AskObid Review: Is It A Scam?

Company Overview

1/5

Askobid claimed to be a legitimate forex broker but they were found to be a fraudulent scam. We received numerous complaints of problems withdrawing and suspicious counter-trading. They are suspected of manipulating trades among other fraudulent activities.

Askobid Review

Askobid came under severe criticism after the release of our article. People were not too keen on the service they provided. The forum moderator for this site even came out in defense of the company claiming that it was a legitimate brokerage. That was a difficult question to answer and we could not allow this to go on. We decided to dig deeper into the details and expose Askobid for what it is. You can check out the entire Askobid Review by clicking here. Investment Counselor Investment Counselor’s mission statement is to offer professional investment services to people of all income levels. They focus mainly on equities. They also have a Wealth Management service, which is highly suited for the mass affluent.

Why AskObid Is A Scam

The scam was uncovered by a user who claimed they were stuck in a lost position with AskObid for a total of 6 hours with a maximum amount of $11,000 at their disposal. The user claimed they were closing a trade with a buyer and trying to hold on to their position to do so when they hit an over-opportune moment and the trade was lost. They wrote a comment on the AskObid discussion board titled “AskObid.Com – a brand new fake Forex broker”. They shared that the customer support phone number on the site had been disconnected as well as the open a ticket regarding a loss. The user then explained that they were able to use the “Your Account” section to access their balance and use their International Credit Card (OCB).

How To Avoid Being Scammed

The big question here is how to identify a legitimate forex broker from a fraudulent one. Askobid had claimed to use multi-signature technology to ensure customer funds are safe. Users are directed to a website which includes a section called “FAQ.” The company’s official website has a single small disclaimer which reads “We reserve the right to close any account which we deem to have taken advantage of our service.” Another red flag was the fact that Askobid’s site had over 500 visits in the last five days and those were not random. It is suspected that many users may have been duped by the advertisements placed on social media platforms like Facebook. To ensure you are not scammed, always do your due diligence.

Unfortunately, Askobid is a well-established scam in the currency trading industry. This scam sells confusing investment opportunities through different marketing techniques. One of their advertisement claims that they will offer your a chance to trade with real money without leaving the comfort of your home, and that the fees are only 6%!

Askobid Trading Account

Unfortunately, Askobid is a well-established scam in the currency trading industry. This scam sells confusing investment opportunities through different marketing techniques. One of their advertisement claims that they will offer your a chance to trade with real money without leaving the comfort of your home, and that the fees are only 6%!

Askobid Withdrawal Testimonial

From the web:
“We talked to the managers at their office and they promised a refund. We asked for a second time if they would issue us a refund and was once again told “We are still looking into this.” I believe this to mean that they are either working out a scheme or doing the same thing as before.

Yet again, we asked for a refund and asked for an immediate status on whether a refund was issued. At this point we did not see any need to delay this further. I was at a place in my life where I needed some good news. I was on vacation and the whole reason I was there was because of the idea of a refund. However, we were told by Askobid managers that we needed to wait for their attorneys to approve the refund.”

Askobid Fees

There are reports that Askobid charges excessive fees. Users reported that they were charged $250 per $1,000 of their trading. For some people, it wasn’t that bad to pay $50 a trade, but others were paying over $200 per trade. It’s worth mentioning that Askobid also offers a margin trading service which they use to jack up their trading fees to increase their profit margin. This practice should be forbidden and I will be exploring how to trade profitably without paying unnecessary fees and commissions in my next article.

With Askobid, you are charged a monthly fee and you have to maintain a minimum balance of $1,000 or be charged a trading fee.

Askobid Side Betting

Askobid’s claim to fame is their side-betting feature which allows you to play a game of odds on the direction of a market.

Askobid Testimonial

Complaint by user:

“My most recent complaint was in April 2016. This is the email I sent them:

To Whom It May Concern, I am writing to notify you of an issue with trading for my account at your request. I have requested to do so several times, but you still refuse to do it. I believe that you are a scam company because of your name and website.

I have attached my profile with $500USD listed on it. Please perform an investigation and get back to me.

Thank you

I sent this email to many contacts within the Forex industry who confirmed that Askobid was a scam.”

Askobid Background Check

We checked out the details of Askobid: the domain name was registered in April 2016 and the company went offline in October 2016. All the accounts and documents were closed down by the bank. It didn’t take long for us to find other forex brokers. The registration is still active and it is linked to the same web address (askobid.com). This is the shadiest piece of web space you will ever come across. Don’t send them any kind of money!

This is an old post, originally published in July 2016.

We received numerous complaints about Askobid, a purported forex broker that was offering various services in exchange for commissions. We decided to take action and look into their business activity.

What To Look For

They claim to be a broker that doesn’t charge a fee to trade. However, as they claim to have large customer base it makes sense to charge trading fees. : They claim to be a broker that doesn’t charge a fee to trade. However, as they claim to have large customer base it makes sense to charge trading fees. Trading Professionalism : They claim to have a professional team with years of experience in trading. : They claim to have a professional team with years of experience in trading. Monitoring They claim to have what is referred as Zero Fee Trading. Watch Out: They may ask you to fill out a form or a survey if you are too low in the market and feel threatened.

How To Avoid Being Scammed

The big question here is how to identify a legitimate forex broker from a fraudulent one. Askobid had claimed to use multi-signature technology to ensure customer funds are safe. Users are directed to a website which includes a section called “FAQ.” The company’s official website has a single small disclaimer which reads “We reserve the right to close any account which we deem to have taken advantage of our service.” Another red flag was the fact that Askobid’s site had over 500 visits in the last five days and those were not random. It is suspected that many users may have been duped by the advertisements placed on social media platforms like Facebook. To ensure you are not scammed, always do your due diligence.

Conclusion

When a organization ceases to exist, it often becomes a time for reflection and re-evaluation of one’s trading methods. In this case, trading at AskObid, we considered this broker to be a scam based on all the testimonials we received. Do your due diligence and do your research before entering into any Forex trading. This article serves as a general reminder to keep your money safe and be aware of potentially fraudulent Forex operators.

Got Scammed By AskObid ?

We Can Help

Got Scammed?

We Can Help