Accuindex Review: Is this broker legit, safe and trustworthy for UAE citizens and residents?
Accuindex is a relatively new player in the foreign exchange (Forex) and
contract for difference (CFD) markets, and it is dedicated to providing traders
with an experience that is robust, easily accessible, and honest. Innovation,
rapidity, and adaptability have always been at the heart of Accuindex's business
model, which is led by a team of seasoned experts that have spent years working
in the relevant industry. Accuindex is looking forward to further offering their
clients with the appropriate tools and services to help their trading needs,
leading the charge towards the future of trading as we expand our reach and
solidify ourselves as an online broker on the rise.
Visit Accuindex Website.
In the country of Cyprus, the Cyprus Securities and Exchange Commission (CySEC) has granted ACCUINDEX LTD the authorization and oversight necessary to operate legally (License Number 340/17).
The Financial Service Commission (FSC) of Mauritius has granted ACCUINDEX LTD authorization and regulates the company's activities (License Number GB19024778).
Accuindex Dubai Address: Business Bay, Burj Khalifa Str. Prime Tower 30th
Floor - Dubai - United Arab Emirates.
Phone: +971 4 574 5400
Cyprus: 1 Ayias Zonis Street Nicolaou Pentadromos Centre Block B, Limassol
Mauritius: The Cyberati Lounge, Ground Floor,The Catalyst, Silicon Avenue,40 Cybercity, 72201.
Jordan: Issam Ajlouni Street , Shmeisani,Building 33, Amman, Jordan.
Cyprus Office Phone: 00357 25 262207
Jordan Office Phone: +962 6 5609000
Mauritius Office Phone: 00230 464 4888
Before we get started on our investigation to assess the legitimacy of this
broker, we are going to investigate the website of AccuIndex to see whether
there are any regulatory papers available there. This will provide us with a
crystal clear picture of how risky it is to put your money to the FX broker in
According to what is stated on the website, AccuIndex possesses a rather robust regulatory structure. The following financial licenses have been awarded to the broker by the two regulatory bodies:
Financial Services Commission (FSC) of Mauritius Securities and Exchange Commission of Cyprus (CySEC)
AccuIndex is a broker that is regulated by the Cyprus Securities and Exchange Commission (CySEC), which is meant to be advantageous to the broker's reputation. It is one of the most well-known and reliable Tier-1 regulators in the foreign exchange market, and the credibility it exudes is undeniable.
Our comprehensive analysis of the broker always starts with a conversation about the regulations in place and any other safety precautions that may be in place.
According to the findings of our team of professional reviewers, the website of AccuIndex contains mostly two types of regulatory materials:
Financial Services Commission (FSC) of Mauritius Securities and Exchange Commission of Cyprus (CySEC)
Should one put their faith in AccuIndex? Now that this is out of the way, we can discuss how the broker's CySEC license gives it an air of reliability and security. After all, it is the legislation established in the EU that imposes all of the constraints on leverage and restrictions on bonuses. Furthermore, this law is accompanied by the MiFID and ESMA regulations, both of which ought to further boost AccuIndex's legitimacy, right?
As it turns out, not exactly so. It is true that the broker asserts that it possesses a license issued by CySEC; nevertheless, as we have seen, the offered trading capabilities do not truly sum up to the total picture. According to the findings of our AccuIndex investigation, the maximum leverage significantly exceeds what the CySEC specifies as the maximum ceiling for leverage. In addition, we were able to observe three distinct promotional incentives being provided to AccuIndex customers, which is another violation of the n0-bonus restrictions enforced by the Cyprus Securities and Exchange Commission.
Therefore, it is more reasonable to believe that the Cyprus Securities and Exchange Commission does not genuinely regulate AccuIndex; or at the very least, the regulation affects only the most small parts of trade, which nevertheless translates into the absence of regulation.
As a consequence, we are left in the position of holding the sole financial license issued by the Mauritius Financial Services Commission. Although it appears to be a legitimate license issued by this regulator, it is important to note that the political or economic strength of Mauritius is not sufficient to monitor and even control the actions of the broker in the appropriate manner, and this is especially true when we are discussing an international broker.
Overall, it is safe to infer that we are interacting with an unregulated broker, and the AccuIndex fraud may be a distinct possibility in this scenario due to the nature of the situation.
