Asset Capital Business
Asset Capital Business Details
Table of contents
Asset Capital Business Inc (acbservice.com) greets users with a website that conveys a particular feeling, mainly because of the museum-like imagery decorating every page. However, if we leave out the peculiar aesthetic, what are we left with? Read on to find out.
The footer states that the ACB is operated by two companies. One located in the UK, and the other in the Marshall Islands.
The UK company called ACB International Ltd is allegedly only registered in the UK; there is no mention of it being regulated there. We nevertheless went to the FCA registry to make sure. As expected, there were no results for ACB International Ltd. Thus this company is UNREGULATED by the FCA.
As for as the company in the Marshall Islands called ACB Incorporation Ltd, readers should be aware that the island nation does not have a financial regulator. Which means that ACB Incorporation Ltd is unregulated. Yet, much like the former, ACB Incorporation Ltd is actually registered in the Marshall Islands’ International Registries, but that does not change the fact that it is unlicensed.
Furthermore, it says nowhere on the website that the broker is actually regulated. It makes no difference if the company is registered or not, what matters most with forex brokers is that they hold a license from a respectable agency. And even if the broker is actually decent looking and functions properly, we have to treat it as an unregulated financial service provider.
Brokers that do not have a license are capable of stealing your investment. We urge traders never to deal with such fraudulent brokerage firms. Go with brokers that are regulated by trustworthy organizations like the FCA or CySEC. These entities work closely with the law, enforce it when called for, and have strict requirement for those under their gaze. Not to mention that those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).
We could not open an account, even a demo one, because we were reluctant when giving our details. The trick at ACB is that it sends a verification code to a phone rather than to an email address.
The maximum leverage is capped at the dangerously high 1:1000, immediately ruling out any European or UK regulation for the leverage has been limited to 1:30 by ESMA. We advise users to tread carefully when dealing with such a high leverage. Things can escalate as quickly as they can suddenly drop.
The EUR/USD spread value that is shown on the website is definitely wrong. The spread is said to be 28 pips.
Trading instruments are varied in number. They are Forex Pairs, Stocks, Indices, Commodities, and Crypto. This is a satisfying number of assets, giving traders much ground to tread on.
The default language is English, and there is no way to change it.
ASSET CAPITAL BUSINESS LOGIN
The inclusion of the MT5 is surprising but always welcome.
Metatrader 5 has continued to extend the legacy of MT4 with great success, however MT4 still reigns as number one. With that out of the way, MT5 can be considered a much more flawless and fluid trading terminal. With accelerated process times, the ability to trade in centralized markets, and the addition of new and more responsive indicators, and increased time frames, MT5 seems like the way to go.
The leverage is 1:1000 at its peak, while the spread for the EUR/USD is ambiguous to say the least. Since we had no access to the actual trading platform we cannot give you an honest value. The website has given us a spread of 28 pips, but it has obviously made a mistake,as we have discussed above.
There are commissions on spreads, and according to the Terms and Conditions it occurs when a position is both opened and closed.
In the Trading Conditions section it is stated clearly that said commission is $5, yet it does not say if it’s per side or round turn. Seeing as the charge is applied to both opening and closing a position, we presuppose that the $5 charge is per side, or $10 round turn. This means that any spread is increases by 1 pip. This sudden spread value shift has the potential to make any spread disadvantageous to users.
The MT5 is available as a desktop trader, and can be accessed on Android/iOS devices.
ASSET CAPITAL BUSINESS MINIMUM DEPOSIT
The minimum deposit is $300. This is a slightly above the average requirement.
Debit/Credit cards and Tether are the only ways to deposit, according to the Funding Your Account section of the website. We had no way to check if this is actually the case, because the dashboard was out of reach for us.
This broker is unregulated, and if you choose to fund an account with it, it will put you directly at risk of losing all investment money. For safekeeping your money, we strongly advise to avoid all brokers who do not have a proper license from renowned regulatory bodies. Agencies like the FCA and CySEC stand out as some of the top license issuers in the world, notorious for their severe requirements and close relationships with the law.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
Never give away your CVV code without first making sure that the broker is regulated by an efficient agency. By giving away your Card info with the CVV code to some unconfirmed person you are literally giving access to your funds, and if these details fall into the wrong hands, rest assured that your bank account will be promptly emptied.
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
AnyDesk and TeamViewer softwares are double edged. For one, you provide complete access to your computer to someone else who, essentially, takes over as the new user. This can be helpful if the person with access is a friend, colleague, or acquaintance; or it can be devastating to your private information, including bank info, if you provide entry to someone with a shady background. Hence the double edge. Note that these softwares are 100% legal meaning that your approval will be needed if someone is to tinker inside your PC.
ASSET CAPITAL BUSINESS WITHDRAWAL TIME AND FEES
ACB is one of those brokers that willingly withholds all withdrawal information to unverified users. We are left with nothing to work with here. There is no minimum withdrawal amount indicated anywhere, no processing times, and no fees. We checked all the legal documents, further scoured the website, and found no trace of any details.
ADDITIONAL FEES AND TAXES
The only clause worth mentioning is one that obliges clients to have at least $15 in their account, or close it after 30 days if they have a sum below the one just mentioned.
Even without the presence of questionable clauses, we are prone to warn you that unregulated brokers have the capacity and audacity to launch incoming fees. Unlicensed brokers utilize smartly crafted tactics to keep you as invested as possible into their schemes of deception. And seeing that every day there are many who fall victim to their plans, one must realize that these people are smart and fully capable of realizing their schemes, either by finding or creating loopholes in the T/C, by reassuring that the more you postpone your withdrawal the better the chance of quadrupling your initial investment, or just asking for more deposits.
Traders will sooner or later realize that something is a foot. Filing for a chargeback might not be as easy as it seems if, beforehand, the user has given away a copy of his ID and proof of address to the unlicensed broker. With these in their possession the broker can easily refute any claims you might have against them.
If you wish to to get smooth and efficient transactions, please visit a FCA/CySEC regulated broker, where all withdrawals are handled with care and respect. Do not expect anything of the kind from this broker; it will only bring you financial anxiety.
HOW TO RECOVER
Don’t delay, and file for a chargeback ASAP with your bank or credit card company, but also ask them what the situation with your current account is.
If you have given a CVV code to the broker, be sure to cancel your credit card as soon as possible, because the broker will not delay with draining every cent from it.
Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won’t ever hear from them again.
The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!
We have treated ACB as an unregulated broker throughout, but we have to say that this one has the potential to be genuine. All it’s missing is a license from a proper issuer, and it needs to soften up some rough edges. As of now we don’t recommend ACB, but do keep an eye on this one.
Asset Capital Business compared to other brands
Asset Capital Business
Marshall Islands, UK
United Kingdom, Cyprus, South Africa, Mauritius
Cyprus, Saint Vincent and the Grenadines