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Pyramid scheme complaint
Note: Since AstroMarkets official site (https://astromarket.net/s2/www.Astr) is not accessible while writing this introduction, only a cursory understanding can be obtained from the Internet.
AstroMarket, a trading name of AstroMarket Limited, is allegedly a broker based in Cyprus that provides its clients with a choice of seven different account types with flexible leverage up to 1:2000 and variable spreads.
We didnt find any specific information about tradable asset classes provided by AstroMarket on the Internet. However, from the name of account types, we guess that the broker may offer stock CFDs trading.
There are seven live trading accounts offered by AstroMarket, namely Cent, Standard, Stock CFDs, Stocks, ECN, ECN Zero and AstroMarket Pro. Opening a Cent account requires the minimum initial deposit amount of $/€/£10 / ₦2 000, while the other six account types with the much higher minimum initial capital requirements of $/€/£100, ₦40,000; $/€/£100, ₦40,000; $/€/£100, ₦200,000; $/€/£500, ₦80,000; $/€/£200, ₦80,000 and $/€/£25,000, ₦5,000,000 respectively.
Traders holding different account types can enjoy different maximum leverage ratios. Clients on the Standard, ECN and ECN Zero accounts can enjoy the maximum leverage of up to 1:2000, the Cent account with leverage as high as 1:1000, the AstroMarket Pro account with leverage of 1:200, the Stock CFDs with 1:10, and the Stocks account with 1:1. Bear in mind that leverage can magnify gains as well as losses, inexperienced traders are not advised to use too high leverage.
Spreads are influenced by what type of accounts traders are holding. AstroMarket reveals that the spread on the Cent or ECN Zero account starts from 1.5 pips, the clients on the Standard account can experience spreads from 1.3 pips, the Stock CFDs or ECN account with spreads from 0.1 pips, while only the AstroMarket Pro account can enjoy raw spreads from 0 pips.
Trading Platform Available
When it comes to trading platforms available,AstroMarket says to give traders two choices: industry leaders MetaTrader4 and MetaTrader5. However, actually, it is just a chart tracking the markets (as the below screenshot shows). We suggest you use MT4 or MT5 as the trading platform. As most traders know, they are both known as the most successful, efficient, and competent forex trading software. The MT4 offers an intuitive and user-friendly interface, advanced charting and analysis tools, as well as copy and auto-trade options. While the MT5 allows traders to execute trades on different financial markets through a single account and there is a hedging option.
Deposit & Withdrawal
AstroMarket claims to accept deposits via credit/debit cards, wire transfers, Skrill, Neteller, FasaPay, Yandex. Money, QiWI, PerfectMoney and WebMoney, yet the only available deposit payment option is cryptocurrencies of Bitcoin, Ethereum, Bitcoin Cash, Litecoin and Dogecoin. The minimum deposit requirement is $/€/£10.
AstroMarket‘s customer support can be only reached by email: support@AstroMarket.net. Besides, you can also follow this broker on some social media platforms like Twitter and Facebook. Company address: AstroMarket247 Tower, 35 Lamprou Konstantara, Kato Polemidia, 4156, Limassol, Cyprus. However, this broker doesn’t disclose other more direct contact information like telephone numbers that most brokers offer.
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