Aspen Holdings Review
Aspen Holdings provides traders with as many as six trading accounts. Unfortunately, the trading conditions provided are not clear on any of them. The problem of this CFDs and Forex broker is that its unregulated and possess scam risk. The broker is offshore based, and this also increases scam risk. Apart from offshore-based and unregulated nature, we have other concerns about this broker. In this Aspen Holdings review, we will discuss all of them and give a clear picture of this broker. Make sure to read it thoroughly.
About Aspen Holdings:
The six accounts are Basic, Bronze, Silver, Gold, Platinum, and Diamond with provided leverages of 1:500 on every trading accounts. The provided high leverage ratios are beneficial as well as poses high loses. Therefore, regulated trading markets like USA, UK, EU, Japan and Australia banned high leverage levels. The trading instruments offered by Aspen Holdings are quite many. It includes several exchange pairs, including exotic ones. It also provides CFDs on precious metals, energy products, stocks, and much more. Traders around the globe always welcome the diverse product portfolio as it reduces trading risk.
The broker Aspen Holdings is managed by Vanuatu based firm called Next Trade LTD. The company was allegedly called by scam because of its other brand called Olympus Markets. Another firm, called Beauty Productions LTD from Bulgaria manages payment services of Aspen Holdings. According to Bulgarian law, the brokers operating from its territory must be registered by the Financial Supervision Commission. Unfortunately, Bulgarian local financial body Financial Supervision Commission does not have any registration of either of the company or brand name. The lack of any regulation is worrisome, and traders must avoid such brokers. Also, the association of Aspen Holdings with the scam broker is not a good sign.
The broker does not offer trustworthy MetaTrader trading platform instead offers some underlying web-based platform. Also, the spreads of 3 pips are provided on primary fx pair of USD-EUR. The spreads are high and do not benefit trader; instead, it increases the actual cost of trading at Aspen Holdings. The broker also charges salty fees on withdrawals. It applies 3.5% service fees on withdrawal amounts. Also, charges 0.5% on every single trade and 5% of Swap charge. Such terms and conditions can be seen only at scam broker.
Is Aspen Holdings scam or legit?
The broker is unregulated with offshore nature. No one can guarantee recovery of fund from such brokers. In our view, Aspen holding is a potential Australian trading scam. Keep a safe distance from this broker.