AskoBid or Assobad?

Discussion in 'Forex Trading' started by afto, Jan 27, 2011.

  1. afto


    It took me two short days to open and fund a new account w/AskoBid. By Dec 8 I was up and running. On Jan 5 I placed my last trade w/AskoBid and decided to close the account and withdraw all funds. At this point, I wasn’t unhappy with the brokerage – it was just that my little experiment with EA’s hadn’t gone entirely to my satisfaction although my final balance showed a modest 1% profit.
    Despite countless emails since then (cc’d to my account rep, billing and info), a couple of conversations via live chat and numerous withdrawal forms returned with all relevant details (bank routing number, swift code etc) included, I am still awaiting the return of my funds.
    Their haphazard, responses to my concerns have only provided me with conflicting information. At a minimum these guys don’t seem to know what their right arm is doing from their left. So lets just say that I’m less than impressed with their capacity to return a clients money as compared to their efficiency in receiving it.
    That may be true of all brokers to some extent but this is my worst experience with any of them. Scottrade promptly transferred my account to IB without even a transaction charge.
    There are no brokerage recommendations on ET for AskoBid therefore consider this a major thumbs down.
    I’m sure that I’ll receive my funds eventually but as this broker is based outside the USA, I’m getting a wee bit nervous. Does anyone have any suggestions – short of showing up at one of their offices with a baseball bat – that could expedite matters.
  2. Lucias


    Sorry. I had the same headaches. They were awful and I began to think they might have been a identify-theft scheme or something. I contacted my lawyer who sent them a letter and that's what it took for me. I finally did get my money.

    Good luck. I agree they should be absolutely avoided. They never responded to my support inquiry.

    If you anyone knows a REPUTABLE broker offering CFD's then do let me know. I will never ever put my money in a place that isn't vetted.

    You could try this:
    You could email who is in Toronto to support North American customers. You can also call him in Toronto at 416-479-4312

    I sent dozens of emails, phone calls, etc and they finally said they would send me the money and they didn't. Hope you get your money back. It was a huge headache. I can only imagine they don't have any money.
  3. rosy2


    i am truly amazed that people open accounts with these firms. there are many legitimate firms around.

    I would pay for a list of people that open accounts at these firms, subscribe to market guru news letters, or invest with someone that offers +50% returns
  4. afto


    Thanks for your advice and concern.
    I am a long time student of Larry Pesavento. Thursday night I spoke with him about the issue. He contacted a friend in Greece who spoke directly w/the owner of AskoBid.
    A couple of hours later AskoBid phoned me and sheepishly confirmed that the funds would be in my bank account within three business days latest.
    So, fingers crossed, the end is in sight.
    For good measure I fired off a letter to the Cyprus SEC. I seriously doubt if that was ever going to make a difference but when an overseas company has you by the short and curlies it does offer some kind of satisfaction.
    So, lesson learnt....always have an exit strategy.

    AskoBid are legit. There are many home grown legit brokerages - and guess what - they will delay and stall when it comes to returning your funds. I heard of a guy who had to wait two months to get his money ($2 million bucks) back - and then,without interest.

  5. Lucias


    afto: And the shame is that we want to give them our business if they'd just deliver. In fact, I put up just a token amount of my money to see how they were about returning it. Of course, they never answered my support questions, either.

    PS: MBtrading is now offering rebates for forex. Looks quite interesting.
  6. LeeD


  7. sammus


    There is some useful info about CFD brokers on Trade2Win.
  8. Dear Sir

    Askobid is a regulated and α legitimate European Company authorized to provide its services and approved for its activities performance- CySEC license number 108/10.

    The Compliance Department takes any complaint seriously, but as you may well understand our officers need to know about them first.

    Please if you are a client lodge a complaint report or contact me directly via email as offered and indicated on the web site so I can identify your record, find out where you had an issue with your dealings with us and solve it with you.

    I look forward to hearing from you soon.

    Best Regards

    Compliance Department

    O.C.M Online Capital Markets Ltd
  9. afto


    Too late. The horse has already left the barn.
    Be glad though that I'm not pursuing my complaint lodged with the CySEC.

  10. LeeD


    Right from the horse's mouth :)

    I couldn't resist posting this pun.
    #10     Feb 11, 2011