ASKOBID

Askobid is a promising new European broker offering Forex, Stock indices and Commodities via their proprietary platform as well as the renowned MetaTrader4.

 

Askobid seems to be targeting a wide range of trader types with their one-stop-shop solution; a proprietary platform suited to the needs of new to mid-level traders, and a MetaTrader4 service that will be instantly familiar to and those looking for an

 

Their multi-lingual website is attractive and easy to navigate, with clear explanations of the available account types, features and trading conditions on offer. Their support team was fast to respond to my Livechat request and they seemed to be very knowledgeable about the Forex market and their platforms. Support is available 24/7 via Livechat/phone/e-mail and you can actually contact them over the weekend if needs be. Askobid claims to place a high importance on educating their clients to be successful traders and to this effect they offer a decent amount of content aimed at achieving this, including multiple daily market reports, an “Academy” and webinars.

 

CySEC and ASIC regulation means Askobid is required to follow strict guidelines when dealing with deposits and withdrawals and although this may sometimes lead to a slower process (for deposits of $10,000+) it nevertheless means a greater level of security for anyone wishing to invest with them. For deposits of less than $10k the process is quite standard and takes up to ten minutes to fund an account. Payment methods in askobid forex include Wire Transfer, major Credit Cards and Moneybookers, via which users can use up to 30 additional “e-wallets”. From my experience their withdrawal process was relatively efficient, although be sure to send all the requested documents before you try to withdraw in order to avoid any potential processing delays.

 

Opening a Demo / Practice account with Askobid is straightforward and within 7-8 minutes of sign-up I was placing trades; the account is valid for 21 days, has a balance of $50k and gives an accurate impression of performance prior to investing in a Real account. Expect to receive a call from one of their support team within a couple of days. There are 3 choices when opening a Real account: Silver ($100+), Gold ($1000+) or Platinum ($10,000+), for which the spreads and features vary, as well as the level of first deposit reward, rated up to 30%.

 

Askobid’s proprietary platform is web-based which automatically presents the advantage of being able to login and trade from any computer/location in the world, even with a low bandwidth connection. In addition, a mobile trading application is slated for release sometime in 2010. askobid broker platform supports standard market functionality (including integrated charting tools, real time analysis feeds, Stop Loss, Entry Limit, “Take Profit”, One click order execution, No-deficit guarantee) as well as a range of unique trading modes; new traders will like the visual “Trade Station”, while more experienced speculators will appreciate the option of a more traditional orientation. One particularly useful feature is the “market sentiment” meter, giving the ability to see how other users are trading.

 

Order execution in askobid forex broker is fast and reliable and will satisfy all but the most impatient of scalpers, and those looking for the ability to hedge will not be disappointed. In terms of trading conditions, the offering is competitive and covers Forex, Stock Indices and Commodities, with acceptable spreads across the board (3 pips on majors). Leverage of up to 400:1 is available although the support team warned me against over leveraging my positions in order to limit my risk exposure. Not all brokers will voice their opinion in this manner, after all it is ultimately the client’s choice, however credit should be given for taking a responsible approach.

 

All in all, despite being a relative newcomer to an already bustling market place, Askobid appears to have put together a reliable product and service for anyone who wishes to trade multiple instruments, backed up by a high level of client support. They have designed a top notch platform and boast a variety of add-ons and tools that ultimately deliver the all inclusive “trading experience”. I can confidently recommend opening an account and wish you the best of luck with your investment.

 

On the broker’s profile page the rating visitors can leave askobid review as well as read askobid reviews written by other traders.

 

For over 20 years, FIBO Group has been creating better working conditions for traders. These include 260 trading instruments, spreads starting at 0 pips, high execution speeds of 0.03 seconds or better, trading accounts in USD, EUR, RUB, CHF, GBP, BTC, ETH, gold, and cent accounts. Depositing and withdrawing your funds is fast and convenient. Experienced consultants are here to answer all of your questions. We have long-term statistics for testing any trading strategies. We provide all versions of the MT4 and MT5 trading platforms for the web, Android, and iOS.

