Aswaq Review
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  • Regulation : None
  • Country : United Kingdom

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Info

Website : aswaq.today
Established : 2012
Country : United Kingdom

Advantages

  • Choice of Trading Accounts
  • Islamic Account
  • Sirix Platform

Disadvantages

  • No Demo Account
  • Missing Features

Aswaq Review

ASWAQ.TODAY is an online trading arena, owned by ASWAQ Trade Limited located in London, U.K. The company was founded in 2007 and brokerage services were introduced in 2014. ASWAQ.TODAY provides trading services in currencies, commodities, stocks and indices. It is not clear where they are officially domiciled and there is no regulation.

Accounts

There are four different trading accounts at ASWAQ.TODAY. The Standard account requires an initial deposit of $500, the Gold account can be opened with $2000, $10,000 is needed in order to open a Platinum account and the Diamond account requires at least $50,000 before it can be registered.

Aswaq Account Types
Aswaq Account Types

The Standard account offers daily trade recommendations and tips, remote assistance and dealing room support.

The same features as the Standard account are available in the Gold account. The Gold account has a full customer support package including personal coaching, tighter spreads, greater trading flexibility and special promotional offers.

The Platinum Account was created for advanced traders, providing them with even better tools to help them succeed in their trading. Platinum traders receive a personal dealer who will provide them with market updates, trading ideas, and special VIP promotional offers. They are notified of these and other  useful alerts by telephone, email, and/or SMS.

The above three accounts use a fixed spread starting from 4 pips, offer a free first trade, daily recommendations and analysis as well as access to a full educational program.

Traders with $50,000 to invest and who are looking for the lowest spreads on the market, as well as the best features and benefits available anywhere can choose the Diamond account which, in addition to all the benefits of the above accounts, comes with customized analysis and reports, a VIP Account Manager, and special VIP offers.

Out of consideration to their Muslim clients  ASWAQ.TODAY offers an Islamic that adheres to the principles of Islamic law regarding banking activity and Riba (interest). Account holders enjoy all of the benefits of a Standard account and much more.

There is no mention of a demo account at ASWAQ.TODAY which is disappointing as it is a useful tool for traders just starting out in Forex trading who do not wish to put their money at risk while they develop profitable trading strategies.

Features

ASWAQ.TODAY provides traders with several trading tools. Daily analysis appears on the landing page as does an accounting of daily trade activity. There are both market analysis and chart analyses and an economic calendar is available that lists all forthcoming financial events taking place around the world.

Aswaq Market News Section
Aswaq Market News

Signals are sent out to registered traders by SMS 24/7, one of the few brokers that make use of this option today.  

Trading hours differ for each asset traded but a clearly presented chart is provided which lists each commodity, index, currency and stock and the hours when each one can be traded.

In addition, there is clear listing of the expiration dates for every asset traded going back as far as the 4th quarter of 2014.

Unfortunately, when doing this review, I found that there were many missing features usually offered to Forex traders. One such feature is bonuses or promotions. Nothing is said of any welcome bonus or other type of promotion. In addition, educational materials such as tutorials, seminars, webinars or videos are not discussed at all and are sorely lacking.

I liked the availability of a few tabs situated on the right of the page rather than on top as is the usual configuration. One of the tabs allows traders to set up a TeamViewer program where they can remotely connect to other traders via any computer or Mac. The TeamViewer is a feature not often found on other broker sites.

I also enjoyed the landing page where the images burst one after the other on the screen rather than scroll over from the right or left side. It offered something different than most other websites.

Deposits/Withdrawals

Trading accounts at ASWAQ.TODAY can be funded via credit cards, bank wire and a host of online payment options such as Neteller, Skrill, UKashi and others.

Withdrawals from accounts are done by filling out an online withdrawal form. The maximum amount that can be transferred from monies deposited by credit card or CashU must be equal to the deposits made and all profits are transferred by bank transfer.

There is no fee to withdraw via credit card.

Customer Support

Traders can contact an ASWAQ.TODAY representative via email or telephone. A drop-down listing of locations with assessable telephones is provided with numbers to Bahrain, Malta, Japan, Hong Kong, New Zealand and elsewhere. Live chat is present from the moment the website is opened.

Conclusion

Although the parent company has been around for quite a while, ASWAQ.TODAY is still a new kid on the block and you can feel it by its website. There are many important items that are still missing that detract from making this broker one of the best in the field. There are, however, some other features—such as its choice of different trading accounts and the use of the Sirix trading platform--that make this broker an excellent choice for traders looking to step into the world of Forex trading.

Advantages

  • Choice of Trading Accounts
  • Islamic Account
  • Sirix Platform

Disadvantages

  • No Demo Account
  • Missing Features

Review info: Aswaq
Review Date:
Rating : 2
Reviewed By :