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I know it's a bit of a delayed response here, but it's important people are aware of this. Regarding the companies CFD/FX trading offering, here is my review:This company offers a CFD program called "ASSET" and an FX product which I will cover later. In this product they show you amazing gross returns of leveraged portfolios of stocks over the previous five years, but what they don't tell you is how much of a rip off their fees are. For example - they charge an interest fee on the entire position. This fee is 4.97% + the base rate. The base rate varies but in general you're looking at 7.5% total interest approximately. That isn't even half of it though.You see the interest rate is charged on the total value, and the products are leveraged. leverage ranges from 3-10 times, meaning in actual fact, interest expense alone is 22.5%-75% of your equity per annum, charged daily.They also have a re-balancing fee. Every 3-6 months, the "ASSET" will be adjusted. This means they change the stocks in each ASSET (up to 20 stocks). For this they charge you a percentage commission, with a minimum of $7, per stock, per trade. So if you re-balance, like they recommend, on for example a $5,000 account, the minimum cost may be up to $7*20*2 (sell current stocks buy new stocks) = $280, every quarter.That's 22.4% transaction fees per year just to follow the strategy.On the platform however, they attempt to wow you by showing you multiple hundred percent returns per anum, basically if you'd invested in the basket, with maximum leverage, and they didn't charge any fees, in some baskets you could have made a hundred+% return this year! They show you this to take advantage of peoples greed. What they don't tell you is that in reality, the transaction fees could be up to 97.5% of your equity per anum meaning you'd be lucky to break even, and the leverage means it could be 3 to 10 times more risky than buying the stocks.To top it all off, this company even has the balls to charge unsuspecting victims a membership fee ranging from $500-$1,497 per year (depending on the clients negotiating skills) just to access the platform!To all the investors in physical equities with no interest in this companies CFD "offering", I implore you to ask yourself, if a company offers the service outlined above to their paying customers (for over a year now), do they have their clients best interests at heart? Feel free to do your own fact checking, here's the link:https://asset.asrw.com.au/In terms of their foreign exchange product, they are just referring their clients to USGFX. Feel free to look at the reviews of USGFX on Forex Peace Army, because that's who you'll be trading with albeit with an extra middle man in between. Spoiler alert: they're pretty ****. One of the reviews was even flagged because it came from USGFX's main office.
I know it's a bit of a delayed response here, but it's important people are aware of this. Regarding the companies CFD/FX trading offering, here is my review:
This company offers a CFD program called "ASSET" and an FX product which I will cover later. In this product they show you amazing gross returns of leveraged portfolios of stocks over the previous five years, but what they don't tell you is how much of a rip off their fees are. For example - they charge an interest fee on the entire position. This fee is 4.97% + the base rate. The base rate varies but in general you're looking at 7.5% total interest approximately. That isn't even half of it though.
You see the interest rate is charged on the total value, and the products are leveraged. leverage ranges from 3-10 times, meaning in actual fact, interest expense alone is 22.5%-75% of your equity per annum, charged daily.
They also have a re-balancing fee. Every 3-6 months, the "ASSET" will be adjusted. This means they change the stocks in each ASSET (up to 20 stocks). For this they charge you a percentage commission, with a minimum of $7, per stock, per trade. So if you re-balance, like they recommend, on for example a $5,000 account, the minimum cost may be up to $7*20*2 (sell current stocks buy new stocks) = $280, every quarter.
That's 22.4% transaction fees per year just to follow the strategy.
On the platform however, they attempt to wow you by showing you multiple hundred percent returns per anum, basically if you'd invested in the basket, with maximum leverage, and they didn't charge any fees, in some baskets you could have made a hundred+% return this year! They show you this to take advantage of peoples greed. What they don't tell you is that in reality, the transaction fees could be up to 97.5% of your equity per anum meaning you'd be lucky to break even, and the leverage means it could be 3 to 10 times more risky than buying the stocks.
To top it all off, this company even has the balls to charge unsuspecting victims a membership fee ranging from $500-$1,497 per year (depending on the clients negotiating skills) just to access the platform!
To all the investors in physical equities with no interest in this companies CFD "offering", I implore you to ask yourself, if a company offers the service outlined above to their paying customers (for over a year now), do they have their clients best interests at heart? Feel free to do your own fact checking, here's the link:
https://asset.asrw.com.au/
In terms of their foreign exchange product, they are just referring their clients to USGFX. Feel free to look at the reviews of USGFX on Forex Peace Army, because that's who you'll be trading with albeit with an extra middle man in between. Spoiler alert: they're pretty ****. One of the reviews was even flagged because it came from USGFX's main office.
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