ASKoBID is a financial brokerage that deals with the online trading of forex, commodities, stock CFDs, indices and cryptocurrencies. The broker provides a variety of trading tools along with market analysis and comprehensive education to all of their clients. However, the broker is not regulated by any authority and do not offer demo trading accounts.
ASKoBID Review, Pros & Cons
- Large number of diversified trading instruments
- Market news & analysis
- Wide range of deposit & withdrawal options
- Trader education is available
- Unregulated broker
- No demo trading accounts
- US residents are not allowed
- Restrictions on trading depending on your deposit
- No the tightest spreads
- Limited trading instruments
In this detailed ASKoBID review, our online broker research team have covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
ASKoBID was incorporated in 2019 by Sigma Consulting Limited, a Bulgarian based company. But its ownership changed hands and the brokerage is now owned by ‘Solt Corp limited’ which is incorporated in the Island of Saint Vincent and the Grenadines.
The brokers management team comprises of experienced hands in the online trading industry that have put their expertise together to create an online trading platform that can be used by traders of all experience levels.
ASKoBID is a market maker broker with its own proprietary trading platform based on the ‘Wow trader’ developed by the company, ’TradeSmarter’. The platform is web based and comes with a plethora of trading and analytical tools.
Financial news and market analysis is available on the ASKoBID website. The brokerage is also big on trader education as it provides a lot of educational resources including an online trading academy.
There is no information about ASKoBID being regulated by any financial body. But the company states that they adhere to the guidelines set by the money laundering and financing prevention act that came into law in Estonia on October 26th, 2017. Client funds are segregated and should not be used for running of the brokers internal operations.
ASKoBID does not accept clients from the United States of America. Some ASKoBID broker features and products mentioned within this ASKoBID review may not be available to traders from specific countries due to legal restrictions.
ASKoBID operates its own proprietary trading platform. It is a web based platform that doesn’t require any downloading and can work on most internet browsers. It is also accessible on mobile devices through mobile trading apps that can be downloaded from the Apple store and the Google playstore.
Below are some of the key features of the ASKoBID trading platform:
- Intuitive and user friendly.
- Updated market news is streamed directly on the platform.
- Video news is streamed on the platform and is powered by CNBC; an industry leader in international business and financial market news.
- 3 chart styles; candlestick, line and area charts can be displayed on up to 9 timeframes.
- Order management via pending orders and risk management tools such as stop loss and take profit.
ASKoBID Trading Tools
There are two online trading calculators available on the ASKoBID website for traders’ use. These are the ‘pip calculator’ and the ‘position size calculator’. They are useful tools and can assist traders in conducting risk assessment prior to placing their trades. The calculators are powered by DailyForex; a US based website that provides forex reviews, market updates, technical analysis, forex signals, etc.
ASKoBID provides financial news of happenings in the financial world on its website in order to provide traders with perspectives for assisting with their trading decisions. The market insight articles are frequently updated and offer news on a wide variety of trading instruments.
Daily Financial News
This is a YouTube video broadcast produced every market day by ASKoBID. It is also streamed on the ‘Markets Insight’ page of the brokers website. The videos give market updates, headlines and financial news on a wide variety of trading assets. It rounds off with the days economic calendar events. The videos are concise and last a couple of minutes on average.
ASKoBID provides a live economic calendar which displays the dates and time of upcoming economic events along with their forecasted impact on the financial markets. The forecasted figures are compared with history and the actual impact when the event is later held. Clicking on any of the events displays its detailed information and analysis.
The Risk-O-Meter helps traders to determine the amount of risk they want their trades exposed to. This enables traders to know the possible consequence of choosing a particular risk parameter as well as choose the amount of risks that suits them.
ASKoBID provides trading education under its trading academy. One part of this is a library of trading videos which provides knowledge about trading fundamentals on different trading instruments for beginners. The videos are only accessible to registered clients.
