Askyolo Tech foreign exchange brokers specializing in providing foreign exchange trading services, the company's official website https://www.askyolo.com/en/index.html, about the company's legal and temporary regulatory information, the company's address Rm 1517, 15F Amiata Industrial Building, 58 Lei Muk Road, Kwai Chung, Hong Kong.
Askyolo Tech Forex Broker
Basic Information
Hong Kong
2-5 years Suspicious Regulatory License Suspicious Scope of Business High potential riskRating Index
Askyolo Tech Forex Broker - Complete Information Guide
1. Broker Overview
Askyolo Tech, officially known as Askyolo Tech Limited, was established approximately 1-2 years ago. The broker is headquartered in Hong Kong, with its main office located at Room 1517, 15F Amiata Industrial Building, 58 Lei Muk Road, Kwai Chung. Askyolo Tech operates as a private entity and offers financial services primarily in the retail forex market, targeting individual traders and investors.
Since its inception, Askyolo Tech has aimed to provide a range of trading services, including forex, options, and precious metals. However, the company has faced scrutiny due to its lack of valid regulation and the numerous complaints filed against it. The broker claims to be regulated by the United States National Futures Association (NFA), under the license number 0549987, but this has been suspected to be a fraudulent or clone claim.
The business model of Askyolo Tech focuses on providing retail forex trading services, allowing clients to trade various financial instruments, including currency pairs, options, and commodities. However, the absence of a robust regulatory framework raises concerns about the safety and security of client funds.
2. Regulatory and Compliance Information
Askyolo Tech is currently not regulated by any recognized regulatory authority. The lack of oversight poses significant risks for potential clients, as there is no formal protection for investors' funds. The broker's claim of being regulated by the NFA under license number 0549987 is viewed with skepticism, as there are no records supporting this claim.
The company does not provide adequate information regarding its compliance with local laws or its customer fund segregation policies. Additionally, there is no evidence of participation in an investor compensation fund, which typically protects clients in the event of broker insolvency. Askyolo Tech does not appear to have established robust Know Your Customer (KYC) and Anti-Money Laundering (AML) measures, further raising concerns about its operational integrity.
3. Trading Products and Services
Askyolo Tech offers a variety of trading products, focusing primarily on forex, options, and precious metals. The broker claims to provide access to approximately 130 forex and CFD instruments, including major currency pairs like EUR/USD, GBP/USD, and USD/JPY, as well as minor and exotic pairs.
In addition to forex trading, the broker offers options trading, allowing clients to speculate on price movements without the obligation to buy or sell the underlying asset. Askyolo Tech also facilitates trading in precious metals such as gold, silver, platinum, and palladium, which are often considered safe-haven assets.
Despite its diverse product offerings, the broker's lack of a trading software platform and limited educational resources may hinder traders' ability to navigate the markets effectively. The frequency of product updates and the introduction of new trading instruments remain unclear, as the broker has not provided specific details in this regard.
4. Trading Platforms and Technology
Askyolo Tech provides a mobile trading app available for download on both Google Play and the App Store. However, it does not support the widely recognized MetaTrader 4 (MT4) or MetaTrader 5 (MT5) trading platforms, which are preferred by many traders for their advanced features and functionalities.
The mobile app serves as the primary means for clients to access trading services, enabling them to monitor market prices, manage positions, and place trades. While the app likely includes basic functionalities, the absence of a comprehensive trading platform may limit traders' access to advanced trading tools and customization options.
Askyolo Tech's execution model remains unclear, as there is no specific information provided regarding whether it operates on an ECN, STP, or Market Making basis. The broker has not disclosed details about its server locations or technical infrastructure, which are essential for ensuring fast and reliable trade execution. Additionally, there is no mention of API access or support for automated trading.
5. Account Types and Trading Conditions
Askyolo Tech offers various account types, although specific details regarding these accounts are not well defined. The broker promotes competitive spreads and claims to charge no commissions, yet it does not specify the spreads for particular instruments.
While there are indications of standard accounts, information on VIP, professional, or Islamic accounts is lacking. The broker also does not provide clear details on the minimum deposit requirements, leverage ratios, or minimum trade sizes. The absence of a demo account policy is another limitation, as potential traders may wish to practice before committing real funds.
The leverage offered by Askyolo Tech is unspecified, which can significantly impact trading strategies and risk management. Additionally, the broker does not provide information regarding overnight fees or swap rates, which are essential for traders who hold positions overnight.