Even if the safety of the broker is the most essential characteristic, since it should be the key factor in deciding your ultimate choice, you should still show some interest in other features of the broker. In this part of the article, we are going to investigate the AccuIndex website, as well as the many trading platforms that are offered.
There isn't a much that can be said about the website's user interface because it's not that complicated. The layout does not immediately give off an air of professionalism, despite the fact that the design is straightforward and not overly intricate. However, the design does not truly appear pleasing to the viewer's eye.
The broker deserves credit for making it quite simple to obtain information on the many different trading features. We were relieved to see that we didn't have to spend much time looking for leverage rates, fee levels, and accessible instruments. Having said that, however, we are already aware that at least some of these particulars are not genuine, which further undermines the credibility of the AccuIndex assessment that we have.
Trading accounts make for an additional engaging topic of conversation. Depending on the level of diversity that this area possesses, conducting business with AccuIndex will either be simplified or complicated for a wide variety of traders.
According to the findings of our research team, the online brokerage platform provides access to only two active accounts:
Standard – 250 USD minimum deposit
ECN – 5,000 USD minimum deposit
Now, ECN is a very prestigious account type that only a select few people are able to utilize. Even seasoned professionals who trade the forex market typically stay away from it. The fact that it is so difficult to use is the primary reason for this; in order to utilize it, you must directly connect with liquidity providers and negotiate pricing with them - all on your own.
This requires a significant amount of training, not to mention a significant amount of financial resources due to the high deposit requirements and the high commission rates. Because the only normal account you can acquire at AccuIndex is the Standard one, it is safe to assume that AccuIndex is not a good choice for novice traders looking for a place to practice their trading skills.
In this part of our AccuIndex Forex broker review, we will move on to the next broker feature, which is the trading platforms this company offers. A trading platform is what enables all of your trading accomplishments and makes it possible for you to trade a wide variety of financial assets on the market.
Our analysis reveals that the MetaTrader 5 trading platform offered by AccuIndex is among the best available. There is nothing negative that can be said about this platform; at this time, it has very much established itself as the industry standard. We can claim that it is somewhat more sophisticated than its older brother, MetaTrader 4, which is more popular in forex trading. This is something that we can state with certainty.
But even if its software were perfect, AccuIndex would not be able to restore its image because of the inadequate safety precautions it takes and the too strict terms and conditions it imposes on traders.
In what ways might one profit from trading using AccuIndex? Concerning the terms and conditions of trading, let's have a look at the actual process of trading with this broker and the trading tools that it offers.
First things first, let's have a look at the many financial instruments that AccuIndex makes available for trading. According to the findings of our analysis of the AccuIndex Forex broker, the website of this broker offers clients access to less than one hundred distinct trading products, which is not terrible but is also not outstanding. The following categories have been established for these various instruments:
Commodity exchange-traded funds (ETFs), currency pairings, index CFDs, and bullion CFDs
It appears that the trading features on these products are of a sufficient quality. For instance, AccuIndex does not levy commission fees on its users for the use of its instruments or the creation of accounts on its platform. When it comes to spreads, on the other hand, they might be rather high: despite the fact that the lowest possible spread is 1 pip, it very seldom ever reaches that level. The spread markup at AccuIndex typically ranges from three to four pip increments.
Then there is the use of leverage. The greatest leverage cap that may be enforced by a CySEC license is 1:30, which is something that we have already mentioned in the past. This is done to safeguard traders from experiencing losses that are too overwhelming, which can occur when using large leverage ratios.
However, it appears that AccuIndex is not paying attention to this warning from the regulator. According to the findings of our reviewers from this AccuIndex broker review, the maximum leverage that you can get with this broker goes up to 1:400. This is approximately 14 times larger than what it should have if it really were regulated by the Cyprus Securities and Exchange Commission; however, it is not regulated by this organization.
But can you explain why having such a huge leverage is so risky? If you are trading with a capital that is 400 times higher than normal, then your losses will also grow by the same amount. This indicates that it will be quite easy for you to wipe out your account balance and end up with a negative balance. This is just another reason why we do not trust AccuIndex and why we believe that the organization's reputation is fundamentally damaged.
Let's wrap this off by taking a look at the various financial systems that AccuIndex utilizes to make deposits and withdrawals possible. If you do end up deciding to use AccuIndex as your Forex service provider, the following options will be available to you for making deposits and withdrawals: credit and debit cards, bank wire transfer, Neteller, Skrill, and CashU.
