Thinking of getting into business with Askforbit? Here is what you must know about this broker. Carefully read this review to find out if askforbit.com is the trading platform you will want to trade with.
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About Askforbit Broker
Askforbit is an offshore brokerage company with a lot of promises for traders. The broker’s contact shows two locations, namely Australia and Germany.
There are different account types Askforbit offers. See below.
Here, the broker claims to offer trading signals, personal consultant and lowest commissions.
In spite the trading instruments Askforbit claims to offer, traders must know they are dealing with an unknown broker which does not have a regulation over its head.
askforbit.com: Reasons to Avoid This Broker
Firstly, askforbit.com is a platform with no financial authority overseeing its financial services. The regulation claim is not legit because Australian Securities and Investments Commission (ASIC) and German BaFin.
Secondly, we noticed askforbit.com has no demo account for traders. Since traders can’t test Askforbit on a free account, we can’t know its viability in the forex market.
More so, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These are cons for forex traders to avoid losing money with a scam broker.
Withdrawal and Deposit
Withdrawal process
Under the withdrawal policy, Askforbit provides no information for forex traders on what fee its charges on any withdrawal. But bear in mind, there may be some hidden fees for traders.
Minimum Deposit
Askforbit minimum deposit is said to be $100 according to the account type.
As for the payment methods, we can make payment via Credit/ Debit card, Bank Wire Transfer, Neteller, QIWI Wallet and more. But, you should not consider making any payment with this broker because it is a risk. So beware!
Askforbit Platform
Askforbit offers web based trading platform and not MT4 or MT5 (Industry standard trading platforms) which gives us more reason not to take this broker serious.
As for the leverage, it can get up to 1:5. Nevertheless, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
Askforbit Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation that means your money is at risk. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
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Conclusion: Is askforbit.com a Reliable Broker?
No, askforbit.com does not seem like a reliable broker for traders even though it promises offers that look good to be true.
Most importantly, the broker is unregulated which means it is not authorized to operate in any regulated country and you should definitely not put any money into it.
Because we have taken it as a duty to review scam forex brokers and also share reasons, we will not recommend this broker for trading.
Kindly share your comment about this broker in the comment section.