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ASPEN HOLDING SCAM BROKER REVIEW
Aspen Holdings is a Forex and CFD broker based in Vanuatu. The broker offers a wide variety of assets and offers MT4 platform too. But since it is not regulated by any renowned authority in its region, we can’t say that the broker is safe for dealing. Read the full review here.
About Aspen Holding
The broker Aspen Holding is owned by Next Trade Ltd which is based in Vanuatu, a country in Oceania. The payment processes are managed by another company which is based in Bulgaria.
Although, the owner company Next Trade Ltd is registered with a Financial Service Commission in Vanuatu, this does not make it a creditable broker. If it was registered with a popular Financial authority like FCA in the UK, CySEC or ASIC, then the regulation could be considered respectable.
The Broker offers six different types of accounts for its traders and the leverage offered is 500:1 maximum. Aspen Holdings offer a nice trading platform that is recommended and that is MetaTrader4. The assets available for trading is more than 200 in number. This includes Forex currency pairs, CFDs on stocks, precious metals, oil and cryptocurrencies which include Bitcoins, Ethereum, Litecoin, etc.
The payment options are multiple and you have many options for deposit and withdrawal. The options are Visa, Mastercard, e-wallets and bank wire transfer. Aspen Holding requires a minimum deposit of $250.
The broker displays some unusual conditions for a fee for trades and withdrawals. All withdrawals are charged with a 3.5 percent fee as a service fee. They also charge 0.5% charge on every trade whether the trade was successful or not. The CFDs on cryptocurrency are also charged with a swap fee of 5 percent. A monthly fee of 0.5% is also charged. Moreover, if you have not traded for two months, they will charge 200 dollars as a dormant fee. These all fees are unusual.
Is Aspen Holding a scam or legit broker?
Trading with a broker who is not regulated by a respected regulating authority can prove dangerous for the traders and there is a high insecurity of funds deposited with them. They handle your money in an unaccountable way and we have seen a number of cases when unregulated or poorly regulated brokers were involved in a scam.
Therefore we do not recommend to trade with Aspen Holding broker as they are poorly regulated as well as the trading and withdrawal conditions are unusual.