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+44 (0) 203 700 0085
Abshire-Smith Global Ltd
Pyramid scheme complaint
GENERAL INFORMATION AND REGULATION
Abshire-Smith opened its online doors to the world in 2011, and it has grown rapidly since then. The broker was registered with and licensed by the FCA, Britain‘s largest financial supervisory body who controls around 56,000 enterprises in the UK. Licensing is a big deal in the Forex world since many brokers operate without a license or they simply state to be registered with a certain regulatory body when they are not. The Abshire-Smith’s FCA license might have expired, and they are might about to renew it, all we know is that the broker is currently not under FCA regulation.
The FCA tries to keep the financial market safe in Britain and does everything in its power to exterminate wrong-doers. Abshire-Smith passed all the “tests” of the FCA which means that they worked and operated according to the highest Forex standards, and probably still do. Abshire-Smith has clients coming from around the world, and luckily Forex is already a global market, so Brexit will not affect the Abshire-Smiths client-base. It will though affect the market and price movements so experienced traders should buckle up and place their trades wisely in the forthcoming years. Now let us see what we can get if we should register with Abshire-Smith.
The trading instruments offered by the broker includes: Forex, Gold & silver, CFD, Futures, Indexes, Soft commodities, Metals and Energies
ACCOUNT AND LEVERAGE
Abshire-Smith provides custom-tailored account types to match your trading experience and budget:
• For individual traders, there is the Standard and VIP account.
• The Standard account requires a $500 deposit.
• The VIP account requires a$15,000 minimum deposit.
• Both accounts offer fixed spreads and leverage of 1:200.
The Abshire-Smith corporate account is an institutional account for, for example, fund managers and investors, who need exceptional depth of liquidity. The deposit requirement for this account is also $500. And, not to forget about the newbies out there, Abshire-Smiths demo account is provided for all those who are about to enter their first trading stage.
The amount of leverage is expressed as a ratio, for instance, 50:1, 100:1, or 500:1. Assuming that a trader has $1,000 in his or her trading account and is trading ticket sizes of 500,000 USD/JPY, that leverage will equate to 500:1.
As a regulated broker in United Kingdom jurisdictions, Abshire Smith provides different trading conditions according to set regulatory obligations. Since they are operating under the European FCA regulation, traders are allowed to use limited leverage of a maximum of 1:30 on Forex instruments. Abshire Smith complies with this and provides different trading conditions according to set regulatory obligations.
SPREADS AND COMMISSIONS
Commissions are the charges imposed by an investment broker on a trader for making trades on the traders behalf. The level of commissions will vary between different brokers and also depends on the asset being traded and the type of service offered by the broker.
Contract for differences (CFDs) trading, a form of derivative trading enabling traders speculation on the rising or falling prices of fast-moving global financial markets, on shares will incur commission. CFD trades on other markets have no commission but do wrap a spread around the market price of a certain instrument.
Abshire Smith gives a choice of trading costs between either fixed spread, or the NDD connectivity to liquidity providers with raw spread offering, with the commission charged per traded lot.
TRADING PLATFORM AVAILABLE
Finally, we came across one broker who offers more than just the MT4. The Meta Trader 4 is part of this broker as well, and it is still the number one among traders and brokers. It offers 40+ currency pairs and CDFs, but Abshire-Smith offers more to those who would like to try something new. Abshire-Smith offers two more platforms which are the VertexFX 10 and Straticator.
The VertexFX 10 is known for fast executions with very low latency. It comes in both, the downloadable and web-based version. With Abshire-Smith, you can trade over 35 currency pairs and CDFs over this platform. The Straticator platform has been launched in 2012 and is meanwhile turning into a multi-asset platform. The platform is suitable for ECN and STP (Straight-Through Processing) trading and enables access to third parties (liquidity providers when trading ECN/STP). All of the platforms are accompanied by the appropriate Abshire-Smith mobile apps which can be downloaded to all smartphone devices. We can see that the broker is well-equipped in terms of software and variety.
DEPOSIT AND WITHDRAWAL
Once a trading account with Abshire Smith has been opened, the trader can fund it through one of a few options, including a deposit at a local bank, an online credit or debit transfer, or through an eWallet payment gateway such as Skrill, CashU, Neteller and others. USD, EUR, and GBP are offered as base account currencies. The minimum deposit amount is $250 which allows novice or professional traders to sign up.
Withdrawals are generally processed on the same day if it is requested during business hours, which is from 09:00 to 17:00 UK Time.
Due to third-party payment intermediaries like banks, credit cards, or e-wallet gateways, the time for receiving funds can be up to seven business days. Withdrawals can also be done through bank transfer, credit or debit cards, Skrill, as well as through e-wallets CashU and Neteller.
Abshire-Smiths customer support could also offer more if compared to customer services of other brokers. The customer support is bilingual (English and Arabic), but can only be contacted via e-mail or phone. The broker advertises call-back and chat options throughout the website. It would be convenient for traders to have one or two more languages which would also probably win over new clientele.
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