ASKoBID Forex Broker

Askobid Forex Broker - Complete Information Guide

1. Broker Overview

　　Askobid, officially known as Askobid, is a relatively new offshore CFD broker that commenced operations in April 2019. The company is headquartered in Kingstown, St. Vincent and the Grenadines, under the ownership of Solt Corp Ltd. As a private entity, Askobid primarily targets retail clients looking to trade in various financial instruments, including forex, commodities, and cryptocurrencies.

　　Since its inception, Askobid has aimed to provide a professional trading environment, emphasizing user experience and accessibility. The broker claims to offer a comprehensive trading platform, catering to both novice and experienced traders. Despite being a newcomer, Askobid has positioned itself in the competitive forex market by highlighting its attractive trading features and educational resources.

　　The business model of Askobid revolves around retail forex trading, offering a range of account types and trading instruments to its clients. However, the broker's claims of regulatory oversight by various authorities remain contentious, as many reviews indicate a lack of transparency regarding its regulatory status.

2. Regulatory and Compliance Information

　　Askobid claims to be regulated by several authorities, including the Cyprus Securities and Exchange Commission (CySEC) and adheres to the Markets in Financial Instruments Directive (MiFID). However, it is crucial to note that these claims have raised skepticism due to the broker's offshore registration and the absence of a strong regulatory framework.

• 　　Regulatory Bodies:

• 　　Cyprus Securities and Exchange Commission (CySEC)

• 　　Australian Securities and Investments Commission (ASIC) - claimed but not verified

• 　　MiFID compliance - claimed but not substantiated

• 　　Regulatory Numbers: Specific regulatory numbers have not been disclosed by Askobid.

• 　　Client Fund Protection: Askobid has not provided clear information regarding the segregation of client funds, which is a standard practice among reputable brokers.

• 　　Investor Compensation Scheme: There is no indication that Askobid participates in any investor compensation scheme.

• 　　KYC and AML Compliance: Askobid states it adheres to KYC (Know Your Customer) and AML (Anti-Money Laundering) protocols, but details on the implementation of these measures are not readily available.

　　Given these factors, potential clients should exercise caution and conduct thorough research before engaging with Askobid broker.

3. Trading Products and Services

　　Askobid offers a diverse range of trading products across multiple asset classes. The broker provides access to:

• 　　Forex Currency Pairs: Askobid offers a selection of over 24 currency pairs, including major pairs such as EUR/USD and GBP/USD.

• 　　CFD Products: The broker allows trading in various CFDs, including:

• 　　Indices: Popular indices such as S&P 500, NASDAQ, and others.

• 　　Commodities: Clients can trade commodities like gold, silver, and oil.

• 　　Stocks: Access to shares from leading companies, although the exact number is not specified.

• 　　Cryptocurrencies: Trading options include major cryptocurrencies like Bitcoin and Ethereum.

• 　　Unique Products: While Askobid does not highlight any unique trading products, it claims to provide a user-friendly trading environment suitable for various trading strategies.

• 　　Retail Trading Services: Askobid primarily focuses on retail clients, offering several account types tailored to different trading preferences.

• 　　Institutional Client Services: Information on institutional services is not clearly stated, indicating a focus on retail trading.

• 　　White Label Solutions: There is no mention of white-label solutions or asset management services.

　　Overall, Askobid broker appears to provide a standard range of trading products, but the lack of transparency regarding specific offerings may deter potential clients.

4. Trading Platforms and Technology

　　Askobid offers a proprietary trading platform, which is web-based, allowing clients to trade from any location with internet access. Key features of the platform include:

• 　　MetaTrader 4/5 Support: Askobid does not support the widely recognized MetaTrader 4 or 5 platforms, which may limit functionality for experienced traders.

• 　　Proprietary Platform Details: The proprietary platform is designed for ease of use, featuring:

• 　　Integrated charting tools

• 　　Real-time market analysis

• 　　Stop-loss and take-profit order options

• 　　A market sentiment meter to gauge other traders' positions

• 　　Web-Based Trading Platform: The web platform is accessible from any computer, enhancing flexibility for traders.

• 　　Mobile Application: Currently, Askobid does not offer a mobile trading application, which could be a significant drawback for users seeking mobile trading capabilities.

• 　　Execution Models: The execution model remains unclear, with no specific mention of ECN or STP execution. This ambiguity raises concerns about potential conflicts of interest.

• 　　Server Location and Infrastructure: Information regarding server locations and technical infrastructure has not been disclosed.

