Aspen Holding Review >> Next Trade Ltd is a holding company for a number of brokers, all of which have an unfavourable reputation among web traders. One of these brokers is Aspen Holdings.
The Vanuatu Financial Services Commission has granted the broker a licence. Brokers often choose Vanuatu as a refuge from the tougher restrictions imposed by CySEC and the FCA. Surprisingly, the broker identifies another business as offering payment services, purportedly Belgian Beauty Productions Ltd.
Aspen Holding Trading Tools and Platform
Regardless of its shortcomings, this broker provides a wide selection of financial products and leverage up to 1:500, making it suitable for traders of all skill levels and tastes.
Aspen Holdings’ product offering comprises a variety of currency pairings (including those that are uncommon), CFDs on precious metals, energy, and stocks, as well as some of the most prominent cryptocurrencies – Bitcoin, Ethereum, Ripple, and Litecoin. To trade Bitcoin or other digital assets, however, you must utilise a reputable and licenced broker.
Despite promises to the contrary, MT4 is not readily accessible for download on Aspen Holding’s website. Due to the firm’s prohibition on demo accounts, we were given access to a web-based trading interface when we established a real trading account with them.
The platform is similar to that provided by Olympus Markets, another trademark of Next Trade Ltd. While it is straightforward and quick to use, it pales in comparison to the most popular trading platform, MetaTrader4 (MT4).
The MT4 platform includes a variety of market indicators, sophisticated charting tools, and the ability to conduct automated trading sessions via the use of Expert Advisors, or trading bots.
Aspen Holding Regulation
Aspen Holdings is the trade name of Next Trade Ltd., a Vanuatu-based business best known for the Olympus Markets brand. Beauty Productions Ltd., a Bulgarian company, is allegedly providing the payment services.
While Next Trade Ltd. is included on the Vanuatu Financial Services Commission’s list of “Dealers in Securities,” the latter has weak standards and little control over “licenced” brokers.
Despite the fact that Aspen Holding’s Terms and Conditions state that Bulgarian law applies, the business is not regulated by the local Financial Supervision Commission (FSC).
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Bulgarian legislation requires that firms offering financial services be regulated by the FSC or another EU financial body. As a result, we may fairly infer that Aspen Holdings lacks a real forex broker licence, despite the fact that the brokerage’s website caters primarily to European customers.
Financial regulation is a significant problem since it implies that Aspen Holding’s customers’ interests and money are not safeguarded in any manner. Worse still, the company’s second name, Olympus Markets, has already been contaminated, indicating that this broker is a fake. Having stated that, the situation with Aspen Holding is probably likely identical.
Associated Charges
As with Olympus Markets, this broker charges a few unique and very high fees that are not typical in the forex market. All withdrawals are subject to a service charge of 3.5 percent. Additionally, all transactions, whether winning or losing, are subject to a 0.5 percent clearance fee up to $1,000.
If a client’s trading account is inactive for more than two months, a $200 monthly account dormancy charge is assessed. Additionally, the broker charges a 0.5 percent monthly maintenance fee and a 5% swap cost on bitcoin transactions.
Verdict
Aspen Holdings is not authorised to do business in the European Union or in any other regulated financial market. Nonetheless, it seems to be targeting EU investors unlawfully. Additionally, we believe that this forex broker, like Olympus Markets, is involved in a fraudulent operation.
Numerous European financial authorities have placed the latter on a blacklist, and BaFin has ordered it to stop operations in Germany. As a result, act cautiously and only invest via licensed brokers.
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