Minimum Deposit: $5
Maximum Leverage: 1:2
My Score: 1.6
Hey guys, I am here today with AsicTrader review. AsicTrader is a company who focuses on crypto trading as Bitcoin and other digital currencies. The cryptocurrencies getting popular day by day. And there are many CFD providers who offer cryptos.
So, is it a good idea to trade with AsicTrader even though there are many similar brokers? Trust me, buddy, if you keep reading, you will get the answer.
It seems you want to learn more about the broker. Don’t worry! Read the entire review. I gave all the details regarding AsicTrader.
Let’s look at which questions are answered in this Asic Trader review. Is AsicTrader scam or legit? What are the account types? How good are the trading conditions such as spreads, leverage and minimum deposit?
I am going to start with the regulation section, which is the most crucial one in my opinion, as I always do.
Regulation of AsicTrader
You may guess that the broker is from Australia because of its name. However, there is no any relationship with the regulator ASIC. Actually, the company behind the broker is FX Hellax Corp. and it is registered in Scotland.
AsicTrader is an unregulated broker. This is not surprising, isn’t it? Moreover, the FCA (Financial Conduct Authority) warned against the broker to protect investors from scammers.
I strongly don’t recommend trading with unregulated brokers because it is risky. Especially if the FCA has officially blacklisted it, it is quite risky. You should be away from it. I recommend you to trade with a reliable broker which has a good reputation.
There are many prestigious watchdogs over the world such as FCA, CySEC and ASIC. These regulators provide significant assurance for the safety of the clients’ funds. They do so by requiring strict rules that brokers must obey.
For instance, a broker who is regulated by FCA or CySEC must hold at least £730,000 as minimum net capital. Another thing about the regulation is a compensation scheme. This scheme covers the client’s losses in the unlikely case the broker goes bankrupt or attempts to scam traders.
The scheme of UK’s FCA is Financial Services Compensation Scheme (FSCS) and it protects the client’s funds up to a maximum of £50,000 per investor. Cypriot Investor Compensation Fund is for CySEC-regulated brokers’ clients and it protects up to £20,000 per person.
On the other hands, ASIC regulated brokers must hold at least $ 1 million minimum net capital to prove their financial capability.
Unfortunately, there is no compensation scheme for ASIC regulated brokers’ clients.
Account Types and Spreads
I tried to find something about the account types of AsicTrader but the website of the broker provides just a few things.
One of them is there is only one account type. The minimum deposit of the account type is just $5. The maximum leverage is 1:2 and this looks it is for cryptocurrencies.
Unfortunately, there is no information about the spreads and this is a disadvantage about transparency for the broker.
Demo account is not available and if you want to see the trading conditions, you have to open a real account.
|Account Type||Minimum Deposit||Minimum Leverage||Spread|
As a crypto CFD broker, AsicTrader offers its own trading platform. The platform is a simple web-based trading platform but is not easy to use.
The broker doesn’t offer MetaTrader 4 which is the most popular platform among brokers. This platform has advanced features, user-friendly interface, advanced charting, automated trading with Expert Advisors (EAs), many customization options, and more.
This is one of the negative features of the broker. Trading platform of the AsicTrader does not have enough reliability and it is easy to lose your money by trading with it.
AsicTrader offers a wide range of cryptocurrencies such as Bitcoin, Ripple, Ethereum, Litecoin, Dash, Bitcoin Cash, and more.
Unfortunately, there is no Forex trading, you cannot trade currencies such as USD, EUR, JPY or GBP with this broker.
I can’t count the disadvantages of this broker, the broker’ score will be low.
The website of the broker supports English and Russian only. The visitors of the broker are mainly from also Russia. There are visitors also from U.K as much as Russia.
Live Chat is not available for AsicTrader. So, if you want to ask something you have to send an e-mail. I tried to learn the spreads by sending an e-mail but the broker didn’t reply me yet.
Deposit and Withdrawal Methods
You can fund your account with various deposit methods such as wire transfer, credit/debit card, Western Union and WebMoney. AsicTrader offers also cryptocurrencies deposit methods. You can fund your account via Bitcoin, Litecoin, Ethereum, and Ripple.
So, what about the duration of the withdrawal? It takes up to three business days for the broker to process your withdrawal. After that, it takes between 5-10 business days for a credit card withdrawal to show on your card.
You can withdraw your funds as often as you like, there is no limit.
Finally, my opinion about the broker is quite negative. AsicTrader is an unregulated broker, what is more, FCA blacklisted the broker. This is enough to say they are unreliable.
The broker does not provide information about the trading conditions and offer only its useless trading platform.
You can find a more trustable broker who offers cryptocurrencies trading. My top forex brokers list will help you to find. Note that, you may be under the risk if you trade a broker such as AsicTrader.