Ascend Trades – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Ascend Trades - DO NOT TRADE WITH THIS PROVIDER
2.2/10
$100
Minimum Depositupdated 2024
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://ascendtrades.net
Founded: 2022
Regulations: Not Licensed
Languages: English, Google Translate Languages
Deposit Methods: Crypto (Bitcoin, Ethereum)
Minimum Deposit: $500
Free Demo Account: N/A
Number of Assets: Unspecified
Types of Assets: Forex, Crypto Assets, NFTs, Stocks, Gold, Indices, Commodities
Trading Accounts and Conditions
Ascend Trades offers their clients investment plans, not trading accounts. Here is what you get:
- Basic Plan: The deposit for this plan is $500 to $999. The minimum return promised is $1,348 and the maximum is $2,786. The duration of the plan is 7 days.
- Silver Plan: The deposit for this plan is $1,000 to $4,999. The minimum return promised is $1,560 and the maximum is $7,798. The duration of the plan is 1 week.
- Gold Plan: The deposit for this plan is $5,000 to $9,999. The minimum return promised is $9,200 and the maximum is $18,398. The duration of the plan is 3 months.
- Platinum Plan: The deposit for this plan is $10,000 to $50,000. The minimum return promised is $24,000 and the maximum is $120,000. The duration of the plan is 6 months.
Trading conditions are not mentioned at all.
Ascend Trades – Advantages
There are no advantages to trading with Ascend Trades.
Ascend Trades – Disadvantages
Listed here are all the reasons that prove Ascend Trades is a scam operation and therefore not to be trusted:
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Anonymous and Unregulated Broker
When dealing with an online brokerage, the first thing we need to do is check how legitimate that broker is, i.e., if they are regulated or not. Spotting a regulated broker is easy. They will make sure that all information regarding their corporate identity and their regulation status is clearly displayed on their website. It is then an easy task to verify with information from the registers of the authority that the broker claims to be regulated by.
If there is an anomaly of any sort with a broker’s corporate and regulation information, then you know that you are dealing with an untrustworthy broker.
Now, with Ascend Trades, we have nothing. We do not know the name of the company that owns and operates their website. We do not know where this broker is located. We do not have any contact information except for an email address. And we have no regulation information.
This lack of information means that Ascend Trades is operating anonymously – and illegally. And that, in turn, means that this broker is a scammer.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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Blacklisted by ASIC
While we were searching for Ascend Trades’ regulation status, we found out that this broker has actually been blacklisted by the Australian Securities and Investments Commission, or, the ASIC. The Australian regulator has issued an explicit warning against Ascend Trades, stating that they are operating illegally in their country and that trading with this broker would be a bad idea.
When a regulator of the ASIC’s standing issues a warning against any broker, it is wise to heed that warning and steer clear of that entity.
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Issues with Trading Platform
On their website, Ascend Trades only tells us that they have powerful trading tools, resources and support. The broker also claims to offer an advanced web-based trading platform. All of these claims are lies.
This broker actually does not even have a working trading platform. They have what looks like a trading platform, with charts imported from TradingView.com. There is no way to trade on this so-called platform. There are no tools or other resources that are offered by real trading platforms.
A broker’s trading platform is their main – and only – product offering. So, real brokers buy the best possible trading software in the market. This usually means getting the MetaTrader 5 software, which is the most used and popular platform in the world today.
So, when a broker has no working trading platform to offer – like Ascend Trades – then you know that you are dealing with another shoddy scammer.
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No Trading Conditions
Ascend Trades does not even try to offer trading conditions, which is a clear red flag that tells us that they are out to scam traders.
The trading conditions a broker offers tells you whether it would advantageous to do business with them or not. 80% of the world uses the MT5 software, so the differentiator becomes the broker’s trading conditions. Therefore, legitimate brokers will advertise their trading conditions in great detail on their website. They will even offer a demo account where you can check out and test their trading conditions for yourself.
With this broker, we have absolutely no trading conditions – proof that we are dealing with a really sloppy scammer.
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Profits Promised
Ascend Trades promises their customers that they will make money when they sign up for one of their many investment plans. This claim is a dead giveaway of this broker’s scam. There is no broker on earth that can promise you profits. The forex markets are so volatile that it is impossible to predict profits. In fact, statistics show that more than 80% of all trades actually end up in failure. So, people basically lose more money than they make on the markets.
Therefore, if any broker (like Ascend Trades) promises you profits, avoid them. They are trying to scam you.
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Crypto Payment Method
Ascend Trades only allows you to make payments using cryptocurrencies such as Bitcoin and Ethereum. This is another clear indication of their scam. Crypto transactions are all anonymous. They are also all permanent; there is no way for you to get your money back in you have completed a crypto transaction.
And this is why crypto payment methods are a favorite with scammers.
Therefore, if a broker offers only this payment method, it is a clear sign you are dealing with a scammer.
Conclusion
Ascend Trades is a broker that cannot be trusted; they are running a scam operation.
Ascend Trades
Pros
- None
Cons
- Anonymous and Unregulated Broker
- Blacklisted by ASIC
- Issues with Trading Platform
- No Trading Conditions
- Profits Promised
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more