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Ask-Market Review - is it scam or safe?

Ask-Market Review - is ask-market.com scam or good forex broker?

RATING: 1.2 / 0 REVIEWS Ask-Market
Ask-Market is an offshore broker. Your money is not safe.

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Trading Accounts & Conditions

 

Account type Min. deposit Min.trade size Max. leverage Spread (& commission)
Mini $100 0.01 1:1000 From 2.0 pips
Standard $000 0.01 1:100 From 0.8 pips + $3.6 /lot
Pro $30 000 0.1 1:100 From 0.5 pips + $1.6 /lot



Ask-Market is a forex and CFD broker that offers the account types listed above, plus Islamic (swap-free) and VIP accounts.



Ask-Market Advantages

 

MT4 platform supported

Like most brokers, this one also offers its services on the good old MetaTrader 4 platform. The availability of the MT4 is definitely an advantage, as it is one of the best forex trading terminals, although it was released more than 10 years ago. The platform is highly praised for its great charting, variety of custom indicators, as well as automated trading systems (better known as Expert Advisors).

 

MT4 also has top-notch mobile app, available for both Android and iOS devices. It offers almost all functionalities of the desktop version.


Multiple CFDs available

Ask-Market offers many currency pairs for trade on MT4, as well as various Contracts-for-Difference (CFDs): on indices, stocks, commodities and precious metals. Nonetheless, popular financial instruments such as CFDs on Bitcoin are not available at Ask-Market.

 

If want to speculate on the price of Bitcoin, we would recommend some of the brokers listed below, which offer cryptocurrency CFDs and are also regulated (unlike Ask-Market).



>>Bitcoin trading with a trusted forex broker<<

 


High leverage ratios
Ask-Market offers very high leverage levels, reaching 1:1000. This is considered a nice option, although using it to the fullest might not be such a good idea, especially for newbies. Leverage is a kind of loan provided by brokerages to their clients to multiply their trading power. However, this may result in heavy losses, exceeding initial investments, should the market move against you.

 


Ask-Market Disadvantages


Not regulated

In the About us section on Ask-Market’s website it is mentioned that the company operating the broker is a standardised LEI. However, Legal Entity Identifier (LEI) is a code based on the ISO 17442, which enables clear and unique identification of legal entities participating in financial transactions. It is not a regulator.

 

A.S.K. Thai Forex Marketplace is actually headquartered in one of the most popular forex broker centers, Cyprus. Nonetheless, it is not licensed by the Cyprus Securities and Exchange Commission (CySEC). Investing with unregulated brokers is risky, on top of the usual risks associated with trading on the financial markets in general. That is why we do not recommend Ask-Market.



Spreads above the average

Another thing that makes trading with Ask-Market unattractive is the fact that spreads on its basic (Mini) accounts are quite high, starting from 2 pips on majors. On the other hand, trading costs on the other accounts seem better, but the initial deposit required is too high.

 

When we tested Ask-Market’s demo Classic account, we found the spread on EUR/USD floating around 1.7 pips, which is slightly above the average in the forex industry. By comparison, most brokers offer spreads of 1.0 – 1.5 pips for this pair, and some even lower.

 

 

Ask-Market's spreads on demo MT4 accounts. Click on the image to zoom in.

 

Hedging not allowed

Another downside of Ask-Market is the fact that hedging is not allowed on any of the account types offered by his broker.

 

Hedging is a commonly used trading strategy that allows you to limit the risk of loss. You place a trade that buys a currency pair and then at the same time you place a trade to sell the same pair.

 


Conclusion

 

Ask-Market claims to serve retail and institutional customers from over 180 countries in Europe, Asia, the Middle East, Africa and Latin America. It offers trading in quite a lot financial instruments on the MT4 platform with high leverage ratios. Its spreads seem a bit high and hedging is not allowed, but what bothers us most is the fact that Ask-Market is not regulated.

 

We always encourage our readers to trade with brokers that are duly licensed by the respective governmental agencies, because it is much safer. They have to fmeet certain rules in order to guarantee the security of clients’ funds.



>> Forex brokers regulated in Cyprus <<

 


For example, the Cypriot financial watchdog (CySEC) has certain requirements for licensed forex brokers, such as for minimum capital adequacy (€730 000), account segregation, AML and KYC, and many more. What is more, the CySEC has a compensation scheme in place in the event of broker insolvency, which may cover a maximum of 20,000 EUR per client of a regulated entity.



Here is our final recap of Ask-Market:

 

Pros

Cons

MT4 platform supported

Not regulated

Multiple CFDs offered

Spreads above the average

High leverage levels

Hedging not allowed

 

No Bitcoin CFDs

 

Latest news about Ask-Market
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Traders` reviews for Ask-Market

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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