Aston Trust Review – 5 things you should know about astontrust.com

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

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Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

If you look at Aston Trust interface, you will see that this broker is urging you to take your trading to the next level. We are going to look at some key features on this broker’s website and advise you whether the next level will be up or down.

Aston Trust Regulation and safety of funds

Aston Trust is owned and operated by BMB ServicesLtd in the Marshall Islands which is an offshore zone for forex trade. What you need to know is that on the Marshall Islands, there is no financial regulator, therefore BMB Services Ltd and consequently Aston Trust is not licensed and not reliable to trade with. If you choose to trade with this broker you will be risking your funds, so we advise you to stay away from it.

Alternatively, if you are looking for a licensed broker, you can research the trading conditions in the well-established jurisdictions of the EU, UK, the US and Australia. To be licensed in these jurisdictions, brokers must jump through various hoops and meet rigid requirements. One of these requirements is to be well-capitalised. As in the US and Australia, there are no compensation funds or schemes, brokers must have an initial capital that is sky-high and which allows for clients’ protection in case of bankruptcy. The US and Australia are jurisdictions for big players as the initial capital in the US is $20 million and in Australia, it is 1 million AUD. In the EU and the UK, the initial capital is a ‘modest’ amount of 730,000 EUR. However, in these two jurisdictions, there are compensation funds and schemes set in place towards which licensed brokers must deduct funds which serve as compensation to the clients in case of bankruptcy. If the broker is regulated by FCA in the UK and participates in the local Financial Services Compensation Scheme, then its clients will be reimbursed up to 85,000 GBP per person if the broker goes bankrupt. On the other hand, if the broker is regulated by CySec and participates in the local Investor Compensation Fund, its clients will be compensated by up to 20,000 EUR.

Other measures to protect clients’ funds include keeping their funds in segregated accounts, providing protection against negative balance, reporting on a regular basis about transactions, keeping low leverage, etc.

Aston Trust Trading software

Aston Trust is forex broker trading in forex, energies,  metals, commodities and indices. The trading software offered to its traders is a web trader which is a rather basic platform as you can see from the screenshot below. On the left, you see the menu with the trading instruments which in this instance shows the forex currency pairs together with their bid/ask price. In the middle is displayed the chart of the price fluctuation in a given time frame for the EUR/USD currency pair. From the bid/ask price, we find out that the spread is 0.6 pips. This spread is low which is beneficial to the traders as the cost of transactions won’t be high and they will be able to make a sustainable profit in the long run. However, we find out that the leverage is quite high – 1:200. Such high leverage signifies only 2 things – a big win or a big loss. Chances are for the latter as statistically, around 70% of traders lose in transactions. No matter how tempting high leverage may seem to you, we advise you not to trade with it as it amplifies the exposure to risk for your hard-earned money. Besides, you should know that licensed brokers have capped leverage and in the EU it cannot exceed 1:30 and in the US, it cannot exceed 1:50. As we mentioned in the previous section of this review, these are measures to keep your funds safe.

Although the web trader offered by Aston Trust may seem simple and easy enough to operate, it does not provide the traders with the best trading experience. On the other hand, MetaTrader 4 and MetaTrader 5 have a lot more to offer and they are choice number one among 80% of the forex broker due to their excellent package of trading tools and instruments that include an auto trading option, code base with customs scripts, a financial calendar, an app market, trading signals, VPS, etc. We also want to mention the charting options that facilitate trading as they contain lots of charts, time frames, colours, etc. and even the option of creating personalised templates. The array of technical analysis indicators is out of this world and clients can use moving averages, Bollinger Bands, Fibonacci retracement and many others to predict the future direction of exchange rates and make a profit.

We strongly advise you to find a forex broker that offers either of these platforms for your enhanced trading experience.

Aston Trust Deposit/Withdrawal methods and fees

Aston Trust has 4 trading accounts – Small, Simple, Gold and VIP account. In the information provided on its website, the minimum deposit amount for the Small account is missing. After opening a live account, we clicked on the deposit button but the link was broken, so we couldn’t find what the minimum deposit amount would be. The other accounts start at $1,000, $10,000 and $50,000 respectively. The payment methods for feeding an account include credit card, bank transfer and Neteller.

The information about the minimum withdrawal amount, withdrawal fees, inactive accounts, etc, is also missing from the company’s website.

How does scam work?

A lot of people get scammed every day, not because they are naive or stupid, but because scammers are inventive and they are masters of manipulation. Often, as you scroll up and down on the Internet or social media, you come across ads for a quick and easy profit which sometimes sound too tempting not to fall into their traps. So you deposit some money into the account and what happens next is the incessant calls of the scammers. First, they congratulate you for taking the first steps towards becoming rich and next, they try to convince you to invest even more money into their ‘profitable’ business. What you probably don’t know is that your money has just gone as a commission to some scammers. And so, you wait and build the sandcastles of your dreams for a better and ‘richer’ future. And you wait, and you wait, for the money to come. But where is it? Now is your turn to call the scammers and to ask what’s going on. They try to placate you and ask you to be more patient. But have had enough and all you want is to get your money back. The scammers kind of promise, but now they are asking you to provide this document or fill out that form, etc., etc., all done in an attempt to delay you from filing for a chargeback.

What to do if scammed?

If this happens to you, our advice is to act immediately and if you have paid your deposit via credit/debit card, to file for chargeback which is retroactive cancellation and refund of your previous transaction. Visa and MasterCard give you 540 days time limit to file for chargeback which gives you a fighting chance to recover your money.
However, if you have used bitcoin or bank wire for your payment, the chances of you recovering your money are really slim.
Whatever you do to recover your funds, beware of the so-called recovery agents. Please make sure that you are dealing with a genuine one by checking their credentials and company’s information transparency. Otherwise, you may fall victim to another form of scam.
Cancelling your credit/debit card in case you have given the scammers your CVV code may be another good idea. Also, make sure to remove from your PC any software that my give scammers access to your private data stored on your computer.