Do you want to trade profitably in financial markets? The specialists behind the project we’ll discuss claim that all you need to do is open a trading account with them. The company promises to take care of everything else — providing access to thousands of global trading platforms, equipping traders with innovative software, offering detailed analysis and accurate asset behavior forecasts, and providing professional support. Sounds appealing? Unfortunately, all these enticing promises are nothing but bait. In reality, the broker is a typical scam, and in our AspenGroup review, we will prove it.
Key Features
- Company Name: AspenGroup
- Website: https://aspengroup.io/
- Available Contacts: [email protected]; +441312028841
- Foundation: 2024
- Services: Forex/CFD trading
- License: None
- Initial Deposit: Not specified
From Sign-Up to Payout
On its official website, AspenGroup proudly declares, “Created by professionals. Designed for YOU!” While the design might deserve some positive feedback, believing that professionals were involved in preparing the content is quite difficult. Judge for yourself:
- The website consists of only four pages, including the homepage. The content managers lacked both creativity and an understanding of what potential clients are interested in.
- Across all pages (except, perhaps, “Contact Us”), original content is nearly absent. For example, the “About Us” section contains a couple of phrases about the company displayed on a banner, followed by fragments copied from the homepage. The “Our Services” section follows a similar pattern.
- The website provides no information useful for traders. For instance, the company does not disclose details about its origin, history, payment data, or financial reporting. There are no trading conditions or account types listed. The so-called “professionals” behind the website couldn’t even prepare and publish descriptions of available markets and trading instruments (though they did create placeholders for quick links to this information and placed them in the footer).
- Users can easily register on the platform, gaining access to a personal account and trading terminal immediately after creating an account. However, if you don’t fund your account the same day, logging in the next day becomes impossible (you’ll receive an error message about an incorrect email or password). A password recovery request yields no email response, and the only way to resolve the issue is to contact support.
This last point clearly demonstrates that AspenGroup follows the typical operational scheme of most scam brokers. Access is seamless only for traders willing to deposit money into company accounts. Others face conversations with company representatives. Overall, the official website clearly shows that the project’s team is far removed from trading in financial markets.
Our Trading Experience With AspenGroup
It seems the “professionals” responsible for the broker’s website content couldn’t even string together a few coherent words to describe the trading platform. We found no other explanation for the lack of even the most basic information about this software on the website.
The AspenGroup trading terminal is, overall, fairly convenient. One particularly valuable feature is the ability to open positions with a single click. The developers also did a decent job with the selection of indicators and graphical tools (though credit here likely belongs to the creators of the price chart widget).
However, the software is plagued with the usual problems typical for such platforms:
- It does not support multi-chart mode, which significantly complicates managing a portfolio of assets, especially in dynamic markets.
- The market overview (list of instruments) is minimized by default. While this saves space for the price chart, it results in additional time lost when selecting the desired symbol and executing trades.
- Only two price chart display options are available — line charts and Japanese candlesticks. Traders accustomed to bars or area charts will have to adapt.
- While the set of chart analysis tools is fairly extensive, it is still limited. Furthermore, the platform does not support custom indicators or trading robots.
Overall, the software is decent but still falls significantly short of leading platforms such as MetaTrader or cTrader. Its use provides yet another subtle indication that the broker operates outside the legal boundaries. Consequently, it cannot acquire licensed, high-quality platforms and is forced to rely on inferior alternatives.
The most significant disappointment during our analysis of the trading capabilities offered by AspenGroup was the complete absence of any information about trading conditions on the website. Not only does the company fail to publish a list of available contracts and their specifications (a common practice among scam brokers), but it also takes this to a whole new level: not even listing the types of accounts.
As a result, a trader intending to work with this project can only guess the minimum deposit required, the leverage available for trades, the spread sizes, and the commission rates. To be honest, we would never agree to work with a company that hides all crucial information from potential clients, as we are convinced that only scammers would act in such a manner.
The Reality Check
We have no doubt that the lack of information about trading conditions makes it impossible for this broker to attract traders with even minimal experience. However, for market newcomers, who may hear promises of quick and easy profits during conversations with the company’s representatives, the arguments we have already presented might not be decisive. Therefore, we’ll provide stronger arguments based on an analysis of official information about AspenGroup.
