My review of xace.io

[Coin]

Helllo everyone,

I would like to share my experience with xace.io who is advertiser here on this forum.

I'm running cryptocurrency trading company incorporated in Europe.

To start the account opening process you have to fill out their form on website. In their form they asked about pretty much everything - type of business, country of incorporation, monthly amount of transactions and so on so they perfectly knew everything about your company from their from.

Within one day I received email from them saying "Thank you for submitting an application with Xace. Based on the information you have provided we can begin the compliance process required to open an account." In this email they also asked me to provide all kinds of company documents plus my ID card.

Great right? Well not really. To my surprise once I provided everything they asked for I received email saying:

"
Thank you again for your application and for providing the documents. Unfortunately we are unable to accept your application at this time.

Additionally, we are unable to give any further information with regards to this decision.

Best Wishes,

The Xace Team"

That just seems really sketchy to me. They knew everything about my company and my documents did not provide any new information to them. So why would they ask for my documents in the first place if they already knew that they would reject my application? Are they just collecting personal information for some really strange unauthorized purpose?

If you have any experience with xace please don't hesitate to share it. Overall they are responsive and respond pretty fast. Their pricing is okay but not the cheapest with hefty account opening fee but I would be more than happy to pay it. In my honest opinion I would not recommend using xace as their business practices seem really questionable to me.

 

[sinos]

Xace aren't that eager to work with crypto, they denied my application, when I stated crypto arbitrage in details and also mentioned that majority of my trades will be SEPA.

 

[blizz]

Additionally, we are unable to give any further information with regards to this decision.

business as usually! Have you applied with a merchant account provider or other banks! 90% of them will give you the same answer, nothing strange with them.

 

[Coin]

Xace aren't that eager to work with crypto, they denied my application, when I stated crypto arbitrage in details and also mentioned that majority of my trades will be SEPA.

Yeah that's my point. In my application I stated that my company is a crypto exchange. So if they don't accept with crypto exchanges why would they ask for my company's and personal documents? Also it's very strange that their live chat said that they open accounts for crypto companies.

 

[blizz]

documents? Also it's very strange that their live chat said that they open accounts for crypto companies.

Yesterday I had a a chat with a guy who told me he had the new Samsung 85" Qled TV on stock and they will come and deliver it to my house today if I placed the order.

Today they called me only to tell that I can't get the TV because it's out of stock!

What I will tell you with this that the chat operator not has influence on the compliance department in such operations.

 

[Coin]

Yesterday I had a a chat with a guy who told me he had the new Samsung 85" Qled TV on stock and they will come and deliver it to my house today if I placed the order.

Today they called me only to tell that I can't get the TV because it's out of stock!

What I will tell you with this that the chat operator not has influence on the compliance department in such operations.

No that's not what I meant. Their compliance fee reviewed my application which made them well aware that my company is crypto related but they proceed to ask for my personal and company's documents even though they had no intention to open the account.

 

[sinos]

No that's not what I meant. Their compliance fee reviewed my application which made them well aware that my company is crypto related but they proceed to ask for my personal and company's documents even though they had no intention to open the account.

Right!! this is how its working for majority of the EMIs that suddenly seem to be crypto friendly, will happily take your compliance fee and then deny the application without stating any reasons.

 

[Coin]

Right!! this is how its working for majority of the EMIs that suddenly seem to be crypto friendly, will happily take your compliance fee and then deny the application without stating any reasons.

Were you able to find any EMI that opened account for you? If so could you share the name of that EMI?

 

[sinos]

Were you able to find any EMI that opened account for you? If so could you share the name of that EMI?

Healy consultants referred me to Orounda, but they aren't clear about their fees, have applied lets see.

 

[dirtyharry]

No that's not what I meant. Their compliance fee reviewed my application which made them well aware that my company is crypto related but they proceed to ask

stop, wait do you pay a fee to open an account with them? it is non refundable if account is declined?

 

[GlobalConsult]

They also offer IBAN from Malta. Does anyone know which EMI is the issuer of the MT IBANs?

 

[blizz]

Their compliance fee reviewed my application which made them well aware that my company i

how much is this fee?

I'm sure they make more money from boarding customers then declining them and get a small fee.

 

[Coin]

how much is this fee?

I'm sure they make more money from boarding customers then declining them and get a small fee.

I'm not sure if they would like their fee listed here as they do not show it anywhere on their website but it's not in hundreds.

They don't take any fees for declining but you seem to be a little confused about what I said. I never complained about fees. I said that they reviewed my application which provided them all information about my company - they knew that they would not open account for my company but they still proceed to ask for my company's and personal documents for some strange reason just to tell me that they won't open account without a given reason.

 

[Flibustier]

I'm not sure if they would like their fee listed here as they do not show it anywhere on their website but it's not in hundreds.

They don't take any fees for declining but you seem to be a little confused about what I said. I never complained about fees. I said that they reviewed my application which provided them all information about my company - they knew that they would not open account for my company but they still proceed to ask for my company's and personal documents for some strange reason just to tell me that they won't open account without a given reason.

The devil is in the details.
Perhaps they saw something in your documents they did not like. Again 99% banks and EMIs do exactly that. This is a mega frustrating process.

 

[doshman]

Helllo everyone,

I would like to share my experience with xace.io who is advertiser here on this forum.

I'm running cryptocurrency trading company incorporated in Europe.

To start the account opening process you have to fill out their form on website. In their form they asked about pretty much everything - type of business, country of incorporation, monthly amount of transactions and so on so they perfectly knew everything about your company from their from.

Within one day I received email from them saying "Thank you for submitting an application with Xace. Based on the information you have provided we can begin the compliance process required to open an account." In this email they also asked me to provide all kinds of company documents plus my ID card.

Great right? Well not really. To my surprise once I provided everything they asked for I received email saying:

"
Thank you again for your application and for providing the documents. Unfortunately we are unable to accept your application at this time.

Additionally, we are unable to give any further information with regards to this decision.

Best Wishes,

The Xace Team"

That just seems really sketchy to me. They knew everything about my company and my documents did not provide any new information to them. So why would they ask for my documents in the first place if they already knew that they would reject my application? Are they just collecting personal information for some really strange unauthorized purpose?

If you have any experience with xace please don't hesitate to share it. Overall they are responsive and respond pretty fast. Their pricing is okay but not the cheapest with hefty account opening fee but I would be more than happy to pay it. In my honest opinion I would not recommend using xace as their business practices seem really questionable to me.

They did the same to me recently.

 

[JohnnyDoe]

I suggest that you send them a formal GDPR request as described here Art. 15 GDPR – Right of access by the data subject - General Data Protection Regulation (GDPR) so that you know how your data is used. And take it on from there if you want to harass them.