Aspen Holding

Unverified brokers try to conceal their identities by presenting smooth and stylish websites as their facade. And they succeed, however we are less easily tricked. Aspen Holding is an example. Read on to find out more.

Next Trade Ltd is the parent company of Aspen Holding and of another illegitimate broker by the name of OlympusMarkets. In fact both brokers share almost the same features, with slight differences here and there. Its address is located in Vanuatu, where in recent years the minimum capital requirement the perfect thriving ground for many shady brokers.

Nevertheless, in the Vanuatu Financial Services Commission’s register for licensed firms, both the company and it’s parent firm were not included.

Thus we can conclude that Aspen Holding is UNREGULATED and therefore a risk to traders.

Investing in unregulated brokers is the digital equivalent of throwing your money away for the wind to disperse it. It’s obvious that no one would do such a thing. Go with brokers that are regulated by trustworthy organizations like the FCA or CySEC. These entities work closely with the law, enforce it when called for, and have strict requirement for those under their gaze. Not to mention that those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).

The average EUR/USD spread is, for real, 4.4 pips on average which we got from the trading platform. There is nothing to compare this to, and even this early on in the review we are left to conclude that there is absolutely no reason for putting up with such a preposterous cost of trade.

The leverage is the typical one that is offered by offshore brokers: 1:500.

Assets for trading as seen on the trading platform are Commodities, Indices, Stocks and Currency Pairs.

Languages are divers: English, Spanish, Russian, Portuguese, Polish, Italian, German, Arabic.

ASPEN HOLDING LOGIN

The trader claims that it uses the MT4 platform, but any attempt to reach it only redirected us to an old acquaintance of ours:

Illegitimate brokers have been using this browser trader for as long as we’ve been writing reviews, and we will always claim the same exact thing: this platform has nothing to keep you invested.

Even more so with Aspen Holding, considering the crazy spread of 4.2 pips:

The inclusion of a trading platform is by far the biggest difference that Aspen Holding and Olympus Market have in between them.

The leverage is 1:500.

There is a clearance fee of 0.5% from every single trade that is made:

ASPEN HOLDING MINIMUM DEPOSIT

There is no minimum deposit amount.

Depositing methods in the FAQ are:

However, on the Deposit Page they are slightly different:

Which one you can trust is up to you, but we nonetheless advice against depositing any amount whatsoever. Brokers with proper licenses from the FCA and CySEC (among others) operate in ways that put the trader’s security of funds and personal information as a pivotal priority. These agencies are the top non-US financial license issuers, which should give you an idea of the brokers working under their oversight.

DON’T PROVIDE YOUR CREDIT CARD CVV CODE

The broker explicitly advises against showing this when providing the necessary documents, yet we still feel compelled to warn you against giving it away. By giving away your Card info with the CVV code to some unconfirmed person you are literally giving access to your funds, and if these details fall into the wrong hands, rest assured that your bank account will be promptly emptied.

DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER

These two softwares allow for others (in our case the people behind the shady brokerage) to log-in to your PC and flip through all files and browsers, essentially taking over your computer as another user and having access to your personal information like bank account passwords, credit card information etc. Thankfully, these platforms are completely legal and will need your own personal approval in order to be used.

ASPEN HOLDING WITHDRAWAL TIME AND FEES

The minimum withdrawal amount is $50.

Withdrawal requests are processed for up to 5 days. Individual payment systems take different amounts of time to send the amount over to you.

There is a withdrawal fee of 3.5% of the entire withdrawal amount. If this 3.5% is equal to or less that $30, then the withdrawal will be taxed with $30.

ADDITIONAL FEES AND TAXES

The $200 dormant account fee activates if an account has not been traded with for over 2 months.

$200 is simply way too much, and is yet another tell that this broker is not to be trusted at all.

A maintenance fee is also applicable. It’s charged directly from the balance of an account by 0.5% of the entire sum. In all honesty, it’s nothing to bicker about but it can be annoying for some.

The last of the fees that is mentioned in the Terms and Conditions is one connected to currency. It’s a swap fee, and is the most confusing of all, as it leaves no explanation to back it up. We leave it for you to see and draw your own conclusion.

Unlicensed brokers utilize smart tactics to keep you from withdrawing in order for them to charge you with fees such as the ones just mentioned. Their methods are divers and range from finding or creating loopholes in the T/C, to reassuring that the more you postpone your withdrawal the better the chance of quadrupling your initial investment.

ACCOUNT VERIFICATION

We strictly advise against giving away an ID and proof address to unregulated brokers: they can be literally anyone with enough time and skill to mask themselves as a broker. Usually, these individuals use the anti-money laundering legislation as front for when traders start to get suspicious. Once this suspicion is confirmed and you file for a charge back, they will use your details against you case.

If you wish to to get smooth and efficient transactions, please visit a FCA/CySEC regulated broker, where all withdrawals are handled with care and respect. This broker never has the intention of paying you back.

HOW TO RECOVER

Don’t delay, and file for a charge back ASAP with your bank or credit card company, but also ask them what the situation with your current account is.

If you have given a CVV code to the broker, be sure to cancel your credit card as soon as possible, because the broker will not delay with draining every cent from it.

Victimized traders will have their guards down looking for every opportunity to get their money back. This is where the fake recovery agents come in, seeing an opportunity in your desperateness. First of all, they will promise to recover all your money, but they will ask a fee to cover their services. Once this fee is paid rest assured that you will never again hear from them.

The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!

BOTTOM LINE

There is no doubt that Aspen Holding is a scam. This so called broker has nothing on its agenda except to take what money you have, and disappear with it. Don’t fund an account with it!