ASKOBID Review (2023) – ☑️ Pros and Cons Revealed.

 

 

ASKOBID opened in April 2019 and the official owners of this broker are Solt Corp Ltd, in Kingstown, St.Vincent, and the Grenadines.

 

A Quick Overview of our Askobid Review:

 

Although a new broker, ASKOBID claims to have attractive trading features with a strong emphasis on professionalism.

 

Who is Askobid?      

According to research in South Africa ASKOBID is a new and unlicensed offshore CFD Broker.

 

ASKOBID says that it is licensed and regulated by CySEC, ASIC and MiFID, making it a fair broker to begin trading with, since it offers Forex, Stock Indices and Commodities.

 

Traders have access to their own user-friendly web-based platform or with the internationally accredited MetaTrader 4 platform.

 

ASKOBID offers a free demo forex account with $50 000 virtual money with which newbies can practice before actually beginning to trade and risk their own money.

 

The practice account is available for 21 days and should give customers a good feel for the real thing before investing in a live account. It has no limitations and gives a trader an advantage to get up close and personal with the trading environment and test the trading strategies.

 

Safe or Scam

One of the best benchmarks to measure the safety of a broker like ASKOBID is to establish which regulating authorities are watchdogs over its actions.

 

ASKOBID claims that it is licensed and regulated by CySEC, ASIC and MiFID, and complies to all its regulations, but not being regulated by one of the more reputable authorities, still leaves a risk for traders.

 

There are however indications that all of the active traders using ASKOBID’s services were transferred to an alternative broker, the reason for that not being clear.

 

 

Pros and Cons

 

PROS	CONS
1.      Offers MT$	1.      Not regulated by reputable authority
2.      Fair number of products to trade	2.      Newly established

 

Leverage

Leverage is a facility that enables you to get a much larger exposure to the market you are trading than the amount you deposited to open the trade. Leveraged products, such as forex trading, magnify your potential profit – but also increase your potential loss.

 

Leverage amount is expressed as a ratio, for instance, 50:1, 100:1, or 500:1. Assuming that you have $1,000 in your trading account and you trade ticket sizes of 500,000 USD/JPY, your leverage will equate to 500:1.

 

Margin is the amount of collateral to cover any credit risks that may arise during your trading operations. It is expressed as the percentage of position size (e.g. 5% or 1%), and you have to have funds in your trading account to ensure sufficient margin.

 

For example, on a 1% margin, a position of $1,000,000 will require a deposit of $10,000. The margin level in a trading account needs to be equal or more than 100% to be able to open new trades, otherwise, your trading account will be fully hedged.

 

ASKOBID offers a maximum leverage ratio of 1:500.

 

Accounts

A forex account at ASKOBID is a trading account that you will hold and that will work similarly to your bank account, but with the difference that it is primarily issued with the purpose of trading on currencies.

 

Forex Islamic accounts are also known as swap-free accounts as they imply no swap or rollover interest on overnight positions, which is against the Islamic faith.

 

Often, the number and type of accounts that a trader can open with a broker company differ depending on the country in which it operates and the regulatory authorities under whose jurisdiction it falls.

ASKOBID offers the following types of accounts:

 

Basic Account

Minimum deposit: 5 000 EUR

Maximum leverage: 1:500

 

Professional Account

Minimum deposit: 25 000 EUR

Maximum leverage: 1:500

 

Gold Account

Minimum deposit: 75 000 EUR

Maximum leverage: 1:500 (Fixed)

Fixed Spreads

 

VIP Account

Minimum deposit: Custom

Maximum leverage: 1:500 (Fixed)

Fixed Spreads

 

A demo or practice account with ASKOBID can be opened within minutes, is valid for 21 days, and carries a balance of $50 000. It gives an accurate impression of performance prior to investing in a live account.

 

Market Instruments

The most popular market instruments available from most brokers for trading include:

 

Forex:

Forex trading describes the currency exchange market which refers to the global, decentralized marketplace where individuals, companies, and financial institutions exchange currencies for one another at floating rates.

 

Commodities:

Commodity markets offer many investment opportunities for traders. Soft commodities have been traded for centuries and play a major role in portfolio diversification and risk management. Investing in contract-based tradable goods is a reliable way to mitigate risk during times of economic uncertainty.

 

Indices:

Equity, or stock indices, are actual stock market indexes that measure the value of a specific section of a stock market. They can represent a specific stock market or a specific set of the largest companies of a nation.

