Beware of This Dangerous Broker
ACM broker is a Nigeria based broker that is regulated in Nigeria and operates in Nigerian currency only. The broker is known to have a masked reputation in which its customers are not very sure what they have to offer. Lately, there have been many doubts about the authenticity of this broker. So, I conducted a review of ACM Brokers in detail, covering all the aspects of their business and then concluded as to whether the broker is legit or just a scam.
Account Types Offered
The broker offers five different types of accounts the details regarding which are as follows:
|Account Type||Minimum Deposit||Leverage||Spreads|
The accounts offered by the broker seem to be very user friendly and the minimum deposit is quite low as it only demands $14. This makes it a golden opportunity for the traders who are taking baby steps in the world of trading, but these low prices come with high liabilities. ACM Brokers have shady terms and conditions, which puts the money of its every client at risk.
There is an option to develop a demo account the details to which are not very generously offered on their website. A swap-free account option is also available making it easy for Muslim clients to work with them.
Regulation and Security
ACM Brokers is owned by OOHRHII GLOBAL SERVICES LTD – an organization situated in Nigeria. They state they are managed under Nigerian law. Nonetheless, as the forex business in Nigeria is unregulated, that leaves us with no decision yet to see ACM Brokers as an unregulated element.
So, being an unregulated broker, ACM can not ensure the best for their customers. Such unregulated brokers are more prone to commit malicious activities such as fraud and scam which may cost their clients a fortune and then the clients have no choice but to gripe about their situation as what they lost now can’t be gained.
Moreover, such brokers are also required to maintain a financial standing which is used as evidence that they are running a sustainable system. Because they are unregulated, it causes additional financial strain on the clients as they are the ones who must put their money in the broker for them to maintain those standards.
I don’t recommend trading with an unregulated broker because you’re exposed to many risks. You might lose your entire deposit, face unknown charges, or get scammed. And this is a major drawback of ACM Brokers.
Their Trading Platform
The main trading platform provided by ACM is MetaTrader 4 (MT4) which was created in 2005 by MetaQuotes. This platform permits online money exchanging administrations and is authorized for merchants and agents globally. It is famous among the dealers due to its server soundness which may deal with a huge number of exchanges at the same time and its qualities to utilize insignificant assets from the gadget it is being utilized on.
The trade conditions provided by this broker are terrible. They provide varying leverages for different account types and that ranges from 1:1000-1:100. The initial leverage provided by them is very risky and that may cost a new trader a huge fortune. It does get better from package to package but initially it is very risky and may make the new traders lose a lot of money.
As far as the trade spreads are concerned, they were not specified on the website, they just said that either they are fixed or floating. The demo account showed that the spreads are not fixed and range between 3-2 pips which is not very flattering and may cause huge loss to the traders. Hence the conditions are not favorable for new traders who haven’t adapted to this world.
Commodities and Indices
The broker offers trade services only in the form of currency and commodities such as wheat, barley, rice, and precious metals as gold, silver are not supported. There is a limited set of indices available which makes it a bad option to trade with.
Cannot deal with Clients in the EU
The broker is not allowed to deal with clients throughout the EU as it is not a regulated broker and doesn’t have enough facilities to ensure the safety of its clients’ funds. And these reasons deter other traders from working with this broker too.
Methods for Deposits and Withdrawals
The broker supports transactions through wire transfer, credit card, debit card, and online many transfer services such as PayPal and Skrill.
They only deal in Nigerian currency which makes it difficult for some new traders to understand the expenses and profits. Apart from that, customers complain that they have to wait for unexpectedly long periods to get their withdrawals. The people at ACM Brokers take a lot of time to process withdrawals.
Customer Care and Support
Their customer care and support are always ineffective. They are very unresponsive and not helpful. Customers had to wait for several days before getting any answers or correspondences from the broker which made it a lot more difficult for them to work with the broker.
My ACM Brokers review suggests that this is not a good business to work with especially for people who are new in the trading business. This business seems alright but when viewed and investigated in-depth, there are many loopholes in the system which may cost a person his whole fortune.
The reasons behind this claim are that it is not regulated by any competent authority, their trading conditions are not good, their withdrawal service is slow, and their customer care and support system is not supportive at all.
So, I recommend that you stay away from this broker as much as possible. Their leverage and low minimum deposit may seem attractive but believe me, they aren’t worth the risk. The fact that ACM Brokers is an unregulated broker should be sufficient for you to keep away from this business. They are notorious among traders and it wouldn’t be wise to conduct business with them.
They don't provide customer service and lack proper regulation
- Low Minimum Deposit
- No Customer Support
- Terrible Withdrawal Conditions
- Doesn't Deal with EU-based Clients
- Weak Regulation