ASKoBID Review: Are Big Bonuses Worth The Risk?
ASKoBID is a trading brand of the company Solt Corp Ltd. This company makes its home in Saint Vincent and the Grenadines. Presently, this country is denounced by the European Union as an uncooperative jurisdiction for tax purposes. Brokers often set up shop there to avoid the rules elsewhere. The broker offers their services without any license from a financial regulator.
ASKoBID Deposit Bonuses
ASKoBID has a particularly cunning way to draw in new clients. Just like InstaForex, the broker offers a bonus on each deposit. Depending on the deposit amount, traders can receive up to an additional 50% on their account balance. However, traders have to trade the bonus twenty times over to make a withdrawal. Under those circumstances, any new traders will have likely lost the reward anyway.
Regulators Callout ASKoBID
Regulators have picked up on the ASKoBID scam and doing all they can to curtail their operations. In August 2020, the Austrian FMA put out a warning stating that the broker is evidently operating with a license. A similar warning comes from the Italian regulator CONSOB, similarly warning traders within that country.
ASKoBID uses some strange browser platform in place of the much more popular MetaTrader 4. Our ASKoBID review finds the platform lacking in the top features that traders need to execute trades properly. The broker doesn’t have a free trial either, so that only paying traders can even see the platform. The barebones information presented on the platform makes it look more like a binary options platform than one geared towards CFDs and forex.
The broker has very high spreads. For instance, their EUR/USD spread is 2.9 pips. Ideally, traders would want a spread of just 1 pip on this pair. The broker’s selection of assets is passable but nothing special. Opening an account takes the standard $250 minimum deposit. Like many other unregulated brokers, they offer leverage up to 1:500, despite most jurisdictions having limits far below that.
Bring in the Experts in Fund Recovery
Offshore brokers cast their nets wide to bring in as many clients as possible. Furthermore, they don’t seem to care if they don’t have the authorization to do so. Regulators warn traders in their countries about these offshore brokers. Those who have missed the warnings can contact us to get their money back in the shortest possible length of time.