AceForex Broker Review
AceForex is an award winning brokerage service which is leading the way in the global financial markets. Specialising in trading in CFDs, Forex, Binary Options and Commodities, this provider offers a range of different account types to suit the needs of a broad spectrum of traders and has high quality trading tools and software for institutional customers, fund managers and individuals alike. With their innovative online system and stable trading environment, AceForex has a lot to offer its clients. Their website is clear and easy to understand, with an attractive appearance, and the online application procedure makes registering for a live account very easy. This broker, which was established in 2014, has its headquarters in New Zealand and they also have locations in St Vincent and the Grenadines, Hong Kong and the United States.
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Account Types Available From AceForex
AceForex offer three different account types to suit the needs of both novice and experienced investors. These include:
The Micro Account
The Micro account is aimed at new traders and those who are only interested in trading in small volumes. This account also allows a relatively low initial deposit of just $50. Spreads start at 1 pip and investors can choose from either CFDs, Forex or Binary Options with a maximum leverage of 1:500. There are no limits placed on maximum trade size and the minimum trade size permitted for this account type is 0.01 lot.
The Standard Account
Catering for investors with some experience in the financial markets, the Standard account offers a narrower spread from 0.8 pip and with a maximum leverage of 1:100. A larger deposit of $10,000 is necessary to open this account type and the minimum trade size is 0.01 lot with no maximum placed on trade volumes.
The VIP Account
Aimed at the most experienced professional traders, this account type requires a minimum deposit of $50,000 and offers tight spreads of 0.6 pip. With a maximum leverage of 1:100, the VIP account has a minimum transaction size of 1 standard lot and offers increased benefits with a greater trading volume.
A free demonstration account is also available from this broker to test the function of their trading platform and to experiment with strategies before committing any funds. Registering for a demo account is easy and can be done by simply entering a few personal details.
Trading Platforms and Available Assets
AceForex’s primary trading platform is MetaTrader MT4, which is popular across the industry. This user friendly platform offers fast execution as well as excellent trading features for both experienced and new traders, including access to Automated Expert Advisors, a feature which analyses the market and places open positions and pending orders on the trader’s behalf. AceForex also offer Ace FX LITE software incorporating Binary Options, Forex, Binary Options and MAT (Multi Account Trader). This software can be either used on its own or with Ace MT4 on any internet enabled device from tablets and mobiles to desktop computers. Traders can benefit from analytical tools that allow them to easily analyse price trends, velocity and dynamics and to use customised charts and indicators. The AceForex MultiTerminal allows users to simultaneously manage multiple accounts while those who prefer to trade from a mobile device can benefit from the downloadable software which is suitable for both Android and iOS devices. AceForex’s web trader platform requires no installation and is compatible with all of today’s modern browsers.
When it comes to the range of products available, traders who choose AceForex can select from:
- Forex – over 50 tradable pairs available with competitive spreads
- Commodities and CFDs – indices and commodities such as the NASDAQ, natural gas, oil, gold and silver can be traded with this provider
- Binary Options – trades start from as little as $5 and have expiry times from just 60 seconds up to 1 hour
Available Banking Methods and Customer Service Options
Ace Forex have made a number of payment methods available to their clients, knowing the importance of catering to the needs of as many investors as possible. For those who prefer to use the more traditional banking options, there are the classic bank wire transfer and credit and debit card methods, while those who would like to opt for more contemporary methods like e-Wallets can select from Neteller or UnionPay. No withdrawal fees are charged by AceForex themselves, however depending on the method chosen by the investor, they may find that bank charges have been applied. Withdrawal requests are always processed rapidly, usually by the next working day.
Customer service is always a serious concern when select the right broker to suit your requirements and AceForex have kept this in mind when providing for their clients’ needs. There is a useful FAQs section provided on their website which enables potential investors to find all of the answers to their most commonly asked queries and, if no suitable response can be found using this service, the broker’s helpful customer service team can be contacted via a range of methods. There are two telephone numbers which can be used as well as an email address and an online web form which can be completed.
Overall, AceForex have a lot to recommend them as a good choice of broker. Their selection of account types cater for the needs of all levels of trader, from the novice to the professional, and there is a good range of assets to select from and to suit all trading preferences. Their MetaTrader MT4 platform is easy to access and is one of the most popular across the industry, offering some impressive features that make trading easier and more convenient than ever. There are, however, a few downsides to selecting this broker. Firstly, although the range of banking methods is reasonably comprehensive, there is still a lack of some of the other most popular e-Wallet options like PayPal and Skrill. Also, while their customer support team can be contacted by telephone and email, there is no live chat service available, which is so often found on the sites of other brokers.