I understand your point about unregulated brokers but ACM FX is not set up for self traders and retail clients.
I will also advise self traders if you choose a retail broker who trade against you to have a good regulator in the USA, UK or EU.
ACM FX is set up for money mangers like us and only give us a better and direct access to the best liquidity pool what exist out of the biggest banks and they are better cover then the retail brokers so we are fine with this and happy with the spreads and execution we get.
Our clients funds by ACM FX are also held on segregated accounts the same as any other broker do, if they would not do this there would be not one bank who would facilitated them and again we never had any problems with them.
We also advise anybody who not feel save to deposit funds by ACM FX not too do this as noting is worth to have sleepless nights, we feel save with them and many of our clients but also we can't predict the future and also we don't control ACM FX