6. Fund Management
Askyolo Tech supports various deposit methods, including bank transfers, credit cards, and e-wallets, though specific payment options are not explicitly listed. The minimum deposit requirements vary based on account types, but the broker has not provided detailed information.
Deposit processing times are not clearly stated, and there are no details on any applicable deposit fees. Withdrawal methods and restrictions are also not specified, which raises concerns for potential clients regarding the ease of accessing their funds. The broker has faced complaints about withdrawal issues, indicating potential delays or complications in processing requests.
Withdrawal processing times are not disclosed, and the absence of a transparent fee structure for withdrawals further complicates the situation. Clients should be cautious and conduct thorough research before engaging with Askyolo Tech regarding fund management.
7. Customer Support and Educational Resources
Askyolo Tech offers various customer support channels, including phone, email, and potentially online chat, though the responsiveness of these channels has been questioned in customer reviews. The support team can be reached at +855 93834701 or via email at services@askyolo.com.
The broker operates in English, but it is unclear whether support is available in other languages. Askyolo Tech does not appear to provide substantial educational resources, such as webinars, tutorials, or e-books, which are often valuable for traders looking to enhance their trading knowledge.
Market analysis services, including daily analysis, news updates, and research reports, are also not prominently featured, limiting traders' access to critical market insights. The broker does not provide essential trading tools such as calculators or signal services, which can be beneficial for traders at all levels.
8. Regional Coverage and Restrictions
Askyolo Tech primarily serves clients in Cambodia and other regions, though specific details about its market coverage are not well defined. The broker has certain restrictions in place, notably prohibiting clients from the United States, Canada, United Kingdom, Germany, Italy, and France from trading.
These restrictions are likely due to regulatory compliance issues in these jurisdictions, where financial services providers must adhere to stringent local laws. Askyolo Tech may not be compliant with the regulations set forth by financial authorities in these regions, leading to its decision to restrict clients from these countries.
In conclusion, Askyolo Tech raises several concerns and potential risks for traders. The lack of valid regulation, numerous complaints, and limited trading platform options should be carefully evaluated by those considering engaging with this broker. The overall legitimacy and reliability of Askyolo Tech as a broker remain questionable, and potential clients are advised to conduct thorough research before making any commitments.
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Latest Reviews
サコ
Japan
I traded from the middle of July to the beginning of September, and I was instructed to withdraw my Forex earnings due to the next transaction, so I tried to withdraw. That's what I'm talking about. Just collect the tax fee, remit it, and wait for the deposit. I was told that there was a problem with my account, so I replied that I could send money if I paid 20% of the funds (investment amount and income total of $102,504.59) as a security deposit. However, since my account is functioning normally, I feel suspicious, and even if the exchange asks what kind of remittance I can't remit, please pay a 20% deposit. In the end, the company name set in mt5 or Askyolo Tech Limited has changed to FasonlaTech, and the CRM cannot be viewed. I don't care about earnings, investment money and taxes. I want it back!! ️
Exposure
2022-10-15
KOME
Japan
Regarding the issue of being unable to withdraw money from Askyolo Tech on September 28th, we have already released it and are waiting for a response, but today, October 13th, we are unable to log in to the platform. Direct email inquiries to customer service have yet to be answered. I also applied to the EPC Center, but unfortunately it reached the upper limit. However, for now MT5 trading is possible, but when I checked the brokerage company information, for some reason it is a server of another company called Fasonla Tech. Withdrawal application was handled as bank transfer on 9/16, 23211$, and on 9/27, USDT was handled as 50000$. So, I don't have any money in the bank or the crypto asset wallet. In addition to negotiating for the correct withdrawal of my funds, please investigate the truth about the securities company.
Exposure
2022-10-13
Askyolo Tech
News
News WikiFX Review: A broker that makes many investors upset
Registered in the United Kingdom, Askyolo Tech is a financial service provider offering Forex, Options, and Precious Metals. Askyolo Tech is the trading name of Askyolo Tech Limited. Recently we received a lot of complaints against this broker.
サコ
Japan
I didn't hear from you at all, so when I contacted you about the withdrawal, I was just talking about the security deposit without learning. I don't understand the reason for paying the security deposit (they say they can't deposit money because there is a problem with my account, but my account is working normally), so I ask how the exchange handles remittances. Completely ignoring this. It's just a one-sided story about the security deposit. Please contact me when you finally feel like paying the security deposit. Please do not do anything other than that. I don't care about the profit anymore, so I want you to return the money I used for the transaction. This deal messed up my life.
Exposure
2022-10-22