BidAsko Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this BidAsko Review.
Indeed, BidAsko offers a large selection of accounts types, however the information about the trading conditions is inconsistent and incomplete. Basically, there are two groups of trading accounts with this broker: Standard and ECN. There is also a special account for trading in shares CFDs, called Stock trading account. Swap-free services are also available with BidAsko, as well as account management options (PAMM accounts). Keep in mind that exotic currency pairs are not available for trading on swap-free accounts.
BidAsko’s offerings seem typical for an offshore brokerage – low minimum deposit required, high leverage levels and competitive variable spreads. We tried to test its online trading services on a demo account, however it turned out that it is not available, unless you deposit.
We noticed another disturbing fact: BidAsko uses the same slogan as leading CySEC-licensed brokerage Forex Time (FXTM): “Time is money. Invest it wisely.” What is more, BidAsko has uploaded some images, which we have seen on FXTM’s website. Only the colors are altered.
The Company. Security of Funds
Established in 2011, BidAsko is an offshore brokerage that offers trading in more than 50 currency pairs, CFDs on indices, commodities, shares and precious metals through the MetaTrader 5 (MT5) platform.
It claims to be a NDD broker, however, we cannot be sure, as the company behind the BidAsko brand, SDT BROKERAGE CORP, is a Vanuatu registered IBC.
Vanuatu is an offshore tax-free destination, where registration procedure for forex and binary brokers is fast and inexpensive. Minimum capital requirements are also low, amounting to $2000. This is even compared to other offshore destinations, such as Mauritius and Belize.
We advise traders to avoid non-regulated and offshore brokers and to select a forex broker licensed in UK, Cyprus, or Australia for instance, where traders have certain level of protection and where financial watchdogs exercise supervision over financial services providers.
BidAsko offers its clients the latest platform developed by Russian fintech MetaQuotes, MetaTrader 5 (MT5).
The main advantage of MT5 over its predecessor MT4 is the fact that it enables traders to execute trades on different financial markets (including stock markets) through a single account. In addition, MetaTrader 5’s execution is faster than MetaTrader 4 and now that the hedging option is added to it, among other enhancements, it gains popularity both among traders and brokerages.
VPS service is also available with this broker.
By the time of writing of this review, BidAsko offers welcome bonus of $50 (for a one month term), available to new Standard account holders. trading volume of 10 lots requirement applies for withdrawals with a leverage of 1:200.
Methods of Payment
BidAsko offers its clients wide range of payment options: credit/debit card, bank wire transfer, and e-wallets Skrill, Neteller, WebMoney, Payza, OKPay, dixipay, CashU, Yandex Money, Qiwi, Perfect Money, FasaPay.
BidAsko is a Vanuatu-registered forex and CFDs broker that uses the MT5 platform and offers a number of different account types, but no demo one. So, we could not test its services and the information on its website is somewhat inconsistent and incomplete. In our view, the main problem with this broker is that it is not regulated and also, that it uses slogans and images of FXTM.
The Broker is not a safe forex broker, Instead you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
BidAsko Review Conclusion
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