace Forex provides binary options, enabling traders to speculate on price movements with fixed returns. The broker's commitment to offering a comprehensive trading service is evident in its diverse product lineup, but the lack of regulatory oversight raises concerns about the quality and execution of these services.
4. Trading Platforms and Technology
Ace Forex supports the MetaTrader 5 (MT5) trading platform, which is known for its advanced features and user-friendly interface. MT5 is widely regarded in the industry for its comprehensive tools for technical analysis and automated trading capabilities, making it suitable for both novice and experienced traders.
In addition to MT5, Ace Forex offers its proprietary trading platform, Ace Forex Lite, which is designed for ease of use and accessibility. The broker also provides a multi-terminal option for traders managing multiple accounts, enhancing efficiency for those overseeing various portfolios.
The broker supports mobile trading applications for both iOS and Android, allowing traders to manage their accounts and execute trades on the go. The execution model employed by Ace Forex is primarily ECN (Electronic Communication Network), providing direct access to liquidity providers and ensuring competitive spreads.
However, the specific details regarding server locations and the underlying technical infrastructure have not been disclosed, which could impact the overall trading experience. Additionally, there is no clear information available about API access for automated trading, which may limit options for algorithmic traders.
5. Account Types and Trading Conditions
Ace Forex offers several account types to accommodate different trading needs:
- Micro Account: Requires a minimum deposit of $50, with spreads starting from 1.0 pips and a maximum leverage of 1:500.
- Standard Account: Requires a minimum deposit of $10,000, offering tighter spreads from 0.8 pips and a leverage of 1:100.
- VIP Account: Designed for high-net-worth individuals, this account requires a minimum deposit of $50,000, with spreads as low as 0.6 pips and similar leverage conditions as the standard account.
Ace Forex also provides a demo account option, allowing traders to practice their strategies without risking real capital. The broker's leverage options vary based on the account type, with higher leverage available for micro accounts, which can amplify both potential gains and risks.
The minimum trade size allowed is 0.01 lots, providing flexibility for traders to manage their positions according to their risk tolerance. However, details about overnight fees and other trading costs are not clearly outlined, which is essential information for traders to consider.
6. Fund Management
Ace Forex supports a variety of deposit methods, including bank transfers, credit cards, and e-wallets such as Neteller and Skrill. The minimum deposit requirement varies by account type, starting at $50 for the micro account.
Deposits are typically processed quickly, though specific processing times are not disclosed. Notably, Ace Forex does not charge any fees for deposits or withdrawals, making it a potentially cost-effective option for traders. However, traders should be aware that their chosen payment method may incur fees from third-party providers.
Withdrawal options mirror the deposit methods, with clients required to use the same method for both deposits and withdrawals. While the broker claims to process withdrawal requests promptly, there have been reports of delays and difficulties in accessing funds, which could pose significant risks for traders.
7. Customer Support and Educational Resources
Ace Forex provides multiple channels for customer support, including phone, email, and online contact forms. However, the lack of live chat support may limit the immediacy of assistance for traders facing urgent issues.
Customer service is available during standard business hours, but specific operating hours and time zone coverage have not been disclosed. The broker does offer support in multiple languages, although the exact languages available are not specified.
In terms of educational resources, Ace Forex appears to offer a limited selection, with few details provided about webinars, tutorials, or other training materials. Market analysis services, including daily updates and research reports, are not clearly outlined, which may disadvantage traders seeking comprehensive insights.
8. Regional Coverage and Restrictions
Ace Forex primarily serves clients in various regions, including Saint Vincent and the Grenadines and New Zealand. However, the broker does not accept clients from the United States, which may limit its accessibility for traders in that region.
The distribution of regional offices is not clearly defined, and the lack of regulatory oversight raises concerns about the legitimacy of its operations in various jurisdictions. Potential clients should thoroughly research the broker's regional limitations and ensure compliance with local laws before engaging in trading activities.
In conclusion, while Ace Forex presents itself as a versatile trading platform with a wide array of products and services, the lack of regulatory oversight and the associated risks should prompt traders to exercise caution. It is essential to conduct thorough due diligence and consider alternative brokers that offer more robust regulatory protections and customer support.
Ace Forex Similar Brokers
Latest Reviews
FX1063267523
Thailand
I have just opened a micro account on this platform, so far so good. Their customer support is available to help me, comfortable trading, really. However, when I make profits or when I withdraw my money,this would be the last say on whether or not this broker can be trusted.
37130
2022-11-28
Mr_jon
South Korea
I liked the quick deposit/withdrawal and convenient portal configuration. 6 years in the making.
Positive
2023-10-20