ACFX to Chinese traders: No withdrawals for you until... | Forex Factory

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ACFX to Chinese traders: No withdrawals for you until...

  • #1
  • First Post: Apr 3, 2016 5:05am Apr 3, 2016 5:05am
Well looks like ACFX china is having some problems with withdrawals from Chinese traders.I hope i doesnot end up like Ironfx.I really donot think arbitrage is the issue here.Something isnot right and we hope CYSEC get to the bottom of this.Be cautious with this company until things clear up.If they will.

http://www.financemagnates.com/forex...investigation/
  • #2
  • May 13, 2016 12:56pm May 13, 2016 12:56pm
Hello,
The license of Acfx.com has been suspended and my funds are blocked with them. Can any one guide me to get my funds back. where and how to make complaint properly to withdraw my funds. I will be thankful to you if you help me in this regard. Thank you.
  • #3
  • May 21, 2016 12:48pm May 21, 2016 12:48pm
People REALLY need to stop trading with firms that's "regulated" by those regulatory bodies that has really no regulations against unscrupulous brokers. First IronFx and now this crap broker. Is it any coincidence that both of those brokers are from the same country of Cyprus? So many countries out there that have so much better regulations for brokers and they have to pick this one country that has one of the most lax regulations around?

What's wrong with those Chinese traders? Are they not allowed to trade with brokers from US, UK, Canada and even Australia? WHY are they sticking with Cyprus and then cry when their funds all get stolen?
Make your losses in demo. Earn your profits live.
  • #4
  • May 21, 2016 12:51pm May 21, 2016 12:51pm
Quoting Umer99
Hello, The license of Acfx.com has been suspended and my funds are blocked with them. Can any one guide me to get my funds back. where and how to make complaint properly to withdraw my funds. I will be thankful to you if you help me in this regard. Thank you.
Ask those clients who used to trade with IronFX if they were able to withdraw their funds at the end. If they weren't able to, most likely you won't able to either. Your money is most likely GONE, sorry to tell you this.

Next time DON'T trade with a broker that's from Cyprus and tell EVERYBODY you know not to do so either. Trade with a broker that's from US, UK, Canada or Australia. These countries have better regulations, laws to govern brokers and they enforce those regulations better.
Make your losses in demo. Earn your profits live.
  • #5
  • May 21, 2016 9:56pm May 21, 2016 9:56pm
Quoting Forexia
{quote} Ask those clients who used to trade with IronFX if they were able to withdraw their funds at the end. If they weren't able to, most likely you won't able to either. Your money is most likely GONE, sorry to tell you this. Next time DON'T trade with a broker that's from Cyprus and tell EVERYBODY you know not to do so either. Trade with a broker that's from US, UK, Canada or Australia. These countries have better regulations, laws to govern brokers and they enforce those regulations better.
a great post
people leave, but this thread will go on for ever
  • #6
  • Jun 13, 2016 8:32am Jun 13, 2016 8:32am
Guys I have been trading with IronFX and were able to withdraw plus the support team help me a lot! i believe they are better now after all the issus! the great news is that the company has now entered the NASDAQ ! better to read the full report from SEC https://www.sec.gov/Archives/edgar/d...103434_991.htm
  • #7
  • Jun 13, 2016 10:17am Jun 13, 2016 10:17am
Quoting Forexia
People REALLY need to stop trading with firms that's "regulated" by those regulatory bodies that has really no regulations against unscrupulous brokers. First IronFx and now this crap broker. Is it any coincidence that both of those brokers are from the same country of Cyprus? So many countries out there that have so much better regulations for brokers and they have to pick this one country that has one of the most lax regulations around? What's wrong with those Chinese traders? Are they not allowed to trade with brokers from US, UK, Canada and...

US brokers? Really? Like scam forex.com maybe?
  • #8
  • Jun 13, 2016 10:48am Jun 13, 2016 10:48am
Quoting insomniawawa
{quote} US brokers? Really? Like scam forex.com maybe?
The US has the toughest regulations and the shadiest brokers. Doesn't make much sense. I switched to offshore over 2 years ago and I trust my "unregulated" broker more than I would ever trust a US broker.
  • #9
  • Jun 18, 2016 12:48am Jun 18, 2016 12:48am
Quoting insomniawawa
{quote} US brokers? Really? Like scam forex.com maybe?
At least your money gets segregated and the firm is audited every year. Can you say the same for all those offshore brokers and brokers regulated by regulatory bodies in countries like Cyprus? This is NOT the first time that brokers in Cyprus takes money from Chinese traders and refuse to give it back by denying withdraw requests. And somehow traders in China just never learn and they are still willing to trust brokers in Cyprus.

