Can ACY Securities be trusted? This detailed review will let you know
ACY Securities is recently launched ECN brokerage that offers Forex and CFDs trading to the worldwide audience. The brokerage has been operating on a Forex trading market for a longer time, however, it has been merged with SynergyFX and was rebranded in 2019. There are various ACY securities reviews and opinions regarding the brokerage and its services. This comprehensive review will provide detailed information about the broker, its trading instruments, policies and quality of the service.
The broker offers over 60 trading instruments to its customers, it includes up to 40 major and exotic currency pairs, CFD on precious metals, commodities, and stock indices. The minimum deposit with the broker is 100 USD and the leverage is floating from 1:50 to 1:500. One can choose from three types of accounts that come with different spreads and commissions. The broker seems to be very popular in Asia and is actively targeting traders in Asian countries including China, Taiwan, and some other Asian countries. There is no information about any countries where the broker does not provide its service, except for the United States. The broker also offers financial services to the residents of the European Union while it does not have the authorization to do it, so is ACY securities legit broker or not?
Can ACY securities be trusted?
The company behind the broker is ACY capitals, established in 2013 in Melbourne, Australia. Both of the companies run by the ACY Capitals: Acy Securities Pty Ltd and ACY Capital Pty Ltd are authorized and regulated in Australia, by the local financial watchdog ASIC. The fact that the broker is regulated by the ASIC, means that there is a very low chance for ACY Securities scam since the regulator is known for its strict attitude when it comes to licensing Forex brokerages. In 2018 the company has acquired another Australia-based Forex broker SynergyFX (Synergy Financial Markets) and this year relaunched the brand as ACY Securities. Overall the broker is reliable in terms of regulations, however, it might be the only positive thing about ACY securities.
The first impressions
Naturally, the website gives first impressions about Forex broker. ACY securities website is not something the broker might be proud of. It has a sketchy design, is not responsive and user-friendly. The navigation system on the website is truly bad, it works slowly and takes a long time to load. Contentwise it is badly managed as well, one can hardly find the needed information. There is no page dedicated to the description of various services for example deposit and withdrawal policy or payment methods which is one of the most important information searched by the traders. Information like this needs to be showcased in a way that it is easily found by the website visitors. It formes a negative ACY securities opinion as it creates an impression that the broker wants to hide some of the information or have not thought the website arrangement well. The most important information can only be found after searching in various documents or in the FAQ section, where the information is provided in pieces.
ACY Securities trading account types
Those who are willing to open an account with the broker can choose between three types of account. There is not much of a difference between the accounts, the major difference is spreads that will be discussed shortly in details. The accounts can be opened in USD, AUD, GBP, or EUR. The users have access to market analysis and one to one service.
StpECN – it is a basic account that can be opened with a minimum deposit of 100 USD.
ZeroECN account – The minimum deposit for this account is 2,000 USD. After making the initial deposit the minimum amount that can be used for funding the account is 100 USD. There is a commission on per round turn which is 6 USD per lot.
PureECN account – The minimum deposit for a pureECN account is 20,000 USD. The commission per round turn is 5 USD per lot.
ACY Securities leverage
According to the account information allowed leverage with ACY securities Forex broker is 1:50, 1:100, 1:300 and 1:500. The leverage very based on the account balance and the instruments traded. For example, the maximum leverage of 1:500 can be used when trading Forex or CFDs on commodities and metals. The leverage for stock indices is a maximum of 1:100. Maximum leverage can only be used if the balance on the trading account is fewer than 5,000 USD. Leverage is decreased as the balance on the account increases. The accounts owners with the balance of 50,000 USD can only use 1:50 leverage.
The broker showcases spread from 1 pip for the basic account and from 0 for the ZeroECN and pureECN accounts. While spreads for major currencies can be from 1 pip, for other currency pairs it is quite high. For example, spreads for the stpECN account for exotic pairs can be as high as 30, while the same spread for the ZeroECN account is 12. Such a difference between the spreads points out that the broker is encouraging traders to open an account where the minimum deposit is far greater. This reduced ACY Securities rating a lot.