As we already mentioned, the company does not publish any details about its registration or office locations. The British phone number provided could have served as a clue for further investigation; however, it is well known that such numbers can be purchased easily and cheaply. Nonetheless, this landline number is linked to Edinburgh, so checking the UK Companies House database seems worthwhile.
The registry revealed three companies named Aspen Group, but none of them match our broker:
- Two ceased operations, one in 2018 and the other in 2023.
- The third is involved in real estate, both owned and leased.
Thus, assumptions about the firm being registered in the UK were not confirmed. A search in the OpenCorporates database yielded numerous relevant results.
However, a thorough check of over a hundred companies from different countries revealed that none of them provide brokerage services. The conclusion is clear: AspenGroup, eager to appear as a reputable firm working with traders at an international level, is, in reality, not registered anywhere.
This means we are dealing with a pseudo-company that only exists as a website on the internet. Consequently, there are no organized trades or legal provision of brokerage services. Furthermore, this fraudulent firm cannot and does not have licenses (regulators, even offshore ones, do not issue licenses to websites), corporate bank accounts, or cards.
Who receives payments from clients? How are traders’ funds stored? On what legal grounds does AspenGroup operate? Who executes client orders? These and other questions remain unanswered. In our view, there is no longer any reason to doubt that this broker is a scam.
How Long Has AspenGroup Been in the Game?
The website provides no information about the broker’s founding date. However, since, as we’ve established, the company only exists as a website, determining its existence is relatively simple by checking the domain details via a WHOIS service.
According to this service, the domain aspengroup.io, used by the platform, was registered in January 2024. However, snapshots from the web archive indicate that activity on the website only began in early June 2024. Thus, a more accurate assumption would be that the broker started operating online at the end of May 2024, which coincides with the date of the last significant change to the domain.
This means the “company” has existed for approximately six months. For scammers, this is a fairly substantial timeframe. Incidentally, this provides us with another indirect confirmation that the company was organized by fraudsters. A legitimate broker would have used this time to properly set up their website, ensuring all necessary information was available. Scam site owners, on the other hand, do not bother with such efforts, as they attract new users through other, often illegal, methods.
Extra Fraud Indicators
Seven months of operation is enough time for AspenGroup reviews to appear online. Indeed, for example, the reviews.io platform contains over 80 posts about this company, while almost two dozen more are published on HelloPeter. Surprisingly, nearly 90% of the authors recommend this “reliable” broker.
However, upon reviewing the positive comments, we concluded that they were commissioned and paid for by the project owners. Judge for yourself: can you trust a review where the user claims to have been working with the company for over a year, while the broker has been active for just over six months? Can you believe an author who praises the broker’s trading terminal as the best they’ve ever seen but has clearly never used platforms like TradingView, MetaTrader, or cTrader?
In short, copywriters, working for their pay, praise anything they can think of — trading conditions, support assistance, regulation, fund security, etc. At the same time, none of them attempted to analyze the project’s details.
On specialized platforms, the picture is entirely different. Experts unanimously state that AspenGroup simulates trading, operates without registration or licensing, and uses payment methods that cannot be trusted. We fully agree with this opinion and are confident that the broker is a scam.
Is AspenGroup the Right Fit?
Thus, we can confidently highlight several facts about this broker. The company is not registered anywhere, and, of course, it has no licenses. The content on the official website, which lacks any vital information for traders, is pitiful. To create an illusion of credibility, the firm pays for fake online reviews, but their content doesn’t stand up to scrutiny. The evidence presented in our AspenGroup review is more than enough to conclude that this is a scam platform. Sending money to them means losing it forever, essentially gifting it to fraudsters.
I lost my entire deposit with these scammers at AspenGroup within a week. The platform is so terrible that it’s impossible to make a profit on any trade, and the personal manager gives advice aimed at draining your account as quickly as possible. Don’t trust these scammers and don’t send them your money.
Aspengroup tries to make many appealing promises, but without real evidence, it’s all just empty words. Scammers always behave this way. The broker’s website is entirely untrustworthy. It lacks everything – account types, trading conditions, registration and licensing details, payment methods, and banking information, etc. Scammers always act like this, and I believe this broker is one of them.