Asic Trader was a vague crypto and CFD broker who came into existence in the last couple of years. Their platform was web based and apart from exceptional marketing tactics, they didn’t have a lot going for them. The policies they imposed on the clients were skewed and they have an unimaginable amount of uncertainties when it comes to their business model and whereabouts.
At the time of publishing this post, this platform is no longer active and the number of victims who lost their funds to them are unbelievable. Trading the crypto markets is something which a lot of new participants are excited about. Given the volatility of these instruments, anyone who has a reasonable amount of understanding about the markets can make decent returns in a relatively short period of time.
However, that doesn’t mean that you should open up an account with any broker you come across online. Remember, the safety of your capital rests in the hands of the platform you choose and it is an aspect you should never take lightly. To know all the details about Asic Trader and the ways to get back funds from them, keep reading this detailed post.
Asic Trader Regulation and licenses
Crypto markets for the most part are not regulated. Thanks to the immense interest from both the retail and the institutional side, the bull market appears to be ever growing in this sector now, but that doesn’t mean they are flawless. A lot of people have lost their life savings to bogus brokers and dubious crypto investment schemes in the last few years and sadly, the police were never able to catch all the culprits involved.
The regulators in many countries have realised that the way to put an end to the situation is by making people aware of the risks present while engaging with offshore entities. Asic Trader doesn’t share any details of their parent company. There is no information about their licenses or founders. To put things in perspective, this brokerage expects the public to trust them with their funds while they don’t possess any thing which gives them credibility in the marketplace.
Any experienced person would never make the mistake of depositing with them and the people who did trust them with their money are regretting their actions now. Almost all of the fly by brokers never share the details of their legality as they don’t have anything to show for it.
So, don’t skip reading the fine print of the platform you want to indulge with and unless they are backed up by reputable personalities or licenses, don’t take chances with it. The FCA has put out a warning against this firm, though all the details are not mentioned, it is a clear indication that this platform is not reliable by any means.
Customer Support and Contact Information
One of the prominent things all brokers give importance to in order to maintain positive public relations is customer support. As the number of brokers active in the market are increasing day by day, reputable firms do their best to retain the clients and that obviously includes paying close attention to the needs of the end clients. This broker used to interact with the customer via emails and telephone.
The exact contact details are listed in the following section. Note that though they had put in a telephone number, email was their primary preferred mode of communication. While most of the brokers are heading towards hosting live chat features and 24/7, this broker was trying to stay anonymous.
As clients, you should always notice the subtle things with a platform and if you notice a bunch of red flags, then it is time for you to ditch them.
Address – HELLAX Corp LP Suite 4213 Mitchell House, 5 Mitchell Street Edinburgh. EH6 7BD
Email – email@example.com; firstname.lastname@example.org
Telephone – 02039364245
Asic Trader Trading Platform and Tools
Asic Trader offers basic web based trading platform to their clients. Their interface doesn’t have any advanced functionalities and things like copy trading or social trading is nowhere to be found. The charting tools the clients receive has limited functionality and as a result, they can’t run custom tools which might have made their trading process easier.
Multi-chart support is not present and lack of semi-automated trading methods is a huge dealbreaker. Moving on to spreads, they are huge and it eats up a significant portion of your money if you are a day trader. There are a lot of reputable platforms such as Binance, FTX which provide much tighter spreads and better executions with competitive fees structure.
The number of issues with this broker increases the closer you look at them and they are not worth the hassles involved. Lack of Metatrader support was a huge negative factor and as their interface is not at par with the competitors, there is no point in using their services. Trading successfully requires a bit of both technical and fundamental analysis along with access to a proper brokerage platform.
Even if one component is missing, the entire process is going to be difficult for you. So, always take your time while searching for the broker which fulfils all your needs and never be impulsive for any reason.
The information regarding the minimum deposit and withdrawal amount on this platform is unknown. Nonetheless, you need to understand that their policies regarding funding and payments are vague and it gives them a high degree of control over the client’s money. Usually, every broker who is regulated will present details about things like inactivity fees, transaction charges upfront, but this firm has refused to do anything like that.
If anyone wants to open an account with them, then they can deposit and withdraw through debit or credit cards along with most popular cryptocurrency wallets. Remember not to send money through cryptocurrencies as it will make the recovery procedure a bit complicated.
Is Asic Trader a Scam?
At this point, we think it is safe to say that they are a modified form of scam. Their policies are not customer friendly. They are unregulated, there isn’t anything unique about them. On top of all these negative factors, the user feedback about their firm is also full of horrifying stories. Many clients have expressed their agonies on social media platforms and niche related forums. A lot of them have given up the hope of getting their money back too.
If you are one of the victims of this platform, then all you have to do to get your money back from them is fill out the contact form on our website. Just provide us with a few details about the incident and your personal interaction and we will explore the legal options you can use to get your funds back. As each and every case is different, time required to process the requests depends upon the nature of the problem, but in general the issues will be resolved in less than 30 days.
Asic Trader operates a lot of websites(https://www.asictrader.com/en/, https://www.asictrader.net/en/, www.asic-traders.uk) under the same banner. All of their associated domains are down at the time of writing this review and it is clear that it won’t be back up anytime soon. A lot of investors are left empty handed and it is indeed heartbreaking to see many people losing their capital.
If you are a victim of this scam, then don’t forget to use all the available legal channels to challenge this firm and make them pay for their mistakes. Lastly, share this post on your social media platforms to protect your loved ones from them.