Updated on February 12, 2024
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In our rigorous review process, a team of seasoned financial specialists, boasting more than 20 years of experience in Forex trading, carries out an exhaustive evaluation of various trading services. Our team delves deep into the investigation of fees, assesses the trading platforms, and verifies adherence to regulatory standards. We also interact directly with customer support and conduct actual trades to gain a real-world understanding of the trading conditions. This comprehensive approach enables us to provide informed insights and advice on why we recommend avoiding AsicTrader due to the issues we've identified.
Is AsicTrader Scam or Legit Broker? ▲
Upon meticulous examination, AsicTrader has raised significant suspicions of being a fraudulent brokerage entity. According to the information presented on the broker's official webpage, its operations are based in Scotland. Alarmingly, it lacks any form of licensing from the pertinent local regulatory body, clearly indicating that the broker operates without regulation or authorization to provide its trading services.
Registered in: No Registration
Type of License: No License
Is AsicTrader safe to trade: No
Recommended Licenses: FCA in UK & ASIC in Australia
AsicTrader emerges as a brokerage offering services in Forex, CFD, and cryptocurrency trading spheres. The entity claims association with Hellax Corp LP and purports to operate from Edinburgh, Scotland. For brokers to legally offer financial services within the UK's jurisdiction, acquiring a license from the Financial Conduct Authority (FCA) is imperative. However, AsicTrader falls short of this critical regulatory compliance, lacking regulation by the FCA or any other authoritative regulator. Furthermore, the FCA has explicitly issued a warning against this broker, stating: "Asic Trader / Hellax Corp is not authorised by us and is targeting people in the UK. Based upon information we hold, we believe it is carrying on regulated activities which require authorization." This situation underscores the risks associated with engaging in trading activities with AsicTrader.
Our comprehensive review strongly advises against engaging in trading activities with unlicensed brokers such as AsicTrader. Opting for brokers regulated by esteemed regulatory bodies like the UK's Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC), or the Cyprus Securities and Exchange Commission (CySEC) is highly recommended. These regulatory authorities mandate brokers to hold a substantial amount of capital to ensure compensation funds and a higher level of client money safety. Furthermore, it has come to our attention that the AsicTrader website is currently inactive, indicating a cessation of its trading offerings. Despite this, we urge cautiousness and recommend staying vigilant against any propositions that may arise from this entity in the future.
When considering alternatives, brokers like Interactive Brokers, City Index, and AvaTrade stand out. They not only offer the security of stringent regulation but also bring to the table comprehensive trading solutions that can meet the needs of both novice and seasoned traders.
Asic Trader Review 2024
