A comprehensive ACY Securities review
Acy Securities Forex broker, formerly known as SynergyFX is an Australia-based Electronic Communication Network (ECN) broker. The brokerage is operated by the Acy Capital which was established in 2013 and is regulated by the Australian financial authority ASIC. ACY Securities itself was launched in 2019 after the ACY Capitals consolidated with Synergy FX. ACY securities is no dealing desk broker, it offers three types of accounts, leverage as high as 1:500 and various trading instruments including currency pairs and CFDs on commodities, indices, precious metals, and stocks.
The fact that the broker is regulated by one of the most reputable regulators in the world ASIC excludes the possibility of Acy Securities scam. The regulator investigates FX brokerages thoroughly, requests them to have client’s funds in the segregated accounts and moreover, it takes approximately half a million USD dollars to receive a license from the Aussie financial watchdog. However, being sure that the broker is not a scam is not the only thing traders should look for when opening an account with the broker. Hence, let us have a closer look at what the broker offers and how good is the service provided by the company.
The website of the broker does not look promising. It has a poor design and is loaded with the motion graphics and pictures that make it slow to load. Generally, the website is not very well designed and well-thought as navigation there is complicated and it takes too much hassle to find the information you need. On the front page, the broker showcases only several categories such as products, platforms, education, and partners page. Also one can find the information about the brokerage. While making ACY Securities review it was hard to find the information about the service and products itself. Most of them are only available in the FAQ section in the forms of questions, which is not very convenient. To find necessary information about the brokerage one has to scroll the front page endlessly. It is not a good sign since the traders prefer to have all the necessary information directly available. Overall, the website of the broker reduces the ACY securities rating.
What does the broker offer
The broker offers trading over 60 instruments. The list includes 41 currency pairs such as GBP/USD, AUD/JPY, NZD/USD, and more. Four precious metals: Gold, Copper, Silver, and US Crude oil. 15 global stock indices including NAS100, US500, JP225, and some more. The broker does not provide information where does it operate and if it does not accept the residents of any country. The website is available in English and Chinese language. Seemingly the broker is targeting Chinese traders actively. The only available information is that the broker does not accept traders from the United States. However, after contacting the support we found out that ACY securities FX brokerage accepts traders from the EU members countries. However, the broker is not regulated by any European financial watchdog and offers the leverage that is prohibited in the member countries of the European Union.
ACY securities offers three types of accounts to potential customers: stpECN, zeroECN, and pureECN. In the FAQ section, the broker states that accounts can be in the following currencies: EUR, USD, GBP, AUD, CAD, SGD, NZD, and JPY, however in the account information it says that the account currencies can be EUR, USD, GBP, and AUD. The minimum initial deposit for a stpECN account is 100 USD, for zeroECN 2,000 USD, and for pureECN – 20,000 USD. After making a minimum initial deposit for funding the account for the first time, the minimum amount of money that can be deposited towards the account is 100 USD. There is not much difference between ACY securities account types, the minimum trading volume is 0.01 lot for all of them and the leverage is from 1:50 to 1:500. All of the accounts have one to one service and market analysis available. There is a commission per round for zeroECN and pureECN accounts which is 6 USD and 5 USD per lot respectively.
leverage and spreads
As mentioned maximum leverage is 1:500, it is for currency pairs, metals, and crude oil. The leverage for indices CFDs is 1:100. The maximum leverage is available for the maximum balance of 5000 USD and the minimum 1:50 leverage is applicable if the balance is more than 50,o00 USD. The spreads for the stpECN is the highest, the minimum spread is 0.8 pips for the EUR/USD pair, and grows as high as 30.0 for other currencies such as USD/SEK. For the same currency, the spread is 12.0 for zeroECN. Such a difference between spreads does not form a very positive ACY securities opinion for us.
ACY Securities withdrawal policy
According to the broker, ACY is processing withdrawal requests on the same day or on the next business day if the request was received after 14:00 AEST, however, it might take up to 3-5 business days for the trader to receive the money. There are withdrawal fees based on the payment method that is used for depositing the funds and withdrawals. If a trader is receiving the money on the bank account outside of Australia deposit fee is 25 USD per withdrawal. For the local bank transfer in Australia, the withdrawals are free but limited to three withdrawal per month. In case trader wants to cash out money fourth times in the month the charge is 25 USD. For those who use Skrill, the ACY securities withdrawal fee is 3 percent of the money withdrawn.
ACY Securities customer support service
Traders who have an issue with their account or questions regarding trading with the broker have several ways to get the support. There is a live chat available on the website, support email and two phone numbers one for the international inquiries and one for Taiwanese traders. According to the ACY securities reviews made by the customers themselves, the customer support is rated very negatively. As the opinions state in most cases, there is only one person available and it is almost impossible to contact the broker directly. Some reviews state that even if the traders are able to reach the ACY securities representative they are not provided with the professional and sufficient assistance for their inquiries.
Is ACY Securities legit?
As mentioned above there is no sign of ACY securities fraud or scam, considering that the broker is regulated by ASIC. However, the broker lacks the quality of the service. There are not many trading instruments available with the broker, the spreads are high and there is a big difference between the spreads for each type of account. The website of the broker is designed in a way that it is very hard for visitors to find out information about the service, related fees and charges without spending too much time reading various legal documents as most of the information is there. Last but not least the broker fails to offer good customer service as the ACY securities opinions showcase. Overall, the broker is far behind from the other international brokerages that offer good service, hence if you are looking for a good ECN brokerage to sign up with it is better to skip ACY securities and look for the actually good brokers that can provide better service.