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ACCFX is an ECN Forex broker offering a wide range of instruments, from currencies to spot metals. The company serves investors from all over the world.
Company. Fund security
ACCFX is a trademark of Alpha Capital Markets. This company is registered in Saint Vincent and the Grenadines and is regulated by the local FSA.
The broker works in an offshore zone, where, as you know, quite loyal working conditions are presented. Nevertheless, the broker claims to keep client funds in segregated accounts in reliable banks with a worldwide reputation, and ACCFX also protects client funds using internal established rules. For example, each client goes through a rigorous verification process.
Regulation of offshore organizations is better than no regulation at all. But we recommend that traders be more careful when working with an offshore broker and read the reviews about him at the end of the description.
Trading conditions
ACCFX offers its clients three types of accounts for Forex and CFD trading. Trading conditions change depending on the size of the initial deposit. Islamic (swap-free) accounts are also offered.
Minimum initial deposit
ACCFX requires a minimum initial deposit of $ 100. This is a rather lucrative offer, although many brokers offer a deposit below, for example, $ 50 or even $ 1. However, $ 100 may not be enough for you to earn enough. But, on the other hand, if you are just learning to trade, then $ 100 is a great start.
Spreads and commissions
Spreads in ACCFX differ between different types of accounts. On average, the spread for the EUR / USD pair reaches 1.6 pips.
Leverage
ACCFX offers a maximum utilization ratio of 1: 500. This is a fairly common proposal in the industry. Usually brokers set a lower leverage on accounts with large deposits. Nevertheless, the trader can always choose the amount of leverage or not use it at all.
Trading platforms
ACCFX provides its services via MetaTrader4 (MT4). It is the most popular Forex platform. First, there are many customizable tools designed for it. MT4 also has great graphics that technical analysts love, a user-friendly interface, multilingual support, and allows pending orders. On the other hand, the platform lags slightly behind if too many instruments are loaded at the same time (over 200). This, however, also depends on your PC's hardware.
Support service
ACCFX has a helpful FAQ section on their website. Several phone numbers are also available to enable investors to contact the most appropriate team to address a specific request. The specialists communicate in English, Russian and Arabic. You can also contact the specialists by e-mail, as well as a dedicated address for partner support. Contact numbers are also provided for UK and Russian offices.
The site is available in English and Arabic.
Support does not offer Skype or live chat options.
The support works 24/5.
Ways of payment
ACCFX offers a variety of payment methods. These include wire transfers, credit / debit cards, almost all of the most popular e-wallets: Neteller, Skrill, WebMoney, China Union Pay, CashU, Paysafe Cards, Perfect Money, Qiwi Wallet, iDeal, GiroPay, Lobanet, Poli Interenet Banking.
Pros:
MT4 is available; there are many payment methods available.
Minuses:
offshore broker.
ACCFX is a company whose task is to provide intermediary services to traders. Brokers / Crypto exchanges provide access to currency / cryptocurrency trading, first of all. Also, many of them, if we are talking about brokers, give the opportunity to make transactions with company shares, bonds, commodities, precious metals, indices, cryptocurrency and other assets. A private person can make transactions with all these instruments only on a trading platform, access to which is provided by a broker or a crypto exchange.
In addition, thanks to such companies, an individual can operate in the market with amounts significantly exceeding the amount of his own funds. This is called the provision of leverage. For example, having a deposit of 1,000 USD with a leverage of 1:400, a trader can make transactions for 400,000 USD.
As well, the broker / crypto exchange opens access to analytics, auxiliary tools, trading signals. Without all this, modern trading is impossible.
ACCFX profits from traders' trades, usually in two main ways
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First – most common. Using spreads. This word refers to the difference between the best prices for buying and selling a certain asset at a particular moment. Moreover, in a transaction between a trader and a broker, the price is one, and between the broker and market users - another. The mediator takes the difference.
The second method is easier to understand. This is a fee for each operation performed. Most often it has a standard value, but can also be measured as a percentage.
