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Aswaq Today Review - Is it scam or safe?

Aswaq Today Review - is aswaq.today scam or good forex broker?

RATING: 1 / 0 REVIEWS Aswaq Today
Aswaq Today is an offshore broker. Your money is not safe.

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Trading Accounts & Conditions

 

Trading Account  Minimum deposit Min. trade size Maximum leverage Spreads
Standard $500 0.01 1:400 4.0 pips, fixed
Gold $2 000 0.01 1:400 3.0 pips, fixed
Platinum $10 000 0.01 1:400 2.0 pips, fixed
Diamond $50,000 0.01 1:400 1.5 pips, fixed

 

Clients of Aswaq Today have several account options, depending on the initial investment amount.  All of them offer high leverage levels (up to 1:400) and commission-free trading with fixed spreads on the Sirix platform. As this broker seems to target mainly clients from Arab countries, there is also a special Islamic (swap-free) with a minimum initial deposit of $1 000.

 

No offence intended, but you must be mad to invest $500 in a company operating without a proper forex broker license and regulation to trade with spreads as wide as 4 pips. Most fixed-spread brokers offer 2 pips spread for this pair. In comparison, another offshore broker, FxChoice, offers average spreads of 1.2 pips on its commission-free accounts. For further information and comparison, you may look up the real-time spreads of 15 leading brokers here.

 

The Company. Security of Funds

 

Company

Country

Regulation

Pro Silver Holdings Limited

Marshall Islands

N/A

 

Aswaq Today offers trading in more than 30 currency pairs and various CFDs and obviously is a b-book broker (market maker). The company behind the brand, Pro Silver Holdings Limited, is registered offshore, in the Marshall Islands. It also has a UK subsidiary, Silver Crow Partners LP, which is not regulated by the Financial Conduct Authority.

 

Offshore brokers are basically free to do whatever they like with your money and there is little you can do about it. They are not subject to any strict requirements, nor supervision by a proper regulator. Because of the risks involved in doing business with an offshore or non-regulated broker, we advise traders to avoid them and choose among companies authorized to provide online financial services by trustworthy bodies, such as UK’s FCA or Australia’s ASIC.

 

Trading Platform

 

Unlike most brokers, this one does not support the MetaTrader 4 (MT4) platform. Instead, it offers Sirix, available as web and mobile versions.

 

web-based Sirix platform. Click to enlarge.

 

Easy to use and requiring no installation, Sirix Web’s main advantage is the built in social service, that allows you to see other traders' trades in real-time. Otherwise, the platform is equipped with the usual charting package and technical indicators to help traders analyze the markets.

 

Methods of Payment

 

Aswaq Today offers its clients the following payment modes: credit/debit card (Visa, MasterCard), bank wire transfer, and e-wallets Skrill, Ukashi, and Neteller.

 

Conclusion

 

It looks like Aswaq Today is an offshore forex broker and market maker, whose offerings are not attractive at all – high initial deposit required and wide fixed spread. Besides, those who are accustomed to The MT4 platform will be disappointed - Aswaq Today only supports the Sirix web platform. To sum up the above:

 

Pros Cons
Commission-free trading   Not regulated
Sirix platform available High fixed spreads
  Market maker model
  High initial deposit required
  No MT4 offered

 

Latest news about Aswaq Today
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Traders` reviews for Aswaq Today

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Price feed

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