ASCO FX Review: A False FCA Regulated Platform

Blocking withdrawals is the order of the day with ASCO FX. The platform has been on the news lately for all the wrong reasons. Members are up in arms over what they term unfair conditions on the platform. You should avoid investing with ascofx.com or risk becoming their next victim. We have evidence that refutes these claims of being the best broker around. Here’s what we found out in our detailed ASCO FX REVIEW.

A Brief Overview of ASCO FX

On their about us page, ASCO FX is an Italian-based trading platform. Despite attempts to hide it, the words under their philosophy say it all. The words are in Latin, and the rest of the page is in English.

You have to spot some of these errors to know what exactly you’re dealing with. ASCOFX is a platform that will easily wipe your funds within seconds. For newbies, we recommend staying away from it.

The few who claim to withdraw funds are part of the scam. These users partner with the platform to convince others that withdrawal is possible. Try and deposit funds and see what happens; the platform will block your withdrawal.

That has been the case for a few weeks now. Attempts to get a hold of support fall on deaf ears. We have a store that completely lacks professionalism. There’s proof that the store uses false information to fool naïve investors.

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When selecting your platform for trading, there are a few elements to look for. First, you need a transparent platform that allows withdrawals at any time. Try and find out the experiences of other investors before committing funds with any platform.

Accounts ASCO FX

ASCO FX offers four account types; one of the four is a demo account. We will get into that later. The other three accounts include ECN, Islamic, and Standard accounts. You can read all about the types at the footer of their homepage.

We have issues with how the platform fails to mention the features available with these accounts. For example, a newbie won’t know the acceptable Leverage or minimum deposit acceptable on the platform.

And this ascofx.com can take advantage of members, which it does. The platform will claim that the more you deposit, the higher your chances of winning. It’s utterly false as you can start winning even with as low as $10.

Regulators in the industry have moved in to curb Leverage and minimum deposit. The maximum Leverage in Europe is 1:100 and 1:50 for retail traders in the United States. When it comes to an acceptable minimum deposit, $(€), 250 is the common ground.

Once you open an account, the platform sets your Leverage at a minimum of 1:500. Therefore, the maximum Leverage you can use with this platform is 1:1000. High Leverage means losing more in the event of a losing trade.

The platform will significantly benefit from losing trades. And this is why regulators had to step in to protect investors. There should be a level playing field for all parties. Only skilled traders can take advantage of high Leverage.

Affiliate and Referral Program

There’s an affiliate program that doesn’t seem to interest members. The problem is that the platform fails to release commissions. But, of course, victims of the fraud will also blame you for directing them to a scam.

Are funds safe with ASCO FX?

Your funds are far from safe with a platform that doesn’t segregate accounts. The platform also fails to offer insurance cover for deposits made by members. Once the platform goes under, no member will get any compensation.

There’s no need to hire a recovery agent as these agents don’t have the power to freeze accounts. After this review, the platform is an exit scam and will probably shut down. We hope the authorities will move quickly and investigate the platform.

ASCO FX License and Registration

ASCO FX is not regulated, which makes it a risky investment platform. The store claims to have FCA approval which is far from it. We would see their license documents on the FCA-approved registry if this were true.

Since the platform is using false information, there’s no way we can trust them. The store is free to install unfair trading conditions without any regulatory framework. There’s no way the FCA would allow Leverage above 1:100.

You should check with regulators to confirm a platform is legit. These regulators include ASIC, BaFIN, CFTC, CNMV, CONSOB, and CySEC. Others include FINMA, FINTRA, NFA, and the SEC.

Available Trading Instruments

There are five available trading assets on the platform. These include Commodities, crypto, forex, indices, and stocks. You get to trade commodities such as sugar and wheat. There are leading crypto pairs such as Bitcoin, Ethereum, Litecoin, and Ripple.

The platform avails major and minor pairs when it comes to forex trading. You can’t spread your risk with exotic pairs. The platform fails to mention the spreads available with forex trading assets.

You get to trade with leading international markets. These include FTSE, NIKKEI, NYSE, and more. The platform also avails shares of leading companies such as the FAANG group. And this enables you to own a piece of the company for a limited amount of time.

Awards and Recognition

To try and make the platform appear legit, the platform plans several awards on the homepage. These include Best CFD and Execution broker. Others include Best Broker in Asia 2020 and Best Trading Platform.

For the naïve investor, this looks like the platform of choice. However, these are false claims as there’s no actual award. Instead, the platform downloads award logos and installs them on their homepage.

Background and history

There’s a claim on the about us page that the platform has been running for over 30 years. If that’s the case, we would all know about it. The truth is ASCOFX is barely a year into existence. These are false claims to try and make the platform appear reputable.

Business Owner

We don’t have any information on the people running the store. And this means ASCO FX is an anonymous investment platform. So it would be best if you avoided anonymity as best as possible. These are stores that will exit sometime soon.

Client Testimony

Hundreds have been losing funds with the platform. You can read all about it on TrustPilot and forex trading forums. In addition, victims have been sharing their experiences on social media platforms. So please stay away from ASCOFX.

Demo account

The demo account only offers buy and sell options. You can’t utilize it to understand the custom trading platform in use. The demo account is unhelpful and, thus, a feature that only disguises the truth.

Funding Accounts

There are several depository options available for investors. These include bank and wire transfers. You can also deposit via crypto. However, we don’t recommend interacting with the store as withdrawal is impossible.

Our verdict

After seeing what investors are going through, we recommend staying away from ascofx.com.

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If you have any queries, feel free to drop a comment or email us.