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The United Kingdom’s Financial Conduct Authority has issued a warning against Asset Gains in October 2023
If you are looking for a reliable and trustworthy online broker, you may have come across Asset Gains. This broker claims to offer a wide range of trading instruments, including forex, stocks, commodities, indices, and cryptocurrencies. But is Asset Gains a scam or a legit broker? In this review, we will examine the features, advantages, and disadvantages of Asset Gains, and help you decide whether it is worth your time and money.
What is Asset Gains?
Asset Gains is an online trading platform that was launched in 2019. According to its website, Asset Gains is owned and operated by Asset Gains Ltd, a company registered in St. Vincent and the Grenadines. The broker claims to be regulated by the Financial Services Authority (FSA) of St. Vincent and the Grenadines, but does not provide any proof of its license or registration number.
Asset Gains offers four types of trading accounts: Basic, Silver, Gold, and Platinum. The minimum deposit required to open an account is $250, which is relatively high compared to other brokers. The broker also charges various fees and commissions, such as withdrawal fees, inactivity fees, swap fees, and spreads. The spreads vary depending on the account type and the market conditions, but they are generally higher than the industry average.
Asset Gains provides access to over 200 trading instruments, including forex pairs, stocks, commodities, indices, and cryptocurrencies. The broker uses the MetaTrader 4 (MT4) platform, which is one of the most popular and widely used trading platforms in the industry. MT4 offers advanced charting tools, indicators, expert advisors, and automated trading options. Asset Gains also has a web-based platform and a mobile app that are compatible with various devices and operating systems.
Asset Gains claims to offer various educational resources, such as webinars, ebooks, videos, and articles. However, most of these resources are only available to premium account holders or require a deposit to access. The broker also offers customer support via phone, email, and live chat. However, the support team is not very responsive or helpful, and often tries to pressure clients to deposit more money or upgrade their accounts.
Is Asset Gains a scam or a legit broker?
Based on our research and analysis, we have found several red flags that indicate that Asset Gains is not a legit broker, but rather a scam. Here are some of the reasons why we do not recommend Asset Gains:
- Lack of regulation: Asset Gains claims to be regulated by the FSA of St. Vincent and the Grenadines, but does not provide any evidence of its license or registration number. The FSA is not a reputable or credible regulator, and does not have any authority or jurisdiction over online brokers. Therefore, Asset Gains is an unregulated broker that operates without any oversight or protection for its clients.
- High fees and commissions: Asset Gains charges various fees and commissions that are higher than the industry average. For example, the broker charges a withdrawal fee of $50 for wire transfers and $35 for credit cards. The broker also charges an inactivity fee of $80 per month after six months of no trading activity. Moreover, the spreads are very high and variable depending on the account type and the market conditions.
- Negative reviews and complaints: Asset Gains has received many negative reviews and complaints from its clients on various online platforms and forums. Many clients have reported that Asset Gains is a scam that does not process withdrawals or refunds requests. Some clients have also accused the broker of manipulating prices and trades to cause losses or prevent profits. Furthermore, some clients have claimed that Asset Gains uses aggressive marketing tactics and false promises to lure unsuspecting traders.
- No demo account: Asset Gains does not offer a demo account that allows potential clients to test its services and platform before investing real money. This is a common feature among reputable brokers that shows transparency and confidence in their products. The lack of a demo account suggests that Asset Gains does not want its clients to see how its platform works or how it performs in real market conditions.
In conclusion, we do not recommend Asset Gains as a reliable or trustworthy online broker. We believe that Asset Gains is a scam that operates without any regulation or protection for its clients. The broker has many red flags that indicate that it is not a legit broker, but rather a fraudulent scheme that aims to deceive and defraud traders. Therefore, we advise you to avoid Asset Gains at all costs and look for other reputable brokers that offer better services and conditions.
What to Do If You’ve Lost Money with Asset Gains?
If you have been scammed by Asset Gains or any other broker, you’ll want to seek assistance from brokercomplaintregistry.com immediately. Our experts will consult with you and bolster your claim to help you get your money back. Brokercomplaintregistry.com is a leader in recovering your funds and will help you retrieve your funds from a broker scam.