Beware! ASFMarkets is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
ASFMarkets plays the part very well, and has the potential to be something much more than it actually is. The website is layered with a ton of texts, which, in the end, turned out to be pure filler. The leverage seems to be to 1:1000 max, while the spread was claimed to be 1.7 pips for the EUR/USD pair for users of the Standard account.
ASFMARKETS REGULATION AND SAFETY OF FUNDS
ASFMarkets has mentioned the holding firm AS Financial Services LLC is located in St. Vincent and the Grenadines. Aside from that there is no more information on an address or regulation. For those that are not yet aware, not only is St. Vincent and the Grenadines one of the most popular places that illicit brokers operate from, but it also does not have a financial regulator. A company can be incorporated there – the loose local laws are very plastic about that- but to be regulated there is not possible.
So ASFMarkets is UNREGULATED, and is therefore a risk to all!
Traders should be trading with risk-free brokers, that hold licensed from renowned and austere agencies, like the FCA or CySec , which have made a name for themselves as some of the top regulators. Readers should be aware that both agencies have adapted very strict rules of conduct, and their licensing framework guarantees safety and security for all clientele. A good example of this is the segregation of accounts which assures that client money and broker money are kept in separate accounts. Furthermore, FCA/CySEC brokers participate in a financial reimbursement scheme that cover traders losses in case the broker becomes insolvent. The FCA provides up to 85 000 pounds per person, while CySEC guarantees up to 20 000 euros.
ASFMARKETS TRADING SOFTWARE
We registered, but our ID credentials used to open an account with the trading platform were pending for a very long time, so we conclude that the broker does not see a potential victim in us, and thus will not allow us to access its trading software, which is the MT5, a superb trading terminal. Nevertheless, without opening an account with the MT5, we cannot verify if the advertised trading conditions match the ones on the platform.
The MT5 retains some great features even if it is still shadowed by the immensely popular MT4. MT5 is certified by many stock exchanges and allows for a centralized market trade. Improvements have been made with the chart time frames, there are better charting tools to further otpimize the trading experience, and there are more pending order types.
ASFMARKETS DEPOSIT/WITHDRAWAL METHODS AND FEES
We could not derive a minimum deposit, because the only payment method was bitcoin, an untraceable gateway, utilized by many illegitimate brokerage firms. There are no fees for funding an account.
Withdrawals are also done via bitcoin, with the minimum amount being $10. Withdrawals are processed within 5 days. There are no withdrawal fees.
However, the legal documents mention fees all over the place, including taxes for the “System”, money owned by the client to the broker (not specified, of course), as well as what we think are spread commissions. In any case, there are a ton of fees that have not been clearly defined, and because of this we advice against depositing in ASFMarkets!
However, if, for some reason, you mind is made up, and you want to deposit, we strongly advice traders to only deposit the minimum deposit, or better yet – not deposit at all! As for the withdrawals, scammers are known to either deny such requests, or impose incoming and unexpected charges.
How does the scam work?
Users will be in the middle of a scam without even knowing it, that’s how efficient these scams are. Yet, clients will also be surprised that the most utilized scammer structure is laughably easy to grasp, making it predictable. We have dedicated the following section to the reveal of how the scam works.
The internet is filled with ads, it’s the fuel of the industry, and a big chunk of said advertisements are misleading and some are downright deceitful. The ads concerned with unregulated forex brokers are often very promising, and most of the times utilize completely false claims of immediate profit. Those tempted enough will be redirected to a robo-scam website that further guarantees profits. The only thing that separates the user from the unrealistic promises is a fast registration process that requires a phone number and an email address. After inputting this info unsuspecting users will start getting phone calls from illicit broker representatives, whose one and only job is to initialize the scheme by pushing a trader to make that first deposit of around $250. After that’s done, the senior representatives will be calling. These expert scammers are extremely good talkers, and will start working on you to start putting even more money in. They say that the more money invested, the higher the profit will be. At this point most traders start seeing the big picture, and will want to withdrawal their money and get out fast.
However, the scammers have anticipated this development, and are ready to counter any withdrawal request. Typically they find excuses for delaying the request in the legal documents that hold specific clauses for these purposes. The reasons are many. One thing to remember is that all illicit brokerage firms will deny the withdrawal request for as long as they can, because of the imposed time limit traders have for filling a chargeback. Once the crucial due date is not met, any chargeback requests will be denied.
What to do if scammed?
Those of you who deposited using VISA and MasterCard wil be glad to know that both companies have extended their chargeback time span to 540 days, especially if the reason for it is an online scam.
Scammers will steal directly from a bank account, if the traders has provided crucial details, like banking password or security code. If it get down to this, be sure to either block the account or change the password.
Sometime victimized users will stumble upon the so called recovery agents that promises to magically reclaim all lost investments, for a fee that is. Needless to say, they will not get back any of the lost funds, and will basically scam you a second time.