AskoBID Review 2023
United States not accepted.AskoBID offers multi-asset trading with a €250 minimum deposit & 1:500 leverage.
Forex Trading
Trade two-dozen FX pairs with 1:500 leverage.
Stock Trading
Trade shares in 9 leading companies, including Coca Cola & Google.
CFD Trading
Invest in the markets with flexible CFDs.
Crypto Trading
Trade cryptos against the USD and EUR.
AskoBID offers a proprietary trading platform, providing access to popular instruments such as currency pairs, crude oil and Bitcoin. This review dives into the desktop app, the account login process, deposits and withdrawals. We’ll also look at customer reviews to answer the question ‘is AskoBID legit or a scam?’
AskoBID Details
AskoBID is an unregulated broker established in 2009. The company offers an all-inclusive trading service across 4 accounts to suit different experience levels. A range of resources are available, including market analysis and webinars.
Trading Platform
AskoBID only offers its proprietary platform to clients, which is directly accessible from the website.
The platform offers most of the essentials, including 11 timeframes, 3 chart types, financial news and video tutorials. There are also 21 drawing tools and 17 technical indicators, including MACD. Unfortunately the software is missing some popular indicators, however, such as Bollinger Bands and Stochastics.
Overall, the platform may work well for beginners, but it lacks the advanced trading tools and usability of better-known industry contenders.
Markets
Traders can access 24 currency pairs such as EUR/USD and GBP/USD, as well as 9 stocks, including Google and Coca-Cola. There are also 4 indices available (S&P 500, NASDAQ, Dow Jones, and DAX), 9 crypto pairs, including Bitcoin and Litecoin, plus commodities.
Trading Fees
The broker offers floating spreads across all asset classes. Unfortunately this review was disappointed to see average spreads aren’t made available, which does point to a lack of transparency.
There are some additional charges, including a 10% inactivity fee based on available account balance following 90 days of no use. There are also overnight financing fees on positions rolled over into the next day.
Leverage
Leverage is available up to a maximum of 1:500. New traders should thoroughly research the risks involved when trading on leverage.
Mobile Trading
Unfortunately, AskoBID doesn’t offer any mobile trading options. This could be a deal-breaker for many prospective users, as most brokers offer accessible and convenient trading via a mobile app.
Payment Methods
AskoBID offers four main funding methods: credit and debit cards, AlphaExchange e-wallet, international bank transfer, and local bank transfer. Funding is only available in Euro.
Deposit processing times are instant for cards and e-wallets and up to 5 working days for international bank transfer. It can take up to 7 business days for withdrawn funds to appear in your account. As indicated in the broker’s refund policy, clients are subject to a 4% withdrawal fee.
Demo Account Review
AskoBID does not offer a demo or trial account at this time. This is disappointing as most brokers offer this for beginners who want to try out the platform, or for experienced traders who want to improve their trading strategies without risking real cash.
Bonuses
AskoBID offers a 50% on-deposit welcome bonus to new traders, though the broker isn’t clear in terms of how much you need to initially deposit to be eligible. Traders can check the broker’s website for upcoming deals.
Regulation
AskoBID is an unregulated brokerage, so if you are scammed you won’t have the legal protection offered by the likes of the FCA. The offshore nature and lack of transparency on the broker’s website should serve as a warning to potential clients.
Additional Features
AskoBID offers some additional resources, including regular market insights and daily news in video format. There’s a handful of basic educational videos and webinars, as well as some trading calculators and an economic calendar. Overall, the offering does not compete with other brokers.
Trading Accounts
There are four account types on offer at AskoBID: Basic, Professional, Gold, and VIP.
The minimum initial deposit is €250. All accounts offer leverage up to 1:500 (which is fixed for the Gold and VIP accounts). Spreads are also fixed in the Gold and VIP accounts. As you move from Basic to VIP, clients benefit from account managers, special events, signals, and webinars.
Benefits
Benefits of trading with AskoBID include:
- Webinars
- Leverage up to 1:500
- Access to TradingView
Drawbacks
This review also found several disadvantages:
- Unregulated
- No choice of platform
- Limited trading assets
- Lack of transparency around fees
Trading Hours
Forex is a 24-hour market, however platform trading sessions vary from broker to broker. Trading sessions at AskoBID can be found by hovering over the instrument symbol within the platform.
Customer Support
You can contact customer service by filling in the online contact form, emailing support@askobid.fm, or by calling one of the international contact numbers on the website. There’s also responsive live chat support, plus Telegram.
Head to the broker’s website for office address details.
Security
AskoBID displays an SSL badge on the website, which means their platform supports safe industry-standard encryption systems. All transactions are also managed by Level 1 PCI-compliant payment processors.
AskoBID Verdict
AskoBID has unfortunately provided several reasons for us to question if they are legit. Certain red flags suggest that the broker could be a scam, for example the contradictory information and the lack of transparency on the website. The absence of a demo account, mobile app, or choice of trading platforms at AskoBID is also not a good sign.
Accepted Countries
AskoBID accepts traders from Australia, Thailand, Canada, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.
Traders can not use AskoBID from United States.