The constraints attached to the various payment options are not quite clear, despite the fact that there is a reasonable amount of variety among them. For instance, our examination of AccuIndex reveals that despite the fact that there do not appear to be any costs associated with making deposits or withdrawals on the platform, the terms and conditions document does mention the possibility that there would be some fees associated with making payments. This indicates that the broker will be in the right even if they charge you a specific commission rate despite the fact that they shouldn't be able to do so. Not a wonderful detail.
Should you place your faith in AccuIndex? Should you trusting this broker with your money now that we've conducted such a comprehensive analysis of their services? Is AccuIndex a reliable broker to work with?
Now, let's take a step back even further: as our analysis demonstrates, the AccuIndex website does not include a valid license anywhere on the page. Due to the fact that the claim that it is controlled by the Cyprus Securities and Exchange Commission is completely untrue, we are left with the Mauritius Financial Services Commission, which is not the most trustworthy regulator in this line of work.
In addition, the website and software support are not particularly impressive. Even though AccuIndex has a cutting-edge platform, this does not in any way make up for its very aggressive trading terms and conditions. Some of these terms and conditions include extremely high leverage rates and virtually eliminated payment fees, amongst other things.
Overall, we are of the opinion that the AccuIndex scam is a distinct possibility in this scenario. Because of this, we do not in any way, shape, or form advise engaging in business transactions with it.
Accuindex was established in 2017, and it has already attracted over 10,000
traders. It is now working to position itself as a market leader in Forex and
CFD trading. Accuindex operates three offices and has more than sixty employees.
The company takes great pride in the fact that its employees consistently
deliver honesty, reliability, and professionalism to the company's customers.
The popular MT4 trading platform has been succeeded by its successor, the MT5
trading platform, which is provided to traders by the broker. Accuindex does not
provide research services; nevertheless, it does maintain an extensive
instructional part that is known as Accu Academy.
Accuindex EU has a retail trader loss rate of just 21.92 percent, which positions it in the same ballpark as its more seasoned competitors.
Accuindex EU Limited is run by the Cyprus Securities and Exchange Commission, which is responsible for monitoring its activities (CYSEC). As a consequence of this, the European Securities and Markets Authority is also able to exercise authority over it (ESMA). The Markets in Financial Instruments Directive (MiFID) II is something that it needs to comply with. The 5th EU Anti-Money Laundering Directive is also met by Accuindex EU Limited, making it compliant with that directive. In the event that Accuindex EU Limited goes into default, clients have up to €20,000 worth of protection thanks to the Cyprus Investor Compensation Fund (ICF). Accuindex EU Limited was granted the license in October 2017 and subsequently purchased Ruizean Markets LTD in November 2020. Both firms are supervised by the Cyprus Securities and Exchange Commission (CySEC). The Australian brokerage firm Ruizean Markets Pty Ltd continues to operate independently.
Accuindex Limited was successful in obtaining a license from the Financial Service Commission (FSC) in Mauritius in the month of September 2019. This allows foreign customers access to a trading environment that is noticeably more competitive. The protection against negative balances is extended to the CySEC-regulated firm, but it may not be extended to the Mauritius subsidiary. Customer deposits continue to be kept in separate accounts. As of the time of this Accuindex assessment, the brokerage had an unblemished track record with the regulatory authorities.
Accuindex provides a trading environment that is free of fees for trading forex and CFDs, and it also has relevant commissions that are modest for trading futures.
In general, this broker provides transparency and maintains a pricing environment that is competitive. The Standard account makes mention to swap-free accounts, and the client agreement discloses that there are no penalties associated with inactivity or currency conversion.
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Traders using MT5 may go to the swap rates section of their platform with ease by following these steps:
1. Within the Market Watch window, right-click on the symbol you want, and then pick the Symbols option.
2. Select the currency you want to use, and then on the right side of the screen, select the Properties button.
3. Continue scrolling down until you find the options to swap long and short.
It's possible that this broker will only charge fees for holdings in exchange-traded futures.
The asset selection consists of a total of 28 different currency pairings, seven different commodities CFDs, four different indices, and a variety of other exchange-traded futures contracts.
In addition to trading in other assets, Accuindex also provides trading in shares.
