One such case that has recently come to light is the dubious operations of AssetAce, a self-proclaimed ace in the Forex industry. In the ever-evolving landscape of online trading, the quest for financial success can sometimes lead investors into the clutches of unscrupulous entities.
This comprehensive review aims to expose the fraudulent practices of AssetAce, shedding light on regulatory warnings, the modus operandi of the scheme, traders’ experiences, and the alarming lack of legitimacy surrounding this purported broker.
The Financial Conduct Authority (FCA) has also published a warning about this company.
This unscrupulous company presents itself as a prominent player in the Forex industry, boasting the ability to elevate clients’ profits and skills to new heights. Despite the seemingly polished and comprehensive appearance of their website, it serves as a façade to deceive unsuspecting individuals with false claims.
However, we remain vigilant and skeptical. Our comprehensive review of AssetAce unveils the deceptive tactics employed by the perpetrators of this scheme, shedding light on the true nature of their operations. Multiple regulatory bodies have taken notice of these fraudulent activities and have issued warnings associated with the AssetAce brand.
In the forthcoming sections of this review, we will delve into the specific ways in which these fraudsters operate and explore the reasons behind the stern warnings issued by regulatory authorities. By exposing the deceptive practices and questionable strategies employed by AssetAce, we aim to empower potential investors with the knowledge needed to protect themselves from falling victim to this unscrupulous scheme.
Unregulated and Blacklisted:
The information available strongly suggests that AssetAce, a purported forex brokerage, engages in deceptive practices that raise significant concerns for potential clients. While the contact address provided implies a presence in the greater Auckland area of New Zealand, conflicting legal documents assert the company’s registration in Australia. This contradiction creates an immediate red flag and raises questions about the legitimacy of the operation.
One critical aspect of a reputable forex brokerage is regulatory compliance. In this regard, AssetAce falls short, as it is not regulated by either the Financial Markets Authority (FMA) in New Zealand or the Australian Securities and Investments Commission (ASIC). The absence of proper regulatory oversight indicates that the company is operating outside the legal framework, potentially exposing clients to various risks.
Further investigation into AssetAce’s regulatory status revealed a concerning pattern. The company is not only unregulated by FMA and ASIC but is also on the blacklist of regulatory bodies such as the Financial Supervisory Authority (ASF), Autoriteit Financiële Markten (AFM), Commissione Nazionale per le Società e la Borsa (CONSOB), Labuan Financial Services Authority (LB), Central Bank of Russia (CBR), Finanssivalvonta (FI), and the International Organization of Securities Commissions (IOSCO). Such a comprehensive blacklist indicates a widespread disregard for regulatory compliance and a potential threat to investors in multiple jurisdictions.
Attempts to verify AssetAce’s status with other prominent regulatory authorities, including the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFIN) in Germany, the Cyprus Securities and Exchange Commission (CySEC), the Financial Conduct Authority (FCA) in the UK, the National Futures Association (NFA) in the United States, and the Swiss Financial Market Supervisory Authority (FINMA), yielded no positive results. This lack of recognition by reputable regulatory bodies further solidifies the suspicion that AssetAce is likely operating a fraudulent scheme akin to the notorious TradeMarketsPro.
Engaging with such illicit entities carries substantial risks for clients. Not being subject to regulatory oversight means that clients cannot avail themselves of fundamental safeguards, including compensation schemes and negative balance protection. These protective measures are crucial for the security and well-being of investors, and their absence underscores the potential dangers associated with dealing with AssetAce.
How the Scheme Works:
The AssetAce Forex scam, initiated in January 2023, targeted individuals in countries like Romania, Germany, Italy, and Spain. Utilizing aggressive tactics reminiscent of boiler room operations, unsuspecting victims are lured into investing initially small amounts, only to see their funds vanish into the pockets of fraudsters. The review emphasizes the importance of due diligence and warns potential investors to be cautious.
Traders’ Opinions:
The company proudly showcases a commendable trust score on its website, citing a favorable rating of 4.2 on TrustPilot. However, it is essential to note that TrustPilot itself has issued a cautionary statement, revealing the removal of numerous fabricated comments originating from review seller networks.
This acknowledgment suggests that the purportedly high trust score may not accurately reflect genuine customer experiences but could be influenced by the inclusion of fraudulent reviews intended to artificially enhance the company’s reputation. As a result, the credibility of the claimed 4.2 rating is brought into question, signaling a potential inflation driven by the presence of these deceptive practices.
Are Costs Realistic?:
AssetAce attempts to lure traders with seemingly low spreads starting from 0.0 pips and minimal commissions. However, the unlimited leverage offered raises serious concerns, as it deviates from industry standards. The review suggests that the trading environment promised by AssetAce falls short of expectations, with obscured information designed to entice investors without providing essential details.