Payment Methods
AskoBID Details
| Minimum Trade | 0.01 Lots |
|---|---|
| Islamic Account | No |
| Mobile Apps | No |
| Margin Trading | No |
| Volatility Index | No |
| Spot Trading | No |
| Perpetual Swaps | No |
| ELWs | No |
| REITs | No |
| AI / Machine Learning | No |
| Robo Advisor | No |
| P2P Trading | No |
| Negative Balance Protection | No |
| VPS Hosting | No |
| Tournaments | No |
| Demo Competitions | No |
| Managed Accounts | No |
| Market Maker | No |
| Social Trading | No |
| Guaranteed Stop Loss | No |
| Commodities |
|
CFD Trading Details
| FTSE Spread | Not offered |
|---|---|
| GBPUSD Spread | From 0.1 |
| Oil Spread | From 0.04 |
| Stocks Spread | From 0.17 |
| Leverage | 1:500 |
Forex Trading Details
| GBPUSD Spread | From 0.1 |
|---|---|
| EURUSD Spread | From 0.1 |
| EURGBP Spread | From 0.1 |
| Assets | 24 |
Cryptocurrency Trading Details
| Crypto Spread | Variable |
|---|---|
| Crypto Lending | No |
| Crypto Staking | No |
| Crypto Mining | No |
| Crypto Auto Market Maker | No |
| Crypto Coins |
|
Compare AskoBID
Compare AskoBID with similar brokers that accept traders from your location. Among available brokers these are the most similar to AskoBID:
-
IG Group – IG is an award-winning broker that has an excellent reputation globally. The brand-US offers spread betting, CFD and forex trading across a comprehensive suite of markets. IG is also multi-regulated, provides a great trading app and has 50 years experience.
Go to IG Group -
World Forex – World Forex is an offshore broker registered in St Vincent and the Grenadines, offering commission-free trading with a $1 minimum deposit and 1:1000 leverage. Digital contracts are also available, offering beginners a straightforward way to speculate on popular financial markets.
Go to World Forex -
Kwakol Markets – Kwakol Markets is a Nigerian headquartered broker with strong regulatory oversight in Australia and Canada. A great selection of asset classes are available, including synthetic products that simulate realistic market activity. Clients can trade on the MT4, MT5 and cTrader platforms, as well as a copy trading solution whereby a fee is only paid on profitable trades.
Go to Kwakol Markets
AskoBID Comparison Table
| AskoBID | IG Group | World Forex | Kwakol Markets | |
|---|---|---|---|---|
| Rating | 1.5 | 4.4 | 4 | 4.5 |
| Markets | Forex, indices, shares, commodities, cryptocurrencies | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting | Forex, CFD Stocks, Metals, Energies, Cryptos, Digital Contracts | CFDs, Forex, Stocks, Indices, Commodities, Crypto |
| Demo Account | No | Yes | Yes | Yes |
| Minimum Deposit | €250 | $0 | $1 | $1 |
| Minimum Trade | 0.01 Lots | 0.01 Lots | 0.01 Lots | 0.01 Lots |
| Regulators | – | FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA | SVGFSA | ASIC, FINTRAC |
| Bonus | – | – | 100% Deposit Bonus | – |
| Education | No | Yes | No | No |
| Platforms | Own | MT4, AutoChartist, TradingCentral | MT4, MT5 | MT4, MT5, AutoChartist |
| Leverage | 1:500 | 1:30 (Retail), 1:250 (Pro) | 1:1000 | 1:1000 |
| Payment Methods | 1 | 6 | 10 | 4 |
| Visit | – | Visit | Visit | Visit |
| Review | AskoBID Review |
IG Group Review |
World Forex Review |
Kwakol Markets Review |
Compare Trading Instruments
Compare the markets and instruments offered by AskoBID and its competitors. Please note, some markets may only be available via CFDs or other derivatives.
| AskoBID | IG Group | World Forex | Kwakol Markets | |
|---|---|---|---|---|
| CFD | Yes | Yes | Yes | Yes |
| Forex | Yes | Yes | Yes | Yes |
| Stocks | Yes | Yes | Yes | Yes |
| Commodities | Yes | Yes | Yes | Yes |
| Oil | No | Yes | Yes | Yes |
| Gold | Yes | Yes | Yes | Yes |
| Copper | No | Yes | No | Yes |
| Silver | Yes | Yes | Yes | Yes |
| Corn | No | No | No | No |
| Crypto | Yes | Yes | Yes | Yes |
| Futures | No | Yes | No | No |
| Options | No | Yes | No | No |
| ETFs | No | Yes | No | No |
| Bonds | No | Yes | No | No |
| Warrants | No | Yes | No | No |
| Spreadbetting | No | Yes | No | No |
| Volatility Index | No | Yes | No | No |
AskoBID vs Other Brokers
Compare AskoBID with any other broker by selecting the other broker below.
FAQ
Is AskoBID genuine?
Our review of the website and platform uncovered several concerns regarding transparency and regulation. Some online customer reviews have also complained about being scammed by AskoBID.
Does AskoBID offer any deals?
AskoBID offers a 50% deposit bonus for new clients. News of future deals can be found on the broker’s website.
Is AskoBID regulated?
AskoBID is an unregulated broker and will therefore not provide the level of client protection that you would get with regulated bodies such as the FCA or CySEC.
How do I open an account with AskoBID?
You can register for an account by filling in the online form and creating your sign-in credentials. You will then need to follow the instructions to verify your identity.
What leverage is available at AskoBID?
The maximum leverage available at AskoBID is 1:500 across all account types.
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| AskoBID offers multi-asset trading with a €250 minimum deposit & 1:500 leverage. | ||