Standard and ECN are the two types of accounts that may be opened with Accuindex. The first option calls for a minimum investment of one hundred dollars and provides a maximum leverage of four hundred to one. The second type of account is a Forex-only account that has a maximum leverage of 1:50 and calls for a minimum deposit of $5,000. A straightforward sign-up form is all that's required to open a business account, and certain types of accounts come with no monthly interest charges.
Traders have the option of choosing between two different account kinds.
Accuindex gives customers access to the out-of-the-box version of the MT5 trading platform. This platform is the successor to the original MT4 trading platform and is favored by some traders.
Accuindex is a very young broker, so it does not now provide many distinctive characteristics that are worth mentioning. However, we have every reason to believe that they will continue to increase the range of services that they provide in the years to come. The Accu Academy, which will be discussed further below, does provide something of value to the company's traders and is an option that novice or intermediate traders should at least consider.
Accuindex not only provides daily market updates to its customers, but it also provides novice traders with access to Accu University, which is a complete online trading academy that Accuindex has developed. It is even accessible to non-clients, and it has high-quality instructional information and well-thought-out courses, both of which give aspiring or new retail traders with a good beginning to their trading pursuits. The Accu Academy is divided into six different parts, with the sixth and last one being devoted to psychology. This component is ultimately responsible for determining the results of each portfolio. Accuindex, as a whole, had success in creating a marketable and useful service with the Accu Academy.
Accuindex is fortunate to have the Accu Academy, which provides novice traders with six instructive and beneficial classes.
Live chat is the most user-friendly method for contacting the customer service team, which is accessible around the clock. Email, a contact form on the website, and the phone are three other possibilities. On the website of the broker is a section labeled "Frequently Asked Questions" (FAQ), the purpose of which is to assist potential customers with preliminary questions.
Accuindex provides three different types of offers: a bonus offer, a partnership offer, and a refer-a-friend offer.
An application can be filed using the form that is found online. Verification of customer accounts is required since Accuindex is still regulated in two different jurisdictions. Traders can meet it by delivering a copy of their identification together with one document that proves their residency that is no more than three months old.
When it comes to deposit options, Accuindex accepts bank wires, credit and debit cards, Skrill, Neteller, and CashU. When it comes to processing periods, traders should prepare themselves for bank wires to take two to three business days and credit and debit cards to take 24 hours. As options for making withdrawals, you can choose between bank wires, Skrill, and Neteller. If a request is received during normal business hours, it will be processed by Accuindex on the same day it was received.
There are five different ways to make a deposit at Accuindex, and traders have a number of different withdrawal choices.
Accuindex is a search engine that has been in operation for more than three years and has its roots in the Middle East. It guarantees a trading environment that is open and run in a professional manner. It is possible to trade using the out-of-the-box MT5 platform, and there are 39 different assets accessible for trading chances. The pricing structure is significantly higher than typical, and the spread must be a minimum of 1.5 pips.
Accuindex's educational division, which is known as Accu Academy, is still regarded as one of the company's many strengths. Because of the high standard of the Accu Academy, this broker has the ability to continue their meteoric rise in success.
Is Accuindex a scam? There is not a single shred of evidence to suggest that Accuindex is a fraud. It continues to be subject to supervision from two different authorities, where it has a spotless track record.
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Is it possible to rely on Accuindex? Accuindex, despite the fact that every trader is required to rely on his or her own judgement when dealing with any broker, has an impeccable track record and is licensed by the most important authorities in the sector.
What exactly is the extra that Accuindex has to offer? Traders are strongly advised to get in touch with Accuindex to learn more about the bonus offer and its terms.
Is Accuindex a decent choice when looking for a Forex broker? Traders that like the Accuindex experience, which includes the MT5 trading platform, a comprehensive learning resource, and a diverse asset selection, will discover that Accuindex is a wonderful broker to work with.
What is the lowest amount that may be deposited at Accuindex? A minimum deposit of one hundred dollars is required for the Standard account.
Accuindex Limited is an Investment Firm formed under number 167867 in the
Republic of Mauritius. Authorized and regulated by the Financial Service
Commission ( FSC ) in Mauritius (License No GB19024778 ). Registered address at
The Cyberati Lounge, Ground Floor, The Catalyst, Silicon Avenue, 40 Cybercity,
72201 Ebčne, Republic of Mauritius.
The website www.accuindex.com is managed by Accuindex Limited.
