ACCFX offers three account types to its clients for forex and CFD trading. As you can see from the table above, trading conditions vary quite drastically, depending on the size of your initial deposit. Islamic (swap-free) accounts are also offered.
The Company. Security of Funds
ACCFX is a trademark of Alpha Capital Markets. There are several companies baring this or very similar names, so beware of a potential coincidence, with one you may know. This company is registered on Saint Vincent and the Grenadines. They are also regulated by the local IFSA. Dealing with off-shore companies is something we don’t generally recommend.
Keep in mind, financial regulation is very important, when comparing forex brokers. If a company is regulated by the Australian Securities and Investment Commission, as an example, they must keep your clients’ funds in the so called segregated accounts. This means the company can not access a client’s investment freely, hence the possibility of fraud is drastically limited. Furthermore thr Commission requires AUD 1 million in capital holdings from brokers who apply for a license. This is done in order to demonstrate long-term vision and capital adequacy.
Off-shore regulation is still better than no regulation at all, although we would still advice trading with a company, which is under much stricter oversight.
Minimum Initial Deposit
ACCFX requires a $100 minimum initial deposit. This is fairly reasonable, although some brokers have set their entry bar much lower, in pursuit of more clients, who would eventually be willing to deposit more,if they like trading. $100 may not be enough for a decent trading strategy, but is more than that, if you are trading a cent account. FXTM, for one, requires only $5 for new a new cent account to be opened.
As we mentioned above, the minimum requirement should not be a factor for experienced traders. It is not worth your time bothering with such accounts, as the return you are most likely to gain would be minimal. On the other hand, if you are just learning how to trade, this can be a middle-ground between demo accounts and real money trading.
Average spreads & Commissions
Spreads at ACCFX vary between the different account types. Our testing with the demo platform, saw the spread in EUR/USD go as low as 1.6 pips during the beginning of the New York trading session, which is a fairly liquid time of the day. This is in line with the company’s claims and furthermore not that bad when compared to the industry average of 1.0-1.5 pips for this pair. Have you ever wanted to compare the spreads offered by the leading forex brokers in real-time, without opening several accounts? We have done the work for you. Feel free to check them here.
ACCFX offers a maximum leverage ration of 1:500. This may seem like a lot, especially if you are used to trading other asset classes, but is not that uncommon, when it comes to FX. The most interesting thing, is that this level is offered to all clients, regardless of deposit size. Usually brokers limit the leverage on bigger accounts, as a risk management procedure.
The fact a broker is giving you such high leverage levels shouldn’t make you use it. The ability to take massive positions, with very little capital backing them may seem tempting. You can win big, while risking almost nothing. In reality, you are bound to have a loosing trade or even a series of losers. When they occur, proper risk management is the only thing which would keep your account safe.
ACCFX provides its services via MetaTrader4(MT4). This is the most popular forex trading platform, by far, and this has positive implications. For one, there are many custom tools developed for it. The MQL programing language, which has often been described as fairly easy by programmers, has led to an explosion of new technical indicators and automated trading strategies. We have reviewed some of these forex robots here.
MT4 also has great charting functionality, which technical analysts love. On the other hand the platform does tend to lag a bit, if too much instruments (more than 200) are being loaded at the same time. This does however also depend on your PC’s hardware. That being said the platform also has app versions in both popular stores.
Methods of Payment
ACCFX offers a surprising variety of payment methods. They include almost every e-wallet you can think of and are a s follows: Bank Transfer, Credit/Debit Card, Neteller, Skrill, WebMoney, China Union Pay, CashU, Paysafe Cards, Perfect Money, Qiwi Wallet, iDeal, GiroPay, Lobanet, Poli Interenet Banking.
ACCFX is a forex broker, regulated in Saint Vincent and the Grenadines. As far as rules go, this is better than a company, which is not regulated at all, but you could easily find a broker under more stringent oversight. Trading conditions at the company vary a lot with the different account types. The first one is quite bad for today’s environment, while the other too are ok (nothing special). There is a surprising number of payment options available at the company.
ACCFX Review Conclusion
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