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AccentForex: broker of new generation or limited opportunities?
AccentForex positions itself as a market participant with a mission, proclaims its honesty and transparency, and lures traders with its commitment to provide high-quality services. The official website of the stock broker is full of slogans. Okay, let's check.
Basic information about AccentForex
Dealing center AccentForex as part of Accent Markets Group belongs to Butenix Capital Ltd. The broker is an offshore company registered in Vanuatu and licensed by the Vanuatu Financial Services Commission.
The broker obtained the license of Vanuatu in February 2017. At the same time, some positive reviews of AccentForex’s activity indicate 2010 as the date of foundation, creating an illusion that the company allegedly has considerable experience of working in the forex market.
AccentForex offers 5 types of accounts:
1. Micro: deposit - from $50 to $1,000, leverage - up to 1:500, spread - from 2 pips, trade size - 0.1-5 lots.
2. Mini: deposit - $100– $10,000, leverage - up to 1:200, spread - from 0.5 pip, trade size - from 0.1 lot.
3. STP: balance - $100– $10,000, leverage - from 1:1 to 1:200, spread - 0.1 pip, trade size - from 0.1 lot.
4. Profit: deposit - from $1,000, leverage - up to 1:100, spread - from 0.5 pip, trade size - 1 pip.
5. Swap-Free takes into account the religious beliefs of the company's clients. An Islamic account is provided upon request.
The company offers its clients an opportunity to open a demo account as well as a PAMM account. It is possible to open up to 5 accounts. Customer support is also available.
Although AccentForex positions itself as a new generation broker, there is no way to trade on mobile devices. Trading can be conducted only through a PC after the software is installed.
The most important thing is trading hours. Trading with the broker is available from 4:30 PM to 11:30 PM UTC+11!
The Public Offer Agreement also raises doubts. Market participants should read it carefully. AccentForex regards customer funds as assets to cover losses, disclaims all responsibility for delays and losses due to disruption and technical issues, and provides traders with 2 days to challenge the decision.
Feedback from traders
Judging by the reviews posted this year, the company is losing customer trust. There are no positive comments. Many clients claim that the broker's quotes are not accurate, as well as the execution of orders is not instant. Besides, traders note that it is impossible to withdraw funds, the broker's support service ignores customer requests, their deposits are drained, and the withdrawal process is long. Thus, traders do not recommend cooperating with this offshore company.
AccentForex claims to be the leader in the market and yet offers extremely limited opportunities. Traders can hardly make a profit trading in the dynamic market in limited hours and without using mobile applications. The spread offered by the broker is average, the quotes are not accurate. In addition, a great number of complaints about technical issues is a cause for concern. Clients from the CIS countries accuses the company of fraud and criticize the work of its support service. According to the Public Offer Agreement, AccentForex disclaims responsibility for a number of factors which may lead to the loss of customer funds.
The company's offshore registration and the Vanuatu Financial Services Commission can hardly ensure the safety of traders' funds. Can you trust AccentForex? Traders claim that you can’t. One thing is for sure: AccentForex is inferior to even offshore competitors in terms of trading hours as well as opportunities provided by its platform.
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