Accuindex EU Limited is a Cypriot Investment Firm (CIF) with number HE 360650. Regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 340/17. Accuindex EU Limited is bound by the Markets of Financial Instruments Directive (MiFID) of the European Union. Registered address at 1 Ayias Zonis Street Nicolaou Pentadromos Centre Block B, Limassol 3026, Cyprus.
The website www.accuindex.eu is managed by Accuindex EU Limited.
Accuindex is a partner of National Portfolio Securities Company (Mahfaza), situated in Amman - Jordan, licensed and regulated by Jordan Securities Commission.
The website www.accuindex.jo is managed by Accuindex Limited.
CFDs are complicated securities and come with a significant risk of losing money fast due to leverage. 31.92 percent of retail investor accounts lose money while trading CFDs with Accuindex EU Limited. You should examine if you understand how CFDs operate and whether you can afford to incur the high risk of losing your money. Please read the full Risk Disclosure.
Regional Restrictions: Accuindex Limited does not provide investment and related services in the territories of the United States of America, Canada, Israel, Japan, North Korea, Belgium, and UN/EU Sanctioned nations.
Sites like Accuindex in the UAE
Here is a list of quality Forex, CFD, Stock and Crypto Brokers for new and professional traders living in the UAE:
- Olymp Trade - People simply love this one (Olymp Trade Review)
- Binance - World's largest cryptocurrency e-wallet and exchange that also has an online trading platform, where their members can invest or trade in virtually hundreds of cryptocurrencies and new tokens. (Binance Review)
- IG Markets UAE - UK broker located at Tower 2, Level 27, Al Fattan Currency House, DIFC. (IG Markets UAE Review)
- City Index Middle East - London-city broker with a branch in the UAE. (City Index Middle East Review)
- eToro - Social trading platform, but much better options are available out there. (eToro Review)
- Swissquote - It's a Swiss bank that offers an online trading platform for forex and CFD trading. (Swissquote Review)
- easyMarkets - Israeli brand that is big all over. (easyMarkets Review)
- Forex.com - Google ranks them in the top 10 for the term "forex". (Forex.com Review)
- Plus500 - UK brand that has its own platform, OK for CFDs, with mediocre reviews. (Plus500 Review)
- AvaTrade - Regulated by ADGM's Financial Services Regulatory Authority (FSRA) in Abu Dhabi. (AvaTrade Review)
- FXCM.com - Oldest brand when it comes to retail online forex trading. (FXCM.com Review)
- Mashreq Neo - An online trading platform provided by Mashreq Bank. (Mashreq Neo Review)
- ForexTime (FXTM) - Owned by Andrey Dashin from the Alpari broker fame. (ForexTime FXTM Review)
- Noor Capital - Licensed and Regulated by the UAE Central Bank and SCA. (Noor Capital Review)
- XM.com - XM broker is big in Africa and South East Asia, and now promoting themselves hard in the UAE. (XM.com Review)
- Saxo Bank - Danish Investment Bank with a long history of catering for premium forex investors. It also provides crypto trading facility. (Saxo Bank Review)
- Pepperstone - Originally Australian, but licensed locally by Dubai Financial Services Authority. (Pepperstone Review)
- CMC Markets - UK-based broker that is popular among CFD traders. (CMC Markets Review)
- ETX Capital - UK broker that has a decent reputation among Arab investors. (ETX Capital Review)
- Interactive Brokers - American online-trading broker that is expanding into Asian and Arab markets nowadays. (Interactive Brokers Review)
- Rakuten Securities - Japanese broker that usually looks out for large institutional investors. (Rakuten Securities Review)
- Dukascopy Bank SA - Swiss bank that offers online forex trading on its own proprietary platform. (Dukascopy Bank SA Review)
- IQ Option - It's a below-average broker with no Dubai office, but does have a toll-free virtual number for UAE: 800 032 0891 -> No Arabic, English only. (IQ Option Review)
Reviewed by Arpita Singh
Arpita Singh is the main writer at ForexBroker.ae. As a senior investment professional with 10+ years of experience working at top-tier Private Equity and Sovereign Wealth Fund; she is also responsible for fact-checking concepts, reviews, and related details about brokers and exchanges listed on this website. Full Bio.