AsicTrader Review – 5 things you should know about Asictrader.com

AsicTrader Review – 5 things you should know about Asictrader.com

Beware! AsicTrader is an offshore broker! Your investment may be at risk.

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AsicTrader is a crypto CFD brokerage registered in the UK. It focuses on crypto trading and provides its own web-based trading platform. The minimum deposit is just the meager $5 which is certainly favorable and way below the industry average of $250. The brokerage further provides a leverage of just 1:2.

AsicTrader regulation & safety of funds

Although the name of the brokerage would suggest it was based in Australia, actually the company behind the brokerage is registered in Scotland by the name FX Hellax Corp. It does have a license issued by UK’s FCA and furthermore, researching the brokerage we came upon an official warning issued by the Financial Conduct Authority. Here is a screenshot:

It reads that the brokerage is operating illegally and providing financial services to UK clients without the proper license. Furthermore, the web-based platform the brokerage is well known in the forex world for being used by a suspicious brokers. All in all – we suspect that potential clients of the brokerage may be exposed to a number of risks.

Prestigious regulatory bodies, such as the UK’s FCA and CySec, require compliance with a number of strict rules that give significant assurance for the safety of the clients funds.

The segregation of accounts is among the rules which are especially important in the trading world, because it drastically lowers the risk of possible commingling.

Another is the participation in a compensatory scheme by which the client’s losses will be covered in the unlikely case the broker goes bankrupt or attempts to scam traders.

AsicTrader deposit/withdrawal methods and fees

Potential clients of the brokerage may deposit or withdraw via Visa, MasterCard and many cryptos such as Bitcoin, Ripple, Ethereum, Litecoin, Dash and Bitcoin Cash. Clients should have in mind that unregulated brokerages often charge unexpected fees once the client has already invested funds. This is exactly what we come upon while going through the terms and conditions of the brokerage – “The Company, may change its charges at any time.”

Precisely due to such instances we remind readers of all the ways a trader may test the brokerage’s intentions. Firstly, traders are advised to always put up only the required minimum deposit, instead of risking a bigger amount with no certainty. Afterwards, they may also try to withdraw a small amount in order to check for any unexpected fees or delays. Such fees and delays are usually the signs of a scammer.

How does the scam work?

Unfortunately, much of the forex trading world is overshadowed by the huge numbers of scammers. All a trader may do is be well-informed and, in case he is the subject of a fraud – stay calm and not panic! The chance for panic is greatly reduced if such a situation does not take you by surprise. Here are the available options for scammed traders:

In most cases through clicking a tempting ad with promises for fast money, you will be redirected to a website such as Crypto Revolt or Bitcoin Evolution where registration will require you to give your email and phone number. Your personal information will be immediately shared with brokers in call centers who are just waiting for fresh leads. After a few minutes hearing how the millions are sure to flow your way, you decide to deposit some $200-250. And just like that – the scammers take a 25 per cent commission from this initial deposit.

After leading you by the nose for a few hundred bucks, senior scammers will take you up and begin pushing you to further invest. You may even be swayed and further give it a shot.  At this point, regardless whether you are in the red or not, you probably begin to consider closing the account and getting back your money.

However, now comes the “recovery” part of the scam. After stating that you wish to withdraw your money, they will know it’s time to redirect you to the “recovery people” who will further stall you in any way possible. The angle here is simple – remove the last guard you may have – filing a chargeback with your bank. You may do that only during a limited time-window, once it passes – your money is gone for good.

What to do when scammed?

Unfortunately, much of the forex trading world is overshadowed by the huge numbers of scammers. All a trader may do is be well-informed and, in case he is the subject of a fraud – stay calm and not panic! The chance for panic is greatly reduced if such a situation does not take you by surprise. Here are the available options for scammed traders:

You may contact your bank or credit card provider and file a chargeback, , as was noted above. The high instances of fraud have provoked both Visa and MasterCard to take effective measures against scammers in the business. Keeping true to their intentions, MasterCard has already increased the previous time period of six months for filing a chargeback to a year and a half and Visa is expected to follow suit in December.

If, however, you have provided the broker with your credit card details, immediately cancel your credit card.

If you have given information regarding your online banking pass – you should switch it asap!

Beware of potential calls from self-described “recovery agencies”! They prey on scammed and vulnerable traders who are desperate and ready at anything to somehow retrieve their funds. They will say that in exchange for an up-front payment, you will get your money back, but no such thing will occur!

Rich Snippet Data
Review Date
Reviewed Broker
AsicTrader
Broker Rating
11stargraygraygraygray

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1 Comment

  1. hi i have recently invested usd 1k in to UFX, and have made a 100% return in profit, and the rest of senario is of what you have mention. i have requested to made a withdrawal of almost 100% of $$, and was told to filled in my bank detail for remitting back , it has been of almost 5 working days. but still dont get any reply from them . only had a reply mail saying that my request ticket was processing…

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