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ACFX company – reviews of the illegal activities of a dubious broker
Broker ACFX, which is a division of the Cyprus company Atlas Capital Financial Services Limited, began operations in 2007. The company’s founders are shareholders of the Atlas group, which is a global financial giant with operations in many European countries. However, despite numerous statements about legality, practicing traders continue to insist that this is a scam. Investors have enough arguments in their arsenal to prove they are right.
|Year of foundation
|Regulation and jurisdiction
357 25 501000
19, Promahon Eleftherias Str, Agios Athanasios, CY-4103 Limassol, Cyprus
- The project has failed
- CySec license revoked
- Site blocked
|Types of accounts
Classic, VIP, STP, Islamic
Skrill, Neteller, Moneybookers, FasaPay, DIXIPAY, Visa, MasterCard
Up 2 pips
Raw materials, stocks, precious metals, indices, cryptocurrencies, energy resources
About the ACFX project
Office ACFX was founded in 2007 and registered in Cyprus, with its head office in Limassol. The company was CySEC regulated and MiFID compliant and also FSA licensed. However, after 2016, Sharaga faced serious fraud charges and the loss of its CySEC license.
Despite its attractive offers and varied trading conditions, sharaga has found itself at the center of a scandal involving allegations of fraud and the loss of its license. Customer testimonies and project history indicate unfair practices and risks for traders working with this broker.
The kitchen has finally failed, but users continue to sue ACFX official website The scam has closed. Main reasons for termination of activities:
- illegal work in all jurisdictions;
- fraud with quotes;
- refusal to pay money;
- blocking of trading accounts;
- lack of proper technical support.
The scammers also violated Russian legislation because they operated without a license from the Central Bank of the Russian Federation. Cooperation with such projects is associated with high non-trading risks. Therefore, beginners should stay away from such organizations, otherwise they will have to say goodbye to their investment capital.
Trading with a broker
The trading conditions offered by the broker are aimed at a wide range of traders, from beginners to seasoned professionals. The company provided the opportunity to open transactions on various financial markets. Basic tools:
- currency pairs;
- spot metals.
The main emphasis was on flexibility and accessibility of services for different categories of clients. The swindlers did not conduct transactions on the interbank market, working in a kitchen format. They also retained control over quotes, which finally put an end to the prospect of making money.
One of the key features ACFX there was a wide selection of trading platforms. Clients could use the popular MetaTrader 4 platform, which is known for its reliability and wide analytical capabilities. Also available are WebTrader for browser-based trading, mobile apps for trading on the go, and Multi-Terminal for professional traders managing multiple accounts simultaneously. However, support for popular terminals did not in any way affect the final trading result. All users drained their savings.
As for the types of trading accounts, the office offered several options.
- Standard – suitable for beginner traders with a small initial deposit;
- Mini is an option for those who wanted to start with even lower risks;
- For more experienced and professional traders, ECN/STP accounts were available, which provided direct access to market liquidity and more competitive trading conditions. However, this is a lie, because trading was carried out exclusively on the company’s internal servers.
Spreads were variable, starting from 0.7 pips, which provided traders with flexibility in choosing trading strategies. The company also offered leverage up to 1:500, which is quite a high level and can increase both potential profits and risks. However, it is worth noting that high leverage may not be suitable for all traders, especially beginners, due to increased risks.
A leverage size of 1:500 is a direct violation of the requirements of European regulators. It is not surprising that the CySec commission decided to revoke the license ACFX Investments into this platform are no longer protected by law.
ACFX broker exposed
In recent years, the activities of the ACFX broker have raised serious concerns and accusations of fraud. Several key factors and signs indicate potential risks of working with this broker:
- One of the most significant red flags in the history of ACFX was the loss of its license from the Cyprus Securities and Exchange Commission (CySEC) in 2016. The certificate of this commission is considered one of the main indicators of the reliability and transparency of a broker in Europe. License revocation is often related to violations of financial regulations or unfair practices;
- Numerous negative customer reviews and fraud allegations are another warning sign. Clients complained about problems with withdrawals of funds, cancellation of profitable trades and manipulation of trading results. Such reviews often indicate unfair practices on the part of the broker;
- Despite the stated attractive trading conditions, the real rules of working with ACFX were not transparent and understandable enough for clients. The opacity of conditions is an attempt to hide unfair working mechanisms;
- Many clients pointed out the insufficient quality of support work and delays in processing requests. Effective and prompt customer support is an important aspect of a broker’s reliability, and its absence may indicate problems within the company;
- Sharaga used aggressive and sometimes misleading marketing strategies to attract new customers, including promises of high earnings and sign-up bonuses. Such practices are often used by fraudulent companies to attract attention;
- the office made changes to trading conditions without properly notifying clients, which led to unexpected losses for traders;
- registering a company in an offshore jurisdiction is not in itself a sign of fraud, but when combined with other factors, it may increase concerns about the transparency and reliability of the broker.
The reasons listed above indicate the undesirability of cooperation with ACFX personal account It’s better not to open it here, otherwise the user will lose every last penny.
ACFX is not a broker, but a Forex kitchen. The project is built on fraud with quotes and trading against its own clients. Earning money in such conditions is a priori impossible. The company takes money from gullible newcomers. Charlatans do not plan to make money on spreads and commissions.
Analysis of reviews about the ACFX broker
Users are disappointed with cooperation with ACFX reviews show a number of critical problems in the company’s operation that negatively affect trading results.
One of the most frequently cited problems is the difficulty of withdrawing funds. Karina, Sergey Ivanov, Alexey_Trader, FinanceGuru88 and Kostya report the impossibility of getting their earned money back. This is a classic sign of fraud when a broker attracts clients with promises of high returns, but then creates obstacles to withdrawing funds.
Another major problem that customers face is the blocking of accounts and cancellation of withdrawal requests. As Karina and Nikolay mention, such actions on the part of the broker indicate dishonest account management and possible manipulation of trading results. Also, customers, including Pavel, express dissatisfaction with the incompetence of the customer service and the lack of help with their questions, which is another sign of potential fraud.
The loss of a CySEC license, as noted by Alexey_Trader and FinanceGuru88, is a significant red flag indicating problems in the broker’s activities. Licensing is an important element that confirms the legitimacy and reliability of the broker. Nikolay and Kostya also mention hidden conditions and unexpected debits from their accounts, which may indicate opaque working conditions of the broker and the use of hidden commissions.
There is not a single real argument in favor of cooperation with ACFX review opinions of practicing traders only confirmed the initial idea that projects are managed by scammers. They will come up with a thousand reasons to block a trading account and deprive the user of his money.
Company ACFX is another failed broker who was forced to stop his fraudulent activities after losing his license. If you are still having problems getting a return on your investment, then contact our managers. We will tell you in detail what a chargeback is and give practical recommendations for returning it.
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