Therefore, the company is interested in attracting as many clients as possible and that they conduct active trading.
How honest brokers / crypto exchanges should work and how they work, we found out. And now let's look at how scammers act, they are also called kitchens.
The most common way to cheat – is to twist quotes. Broker / crypto exchange gives the trader quotes that differ from the real market. There is a substitution of data in order to make operations unprofitable. The deposit is reduced, and then completely reset. At the same time, the trader thinks that his operations were made on the market, but in fact – just on the site of scammers.
Bonus – traps. They are generously distributed for anything: registration, account replenishment, etc. Only after that, in order for the client to withdraw his own money mixed with bonus money, it will be necessary to fulfill a number of actually impossible conditions. For example, to conduct trading operations in the amount of ten times more than the size of the deposit.
The User Agreement may also mask a clause that allows the broker / crypto exchange to dispose of the client's money. Inattention when reading such an agreement most often turns into a complete loss of the deposit.
One of the key points – it is the place of registration and regulation of the company's activities.
First let's talk about registration. As a rule, traders are more trusted by companies either from their own country or from an economically developed country, for example, a member of the European Union. Of course, compliance with UK law is reassuring, and compliance with the laws of an unknown island in the Indian Ocean does not mean anything to most at all.
On fact, most brokerage companies are registered offshore, and we are talking not only about small offices, but also about world leaders. Saint Vincent and the Grenadines, Belize, Marshall Islands, Mauritius are popular offshore zones among companies. Registering there, companies pay significantly less taxes than in the place of actual location, which is sometimes carefully hidden.
If a trader has claims against such a company, then it is likely that he will have to deal with it in accordance with the laws of the same conditional Belize. It is possible to be physically present there at court hearings. And this is extremely expensive and difficult.
No is it worth running like fire from just the word «offshore»? As an answer, we will cite the names of companies that are not related to brokerage, but with an impeccable reputation and also save on taxes with the help of offshore registration: Apple, Pfizer, Microsoft, General Electric, Intel.
And here we come to the second important point – this is the regulation of the broker / crypto exchange. First of all, it is carried out at the level of the state where the company is registered. Each country has its own regulatory body for brokering. So, in Russia it is the Central Bank of the Russian Federation. The trader can find permits on the websites of such authorities. But there are also supranational structures. For example, the International Financial Commission, which is an independent self-regulatory organization, specifies disputes between its members – brokers and their clients.
If there is no information on the broker's website / crypto exchange about the regulation of its activities or license, then it is almost certainly a scammer. Or on the site there is data on some license issued by him, but this information is not confirmed anywhere else. Most likely, these are also scammers.
When choosing a brokerage company, or crypto exchanges, study its history. Look at the links to its experts. If one of the leading TV channels in the economic news for 5 years in a row refers to the opinion of the analyst of the broker in question – this is good. If the broker / crypto exchange assures that it has been working for 15 years, but there is no information about it on the Internet at all – this is bad.
It is important to pay attention to reviews about the company. And read them not only on the website of the broker itself / crypto exchange. In the kitchen, they will certainly be only praiseworthy. It is better to view as many sites as possible.
Pay attention solely to the specifics in the offers on the websites of brokers / crypto exchanges. Honest companies openly write about interest, spread size, minimum deposit, etc. Scammers lure loud streamlined phrases about a rich tomorrow, a stable income, mislead with incomprehensible terms about multi-sites, superfunctions and so on.
Specify the company's connection with well-known brands, financial institutions, public organizations. For example, it can be sponsored. Large brokers / crypto exchanges sometimes hold social promotions. Scammers will definitely not do this.
Therefore, the process of choosing a broker / crypto exchange is complicated. But if you approach it carefully, it will allow you to enter the world of trading, which has made millions of people rich around the world
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Before any trade and choosing a broker You must always read reviews on this site and on other sites. Companies who are honest, have a rating of above 3.8. Also there is always the risk of loss when trading CFDs. Be careful and read the disclosure on the website of the company you chose. ACCFX received a score of 1 of 5 on our resource.