Webinars conducted by ASKoBID professionals are another integral part of the education strategy provided by the brokerage firm. They educate traders on various aspects of professional trading like risk management, different trading methods and technical analysis. These educational resources are provided by ASKoBID with the aim of strengthening traders’ knowledge and helping them achieve their trading goals.
There are e-books on different aspects of trading that are available to traders with all account types.
ASKoBID offers a diversified range of trading instruments. These instruments include 24 forex currency pairs, 47 stock CFDs, 3 commodities, 9 cryptocurrency assets and 7 indices. We found this selection of trading instruments to be limited when compared to some brokers who offer thousands of instruments.
ASKoBID Accounts & Fees
There are different types of live accounts on the ASKoBID platform. For all the account types, there is free access to trading e-books and the video library. Unfortunately, the broker does not currently offer demo trading accounts.
For traders who are primarily focused on forex trading and cryptocurrencies, there are four main types of accounts available on ASKoBID. On these accounts, no commission is charged and the spreads are competitive but not the lowest that the trading brokers review team have come across.
This account can be started with a minimum of 250 Euros. Clients have access to individualized training sessions with a forex/cryptocurrency expert as well as the XT trading software. Clients can get customer service representatives through the phone, live online chat and email.
This account can be opened with a minimum of 500 Euros. Clients on this account also have access to individualized training sessions with a forex/cryptocurrency expert as well as the XT trading software. As well as customer service representatives through the phone, live online chat and email, clients on the basic account have access to one month of premium trading signals and one month trading events as well as 150 Euros in bonus credit.
This account requires a minimum of 1,000 Euros to be opened. Clients on this account have access to the individualized training sessions with a forex/cryptocurrency expert but they get the XT premium trading software which enables them to trade three assets at the same time. In addition to customer service representatives through the phone, live online chat and email, a WhatsApp channel is also available to clients of this account for this purpose. They also get three months premium trading signals and three months trading events as well as availability of a trade analyst and a possible 250 Euros bonus credit.
This account requires a minimum of 2,500 Euros to be activated. Clients of this account type get the XT unlimited trading software as well as the individualized training sessions and customer representatives through the phone, live online chat, email and WhatsApp. They also have access to six months of trading signals and six months of trading events as well as a senior account manager.
For traders who are focused on trading stock CFDs and indices or add it to their trading instruments, the following accounts were designed for them by ASKoBID.
The basic account has a minimum deposit requirement of 5,000 Euros. An account manager is appointed although their role is limited. The trader has access to one individualized live training session with a trading expert but this is limited to the introductory part. They also have access to trading signals and market reviews once a week as well as webinars once a month. Possible trading benefits equivalent to 50% of the account are also available.
This account has a minimum deposit requirement of 25,000 Euros. An account manager is available to the trader for full consultation as well as two live individualized training sessions with a trading expert. Trading signals and market reviews are available twice weekly while webinars are accessible twice a month. Possible trading benefits that are equivalent to 75% of the account are available.
The gold account has a minimum deposit of 75,000 Euros. The spreads on this account type are fixed. The account manager attached to this type of account will provide a personalized service while the trader has access to 4 individualized training sessions with a trading expert. Trading signals and market reviews are available three times a week while webinars are accessible thrice a month. Possible trading benefits on this account are equivalent to 100% of the account’s worth.
This account is the flagship account available with ASKoBID. This account is highly customized as it is designed for high net worth clients. The account holder gets a specialized account manager and fixed spreads. On request, account holders have access to unlimited individualized live training sessions with trading experts. Daily signals and market reviews are provided to account holders every day. Webinars are also accessible at the trader’s convenience. Possible trading benefits are up to 150% of account balance.
The main trading fees on the ASKoBID platform come from the spreads which are not the lowest. The EURUSD and GBPUSD currency pairs average between 0.8 – 1.9 whereas other brokers offer major currency pair spreads from 0 pips. The spreads on commodities, indices, cryptocurrencies and stock CFDs are also similarly competitive. Despite the spreads, ASKoBID does not charge any commissions on trades.
