Beware! Aspen Holding is an offshore broker! Your investment may be at risk.
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Aspen Holding is an offshore broker, offering six account types with a leverage of up to 500:1 and a choice between a web based trading platform and the MetaTrader4.
The selection of trading instruments is advertised to consist of more than 200 assets, including currency pairs, as well as CFDs on oil, precious metals, stocks and even crypto coins including Bitcoin, Litecoin and Ethereum.
Unfortunately we were not immediately able to open a demo account and check their trading conditions, but what is worse the broker turned out not to be regulated, so if you are considering opening a trading account with them be sure to read this review first.
Aspen Holding regulation & safety of funds
Next Trade Ltd, the company behind Aspen Holding, is based in Vanuatu, while Beauty Productions Ltd. the company that processes all payments is located in Bulgaria.
And although Next Trade Ltd is registered with the Vanuatu Financial Services Commission, we can not give them credit for this, because a Vanuatu license is simply not comparable to a license issued by one of the well known and well respected regulators in the industry, such as the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) or let say the Australian Securities and Investments Commission (ASIC).
Bear in mind that trading with unregulated or loosely brokers is extremely dangerous and our general advise is to avoid such entities at all cost. Simply put unregulated brokers are totally unaccountable for the way they handle your money and too often such brokers are simply involved in scam.
With regulated brokers on the other hand your money will be safe and with a FCA broker you will even get an insurance of up to 85 000 GBP on your trading account.
Aspen Holding deposit/withdrawal methods and fees
Aspen Holding accepts payments with VISA and MasterCard, bank wire and several e-wallets among which Neteller, BitSend and BPay. The minimum deposit requirement is acceptable – 250 USD, but there are some unusual charges and fees you should be aware of.
For example all withdrawals are charged with a 3,5% service fee and there is also a clearance fee of 0.5% on every single trade, no mater if the trade is successful or not.
On top of that Aspen Holding will charge you a monthly maintenance fee of 0.5% and if you trade crypto CFDs, you will have to cover an additional 5% swap fee.
And besides, you should be aware of the trading bonuses Aspen Holding might offer you as well, because they are invariably linked to some minimum trade volume requirements, that might prove quiet challenging even for professional traders. What is more important, however is that any withdrawal of funds from an account made before completing the terms of bonus will be immediately cancelled, and that is unacceptable as well.
Also in case you have not traded for two months, you will be charged a dormant fee of 200 USD per month.
How does the scam work?
Scammers use the internet and the social networks to hunt for new victims. For example you may happen to come across one of the so called robo scam websites like like CryptoContractsApp or Crypto Revolt, where you might get hooked by an offer for fast and easy money with a small initial investment – returns guaranteed. All of that will be presented to you by a nicely cut video, featuring testimonials of happy customers and expert reviews about some amazing software that will supposedly trade instead of you.
And if you fill the simple registration form, leaving your e-mail and phone, you will be redirected to the website of a unregulated, offshore broker, where finally you will be asked to deposit about 250 USD.
Scammers, however will do anything to trick you to deposit as much as you can, so do not be surprised by how successful your first trades will be. The money in your account will double in just a couple of days. The truth however will be quite different. Your account will simply be churned with the sole intention that you will invest more. And surely you will be getting phone calls as well – it will be your “senior account manager” with the latest trading signal, who, however will basically be trying to convince you to invest at least 10 000 USD.
And at that stage most people do invest that kind of money without ever realizing they have been scammed until the very moment they decide to withdraw a portion of their funds. And than all of a sudden it turns out their withdraw requests are canceled because of some minimum trade volume requirement, linked to the welcoming bonus they have so gladly accepted. Certainly the excuse might be different but the end result will always be the same – scammers will not return a single penny back.
What to do if scammed?
The viable option you have if you are a victim of a scam is to file for a charge back with your credit card provider. Fortunately, recently both VISA and MasterCard extended the maximum period in which you will be allowed to file your request to 540 days. So do not waste a second but file for a charge back immediately.
And if for any reason scammers have managed to trick you to tell them your banking password or credit card number, or if they have tricked you to install Team Viewer under any pretext, immediately block your credit card, delete Team Viewer and change your password.
And one final word of advice. Do not trust the so called recovery agencies, if you are approached by one of those. They will not recover you any money but will simply collect some fees in advance and basically will leave you even deeper into the red.