 

ASKOBID is a brokerage company, meaning a professional participant in the Forex market. Such organizations have the right to conduct transactions on behalf of their clients, that is, to provide intermediary services between sellers and buyers.

 

What services brokerage companies provide

 

Most traders use the opportunities provided for trading currency pairs. The essence is roughly the same as when buying currency in a bank - buy cheaper, wait for the price to rise, and sell at a higher price. But trading through a broker has a number of undeniable advantages:

 

•  the rates are much more favorable, and the costs are significantly lower;
•  there is an opportunity to trade not only on the rise but also on the fall of currency rates;
•  dozens, and in some companies up to a hundred currency pairs are available for selection;
•  there are many auxiliary tools.

 

In addition, with the help of ASKOBID, a client can conduct transactions with precious metals, indices, bonds, company stocks, cryptocurrencies, raw materials, and other goods. Without resorting to the services of a broker, it would be quite problematic for an ordinary person to buy, for example, a barrel of oil. But on a special trading platform, an order is opened with one click.

 

Stocks can also be purchased without the services of intermediaries. But this will be a much more complex process. It will be necessary to visit the websites of a large number of companies, compare data from them, and make a purchase directly from one of the firms. Difficulties will also arise because companies from different countries of the world maintain pages on the internet in their own languages, requiring translation. A broker provides a ready list of stocks, usually of the most profitable global brands with an abundance of information about them. After making a choice, again, it only takes one click.

 

The client can also receive a kind of loan from the broker, which in professional trading language is called leverage. That is, a person has the opportunity to operate with amounts that are many times, tens, or hundreds of times greater than their own funds. The size of the leverage is determined in each individual case by agreement between the client and the organization.

 

In addition to all this, brokerage companies are ready to assist clients in making decisions at their request. There are several options for this:

•  auxiliary tools, technical indicators that automatically provide the necessary data for analysis;
•  trading signals that suggest whether to buy or sell an asset at the current moment based on data from special programs analyzing market processes;
•  access to analytics, news, event calendars published on the official website and social media pages;
•  individual consulting by company specialists, which is usually available to those with substantial deposits.

 

Thus, trading through a brokerage company allows anyone to make a profit, limited only by their own level of knowledge and preparation.

 

What benefit does the broker receive?

 

The brokerage company ASKOBID is interested in having more clients who conduct numerous transactions for significant amounts. The organization's profit directly depends on this. It is derived in the following main ways.

 

The broker ASKOBID may charge a fixed commission for each transaction made. For example, 1 dollar. This type of cooperation is suitable for clients who open a small number of orders, aiming to make significant profits from each of them.

 

Another option is a bit more complicated but more popular. The broker receives a spread, which is the difference between the best buying and selling prices at the current moment. This form of payment for the company's services is suitable for traders who open many orders. The spread can be either fixed in size or variable depending on the situation.

The same broker can offer traders different payment options for their work on several types of trading accounts.

 

Brokers - Scammers

 

The Forex market is extremely attractive to people from all over the world who want to earn money. Unfortunately, where there is money, there are always deceivers and scammers. Among the organizations calling themselves brokerage companies, there are many firms operating illegally or officially registered but still using schemes to deceive clients.

 

In many ways, this is possible due to the vast size of the global financial markets. Regulation of activities in different countries varies, in some matters there are no unified standards, and the internet space, meanwhile, is unified. Finding various loopholes, scammers often evade responsibility.

 

There are countless fraudulent websites. They easily close after money is collected from deceived clients and refund demands start coming in. And immediately their organizers create new pages offering even more favorable conditions.

 

Such firms are called kitchens in trader slang. What do you think, is ASKOBID a kitchen or not? Share your experience in the reviews.

 

How Dishonest Brokers Deceive

 

Primitive scammers simply collect money and then block the user's personal page. And the user can no longer even contact the company by any means. Before that, the scammers are in constant contact with the client. Their task is to convince the person to top up the trading account with as much money as possible, for this they sometimes urge selling property, taking loans from banks. The blocking occurs at the moment when it becomes clear that there is nothing more to take from the victim. As a rule, such sites close quickly after managing to deceive several wealthy clients.

