Overview of Ascend
Ascend Broker, an entity operating without regulatory oversight and labeled as a “Suspicious Clone,” raises red flags concerning its legitimacy and adherence to industry standards. The company offers multiple account types, including Standard, Pro, VIP, Islamic, and Demo, with varying minimum deposits ranging from $50 to $50,000. Claiming an ambitious maximum leverage of up to 1:2000, Ascend's proprietary CFD trading platform supports a diverse array of tradable assets, spanning Forex, Stocks, Indices, Commodities, Cryptocurrency, Metals, and Energy.
While the platform boasts competitive spreads on major pairs, caution is advised due to wider spreads on less liquid instruments. Ascend Broker provides customer support through Live Chat, Phone Support, Email Ticketing System, FAQs, and a Community Forum. The inclusion of an Islamic account option, catering to traders following Sharia law, and a Demo Account with no minimum deposit requirement, are notable features. The platform supports various payment methods, including Bank transfers, Credit/Debit Cards, E-wallets, and Cryptocurrency.
Educational resources, such as Tutorials, Webinars, a Glossary, Ebooks & Guides, and a Community Forum, aim to assist traders in navigating the complexities of the CFD market. However, the reliability of information and the platform's overall transparency are compromised by its unregulated status and “Suspicious Clone” designation. Traders are urged to exercise caution, thoroughly assess the risks involved, and consider regulated alternatives with a proven track record for a secure and trustworthy trading environment.
Is Ascend legit or a scam？
Transparency and Caution are Paramount:
It's crucial to highlight that Ascend broker is currently not regulated by any reputable financial authority within the United States. This absence of oversight raises significant concerns regarding the security of client funds and the broker's adherence to best practices.
Red Flags and Protective Measures:
Furthermore, regulatory bodies have classified Ascend broker as a “Suspicious Clone.” This designation indicates that it may be impersonating or mimicking a legitimate, regulated entity, potentially misleading unsuspecting traders.
Pros and Cons
Ascend Broker appears to be a solid choice for freight brokers, offering a feature-rich platform at a competitive price. However, it's not without its downsides, including occasional performance issues and a potential learning curve for some users. Additionally, the lack of multi-currency support and customs brokerage features might be dealbreakers for specific operations. Weighing the pros and cons against your specific needs will help you determine if Ascend Broker is the right fit for your freight brokerage business.
Market Intruments
Ascend broker empowers you to delve into diverse markets through a comprehensive palette of Contract for Differences (CFDs). Explore opportunities across:
Forex: Dive into the dynamic world of currencies, trading major and minor pairs like EUR/USD, GBP/USD, and AUD/USD with the potential for flexible leverage.
Stocks: Access leading global companies across various sectors, from tech giants like Amazon and Apple to established players in finance and consumer goods.
Indices: Gain exposure to broader market sentiment by trading contracts on major indices like the S&P 500, NASDAQ, and DAX, capturing movements in entire sectors.
Commodities: Trade essential resources like oil, gold, and wheat, capitalizing on potential trends driven by global economic forces.
Cryptocurrency: Embrace the burgeoning world of digital assets by trading CFDs on popular cryptocurrencies like Bitcoin, Ethereum, and Litecoin.
Metals: Navigate the precious metals market with contracts on gold, silver, and platinum, known for their historical role as safe havens during economic uncertainty.
Energy: Gain exposure to the ever-evolving energy landscape by trading CFDs on oil, natural gas, and electricity, capitalizing on potential shifts in supply and demand.
Account Types
Ascend Broker Account Types
Ascend Broker offers a variety of account types to suit the needs of different traders. Each account type has its own minimum deposit, leverage, spreads, and other features.
Standard Account
Pro Account
Minimum deposit: $5,000
Leverage: Up to 1:1000
Spreads: Even more competitive
Other features: Dedicated account manager, access to market research, and exclusive trading signals
VIP Account
Minimum deposit: $50,000
Leverage: Up to 1:2000
Spreads: Tightest spreads available
Other features: Personal account manager, access to exclusive events, and a dedicated VIP lounge
Islamic Account
Demo Account
Account Features
In addition to the features listed above, Ascend Broker offers a number of other account features, including:
Negative balance protection: This feature protects traders from losing more money than they have deposited.
Swap-free trading: This feature allows traders to avoid paying interest on overnight positions.
Margin calls: Ascend Broker will issue margin calls when a trader's account balance falls below a certain level.
Stop-loss orders: These orders automatically close a trade at a predetermined loss.
