Who Is Ace Trade Options?
Ace Trade Options was an online broker that had its offices registered in Cyprus and was owned by B.O. Trade Financials. The company’s website has now closed down. The Ace Trade Options review below seeks to ascertain whether this was a legit company or a scam organization.
Is Ace Trade Options a Licensed Broker
Ace Trade Options did not have a license and was operating in a totally unregulated capacity: the organization claimed to be regulated by the financial authority CySEC in Cyprus; however, this was a false claim, and CySEC had no record of this broker.
It is vital to ensure that any broker you are considering investing with has the proper license in place and is regulated by a reputable financial body: this is the best way to protect your funds and to have the peace of mind that comes with knowing you are dealing with a legit organization. A financial watchdog also means that traders will have some recourse, and the opportunity to recoup their funds, should the broker they are using run into trouble.
It’s also important to be aware that the stringency of regulations varies from country to country, meaning that what may be disallowed in one territory may be acceptable in another, so satisfy yourself with regards to this, too, before signing up with a new broker.
So, to conclude - is Ace Trade Options regulated? No, this broker was operating without the necessary licensing and regulation in place, meaning that it was offering its services illegally.
Is Ace Trade Options a Scam or Legit?
As well as the fact that this broker had no license and was not being regulated, other major red flags were pointing to the fact that it was a scam. CySEC, the financial regulatory body in Cyprus, issued a public warning regarding this broker and urged investors to only use brokers that it has authorized to offer financial services:
Added to this, there were very few details on Ace Trade Options’ website about its trading conditions, and minimum deposit required to open a new account, or the maximum payout allowed.
The organization also imposed a withdrawal restriction: members were only allowed one withdrawal of funds in a thirty-one-day period; otherwise, a fee would be incurred. It is highly unusual for a broker to impose restrictions such as these and is a warning sign that this organization was possibly not legit.
Given all of the above and that the broker’s website has now been shut down, it is highly likely that an Ace Trade Options scam was being perpetrated by this organization.
Biggest Complaints Against Ace Trade Options
There are a huge number of Ace Trade Options complaints; most center on members who have found themselves suddenly and inexplicably unable to withdraw their funds. There are also many reports of investors being unable to contact the organization upon finding their accounts were frozen or blocked and claiming that email addresses and phone lines were suddenly cut off or unavailable so that members had no recourse or way to contact the company.
Finally, there are significant Ace Trade Options complaints regarding extortionate fees that were applied to withdrawals and the unrealistic promises of spectacular and consistent promises made by representatives of the company to try to persuade members to invest ever-larger sums of money.
Can I Get My Money Back From Ace Trade Options
It is possible to get an Ace Trade Options refund. You can do this by pursuing the matter yourself and confronting all of the entities that played any part in the scam, or you may prefer to instruct a professional chargeback company to act on your behalf. In the majority of cases, the latter option will have a much higher chance of success - a chargeback team has the experience and expertise that can make a huge difference to the outcome of the case. This option also means that you won’t be required to expend the time and stress needed to track down your funds and the scammers responsible.
What is the Chargeback Process?
To begin, select the chargeback company that you would like to assist you with, first checking online reviews from past clients and their success rates. If the chargeback company deems that your case has a high chance of being successful, then they will take it on and begin the process of tracking down and confronting all of the entities - both individuals and organizations - involved as part of the mission to get you an Ace Trade Options refund. In the vast majority of cases, this will result in success, and, at this point, the funds will be deposited directly into your bank account. The whole process can take around six months, although this will depend on the complexity of the case.
If you have lost money to an AceTrade Options scam, then you may well be feeling angry and vulnerable - getting in touch with a chargeback company is a great move to get the support you need and to take the first steps in recouping your lost funds.