 

Precious metals:

The trading of gold and other precious metals, along with crude oil, copper or petroleum, are hard commodities that play a major role in the commodities market and are contract-based tradable goods.

 

Energy:

The typical feature of energy prices is high volatility due to the influence of political and environmental factors, supply and demand, extreme weather conditions and global economic growth.

 

ASKOBID offers the following of the above: Currencies, Stocks, Commodities, Indices and Cryptocurrencies

 

Fees

Cost depends on different factors, like spread and margins, and ASKOBID clients may also experience different fee structures according to their country or place of residence.

 

The spread of a currency pair is the difference between the bid and the asking rate. A pip represents the smallest increment that an exchange rate can move.

 

Margin is the amount of money required in your account in order to open a position. Margin is calculated based on the current price of the base currency against USD, the size (volume) of the position, and the leverage applied to your trading account.

 

ASKOBID offers fixed spreads on most of its accounts. More information can be obtained from the customer service team before choosing a specific account.

 

Deposit and Withdrawal

Accounts usually require a certain minimum initial deposit, which can be paid in several ways. Withdrawals can usually be done in the same ways, but sometimes differ.

 

In the case of ASKOBID the following minimum deposits are required:

 

Basic Account: Minimum deposit: 5 000 EUR

 

Professional Account: Minimum deposit: 25 000 EUR

 

Gold Account: Minimum deposit: 75 000 EUR

 

VIP Account: Minimum deposit: Customised amount.

 

To fund accounts or do withdrawals, the following methods can be used:

• Major credit cards, such as Visa, MasterCard, Diners Club, Maestro, and more,
• Debit cards,
• Wire Transfer,
• Skrill (Moneybookers).

 

No withdrawal fees are charged, but banks may charge fees for using some banking methods, such as wire transfers.

 

Once an account is verified, a withdrawal request will be processed within 72 hours or three business days. It can however take up to 7 business days for the funds to reach a customer’s account, depending on the withdrawal method used.

 

Trading platforms

The forex trading platform provided by ASKOBID to its clients is in essence the software to carry out their trades. Some brokers provide only one, others quite a few platforms.

 

A multi-asset trading platform is one that allows clients to trade forex as well as other asset classes. The decision about which platform to choose will usually depend on what a client would like to trade.

 

ASKOBID provides a proprietary platform as well as MetaTrader4.

 

ASKOBID’s proprietary platform is web-based with the advantage that customers can log in and trade from any computer/location in the world, even with a low bandwidth connection. It is supplemented by a mobile trading application.

 

This ASKOBID broker platform supports standard market functionality with integrated charting tools, real-time analysis feeds, Stop Loss, Entry Limit, “Take Profit”, One-click order execution, as well as a range of unique trading modes.

 

A useful feature is the “market sentiment” meter, which enables customers to see how other users to trade.

 

How to open an account

Similar to a bank, to register a forex trading account with ASKOBID for the first time, you will be required to go through a basic “know your customer” process, which will allow ASKOBID to ascertain that your submitted details and ensure the safety of your funds and account details.

 

Customer Support

Potential traders need to make sure the broker company they chose will offer sufficient support whenever they need it.

 

In the case of ASKOBID customers can reach the support team Monday through Friday, from 9:00 to 20:00 (GMT), excluding bank/ stock exchange holidays.

 

Education

Before starting to trade, potential clients of ASKOBID should avail themselves of all possible information and trading skills needed to be successful in the world of forex and commodity trading.

 

ASKOBID offers a so-called trading Academy where customers can watch videos on important topics and register for webinars.

 

Research

To be able to trade with confidence, traders should do as much as possible research about this kind of speculative trading before commencing, but also preceding every daring deal to ensure that they don’t lose money unnecessarily and trade as profitable as possible.

 

With ASKOBID they have access to some tools and market analysis, calculators, and an economic calendar.

 

Awards

Being an awarded company instills extra confidence by traders.  Although ASKOBID is acclaimed by some customers, there is no indication of awards won on its homepage.

 

You might also like: ASKOBID Account Types Overview

You might also like: ASKOBID Demo Account

You might also like: ASKOBID Fees and Spreads

You might also like: ASKOBID Islamic Account Overview

You might also like: ASKOBID Minimum Deposit

You might also like: ASKOBID Sign up Bonus

 

Conclusion

ASKOBID’s main pull that separates it from other brokers is their customizable, easy-to-use, web-based trading platform since it means easy and flexible access to the trading environment from any Web-enabled computer.

 

ASKOBID claims to acknowledge the importance of Forex familiarity, therefore invested in an Academy section. They offer an informative education center, which is handy to new traders.

