Beware! AscendingBull 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.
AscendingBull is an anonymous offshore broker that has been blacklisted by a European financial regulator. In this review we will detail why it is advisable to avoid AscendingBull and to turn to a more trustworthy investment intermediary.
AscendingBull Regulation and safety of funds
|Guaranteed Funds||Segregated Accounts||Negative balance protection|
|UK regulated brokers||£85 000||Yes||Yes|
|EU regulated brokers||€20 000||Yes||Yes|
|AU regulated brokers||No||Yes||Yes|
|US regulted brokers||Yes||Yes||No|
If a financial services provider is legitimate, you will find on its website clear and detailed information about the company that owns and operates it, where it is based, and what licences it has.
The availability of such information does not guarantee that it is not false or misleading. But the absence of these elements is very indicative that in all likelihood you are dealing with scammers.
AscendingBull does not disclose which company is behind this broker. Even the text of the Terms and Conditions does not state the name of the legal entity. The document lists the relevant jurisdiction as the Marshall Islands. This offshore area is a preferred base for financial fraudsters due to the complete lack of financial regulations.
The AscendingBull website is available in English and Spanish. The Spanish financial regulator, the CNMV, expressly states that this website is not authorised to provide financial services.
Before investing your money in financial instruments, it is imperative to make sure you do so through a licensed intermediary and not one of the many scammers lurking online.
You should only trust legitimate brokers operating in one of the established financial centres like the UK, EU, USA or Australia. There, the activities of brokers are controlled by powerful regulatory bodies such as UK’s Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), Commodity Futures Trading Commission (CFTC) in US or Australian Securities and Exchanges Commission (ASIC).
AscendingBull Trading software
|Analytical tools||Auto trading||Custom indicators||Mobile apps|
|MT4||30+ indicators||✅||✅||Android and iOS|
|MT5||50+ indicators||✅||✅||Android and iOS|
|cTrader||40+ indicators||✅||✅||Android and iOS|
AscendingBull uses a fairly basic web-based trading platform.
While the platform has the basic features for placing orders, customising charts and application of technical indicators, it lacks the more advanced functionality found in the most widely used trading platforms in the industry, MetaTrader 4 (MT4) and MetaTrader 5 (MT5).
It should be noted that the presence of a trading platform does not make this website any more legitimate and does not guarantee that this alleged broker offers real trading. Many scammers use rigged trading software to fool their victims that their money is being invested.
On the website we also see links to download remote access software. Scammers often convince potential victims to install such software and provide access to their personal devices, supposedly to get technical help.
AscendingBull Trading instruments
In the trading platform we see financial instruments of all classes, but AscendingBull does not provide any information on trading conditions.
Legitimate forex brokers offer a variety of trading account types tailored to the needs of clients with different capital and investment intentions. These brokers also provide clear and detailed information on trading parameters – leverage, spread, commissions, order execution method, etc.
AscendingBull Spreads and cost of trading
In the trading platform we see a spread of less than 1 pip, but as noted, there is no reason to believe this trade is real.
AscendingBull Maximum leverage
|UK regulated brokers||30:1||5:1||❌||10:1||10:1|
|EU regulated brokers||30:1||5:1||2:1||10:1||10:1|
|AU regulated brokers||30:1||5:1||2:1||10:1||10:1|
|US regulated brokers||50:1||❌||❌||❌||❌|
A leverage of 1:100 is set in the trading platform.
Regulated brokers do not offer such levels to retail traders as trading with high leverage carries risks of sudden and excessive losses
Higher levels of leverage are only offered to professional clients who trade entirely at their own risk.
If you don’t qualify as a professional trader but are willing to take the risk of high-leverage trading, the most viable option is to use the services of an offshore affiliate of an established brand.
AscendingBull Deposit and withdrawal methods
At the time of writing this review the deposit menu was not active. We were therefore unable to ascertain what payment methods were available.
Experience has shown that fraudsters direct their potential victims to cryptocurrency transactions that do not allow refunds to be requested.
While there are some legitimate brokers that accept digital currencies like Bitcoin, they do so alongside other transparent payment methods such as credit/debit card, bank transfer or popular e-wallets like PayPal, Neteller or Skrill.
AscendingBull Minimum deposit
In any case, it would be wiser to use the services of a legitimate broker.The leading brands offer beginner traders Micro Accounts with a very low minimum deposit.
AscendingBull Withdrawal requirements
|Trading volume||Fee/Tax on withdrawal||Minimum withdrawal|
|AscendingBull||Not specified||Not specified||Not specified|
|UK regulated brokers||No||No||No|
|EU regulated brokers||No||No||No|
|AU regulated brokers||No||No||No|
|US regulated brokers||No||No||No|
AscendingBull does not provide information on withdrawal fees. According to the Terms and Conditions, the client cannot unilaterally withdraw non-deposited funds, which includes trading profits.
The fee for an inactive account is quite high – 50 USD per month.