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ASKoBID Review 2020 – High Leverage Means High Risk with Unlicensed Brokers

Sep 25, 2020 , , ,

ASKoBID is an unregulated forex and CFD broker that operates out of Saint Vincent and the Grenadines. This jurisdiction is home to many shady online brokers. They set up shop in there because of the minimal financial oversight and lack of infrastructure for international claims. The broker’s parent company is Solt Corp Ltd, a company that regulators have specifically warned against. The lack of regulation makes dealing with this broker much more complicated than dealing with a registered broker like 70Trades.

Trading with ASKoBID

ASKoBID does not allow traders access to the MetaTrader 4 or 5 trading platforms. Instead, they offer a different browser platform that lacks many of the features investors have come to expect. In addition, they do not provide any form of demo account. Demo accounts are standard practice amongst even unregulated brokers; not being able to try out the platform before putting down real money is not a good sign. ASKoBID has a relatively standard range of products available, forex and CFDs on stocks, commodities, and cryptocurrencies.

High Leverage with No Demo Options

The broker has four account types with different minimum deposits. All of the accounts allow for a leverage of up to 1:500, which is high even for unregistered brokers. Above all, high leverage opens new traders up to risks they might not understand, increasing their chances of losing everything right off the bat. In this case, a minimum deposit of $250 is required to start trading. Their minimum deposit is higher than many other brokers, especially considering the lack of any demo accounts.

askobid review

ASKoBID – Warnings Against Broker with No Transparency

ASKoBID does not provide precise and reliable information about their operations. Also, the name of their parent company, Solt Corp Ltd, is not mentioned anywhere on their website or in their terms and conditions. CONSOB, the Italian investment regulator, has issued a specific warning against trading with ASKoBID. They say that the firm has been offering services to Italian citizens illegally, and the regulator has now made efforts to prevent access to the website from within the country.

We Can Help You Deal with Unregulated Brokers

Trading CFDs at high leverage can be a recipe for disaster. Beginner traders shouldn’t be trying such complicated financial instruments. Regulated brokers must follow strict rules on risk disclosure and leverage limits. As an unregulated broker, ASKoBID does not. If you’ve lost money investing in CFDs with an unregulated broker, we can help you. Contact us today to put our expert team to work exploring options to recover your funds.