AstroMarket Forex Broker provides real users with * positive reviews, 1 neutral reviews and * exposure review!
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AstroMarket initially had attractive trading conditions and even made me some profits. However, their customer service repeatedly persuaded me to increase my trading size, which turned out to be a mistake. The spreads suddenly widened, and within a day, I lost all my capital. I still can't believe it.
Astromarket has garnered a reputation that raises significant concerns among potential traders. This review synthesizes various sources to provide a comprehensive overview of the brokerage, highlighting its questionable regulatory status, user experiences, and overall trustworthiness. Notably, Astromarket claims to offer competitive trading conditions, but the reality appears starkly different, with numerous red flags indicating potential scams.
Note: It's crucial to be aware that Astromarket operates across different jurisdictions, which may affect its legitimacy and the safety of your funds. This review employs a balanced approach to present a fair and accurate assessment of the broker.
| Category | Score (out of 10) |
|---|---|
| Account Conditions | 2 |
| Tools and Resources | 3 |
| Customer Service and Support | 2 |
| Trading Setup (Experience) | 3 |
| Trustworthiness | 1 |
| User Experience | 2 |
We rate brokers based on a combination of user feedback, regulatory compliance, and overall service quality.
Founded in 2021, Astromarket Limited is based in Cyprus, but it operates without proper regulation from recognized authorities like the Cyprus Securities and Exchange Commission (CySEC). The broker claims to offer the popular MetaTrader 4 (MT4) platform, yet many users report that the trading experience is subpar, with no actual trading functionalities available. The available asset classes reportedly include Forex pairs, cryptocurrencies, indices, and commodities, but the lack of transparency raises concerns about their legitimacy.
Regulatory Regions: Astromarket is primarily based in Cyprus but lacks any valid regulatory oversight. This absence of regulation is a major red flag, as it implies that traders' funds are not protected, and there is no accountability for the broker's actions.
Deposit/Withdrawal Currency/Cryptocurrency: Astromarket claims to accept multiple currencies and cryptocurrencies for deposits, including Bitcoin and Ethereum. However, reports suggest that the only reliable method for deposits is through cryptocurrency, which poses risks due to its irreversible nature.
Minimum Deposit: The minimum deposit requirement is reportedly $10, which may seem attractive; however, the lack of regulation makes this a risky proposition.
Bonuses/Promotions: There are mentions of bonuses and promotional offers, but these are often associated with unregulated brokers and can lead to complications during withdrawals.
Tradeable Asset Classes: Astromarket claims to offer a variety of trading instruments, including Forex, cryptocurrencies, indices, and commodities. However, the actual availability of these assets is questionable, as many users report difficulties in executing trades.
Costs (Spreads, Fees, Commissions): While Astromarket advertises low spreads starting from 0.1 pips, the lack of a functioning trading platform means that these claims may not hold true in practice. Users have also reported hidden fees and high withdrawal costs.
Leverage: The broker offers a maximum leverage of 1:2000, which is significantly higher than what is typically offered by regulated brokers. This high leverage poses substantial risks, especially for inexperienced traders.
Allowed Trading Platforms: Astromarket claims to support both MT4 and MT5, but user reports indicate that the trading functionalities are severely limited, with no access to the actual trading platforms.
Restricted Regions: There is no clear information regarding restricted regions, but the lack of regulation suggests that traders from various jurisdictions should exercise extreme caution.
Available Customer Service Languages: Customer support appears to be limited, with only email contact available, and no phone support, which adds to the frustration of users trying to resolve issues.
Account Conditions (Score: 2): Astromarket offers minimal transparency regarding account conditions. The low minimum deposit may attract traders, but the associated risks due to lack of regulation overshadow this benefit.
Tools and Resources (Score: 3): The broker claims to provide access to popular trading platforms, but users have reported that the actual tools available are inadequate for effective trading.
Customer Service and Support (Score: 2): The absence of direct customer support channels such as phone or live chat leads to negative user experiences, with many reporting delays in responses and unresolved issues.
Trading Setup (Experience) (Score: 3): Despite claims of advanced trading conditions, the user experience is hampered by the lack of a functional trading platform, making it difficult for traders to execute orders effectively.
Trustworthiness (Score: 1): The overwhelming consensus among users and experts is that Astromarket is untrustworthy. The broker's lack of regulation, combined with reports of scams, significantly undermines its credibility.
User Experience (Score: 2): Overall user experiences have been predominantly negative, with many traders reporting difficulties in withdrawing funds and a general sense of being misled by the broker's marketing tactics.
In conclusion, the Astromarket review highlights serious concerns regarding the broker's legitimacy and safety. Potential traders are strongly advised to conduct thorough research and consider regulated alternatives to mitigate risks associated with unregulated brokers like Astromarket.
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