Clone Scam Alert: Investors Expose Ace FX Has No Withdrawal Option

No Withdrawal Option

An investor posted his bad experience with Ace FX. He invested 14,000 USD in his trading account, but he can't get his money out as there is no withdrawal option for him.

A Serious Violation of the World's Online Trading Laws

Why he can't withdraw his money？

He received an email, telling him that there is a serious violation of the world's online trading laws as he and his wife opened different accounts but they used the same computer with different accounts. According to the relevant rules, one computer means one IP, so two accounts with ONE IP is not allowed. The company also told him that the security council will make a decision on his situation.

Replenishing the Balance on a New Account to Withdraw All

Ace FX informed the investor a new way to solve his violation and get his money back:

1. Register a new account,

2. Replenish the balance on the new account,

3. Return all money in the violated account back.

Of course this is a scam. And the investor didn't get his money back.

Signs of Firm Cloning

At first, Ace FX has no regulation when you view its home page.

Then, when you click “Group” on its top page, Ace FX seems to have connections with a legit broker named First Prudential Markets Ltd or FP Markets - The firm shows the same regulations as FP Markets. However, if you check the “same regulations” information on FP Markets, you will get the message that the two companies have no relationship.