The offshore broker ASPEN HOLDING provides a total of five trading accounts. But the website of ASPEN HOLDING does not provide any information on minimum deposit, spreads and trading size. Let us find out how good this broker is.
About ASPEN HOLDING:
This broker offers all sorts of financial instruments. The leverage provided is generous and suitable for all kinds of traders. The broker’s portfolio contains all major currency pairs, CFDs on all possible assets. The broker’s website does not shed any light on the information about the true owner and from where it is operating. Sadly, the ASPEN HOLDING is not regulated. This is a real concern for traders and poses a scam threat to the investor’s funds. It does provide information on the branches available in countries like Malaysia and Russia. The terms and conditions section holds the trader accountable for its loss and forgets to mention about real con artist behind it. There is absolutely no information on the regulatory body and licensing. This condition is worrisome and raises several questions.
The broker does not forget to mention the several fees and charges on the site. It charges a clearance fee of 0.5% on winning or losing trade. If the trade is more than $1000 this fee is capped at $5. It also charges $30 or 3.5% whichever is a greater, service fee for the withdrawal. If the account stays dormant for sixty days it charges trader for $200 per month. The monthly maintenance fee of 0.5% is automatically withdrawn from the account. In addition to all this, there is one more fee called Swap charges 5% applicable to crypto transactions. This broker claims to provide trading on both MetaTrader and Self Developed platform. Eventually, this claim falls flat on the face. When tried to open the account it redirected us to a web-based trading platform. The maximum leverage provided on each account type is 1:500. It offers 3 pips fixed spreads. There is no demo account provided by this broker.
Is ASPEN HOLDING scam or legit?
The ASPEN HOLDING tries to be a legitimate broker but sadly fails to do so. The unavailability of information on the trading environment raises several questions. There is no information about the registered address. The broker is said to be not regulated and does not hold a proper license. On top of that, there are several fees and commissions applicable to every trading action. We can surely say that the trader’s funds are very much at the risk with this potential scam broker. Please try to avoid this scam broker.
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