Take-profit orders: These orders automatically close a trade at a predetermined profit.
How to open an account？
Visit the Website:
Begin by accessing Ascend Broker's official website.
Locate and click the “Open Account” or “Register” button, usually prominently displayed on the homepage.
Complete Registration Form:
Account Type Selection:
Choose the account type that best suits your trading needs and preferences, considering factors like minimum deposit, leverage, spreads, and additional features.
Identity Verification:
Financial Information:
Account Approval:
Deposit Funds:
Download Trading Platform:
Leverage
While Ascend's website claim a maximum leverage of up to 1:2000, promoting such high leverage for an unregulated broker carries significant risks.
High leverage can amplify both profits and losses, leading to potentially devastating consequences for inexperienced traders. It's crucial to understand the risks involved before considering trading with such leverage, regardless of the broker.
Furthermore, the actual leverage offered by Ascend varies depending on the specific account type, instrument, and trader's residency.
It's strongly recommended to prioritize safety and transparency by opting for regulated brokers with lower leverage options suitable for your risk tolerance and experience level.
Spreads & Commissions (Trading Fees)
Ascend Broker offers variable spreads on most instruments. Spreads are typically competitive for major currency pairs but will be wider for less liquid instruments. Additionally, some instruments may incur commissions.
Here are some specific examples of spreads and commissions charged by Ascend Broker:
Forex: Spreads on major currency pairs are typically around 0.1 pips.
Stocks: Spreads on stocks are typically around 0.5%.
Indices: Spreads on indices are typically around 0.2%.
Commodities: Spreads on commodities are typically around 0.5%.
Cryptocurrencies: Spreads on cryptocurrencies are typically around 0.2%.
It's important to understand the spread and commission charges associated with any broker before opening an account. These charges can have a significant impact on your trading profits or losses.
Non-Trading Fees
While understanding spreads and commissions is crucial, Ascend Broker also levies other fees that can impact your trading experience. Let's delve into these additional charges:
Overnight Interest Fees (Swap Fees):
These fees are charged for holding open positions overnight. The amount varies depending on the instrument (long or short) and prevailing interest rates.
Ascend Broker doesn't readily disclose swap fee details on their website. It's recommended to contact their customer support for specific rates on your desired instruments.
Deposit & Withdrawal Fees:
Deposits: Ascend Broker generally doesn't charge fees for deposits, though certain payment methods (like bank transfers) incur intermediary bank charges.
Withdrawals: Similar to deposits, Ascend Broker generally doesn't charge withdrawal fees. However, some payment methods might have associated fees. Always check the specific fees before initiating a withdrawal.
Inactivity Fees:
Ascend Broker charges an inactivity fee of $25 per month if your account remains inactive for more than 6 months.
This fee is deducted from your account balance, so it's important to log in and trade at least once every 6 months to avoid it.
Trading Platform
Ascend Broker aims to equip traders with a comprehensive platform to navigate the CFD market. Their all-in-one CFD trading platform boasts several features designed to cater to different trading styles and needs.
Streamlined Interface:
The platform boasts a user-friendly interface, making it accessible for both seasoned traders and beginners. Intuitive navigation and customizable layouts allow you to tailor the platform to your preferences.
Real-time market data keeps you informed with up-to-date quotes, charts, and market news.
Comprehensive Functionality:
Trade a diverse range of CFDs across various asset classes, including forex, stocks, indices, commodities, and cryptocurrencies, all within the same platform.
Access advanced charting tools for technical analysis, allowing you to identify trends and make informed trading decisions.
Utilize various order types, including market orders, limit orders, stop-loss orders, and take-profit orders, to manage your risk and maximize potential profits.
Additional Features:
Stay connected with market trends through integrated news feeds and economic calendars.
Manage your account effectively with built-in account statements, trading history, and margin calculators.
Access educational resources and tutorials to enhance your trading knowledge and skills.
Deposit & Withdrawal
Here's an overview of Ascend Broker's deposit and withdrawal options:
Deposits:
Wide range of methods: Ascend Broker offers a variety of deposit methods, catering to different preferences and regions. Popular options include:
Bank transfers: Reliable but may have processing times and bank fees.
Credit/debit cards: Convenient and fast, but potential transaction fees apply.
E-wallets: Quick and often fee-free, but supported options might vary.
Cryptocurrency deposits: Limited availability but offer instant processing for supported coins.
Minimum deposit amounts: The minimum deposit amount varies depending on the chosen account type. It typically ranges from $50 for the Standard Account to $50,000 for the VIP Account.