Software Raises Suspicions:
The company’s lack of transparency extends to its trading software, as AssetAce withholds information about its trading app until users have created an account. The software, Sirix Station, is criticized for its association with fraudulent practices, raising suspicions among experienced traders. Additionally, the mobile app, App4World, is only available for Android devices, limiting its accessibility.
Fake Account Diversity:
AssetAce’s registration process is free, but trading with its accounts comes at a cost. The review unveils discrepancies in the availability of a demo account, casting doubt on the company’s commitment to transparency. The varying account types and pricing structures mimic those of regulated brokers, furthering the illusion of legitimacy.
Range of Instruments:
The lack of detailed information about financial instruments offered by AssetAce adds another layer of suspicion. Traders are presented with vague descriptions of available assets, raising concerns about the company’s commitment to providing comprehensive and accurate information.
Flexible Payments? A Doubt:
AssetAce’s limited payment options, restricted to credit cards and cryptocurrencies, raise eyebrows. While credit cards offer a chargeback option, crypto transactions are deemed less predictable and harder to trace. The minimum deposit and withdrawal amounts are provided, but the lack of fee details and the promise of instant processing time appear unrealistic.
The user interface exclusively provides two options for financial transactions—credit cards and cryptocurrencies. For enhanced transparency and security, it is strongly recommended to opt for credit card payments, as they offer the advantage of chargeback protection. While crypto transfers are supported, they are acknowledged to be less predictable and more challenging to trace. Should you require assistance with cryptocurrency transactions, please feel free to initiate a conversation with our support team.
It is outlined on the platform that the minimum threshold for both account funding and withdrawals is either $150 or 0.005 BTC. Regrettably, the information available is limited, as there is no detailed explanation of associated fees, and the claim of instant processing times appears to be overly optimistic.
If you have any inquiries or require clarification regarding fees, processing times, or any other aspect of the financial transactions, we encourage you to reach out to our customer support. We are here to assist you with any concerns or questions you may have regarding the funding and withdrawal processes on our platform.
Dedicated Support Not Found:
Customer service is a critical aspect of any reputable brokerage, yet AssetAce falls short in this regard. Despite providing a phone number and email as alleged contact channels, the absence of a specialized client help center raises concerns about the company’s commitment to addressing customer queries and issues.
Got Scammed?
The crux of this review emphasizes the fraudulent nature of AssetAce’s operations, urging those who may have fallen victim to the scam to withdraw their funds immediately.
What to Do If You Fell Victim to the AssetAce Scam:
A. Stop All Engagement with the Platform
Cease any further engagement with the company, including accessing the website, replying to emails, or contacting customer service representatives.
B. Document All Your Activities and Losses
Gather evidence by taking screenshots of your account, transaction receipts, emails, and message logs. Create a record of damages, including money, crypto, or personal data lost.
C. Report the company to All Relevant Authorities
File reports about Tonpex, their social media channels, and associated payment processors to local and international authorities, including the police, FTC, CFPB, social media platforms, domain registrars, and cryptocurrency exchanges.
D. Reset All Account Passwords
Immediately reset passwords for your email, financial accounts, crypto wallets, and other sensitive logins. Enable Two-factor authentication for additional security.
E. Run a Malware Scan
Check your devices for malware using a trusted antivirus program to remove any viruses or spyware from the scam site.
F. Install an Ad Blocker
Install an ad-blocker to block malicious ads or phishing attempts, providing an additional layer of protection.
G. Warn Others about the Scam Dangers
Spread awareness about the tactics of the company and similar crypto scams in your social circles and online communities. Share your story to prevent others from becoming victims.
H. Consult Legal Options for Potential Recourse
Discuss your case with an attorney to explore potential options for pursuing the scammers and recovering stolen funds. While challenging, victims have sometimes gained restitution through civil lawsuits and class action cases.
Conclusion:
In conclusion, AssetAce presents a facade of legitimacy that quickly unravels upon closer inspection. The lack of regulation, numerous warnings from global financial regulators, and deceptive practices expose AssetAce as a fraudulent entity preying on unsuspecting investors. This review serves as a cautionary tale, emphasizing the importance of thorough research and due diligence before engaging with any online trading platform. Investors are encouraged to stay vigilant and seek reputable, regulated brokers to safeguard their financial interests in the dynamic world of online trading.
The evidence strongly suggests that the asset-ace.org website is running an operation that lacks proper regulatory authorization and exhibits characteristics consistent with fraudulent activities observed in similar schemes. Caution is advised for anyone considering involvement with AssetAce, as the absence of regulatory compliance raises significant concerns about the safety of funds and the overall legitimacy of the operation.
For more genuine reviews on this kind of company, visit the website at www.marketrefree.com