Some articles have mentioned that ACFX’s Cyprus office is fully empty and the CEO is working on to get rid of the “suspension” tag to its financial license.

Well, we know that major part of employees are already fired and left voluntarily.

But please do not worry if you still have your funds to ACFX, because its financial department is remained and processing all withdrawal requests right now.

According to ACFX’s ex-staff, the broker will process all withdrawals without ICF(Investor Compensation Funds) helping to do it.

Thanks to the directive which ACFX has followed, all traders’ funds were deposited into segregated accounts, and now the broker is fully capable of sending all funds back to the investors.

Who is ACFX? What happened?

ACFX, Atlas Capital FX is a part of the largest conglomerate in Montenegro, Atlas Group.

It is believed to be a broker with stable situation financially and operationally.

But that doesn’t matter, because the license suspension is caused by another different reason.

The whole story of ACFX license suspension

Here is the whole story of ACFX til now.(according to its ex-employee)

ACFX used to run a withdrawable Deposit Bonus, and claimed that the broker has found some traders abusing the promotion(doing arbitrage).

But ACFX has processed withdrawals as the traders requested, in order to protect its brand and reputation as a starting broker.

A few months later, ACFX had started promoting its fine swap rates of Oil CFD contract, and that had fished a group of Chinese arbitrage traders which will later result in the suspension of the broker’s financial license and operation.

Of course, just like ACFX has mentioned in its terms and conditions, the broker did not process withdrawals for these Chinese traders, but delayed them.

And about a month later, CySEC has officially announced that ACFX’s financial license is now suspended and they are prohibited to provide services.

Until now, the license continues to be suspended.

As ACFX did already let go majority of the employees, we believe that the broker is not capable of coming back to the business, unless the company is willing to start from the very beginning.

Is your funds be withdrawn or lost?

ACFX used to be a CySEC regulated broker, and also a member of ICF, Investor Compensation Funds.

In case ICF is going to act, up to 20,000 EUR per Investor will be compensated and the entity has got more than 1.7 million Euro as its funds, so it would be really enough for supporting clients of ACFX.

But, according to our source, ACFX is in need of help from ICF.

ACFX is capable of transferring all existing clients’ funds to the original account upon requests.

The process might take a while though, if you still have you funds with ACFX, you have two options to do.

  1. Wait for the ACFX to come back to the business or
  2. Request for withdrawal of your funds and wait for it to be processed