• 　　API Access and Automated Trading Support: There is no mention of API access or automated trading features, which are often essential for algorithmic traders.

　　In summary, while Askobid provides a functional trading platform, the absence of established platforms like MetaTrader and a mobile application may limit its appeal to a broader audience.

5. Account Types and Trading Conditions

　　Askobid offers several account types, each designed to cater to different trading needs. The account structures are as follows:

• 　　Standard Account Conditions:

• 　　Minimum Deposit: €5,000 for the basic account.

• 　　Spreads: Fixed spreads on certain accounts, but specific rates are not disclosed.

• 　　Commissions: Not explicitly stated; traders are encouraged to inquire directly.

• 　　Advanced Account Types:

• 　　Professional Account: Requires a minimum deposit of €25,000.

• 　　Gold Account: Requires a minimum deposit of €75,000, offering fixed spreads.

• 　　VIP Account: Minimum deposit is customized, with additional benefits.

• 　　Special Accounts: Information on Islamic or corporate accounts is not provided.

• 　　Demo Account Policy: Askobid offers a demo account valid for 21 days with a balance of $50,000, allowing traders to practice without risking real funds.

• 　　Leverage Ratios: Askobid offers a maximum leverage of 1:500, which is considerably high and carries significant risk.

• 　　Minimum Trade Size: Specific minimum trade sizes are not detailed.

• 　　Overnight Fees Policy: Information on overnight fees is not clear, indicating a need for further inquiry.

　　In conclusion, while Askobid provides various account types and flexibility in trading conditions, the lack of transparency regarding spreads and commissions may pose challenges for potential clients.

6. Fund Management

　　Askobid supports several deposit and withdrawal methods to facilitate client transactions:

• 　　Supported Deposit Methods:

• 　　Major credit cards (Visa, MasterCard)

• 　　Bank transfers

• 　　E-wallets such as Skrill (Moneybookers)

• 　　Minimum Deposit Requirements:

• 　　Basic account: €5,000

• 　　Professional account: €25,000

• 　　Gold account: €75,000

• 　　VIP account: Customized minimum

• 　　Deposit Processing Times: Deposits are typically processed instantly for credit cards and e-wallets, while bank transfers may take up to 5 business days.

• 　　Deposit Fees: Askobid does not charge deposit fees, but clients should be aware of potential fees from their financial institutions.

• 　　Withdrawal Methods and Restrictions:

• 　　Withdrawals can be made through the same methods used for deposits.

• 　　There are no withdrawal fees charged by Askobid.

• 　　Withdrawal Processing Times: Withdrawal requests are usually processed within 72 hours but may take up to 7 business days to reflect in the client's account.

• 　　Withdrawal Fees Structure: No explicit withdrawal fees are mentioned, but financial institutions may impose charges.

　　Overall, while Askobid provides several funding options and claims no fees for deposits and withdrawals, the lack of detailed information may warrant caution.

7. Customer Support and Educational Resources

　　Askobid provides several customer support channels to assist traders:

• 　　Support Channels:

• 　　Email support

• 　　Online chat

• 　　Phone support

• 　　Service Hours: Customer support is available Monday through Friday from 9:00 AM to 8:00 PM GMT.

• 　　Multilingual Support: The website supports multiple languages, including English, Arabic, and German.

• 　　Educational Resource Types:

• 　　Webinars

• 　　Video tutorials

• 　　E-books

• 　　Market Analysis Services: Askobid offers daily market insights and research reports to help traders make informed decisions.

• 　　Trading Tools: Clients have access to calculators, economic calendars, and trading signals.

　　In summary, Askobid provides a range of customer support options and educational resources, although the depth and quality of these resources may vary.

8. Regional Coverage and Restrictions

　　Askobid operates in various regions, catering to a global clientele:

• 　　Primary Service Markets: Askobid serves clients globally, with a focus on Europe and other international markets.

• 　　Regional Office Distribution: Specific details regarding regional offices are not provided.

• 　　Countries Not Accepted for Service: The United States is explicitly mentioned as a country from which clients are not accepted.

• 　　Special Restrictions: Due to its offshore status and lack of regulation, traders from certain jurisdictions may face additional scrutiny.

　　In conclusion, while Askobid aims to provide a wide-reaching service, potential clients should be aware of the regulatory landscape and restrictions that may apply.

　　In summary, while Askobid broker presents an array of trading opportunities and services, the lack of regulatory clarity and transparency may raise concerns for potential clients. It is advisable for traders to conduct thorough research and consider their investment objectives before engaging with this broker.