 

But there are also such schemes that work much more subtly and manage to exist for years with a huge queue of people wanting to get their money back. Often they manage to officially cover up their actual scams. The user agreement includes clauses whose meanings a novice in trading simply does not understand or does not notice at all due to inattention and low level of financial literacy. Later, when claims arise, the company refers to the document, and there is nothing to counter this.

 

Another way of withdrawing money from clients' deposits is called quote manipulation. On its website, the scheme shows the user quotes that differ from the real ones. And the client does not actually trade on the market, but only within the same scheme. The charts and images are drawn in such a way that the trader ends up at a loss. One by one, the trades gradually zero out the deposit.

 

Even the generosity of a company, which is of course illusory, can pose a danger. For example, a client may be given bonuses expressed in real money for registering on the site, for replenishing an account, and others. Bonus currency units are mixed in the deposit with the client's personal funds, and the income received from them can no longer be separated. And when a trader tries to request a withdrawal, they learn about additional bonus usage conditions that will be impossible for them to fulfill. And all this was stated in the bonus program, written in small print in the farthest corner of the site. The fact that the client did not read the terms in advance is only their problem.

 

Places of registration of brokerage companies

 

Deceiving people from one country, fraudsters often hide in the territory of another, skillfully using discrepancies in the laws of states.

 

For these purposes, companies are often registered in offshore zones. These are either separate countries or parts of their territories with a registration regime loyal to any business and a low level of control. Simply put, to attract foreign capital to their territory, some small island in the ocean is ready to register a company with just an application and a minimal set of documents and does not interfere with an audit in its internal affairs.

 

The most popular offshore zones among brokerage companies are Saint Vincent and the Grenadines, Cyprus, Mauritius, Belize, the Marshall Islands, and the British Virgin Islands.

 

Official proceedings, for example with the broker ASKOBID, will have to be conducted by traders in accordance with the laws of the specified states. And it is practically impossible to do this independently. It is also extremely difficult to find lawyers who know foreign laws. In some cases, presence at court hearings at the place of company registration may be required. All this makes the proceedings not only complicated but also expensive.

 

However, the mere fact of the broker ASKOBID being registered in an offshore zone does not necessarily indicate dishonest intentions. Many reputable companies that have proven their high level over decades also have offshore registrations. The goal is to reduce tax expenses. In the 21st century, many strive for this. Therefore, the largest global banks and manufacturers, whose reputations are unquestionable, conduct business through offshore zones.

 

Moreover, not all countries attracting foreign capital can be called exotic. Cyprus is part of the European Union and adheres to its rules. The Virgin Islands belong to the United Kingdom.

 

How to Choose an Honest Broker

 

When choosing a brokerage company, many parameters need to be considered. The place of registration is one of them. But it is more important to assess who regulates the organization's activities and how. Local government regulatory bodies do this based on the location. You need to find their websites online and check the information about the issued permits. There are also supranational structures, membership in which obliges brokers worldwide to adhere to established internal norms and rules. Major Forex market participants often represent financial groups whose subsidiaries are regulated in multiple jurisdictions. In any case, brokers' official websites should provide information about the issued licenses. It is better for the client to verify its authenticity in the manner described above.

 

It is important to study what is written about the company on external resources. If there are no mentions of it at all, that's a negative. If its experts appear on leading thematic platforms, that's a positive.

 

Don't forget to read customer reviews on as many sites as possible. But approach them critically. Especially if one place writes exclusively good things and another exclusively bad. Look for reviews with specific examples, facts, and mentions of pros and cons, rather than unfounded praise or criticism.

 

The company's website should be detailed, and the information on trading conditions should be thorough, specific, and clear. It's not enough to say 'We have low spreads!'; exact sizes in points are needed.

 

By following all these rules, you will be able to choose a solid brokerage company, cooperation with which will help you enter the intriguing world of Forex, which has made many people on the planet millionaires.