As broker fees can vary and change, there may be additional fees that are not listed in this ASKoBID review. It is imperative to ensure that you check and understand all of the latest information before you open an ASKoBID broker account for online trading.
ASKoBID customer service agents are always available for questions and inquiries between 9am-10pm (GMT) on weekdays. They can be reached through email, phone, live web chat or through the inquiry form on the brokers website.
A customer service representative is also mandated to help any new customer who opens an account with ASKoBID with the fundamentals of navigating and trading on the ASKoBID platform. ASKoBID also has a Facebook page where traders can interact with customer service representatives.
ASKoBID Deposit & Withdrawal
The minimum deposit obtainable on ASKoBID is 250 Euros. The only account currency available is Euros. For withdrawals, clients have to download the withdrawal request form which they will fill and email to the broker. Withdrawal approval takes a maximum of 3-7 days before completion and subsequent transfer of funds to clients account.
There may be some additional fees charged for deposits and withdrawals. It is important to note that the withdrawal method is dependent on the deposit option used as ASKoBID strongly advocate that clients must use the same options for both deposit and withdrawal.
This is a popular payment and withdrawal method on ASKoBID. This is mostly due to the fast processing speed which can be instant. Cards accepted include Visa, Visa Electron, MasterCard, Discover and Maestro.
Clients can use cryptocurrencies through their eWallets to fund and withdraw money from the ASKoBID platform. This is done through the alpha exchange which processes these e-payments. Like the debit/credit card option, the processing is usually fast. Bitcoins are accepted in addition to Euros for this payment option.
International Bank Transfer
Transferring through banks is another option on the ASKoBID platform. But it may take up to 5 business days or more to process both deposits and withdrawals. When using this method, you will have to submit proof of the deposit transaction to ASKoBID for verification. This can be done either through email or through the ‘upload’ tab on the settings page of the account holder’s personal account page.
Local Bank Transfer
For some countries, there is the option for clients to deposit and withdraw through their local banks using their local currency. ASKoBID will automatically process the funds into the base currency of the trading account without any fees. This option could take 3 business days or more. The same verification process for the international bank transfer also applies here.
ASKoBID: Account Opening
To open an account on ASKoBID, you can go to the topmost part of the brokers website and click on ‘Open an account’. A short popup form will be displayed as shown below:
Input your name, email, phone number and preferred password making sure that you read all of the terms and conditions and then click on ‘start trading now’. Immediately, the account is opened and you are prompted to make a deposit into the new account. You will get an email from the customer service department verifying your email address. You will also receive a phone call from a customer agent who will verify that you opened the account and provide you information pertaining to trading on ASKoBID. The next steps are account verification, funding and then trading can commence.
It is imperative to ensure that when you are going through a broker application, you clearly read all of the brokers terms, conditions and policies. Only proceed if you fully understand and agree to them.
ASKoBID is a trading broker that offers multiple forex and CFD trading instruments for trading online. The broker affirms that clients’ funds are held in segregated accounts and the trading environment is secured using secured socket layer (SSL) technology.
The ASKoBID proprietary trading platform is easy to navigate and friendly to use. It has all the basic tools need for trading and analysis. Up to date market news videos are streamed on the platform.
However, we are concerned by the brokers lack of regulation. Many experts warn against trading with unregulated brokers because they cannot offer the same investor protection that a regulated broker can.
The minimum deposit of €250 is high when compared with the competition who offer online trading account from just €1. Also, there is no social trading platform integration and no managed accounts. Furthermore, the absence of demo accounts and only a few training videos will make it difficult for beginner traders to familiarise themselves with online trading via this broker.
Trading complex instruments can come with a high risk. You should consider whether you understand how investments and trading work and whether you can afford to take the high risk of losing all of your money.