AscendEX

I was contacted by AscendEX through social media. They promised guaranteed returns of 20-30% monthly. Being naive, I invested. The "account manager" pressured me to invest more and more. When I finally tried to take profit, my account was frozen and they stopped responding. Classic Ponzi/advance fee fraud.

Do not use AscendEX for anything serious. I used them for over a year for small trades and it was okay. When I deposited a larger amount and traded more, my account was flagged, my withdrawals were delayed, and I was asked to explain my trading. They treat active traders like criminals.

I experienced a security concern with my AscendEX account and reported it immediately. Their response time was inexcusable for a financial platform. It took them four days to acknowledge my report and another week to actually address it.

The onboarding at AscendEX was smooth which makes the subsequent experience even more frustrating. Once they have your money, the quality of service drops dramatically. Getting anyone to help you with an actual problem is nearly impossible.

AscendEX offers copy trading. I copied a top trader. The copy trades often executed at worse prices than the original. When I asked why they said it was due to latency and liquidity. So the feature is broken or they are skimming. Either way I stopped using it.

KYC with AscendEX is a nightmare. I submitted my ID and proof of address. They rejected it and asked for a utility bill. I sent it. They asked for a bank statement. Then they asked for a selfie with the ID. Then they said the selfie did not match. I gave up.

I found this company through a friend who recommended it. Before investing, I checked various regulatory databases and found that AscendEX has been flagged as an unauthorized entity. I informed my friend immediately. Please always verify with official sources - a quick search could save you thousands.

Their two-factor authentication was optional when I joined. I enabled it. Later I lost my phone and could not log in. AscendEX recovery process took 3 weeks and required notarized documents. By then I had missed important trades. Their security is your inconvenience.

I looked into AscendEX and found they appear in the regulatory warnings database. British Columbia Securities Commission has issued a notice about this firm. Whether this is a misunderstanding or a serious concern, the fact remains that proper due diligence is essential. Always verify the regulatory status of any company before investing your hard-earned money.

The hidden fees at AscendEX are the real scandal here. What they advertise and what they actually charge are two different things. By the time I realized how much I was paying in various fees and spreads, I had already lost a meaningful amount.