Processing times: Deposit processing times vary depending on the chosen method. Instant options like e-wallets are available, while bank transfers might take up to several business days.
Withdrawals:
Same methods as deposits: Generally, you can withdraw funds through the same method used for deposit. However, some restrictions might apply, like not allowing withdrawals back to credit cards.
Processing times: Withdrawal processing times can also vary depending on the chosen method. E-wallets are typically faster, while bank transfers might take longer.
Withdrawal fees: Ascend Broker generally doesn't charge withdrawal fees. However, certain payment methods, particularly intermediary banks, might incur fees. Always check the specific fees associated with your chosen withdrawal method before initiating the transaction.
Customer Support
Here's an overview of Ascend Broker's customer support offerings:
Multi-Channel Assistance:
Live Chat: Reach out to a dedicated representative in real-time for instant assistance on the Ascend Broker website.
Phone Support: Connect via phone numbers listed on the website, catering to different regions for convenient call options.
Email Ticketing System: Submit your queries and receive detailed responses within a reasonable timeframe through the email ticketing system.
Additional Resources:
FAQs: Explore a comprehensive Frequently Asked Questions (FAQs) section covering common inquiries, platform tutorials, and helpful guides.
Community Forum: Connect and learn from a vibrant community of traders on the Ascend Broker forum. Share experiences, ask questions, and benefit from peer-to-peer support.
Considerations:
Response Times: While Ascend Broker offers various channels, response times may vary depending on the complexity of your inquiry and the chosen communication method.
Language Support: Availability of multilingual support personnel might be limited, potentially creating barriers for non-English speakers.
Transparency and Reliability: Given the regulatory concerns surrounding Ascend Broker, the accuracy and reliability of information provided through their customer support channels cannot be fully guaranteed.
Educational Resources
Basic Content:
Tutorials: Ascend Broker provides basic tutorials covering fundamental trading concepts, platform navigation, and order execution. This can be helpful for complete beginners to grasp the essentials.
Webinars: They host live webinars designed for new traders, delving into topics like market analysis, risk management, and basic trading strategies. While the information might be valuable, the credibility and expertise of the presenters remain uncertain.
Glossary of Terms: Demystifying jargon is crucial. Ascend Broker's glossary of terms defines key trading terminology, aiding beginners in understanding market language.
Additional Resources:
Ebooks & Guides: Downloadable ebooks and guides cover diverse trading topics, such as technical analysis, specific trading strategies, and platform functionalities. However, the quality and accuracy of these materials cannot be fully guaranteed.
Community Forum: Ascend Broker maintains a forum where traders can interact, share experiences, and ask questions. While peer-to-peer learning can be valuable, remember to critically evaluate the information and advice you receive in such forums.
Conclusion
Ascend Broker appears as a strong contender for freight brokers, offering a feature-rich platform with competitive pricing and excellent customer service.
However, limitations like occasional performance issues, a learning curve for complex features, and missing functionalities like multi-currency and customs brokerage might make it less suitable for certain operations.
FAQs
Q: What types of businesses use Ascend Broker？
A: Ascend primarily caters to freight brokers of all sizes, from small, independent operators to larger, established agencies.
Q: What features does Ascend Broker offer？
A: Ascend provides a range of features for managing shipments, including load quoting, carrier sourcing, real-time tracking, invoicing, and document management.
Q: How much does Ascend Broker cost？
A: Ascend offers various pricing plans based on your business needs and volume. There are no upfront fees, and pricing is generally considered competitive.
Q: Does Ascend Broker integrate with other logistics software？
A: Yes, Ascend integrates with popular logistics tools like accounting software, warehouse management systems, and transportation management systems.
Q: Is Ascend Broker easy to use？
A: Ascend has a user-friendly interface, but some advanced features may require training. Their customer service is highly rated and can assist with onboarding and ongoing support.
Q: What are some of the limitations of Ascend Broker？
A: Some potential downsides include limited multi-currency support, no built-in customs brokerage functionality, and occasional performance issues during peak times.
Q: How do I get started with Ascend Broker？
A: You can contact Ascend through their website or by phone to request a demo and discuss your specific needs.
Q: What are some alternatives to Ascend Broker？
A: Depending on your requirements, some alternatives to consider include FreightCenter, Logistix, and ShipCloud.
Q: Is Ascend Broker a good fit for my business？
A: Whether Ascend is right for you depends on your specific needs and priorities. Consider factors like your budget, shipment volume, required features, and desired level of user-friendliness.
