Asia Nuggets Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this Asia Nuggets Review.
Asia Nuggets Review
Asia Nuggets is supposedly a forex broker offering multiple account types, as described above. There is not much difference in the trading conditions, depending on the initial investment. As of the time of writing of this review, the website appears to be under development, so we can not be certain.
The Company. Security of Funds
Company Country Regulation
Asia Nuggets Ltd Vanuatu VFSC
Asia Nuggets is owned by the eponymous company, registered in Vanuatu. Although it does fall under regulation, by the local VFSC, it still is an off-shore company.
We keep reiterating, the risks involved with shady brokers in all of our reviews. Vanuatu has recently attracted lots of forex brokers, for one simple reason – the requirements for receiving the local licensing a very low – a firm must have $2,000 in capital holdings. As a comparison, the Australian Securities and Investments Commission (ASIC) demands AUD 1 million, in order to prevent scammers from registering. This entry level is much higher not affordable for most dishonest companies. Furthermore ASIC enforces the segregated accounts policy – a client;s investment must be kept separate from the broker’s operational funds. This prevents the most direct scam – the broker simply taking your money and coming up with an excuse, when you want to withdraw.
Asia nuggets still feels like a forex broke, which is under development. Some sections of the website are entirely empty, while others are not clear at all. Furthermore there are some issues with the trading platform, which we will get to later in this review. We hope all of this are simply growing pains which will be resolved soon. Here is an example of a missing page on the website:
Missing information from Asian Nuggets’ Product description page
Trading Conditions
Minimum Initial Deposit
Asia Nuggets has set the minimum initial deposit at $200. Nowadays this is considered to be a high level, with many brokers requiring less and less. For instance FXCM only requires $50 as a minimum investment.
The minimum deposit shouldn’t be a major consideration for experienced traders. Forex trading does require a trading plan, which should be capitalized adequately. That being the case, there is nothing wrong with depositing a small amount if you are still learning, and want to take the next step after demo accounts.
Average spreads & Commissions
Spreads at Asia Nuggets are an interesting topic. The website does not mention any specific conditions and the demo platform is behaving strangely. That being said, it did reveal an attractive offering when it was working. The EUR/USD spread fluctuated in the 0.1-0.3 pips range, with a $10 per lot commission on top of that. This makes the spread, effectively 1.1-1.3 pips which is in line with the current state of the industry. By the way you can check the current offers by some of the world’s leading brokers here.
On the other hand the platform did experience some issues, like slowly updating quotes and occasional slippage. We do not trust this broker’s servers, at this point in time.
Leverage
Asia Nuggets provides clients with leverage up to 1:500. They are certainly not alone in this practice – many brokers offer similar or even higher levels.
Keep in mind higher leverage does not equate to better trading conditions. It simply means you are allowed to take bigger positions, with a smaller account size. This can work in your favor, as well as against you. As the statistics indicate, most new traders loose their first account due to simply not understanding exactly how margin trading works (or simply being too greedy).
Trading Platforms
Asia Nuggets provides its services via MetaTrader4(MT4). This is a solid choice for all forex brokers, as it is cheaper than the alternative of developing an in-house solution. It has earned a lot of fans over the years, since many brokers choose to implement it. Other than the brilliant charting potential, it also provides an extremely popular environment for the development of custom tool. There are thousands of custom technical indicators and automated trading systems (or Expert Advisors, as they are called) on offer. The best thing is, they are broker independent. If you wish to change your broker, you can easily transfer all of these tools to another MT4 broker.
All of this may sound fine, but as we mentioned previously, the platform, which is offered by Asia Nuggets has some issues. For instance, quotes update fairly rarely, which can lead to what would effectively be considered as slippage. Furthermore the instrument list is rather short, with lots of the currency pairs being placed in different groups of products (as indicated by the blue background in the screenshot). This may be indicative of several things, with one possibility being vastly different trading conditions.
Methods of Payment
There is no information regarding the deposit and withdrawal methods at Asia Nuggets. This is unusual, but not surprising given the rest of the website. Still most companies clearly specify how you can deposit and withdraw money, even if the provide a few methods and leave-out users of e-wallets such as Skrill.
Asia Nuggets is a forex broker, registered in Vanuatu. The company is regulated by the local watchdog, but this still doesn’t inspire much credibility. At the time of writing of this review, the website appears to be still under development. The situation with the trading servers seems to be similar, as there are some issues with the quotes. Trading conditions at this broker appear to be reasonable, but given the previously mentioned factors, we are not certain they will be present in a live trading environment. We reserve the right to reevaluate this company, if the situation changes.
The Broker is not a safe forex broker, Instead you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
Asia Nuggets Review Conclusion
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