Beware! Ascend Market is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Ascend Market carries itself in a way that blends both professionalism and a sense of grace. This all adds up to a website that is very user friendly, and minimalistic, which might not play well with a forex broker because there are certain important details that have not been included in the info pool of the site. Read the review to find out more about this broker, and before you deposit in it!
To register users have to complete a relatively long form that requires all the necessary information for one to create an account. However, once we completed this first step we had to continue with more serious things like personal ID documents and similar. This means that we had no way to access the user portal area. Thus all trading conditions will have to be quoted from the website. What’s more, is that all payment details will also have to be taken from the website.
The instruments used for trading at Ascend Market are forex pairs, indexes, spot metals, and energy. In a word of increasing competition between brokers, this is definitely not enough. The EUR/USD cost of trade has not been disclosed. The only info we have is that STP Account holders can expect a minimum of 1 spread, while ECN Account users can expect a minimum of 0 pips. However, the ECN Account is burdened with a commission that increases each (applicable) spread with 0.5 pips, which is nothing at all!
The website is available in English, Russian, Chinese, and Spanish.
ASCEND MARKET REGULATION AND SAFETY OF FUNDS
The Terms and Conditions talk of the company being located in Vanuatu. There the official regulator that deals with the FX markets industry is the Vanuatu Financial Services Commission (VFSC). This is not a renowned commission, however, we give it props for striving for better change to its regulatory guidelines.
To our surprise, the holding name of the broker Pure M Global Limited, appeared as a search result in the VFSC database. This was not enough for us to conclude anything just yet. A little more research produces some further results. Pure M Global Limited is the parent company of another forex broker that goes by the name of Pure Market (puremarketbroker.com). It seems more logical the parent company has something to do with the latter broker than with the former. One major reason for us thinking this way are the names. It’s much more likely that Pure Market belongs to Pure M Global Limited, than a broker called Ascend Market.
The only way we can view Ascend Market is in the light of a clone firm, which is despicable, and fully fraudulent.
Another important piece of information is that Ascend Market has an official warning against it issued by the Italian watchdog, CONSOB.
And so Ascend Market both a clone firm and a blacklisted company. So, this broker is NOTHING MORE THAT A SCAM, making it UNLICENSED.
There is absolutely no reason for anyone to trust and deposit in unregulated forex brokers. Always check first if a broker is regulated, and then proceed to deposit! The FCA and CySEC are some of the most popular licensors and we advise users to invest in firms that are legitimized by either of these. Both regulators, as well as all other legitimate ones, have a set of rules that apply to all brokers, and should brokers decide not to follow them the regulators will penalize them either by a fee or by taking their regulation! The FCA and CySEC include a compensation scheme for all users whose broker cannot pay them back, for all kinds of reasons, including insolvency. The reimbursed can go up to 85 000 pounds per person for FCA, and up to 20 000 euros CySEC.
ASCEND MARKET DEPOSIT/WITHDRAW METHODS AND FEES
According to the website, the methods used for both funding and withdrawals are Neteller, Skrill, FasaPay, GTBank, EtanaCustody, a range of cryptocurrencies, and Wire transfer. Neteller and ASkrill charge a 3.9% commission on deposits. EtanaCustody charges a minimum $20 fee. Wire transfer chares for SWIFT a 20€ + 1.5%
The minimum withdrawal amount is et to $30.Here are the fee for withdrawals – GTBank charges 1% for any withdrawal; EtanaCustody $25; wire transfer charges for SEPA 5€ and for SWIFT 30€ + 2%; Neteller takes 2%; Skrill takes 1%; cryptocurrencies have all their very small share of commissions.
However, none of these matters because users should never deposit in this scammer broker!
How does the scam work?
Most fraudsters use the same scheme over and over again. However, they might take a different approach to use it, and that is why it is always recommended to take your time with a broker and see if are in the middle of a scam.
Online ads are the first step to getting scammed. These ads promise pure fantasy scenarios, like making thousand in a day while living on a beach house, etc. Those that are tempted will be redirected to a website where they will be asked to give away personal information, most notably email or telephone number. If any of these is given away, the person will start receiving emails or telephone calls that will push him or her to deposit in a given broker/investment scam.
The more advanced scammer, the so-called “account managers” will continue to drain you, through further phone calls. They will convince you to deposit even more. When the client feels like he or she is being scammed, all withdrawal requests will vanish and the broker will stop responding to you; they have disappeared with your money. At times the whole website goes down.
What to do if scammed?
The best advice we can give you is to file for a chargeback as soon as you get scammed. VISA and MasterCard have extended their chargeback time span to 540 days, so there is plenty of time to do that.
Those that have deposited via bank, we advise to change passwords and block any compromised accounts. Or you can contact the bank and check with them.
What’s more, is that users should never invest through crypto with unregulated brokers. Once a deposit is made the user can not get the money back!
Finally, users will find that there are recovery agencies that claim to help users who have been defrauded by scammers. The irony here is that these agencies are also scammer schemes!
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