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Below you will find some of the most Frequently Asked Questions and answers on a range of topics including trading, banking, security, support and more. If you don’t find answers to your questions, please contact the ASKoBID support team for assistance.
Trading
  • What is a financial asset?

    A financial asset, sometimes referred to as a security, is any type of resource that has an underlying economic value. Financial assets are usually owned or controlled by an individual, corporation or government, and there is an expectation that the asset will provide a profit or benefit in the future.

    A CFD, which stands for a Contract for Difference, refers to a contract between two parties, defined as the ‘seller’ and the ‘buyer’. The contract states that the seller will pay the difference between the current value of an asset and its value at the contract time to the buyer. CFD trading enables a trader to speculate on the falling or rising prices of financial assets.

    There are different types of financial assets and they are often divided into asset classes including: forex or currency pairs, stocks, indices, cryptocurrencies and commodities. When you trade financial assets, you can make a profit or a loss based on the future value of the asset.

  • What is pairs trading?
    Pairs trading, often referred to as statistical arbitrage, is a trading strategy that a trader will use when they are not sure about the direction that the price of an asset will move, either up or down. When a trader uses pair trading, they will take both a short and a long position on two closely correlated assets. In this way, the risk of trading is reduced and profits are made from the price difference between the two correlating assets and not the direction that their prices are moving.
  • What is the Risk-O-Meter feature?
    A vital part of trading effectively is managing the risks of trading. In order to assist traders, the Risk-O-Meter is a powerful tool that enables a trader to control and select the level of risk they will be exposed to while trading online. The benefit of this feature is that enables traders to match the level of risk while trading, to their risk appetite.
  • Does ASKoBID offer a demo or trial trading account?
    Currently, AskObid does not offer trial or demo accounts.
  • What is the minimum tradeable amount?
    At ASKoBID, the minimum investment amount in a single position is €10.
Banking - Deposits and Withdrawals
  • What is the minimum deposit requirement at AskObid?
    The minimum deposit requirement at ASKoBID is €250.
  • Does ASKoBID offer different deposit options?
    In order to cater to the different needs of our clients, we offer a choice of secure and convenient deposit methods. These deposit options include major credit cards, such as Visa, MasterCard, Diners Club, Maestro and more, debit cards, bank transfer and a choice of eWallets, such as Skrill. Please ensure that if you are using a credit card in order to make a deposit that your card is open to international purchases. Your bank can assist you with this, if required. In addition, please note that if you use wire transfer in order to make a deposit, it can take up to 7 working days for the funds to reflect in your trading account, plus there may be additional processing fees applied by your banking institution.
  • What is the minimum withdrawal amount?
    AskObid does not have a minimum withdrawal amount. It is important to note that a withdrawal may incur fees depending on the banking method you use.
  • Are withdrawal fees charged at ASKoBID?
    We do not charge our clients a withdrawal fee when the make a withdrawal request. Please be advised though that your bank may charge fees for using some banking methods, such as wire transfer. In order to avoid any issues, we recommend that you contact your bank directly to get more information.
  • How do I withdraw funds from my ASKoBID trading account?

    In order to ensure that our clients are able to access their funds quickly and safely, we offer a simple withdrawal process. Before the funds are released, however, we need to verify that the funds are being returned to the registered account holder and so we follow strict compliance processes. Simply send a copy (scan or photo) of a completed and signed withdrawal form to banking@askobid.fm. The ASKoBID compliance team will then contact you via email.

    The ASKoBID withdrawal form is available here.

    Please note that if you have requested a withdrawal amount that is greater than your current account balance, the request will be cancelled. In addition, your trading account must be verified before we can release any funds (see Verification Process). If you make a withdrawal request before your account has been verified by our compliance team, the request will be suspended until your account has been verified.

  • How long does it take until I receive my withdrawal funds?
    Once your account is verified, your withdrawal request will be processed within 72 hours (3 business days). Please note that it sometimes can take up to 7 business days for the funds to reach your account, depending on the withdrawal method used. Please check the delay times directly with your bank.
Support
  • If I require assistance, who should I contact?
    The ASKoBID support team is here to assist you with any questions or queries you might have. They can be contacted Monday through Friday, from 9:00 to 20:00 (GMT), excluding bank/ stock exchange holidays.
    Our contact details are:
    Phone: +61272018699
    Email: support@askobid.fm
  • How do I reset or recover my password for my account?
    If you wish to reset your password, or if you have forgotten your password, please visit the ASKoBID login page and click on “Forgot your password.” An email will then be sent to the email address provided during the signup process, which will give clear instructions on how to reset your password. In the case that you have forgotten your username, please contact the ASKoBID support team for assistance.
Security
  • Is my money safe at ASKoBID?
    The safety and security of our clients personal and financial information is our top priority at ASKoBID. As a result, we utilize the latest and most advanced technologies to protect your funds and your personal information. In addition, we have implemented various corporate governance policies to expand our security efforts. This includes, for example, separating our clients’ funds from our operational funds.
  • Are my personal and account information secure?
    At ASKoBID, all your personal and financial information are secure. In addition, all transactions are secure and are encrypted using the latest technology. At ASKoBID, all transactions are also managed by level 1 PCI international payment processors. We have employed similar methods to those used by leading, international banks, to ensure that our clients have peace of mind knowing that ASKoBID has taken the necessary steps to protect the security and confidentiality of all its clients.
  • How do I verify my ASKoBID trading account?
    Proof of Identification (POI)

    Every client is required to prove their identity by providing a copy (scan or photo) of a valid, government-issued identity document. You can submit one of the following forms of ID:

    • Passport
    • National Identity Card
    • Driver’s license

    It is important to ensure that the documentation you provide is clear and legible and shows your full name, photo, date of issue and date of expiry.

    Proof of Residence (POR)

    You must provide a document that serves as proof of your place of residence. Please make sure that the document is not older than 3 months, is clear and legible. The document must show your full name and full address. It is imperative that the details you provided during registration, match those on the document. You can submit one of the following:

    • Bank Statement
    • Credit Card Statement
    • Utility Bill (Example: Gas / Water / Electricity / Landline Phone)
    Credit Card Verification

    If you are using a debit/credit card to fund your account, you will need to submit a copy (scan/photo) of the front and back of the card. The following must be clear and legible:

    • Full name of card holder
    • Expiry date of card
    • First 5 and last 4 digits of the card (The CVV number and the middle 7 digits must be masked/hidden)
    • Card signature (this must match that of your ID)

    Take note: If your card does not show your name on it, you must send us a credit card statement that proves the card belongs to you. The statement must show your full name and the last 4 digits of the card.

    Bank Transfer – Proof of Payment

    Withdrawals to a bank account will only be processed back to the original account that the deposit was made from. Therefore, you will need to submit a screenshot of the transaction page from your account that shows the deposit.