Not all brokerage companies that have many positive reviews on the internet operate honestly and safely. Unfortunately, the forex industry is filled with scams and fake brokers masquerading as reliable and legitimate firms. This ASX Capital review is dedicated to such a platform. The organization claims many impressive things about itself, but the reality is quite different. And if you want to know why you should not invest your deposit here, then make yourself comfortable.
Key Features
- Company Name: ASX Capital
- Website: https://asxcapital.com/
- Available Contacts: [email protected]
- Foundation: 2024
- Services: CFD Trading
- License: no
- Initial Deposit: €5,000
From Sign-Up to Payout
ASX Capital has created an unremarkable and template-based website. Like any other pseudo-broker, this company also boasts fake claims, such as STP, 18 years of experience, regulation, segregated accounts for storing client funds, and much more. There is no separate section with information about the company, and apart from the address in Switzerland, there are no registration details. Interestingly, the site supports only one language besides English — Dutch.
After familiarizing yourself with the site, you are led through a simple registration process, where you only need to provide your full name, email address, and phone number. There is no need to confirm the creation of your personal account.
It is impossible to complete the registration without agreeing to receive regular promotional information. This seems extremely strange, as companies usually allow you to opt out of this condition. Therefore, it is recommended to provide disposable or unnecessary contact information to avoid receiving spam from fraudsters in the future.
ASX Capital requires all traders to go through a verification process. The site even features a KYC policy. It is standard and requires uploading documents that verify the client’s identity and place of residence.
A serious red flag is that the platform only supports one method of money transfer: cryptocurrency. The broker allows deposits in several types of digital currency — BTC, ETH, USDT (ERC-20 or TRC-20). The problem is that a successful transaction cannot be canceled, and the only way to get your money back is if the owner of the address to which you sent your funds returns it. There can be no chargeback.
Serious brokerage companies that operate legally may accept cryptocurrency deposits, but only as an additional method. Credit/debit cards and bank transfers should also be available to clients, but they are absent in the personal account. Trusting a firm that only accepts cryptocurrency is a bad idea.
The fees for deposits and withdrawals are not specified. In this regard, ASX Capital remains a secretive company. There is also no information about withdrawal processing times. These are not the best conditions.
Our Trading Experience With ASX Capital
Almost any experienced forex trader knows what the MetaTrader platform looks like, as it is one of the most popular terminals used by brokers. If such a trader were shown this company’s platform, they could easily say that it is not MetaTrader. Indeed, the firm provides its clients with software that is entirely different from MT. You can see this for yourself below by looking at a screenshot of the ASX Capital platform.
Now, take a look at how the MetaTrader 4 terminal looks (for those who have not used such a platform in practice):
Show these two screenshots to someone who doesn’t even know what forex is, and they will confidently say that these are different platforms. However, the broker claims on its website that it offers traders MetaTrader 4. This is a blatant lie. You can even check the list of companies connected to MT4, and ASX Capital will be absent.
Does the terminal represent anything serious and functional? No. The broker provides a meager set of tools for graphical and technical analysis. Moreover, the platform doesn’t even have versions for PC and smartphones.
The Reality Check
On its official website, the company claims 18 years of experience, lists its headquarters in Switzerland, and describes itself as “regulated”. However, just like with the trading platform, there is a lot of deceit here as well.
If the company is based in Switzerland, where is its license from FINMA? A regulated broker would list its license, the license number, the date it was obtained, and provide a link to the registry. However, here, there is nothing. Moreover, a check with FINMA revealed that ASX Capital is not registered with them. Perhaps the reason is that such an organization does not exist in Switzerland. The fraudsters boast of a non-existent office to create the impression of a serious and reputable intermediary.
It’s unclear where the firm is actually registered. It might be in Saint Vincent and the Grenadines. This jurisdiction is mentioned in the user agreement under section 13, “Applicable law and jurisdiction”. It’s not the best country, but perhaps the fraudsters had no other choice? Unfortunately, ASX Capital is not even registered with the SVGFSA. The user agreement seems to have been copied from somewhere else. And this is not surprising. The platform is unlikely to be registered as a legal entity at all. It’s as if it’s just a website where traders are encouraged to transfer money to a crypto address. What could possibly go wrong here?
A classic scammer’s trick — a fake office address, false claims of regulation, and a user agreement copied from elsewhere. Even the website is made from a ready-made template. Is there anything original or unique about this at all?
How Long Has ASX Capital Been in the Game?
If you’ve realized that the broker has no 18 years of experience, then you’ve done well. How can a company whose domain was registered in April 2024 boast about 18 years of activity? It can’t. It’s just another tale for naive traders. The first ASX Capital reviews also only started appearing in 2024. It’s a very new and young platform, and such platforms should not be trusted.
Extra Fraud Indicators
The website asxcapital.com also claims other facts, such as “fast withdrawals”, “segregated accounts”, “STP”, and “funds are secure”. All of these are mere fairy tales. What segregated accounts can there be when the company only accepts deposits in cryptocurrency? Withdrawal of funds doesn’t work here at all, which means that funds cannot be safe.
Scammers often try to convince potential clients that they are routing orders to liquidity providers, thus eliminating the conflict of interest. However, this is a blatant lie. The company cannot provide the names of liquidity providers or any evidence to support this claim.
The minimum deposit is very high — 5,000 euros. The leverage is also enormous — 1:100 to 1:500. Scammers are happy to take a large sum of money and offer maximum leverage, leaving the client with no chance of a positive outcome. Statistics show that over 75% of traders lose their money due to the use of leverage.
Is ASX Capital the Right Fit?
The number of downsides is simply off the charts, ranging from trading conditions to blatant lies. ASX Capital is not regulated, has no extensive experience, and is not registered in Switzerland. There is no STP here; the company operates as a dealing desk, which means it is interested in taking your money for itself. So, there is no point in trading here.
SCAMMERS!!! When will you return my money? I’ve been waiting for 3 weeks! No response from you! There’s nothing I can do. The scammers stole 12,500 euros from me. I thought this was a safe broker, but it turned out to be a fraudulent trap.
Do not believe the positive asx capital reviews. The scammers write fake reviews about themselves. There is no security here; they deceive people, and their goal is to steal your money. Fly-by-night company, no government oversight, no registered headquarters, no CEO, anonymous owner. Another trash entity masquerading as a CFD broker.