AssetAce Review – Regulators Publish Multiple Warnings

This dishonest firm considers itself to be an ace in the Forex industry and claims to offer clients a chance to skyrocket their profit and abilities. Truth be told, the website looks fairly decent and comprehensive, some would almost believe the false statements.

Not us, though. The following AssetAce review explains how fraudsters running this scheme really think and why multiple regulators slapped a warning on this brand name.

Unregulated And Blacklisted

The contact address leads clients to believe that the company is based in the greater Auckland area of New Zealand. Legal docs claim that the company is registered in Australia.

Forex brokerages need to have a regulatory license issued by the authority in the nation they are registered as well. Since the AssetAce broker is not regulated by either FMA or ASIC it is operating illegally.

This is not the only trouble with this illicit entity. They are known to provide unlicensed services in multiple jurisdictions, and are blacklisted by ASF, AFM, CONSOB, LB, CBR, FI and IOSCO.

Inquiring with other regulators, including BaFIN, CySEC, FCA, NFA and FINMA yielded no results. We can now be certain that the asset-ace.org website is running a con operation similar in nature to TradeMarketsPro.

Dealing with these sorts of fakes means you can’t benefit from fund safeties such as compensation schemes or negative balance protection.

How The Scheme Works

The AssetAce Forex scam was launched in January 2023, immediately targeting people from these nations:

• Romania
• Germany
• Italy
• Spain

All of the victims were dragged into their precarious situation by the unscrupulous boiler room agents. These agents are known to go through the phone books and dial numbers until someone shows interest.

At first, they ask for a relatively small investment amount, but their appetites quickly spiral out of control. All of the invested money is stolen by the swindlers in a scenario similar to how AE Global Link operates.

Traders’ Opinions

The company brags on their website about having an excellent trust score on TrustPilot. This platform, however, has posted a warning that they’ve removed a number of fake comments posted by review seller networks.

The rating score of 4.2 is not realistic, and has been inflated by these fakes in order to boost the company’s reputation.

Are Costs Realistic?

The spreads on each account are relatively low. On average, they start from 0.0 pips. Now, that would imply the higher commissions charged, but that’s not the case either. The commission charged on this platform doesn’t go over just $3.5 which sounds quite generous.

Now, the most concerning part is definitely the leverage, which doesn’t have the upper limit! The site marks it as “unlimited” (1:unlimited).

Ineffective Trading Environment

None of the promises you see on the website hold to any scrutiny. Much of the information is purposely obscured to urge victims into investing without prior knowledge. Their allegedly high quality trading environment is but a sham, as many of the features simply don’t work.

Software Raises Suspicions

The company won’t let you know about their trading app until you’ve already created an account and accessed the dashboard. Even then the download button just says “desktop”, hiding the fact that the application in question is Sirix Station.

While the program is not that different compared to industry standard MT4, MT5 and cTrader, it’s almost exclusively used charlatans just like this one. This led to the software gaining notoriety among the traders over time.

Unknown Mobile App

A mobile app is available as well, albeit only for Android compatibles. It’s called App4World and may be acquired through Google Play, but it doesn’t have a large number of individual downloads.

If you’re looking for a reliable broker, always choose one that provides industry standard software to avoid any encounters with undesirable malware.

Fake Account Diversity

While registering is free of charge, trading with AssetAce accounts is quite pricey. There are some hints about a demo with $50,000 of virtual balance, but it’s not really available in the dashboard.

If you want to speculate, you’ll have to cough up some dough:

• Standard – $150
• Raw Spread – $200
• Zero – $200

The different account types and pricing methods are just there to mimic how a regulated broker functions. Something that caught our attention is the cost of Zero account, which is $10 or lower with mainstream brokerages.

Range Of Instruments

Forget about detailed insight about the financial instruments, this company will have none of that. Here, you only get some vague descriptions about what should be available:

• Forex – EUR/USD, AUD/CAD, CHF/GBP, NZD/AUD
• Cryptocurrencies CFDs – BTC, ETH, XRP
• Shares CFDs – Apple, Tesla, Netflix
• Metals – Gold, Silver, Platinum
• Energies – Crude, Brent, Natural Gas
• Indices – Dow Jones, S&P500, Nikkei

Flexible Payments? Hardly!

The user area only allows you to choose between credit cards and crypto. Whenever you’re able, please choose a transparent channel, such as credit cards, because it allows for a chargeback. Crypto transfers are far less predictable and harder to trace. However, we are still capable of doing it, so chat us up if you need that kind of help. 

Otherwise, it is published on the site that the minimum amount for account funding is $ 150 or 0. 005 BTC and the same stands for withdrawals. Sadly, that’s all that’s ever said. No fees are explained and processing time is supposed to be instant, which is too unrealistic.

Dedicated Support Not Found

If you’re used to being properly treated by customer service at brokerage sites and you’re used to having all your questions diligently answered, that won’t be happening here. This trading domain doesn’t feature customer service at all. Yes, there’s a phone number and an email as alleged contact channels, but nothing implies involvement of a specialized client help center.

Got Scammed? Get Your Money Back!

Asset-ace.org website is a front for an illegal forex broker scam operation. The firm is neither registered nor licensed, and has been placed on the blacklists of many financial regulators across the globe. Everything you see on the site is just smoke and mirrors, intended to lure potential investors into a trap.

If you’ve had a run-in with this company, consider pulling your money out as soon as possible. Our experts can help with your withdrawal, so book a free consultation by using the live chat on our website.

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