The unregistered broker ASKoBID.fm provides investment services for both forex and CFDs. They operate out of Saint Vincent and the Grenadines. Generally, brokers operating out of this jurisdiction develop poor reputations for how they treat their clients. Their parent company is Solt Corp Ltd.
High Leverage for New Traders
Identically to the broker HFTrading, ASKoBID.fm offers leverage up to 1:500. Neither of these brokers is European. Consequently, they don’t fall under the jurisdiction of the ESMA with its strict leverage rules. Brokers typically reserve this high leverage for professional traders that have to verify their status. With their minimum deposit of just $250, ASKoBID.fm opens the door to novice traders and lets them take on excessive risks with their high leverage.
Strange Platform With No Free Trial
Different from most comparable brokers, ASKoBID.fm does not give traders access to MetaTrader 4. Without a doubt, their alternative browser platform fails to provide the same powerful features as the industry-standard platform. They don’t have a demo account either, meaning traders can’t try them out before putting down real money.
Warnings from Two Separate Regulators Against ASKoBID.fm
On August 22, 2020, the Austrian Financial Market Authority issued a warning against ASKoBID.fm. Specifically, the warning explains that the broker has no authorization to offer investment services within the country. It is common for an offshore broker to offer their services to countries where they have no authorization. A similar warning was later issued by the Italian regulator, CONSOB.
Recover Your Funds Quickly and Safely
Coupled with warnings from regulators, the fact that a broker is unregistered is a sure sign to keep away. These brokers manage to draw in victims anyway, and we’re here to help those victims. Contact us today to implement a solution that can return your money in the shortest possible time.