 

ASKOBID is regulated by the Cyprus Securities Exchange Commission and also complies with the MiFID. There are however indications that all of the active traders using ASKOBID’s services were transferred to an alternative broker, the reason is not clear, however.

 

 

Disclaimer

ASKOBID warns potential customers that Forex and CFDs trading always carries a high risk and may not be suitable for all investors.

 

Before deciding to trade with ASKOBID, potential traders are advised to carefully consider their investment objectives, financial situation, needs and level of experience before investing money they cannot afford to lose.

 

ASKOBID warns that margin trading involves the potential for profit as well as the risk of loss and that movements in the price of foreign exchange and commodities are very unpredictable, hence ASKOBID cannot guarantee a maximum loss that a trader may suffer, according to research in South Africa.

 

FAQs

TRADING ENVIRONMENT

1. How many instruments can I trade with ASKOBID?

You can trade different instruments with ASKOBID, which include the following:

• Currencies
• Stocks
• Commodities
• Indices
• Cryptocurrencies

 

2. Which platforms are supported by ASKOBID?

ASKOBID provides the following popular trading platforms:

• Proprietary platform
• MetaTrader4

 

3. Does ASKOBID offer leverage?

Yes, ASKOBID offers maximum leverage of 1: 500

 

4. What spreads can I expect with ASKOBID?

ASKOBID offers fixed spreads on some accounts.  If details on the website is not comprehensive, more information can be obtained from the customer support service.

 

5. Does ASKOBID charge commission?

More information on commissions can be obtained from the customer support service.

 

6. Is ASKOBID regulated?

ASKOBID is only regulated by CySEC.

 

7. Is ASKOBID a recommended forex trading broker for experts and beginners?

ASKOBID offers a fair trading environment for all types of traders.

 

8. What is the overall rating out of 10 for ASKOBID?

5/10

 

ACCOUNTS

1. What is the difference between a demo and a live trading account?

A demo account is offered by broker companies and funded with virtual money that enables a prospective customer to experiment with the company’s trading platforms and its features, before setting up a real account funded with the customer’s actual money.

 

Does ASKOBID offer a demo account?

Yes

 

2. How long is the demo account valid?

The demo account can be used for 21 days.

 

3. Which live trading accounts does ASKOBID offer?

• Basic
• Professional
• Gold
• VIP

 

4. What are the available deposit currencies for a live trading account?

USD, and more.

 

DEPOSITS AND WITHDRAWALS

1. What is the minimum deposit for ASKOBID?

5 000 EUR

 

2. How do you make a deposit and withdrawal with ASKOBID?

ASKOBID offers the following deposit methods:

• Major credit cards, such as Visa, MasterCard, Diners Club, Maestro, and more,
• Debit cards,
• Wire Transfer,
• Skrill (Moneybookers).

 

Withdrawals can be done via:

• Major credit cards, such as Visa, MasterCard, Diners Club, Maestro, and more,
• Debit cards,
• Wire Transfer,
• Skrill (Moneybookers).

 

3. Does ASKOBID charge withdrawal fees?

No, but fees from a financial institutions may apply.

 

4. How long does it take to make a withdrawal?

Withdrawals usually take 72 hours (3 business days) but it can take up to 7 business days for the funds to reach an account, depending on the withdrawal method used.

 

ASKOBID AT A GLANCE
Broker’s Name	ASKOBID
Headquartered	Limassol, Cyprus
Year Founded	2019
Regulating Authorities	Offshore broker
Countries not accepted for trade	United States
Islamic Account (Swap Free)	No
Demo Account	Yes
Institutional Accounts	Not clearly indicated
Managed Accounts	Not clearly indicated
Maximum Leverage	1:500
Minimum Deposit	€5 000
Deposit Options	Major credit cards, such as Visa, MasterCard, Diners Club, Maestro and more, debit cards, Wire Transfer, Skrill (Moneybookers)
Withdrawal Options	Major credit cards, such as Visa, MasterCard, Diners Club, Maestro and more, debit cards, Wire Transfer, Skrill (Moneybookers)
Platform Types	Proprietary platform MetaTrader4.
OS Compatibility	Web and mobile
Tradable Assets	Currencies, Stocks, Commodities, Indices, Cryptocurrencies
Languages supported on Website	English, Arabic, German
Customer Support Languages	English, Spanish, Chinese, French, Italian, German, Arabic
Customer Service Hours	Monday through Friday, from 9:00 to 20:00 (GMT)