Askobid is a promising new European broker offering Forex, Stock indices and Commodities via their proprietary platform as well as the renowned MetaTrader4.
First impressions & Support
Askobid seems to be targeting a wide range of trader types with their one-stop-shop solution; a proprietary platform suited to the needs of new to mid-level traders, and a MetaTrader4 service that will be instantly familiar to Pro traders and those looking for an Autotrading option.
Their multi-lingual website is attractive and easy to navigate, with clear explanations of the available account types, features and trading conditions on offer. Their support team was fast to respond to my Livechat request and they seemed to be very knowledgeable about the Forex market and their platforms. Support is available 24/7 via Livechat/phone/e-mail and you can actually contact them over the weekend if needs be. Askobid claims to place a high importance on educating their clients to be successful traders and to this effect they offer a decent amount of content aimed at achieving this, including multiple daily market reports, an “Academy” and webinars.
Funding & Withdrawal
CySEC and ASIC regulation means Askobid is required to follow strict guidelines when dealing with deposits and withdrawals and although this may sometimes lead to a slower process (for deposits of $10,000+) it nevertheless means a greater level of security for anyone wishing to invest with them. For deposits of less than $10k the process is quite standard and takes up to ten minutes to fund an account. Payment methods in askobid forex include Wire Transfer, major Credit Cards and Moneybookers, via which users can use up to 30 additional “e-wallets”. From my experience their withdrawal process was relatively efficient, although be sure to send all the requested documents before you try to withdraw in order to avoid any potential processing delays.
Opening an Account
Opening a Demo / Practice account with Askobid is straightforward and within 7-8 minutes of sign-up I was placing trades; the account is valid for 21 days, has a balance of $50k and gives an accurate impression of performance prior to investing in a Real account. Expect to receive a call from one of their support team within a couple of days. There are 3 choices when opening a Real account: Silver ($100+), Gold ($1000+) or Platinum ($10,000+), for which the spreads and features vary, as well as the level of first deposit reward, rated up to 30%.
Trading Platform & Conditions
Askobid’s proprietary platform is web-based which automatically presents the advantage of being able to login and trade from any computer/location in the world, even with a low bandwidth connection. In addition, a mobile trading application is slated for release sometime in 2010.
askobid broker platform supports standard market functionality (including integrated charting tools, real time analysis feeds, Stop Loss, Entry Limit, “Take Profit”, One click order execution, No-deficit guarantee) as well as a range of unique trading modes; new traders will like the visual “Trade Station”, while more experienced speculators will appreciate the option of a more traditional orientation. One particularly useful feature is the “market sentiment” meter, giving the ability to see how other users are trading.
Order execution in askobid forex broker is fast and reliable and will satisfy all but the most impatient of scalpers, and those looking for the ability to hedge will not be disappointed. In terms of trading conditions, the offering is competitive and covers Forex, Stock Indices and Commodities, with acceptable spreads across the board (3 pips on majors). Leverage of up to 400:1 is available although the support team warned me against over leveraging my positions in order to limit my risk exposure. Not all brokers will voice their opinion in this manner, after all it is ultimately the client’s choice, however credit should be given for taking a responsible approach.
All in all, despite being a relative newcomer to an already bustling market place, Askobid appears to have put together a reliable product and service for anyone who wishes to trade multiple instruments, backed up by a high level of client support. They have designed a top notch platform and boast a variety of add-ons and tools that ultimately deliver the all inclusive “trading experience”. I can confidently recommend opening an account and wish you the best of luck with your investment.
On the broker’s profile page the rating visitors can leave askobid review as well as read askobid reviews written by other traders.
|Headquarters||Webgine Ltd, Spyrou Kyprianou 38, CCS Building, P.O.B 70091, Kato Polemidia , Limassol 4160, Cyprus|
|Free phone||+357 25 028 544|
|24 hour support|
|24 hour trading|
|Digits after the dot in quotes|
|Minimum position size|
|Pip spread on majors||1-3|
|Standard account, $||100|
|Mini account, $||100|
|Other payment methods|
|Popular payment methods||Credit Card, PayPal, Wire Transfer|
|Other instruments||metals, stocks|
|Platforms||Proprietary Platform, MetaTrader4|
|Regulation||CySEC, ASIC, MiFID|
Yes, it takes longer than usual to process all documents. We should understand that it's not about slow process. It's all about careful and proper approach to proof identity of each new customer required by regulatory body. After your account is opened, you get bonuses 15% of your deposit size. You get access to multifunctional online platform. Mobile app is also available if you love to trade from your smartphone. Let me explain one thing, askorbid offers level of services above the average. I'm satisfied with that and don't wanna jump from this broker to another one just because somebody can't gather all required papers to open account. In addition, company invested a lot of money in order to present its academy for traders. This is like an educational center for all levels of experience. Very informative.
forex-ratings review claim they is ASIC regulated (Australia)....this is incorrect....they are from Cyprus....not nearly the same.
- July 20, 2010 Askobid:
- In response to the above comment, Askobid does in fact hold an ASIC license (no. 343628) through it's parent company, Webgine Australia PTY Ltd. Please visit to the following link to view our ASIC profile: http://www.search.asic.gov.au/cgi-bin/gfs010c?origin=flb&licence_no=343628&role_type=FB&cond_sdate=&cond_stime=&rep_no=%20&a7=&a8=&a9=&a10=&a11=&a12=&a13=&start_date= Please feel free to contact our support team if you have any questions regarding this or any other issue. Regards, The Askobid Team