Anyway it's your money.
Make your losses in demo. Earn your profits live.
  • #10
  • Jun 18, 2016 1:12am Jun 18, 2016 1:12am
Quoting Forexia
{quote} At least your money gets segregated and the firm is audited every year. Can you say the same for all those offshore brokers and brokers regulated by regulatory bodies in countries like Cyprus? This is NOT the first time that brokers in Cyprus takes money from Chinese traders and refuse to give it back by denying withdraw requests. And somehow traders in China just never learn and they are still willing to trust brokers in Cyprus. Anyway it's your money.
this is why I only deal with reg brokers in aussi , off shore Cyprus a way to give your money away , on here on other forums is littered with sad people being ripped of by Cyprus reg brokers and people join them I can understand it , as Forexia says it is your money
people leave, but this thread will go on for ever
  • #11
  • Edited 2:11am Jun 18, 2016 1:54am | Edited 2:11am
And here is some updates on ACFX. Apparently Cyprus regulatory body has already suspended ACFX's license since April when they started their "arbitrage investigation" to deny withdraw requests by Chinese traders. And their license remains suspended according to this article dated May, 2016.

https://www.leaprate.com/2016/05/cys...ins-suspended/

And according to the suspension rules published by CySec, they are not even allowed to take money from clients anymore either with Cyprus or in other countries, they are to return ALL client funds, profit and/or capital back to the clients AND they are to publish on their website that their license is suspended and they are not allowed to conduct any business with anybody. And as a result, ACFX has decided to close its business and file for bankruptcy. Majority of the staff has already left the company except the treasury department is left there to process clients withdraw requests BUT this is for ACFX UK. If you are a client with ACFX UK, there might a be a chance that you will get your money back because ACFX UK is processing client withdraw requests one by one according to this article:

http://www.hercules.finance/breaking...cysec-license/

And according to this Chinese website, clients in China are still not able to withdraw their funds. Their withdraw requests were denied under the guise of "arbitrage investigation" which was a scheme set up just to hold up client funds as much as possible for as long as possible since neither China nor Cyprus has any enforcement mechanism to enforce firms' compliance to regulatory actions (like returning all clients funds back to clients) unlike regulatory bodies like FSA in UK. And they still can't get their money out.

http://forexpress.hk/news/6090

So there you have it, in which country the firm is located DOES make a difference. If you happen to be a client who invested your money with ACFX located in China, your money is GONE whereas if you are located in UK and has invested your money with ACFX UK, you still have a chance to get your money back.
Make your losses in demo. Earn your profits live.
  • #12
  • Jun 18, 2016 2:20am Jun 18, 2016 2:20am
And here is an article that explains the difference between the REAL FCA license from UK and the Cysec license affiliated with FCA. With the existence of EU, many brokerage firms is able to get their Cysec license affiliated with FCA from UK so on their website, many times you will see besides the CySec logo, there is also the shiny FCA logo so giving you the assurance that the brokerage firm is also regulated by FCA. According this article, it's NOT the same so don't be fooled:

http://www.hercules.finance/what-is-...s-and-england/

So next time, when you are investing with a firm, and I have stressed this numerous times before, MAKE SURE you are investing with a firm that is regulated by the GENUINE FCA and is registered in UK with an FCA no. and NOT anywhere else and just has an affiliated FCA license.
Make your losses in demo. Earn your profits live.
  • #13
  • Jun 18, 2016 3:00am Jun 18, 2016 3:00am
Quoting Forexia
And here is an article that explains the difference between the REAL FCA license from UK and the Cysec license affiliated with FCA. With the existence of EU, many brokerage firms is able to get their Cysec license affiliated with FCA from UK so on their website, many times you will see besides the CySec logo, there is also the shiny FCA logo so giving you the assurance that the brokerage firm is also regulated by FCA. According this article, it's NOT the same so don't be fooled: http://www.hercules.finance/what-is-...s-and-england/...

a person of knowledge
people leave, but this thread will go on for ever
  • #14
  • Jun 18, 2016 8:11am Jun 18, 2016 8:11am
Quoting Forexia
{quote} At least your money gets segregated and the firm is audited every year. Can you say the same for all those offshore brokers and brokers regulated by regulatory bodies in countries like Cyprus? This is NOT the first time that brokers in Cyprus takes money from Chinese traders and refuse to give it back by denying withdraw requests. And somehow traders in China just never learn and they are still willing to trust brokers in Cyprus. Anyway it's your money.
Money is not segregated. The NFA/CFTC actually prohibits it. Even if US brokers wanted to offer clients segregated accounts, they aren't allowed to.
  • #15
  • Jun 18, 2016 8:22am Jun 18, 2016 8:22am
the shareholders of ACFX and IronFX are the same.

Go figure
practising coitus interruptus
  • #16
  • Jun 18, 2016 11:58am Jun 18, 2016 11:58am
Quoting avibe
the shareholders of ACFX and IronFX are the same. Go figure
Yeah and 80% of the employees of ACFX China were former IronFX employees and now they have moved on even before ACFX China closed its doors either by voluntary resignation or being forced to do so by the company management. Wonder which scam company they will land next? I guess their skills at lying with a straight face without a betting of eye is highly sought after by scam companies.

I am just curious how can this only be known AFTER the fact? WHY would people choose to get burned AGAIN after what happened with IronFX? The IronFX debacle received a lot of media attention in China because there was a lot of massive protests which even turned violent at times.
Make your losses in demo. Earn your profits live.
  • #17
  • Jun 21, 2016 8:18am Jun 21, 2016 8:18am
Personally I believe that IronFX is doing much better now especially with this move they made! Is a big thing being checked by SEC and regain the trust of traders! Lokk at what happened to ACFX but not the same publicity as IronFX! I mean their licence got suspended and not very much media attention! I believe every trader should read a lot and have a detailed opinion before placing our money to anybody! Its our money! As for now I trust IronFX and believe that now they are entering NASDAQ they would be a lot more trustworthy! FCA regulated and checked by SEC !
  • #18
  • Last Post: Jun 21, 2016 4:57pm Jun 21, 2016 4:57pm
i wonder when people start to learn, and dont jump on the big scam bus.
MY SITTING, NEVER MY THINKING!
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