Abacus Forex Broker
Basic Information
United Kingdom
5-10 years Suspicious Regulatory License Suspicious Scope of Business Suspicious Overrun High potential riskCompany profile
Rating Index
Abacus Forex Broker - Comprehensive Information Guide
1. Broker Overview
Abacus, officially known as Abacus FX Limited, was established approximately 5 to 10 years ago. The company is headquartered in the United Kingdom, with its main office located at Salisbury House, London Wall, EC2M 5SQ. As a private entity, Abacus operates within the financial services sector, primarily targeting retail clients interested in forex trading and related financial instruments.
The development of Abacus has been marked by several significant milestones, although specific details regarding its growth trajectory remain limited. The broker claims to offer a range of services, including access to various trading markets, although the specifics of these offerings are not clearly outlined.
Abacus operates under a business model that focuses on retail forex trading, providing clients with the necessary tools and platforms to engage in foreign exchange transactions. Despite its relatively recent entry into the market, the broker has positioned itself as a player in the forex industry, catering to a diverse clientele.
2. Regulatory and Compliance Information
Abacus claims to be regulated by the Financial Conduct Authority (FCA) in the UK; however, there are serious concerns regarding the legitimacy of this claim, as it appears to be a suspicious clone. The regulatory license number associated with Abacus is 522157, but its validity is under scrutiny, with a regulatory index score of 0.00.
The broker's operations are not backed by any investor compensation schemes, and there is no clear information on the segregation of client funds. This raises red flags regarding the safety of investor capital. Furthermore, the broker's compliance with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations is not adequately documented, leading to concerns about its commitment to regulatory standards.
Different sources indicate that Abacus operates without a valid regulatory framework, which poses significant risks for potential investors. Clients are advised to exercise caution and thoroughly investigate the broker's legitimacy before proceeding with any investments.
3. Trading Products and Services
Abacus offers a selection of trading products, although the specific number of forex currency pairs available is not disclosed. The broker claims to provide access to a variety of Contracts for Difference (CFDs), including indices, commodities, stocks, and cryptocurrencies. However, the details regarding unique products or proprietary trading instruments are not well-defined.
The frequency of product updates and the introduction of new trading instruments appear to be limited, which may affect the trading experience for clients seeking diverse investment opportunities. While the broker offers retail trading services, there is little information on any institutional client services or white-label solutions.
Additionally, there is no mention of asset management services being provided by Abacus, which may limit its appeal to a broader audience of traders and investors.
4. Trading Platforms and Technology
Abacus does not support MetaTrader 4 or 5, which are among the most popular trading platforms in the forex industry. Instead, it appears to operate on a proprietary trading platform, although specific details about its features and functionalities are not provided.
The broker does not clearly indicate the availability of a web-based trading platform or a mobile application for iOS and Android devices, which may limit accessibility for traders who prefer mobile trading solutions. Furthermore, the execution model used by Abacus—whether it is ECN, STP, or Market Making—is not specified, raising questions about the transparency of trade execution.
Information regarding the broker's server locations and technological infrastructure is also lacking, which is crucial for assessing the broker's reliability and performance. Additionally, there is no mention of API access or support for automated trading, which could be a significant drawback for algorithmic traders.
5. Account Types and Trading Conditions
Abacus provides a standard account type, although specific details regarding minimum deposit requirements, spreads, and commissions are not disclosed. The absence of advanced account types, such as VIP or professional accounts, may limit options for experienced traders.
Information about special accounts, including Islamic accounts or corporate accounts, is not available, which could restrict the broker's appeal to a diverse clientele. The policy regarding demo accounts is also unclear, leaving potential clients without the opportunity to practice trading before committing real funds.
The leverage offered by Abacus appears to vary across different products, but specific ratios are not provided. Furthermore, details about minimum trade sizes and overnight fees are not readily available, which are essential factors for traders to consider when evaluating a broker's trading conditions.
6. Fund Management
Abacus supports various deposit methods, including bank transfers, credit cards, and potentially e-wallets, although specific details about each method are not disclosed. The minimum deposit requirement varies by account type, but clear information is lacking.
The processing time for deposits is unspecified, which could lead to uncertainty for clients wishing to fund their accounts promptly. Additionally, there are no details regarding deposit fees or any associated costs, which could impact the overall trading experience.
Withdrawal methods and limitations are also not well-defined, leaving clients in the dark about how to access their funds. The processing time for withdrawals is similarly unclear, which could lead to frustration for clients expecting timely access to their capital. Furthermore, information regarding withdrawal fees is not available, raising further concerns about the broker's transparency.
7. Customer Support and Educational Resources
Abacus offers customer support through various channels, including phone, email, and potentially online chat. However, specific details regarding the availability of these support channels and their operating hours are not provided, which could affect the overall customer experience.
The broker's support team appears to provide assistance in English, but there is no information on the availability of multilingual support, which could be a limitation for non-English speaking clients.
Educational resources offered by Abacus are not clearly outlined, leaving potential clients uncertain about the availability of webinars, tutorials, or e-books to help them enhance their trading skills. Additionally, there is no mention of market analysis services, such as daily analyses, news updates, or research reports, which are often valuable for traders seeking to make informed decisions.
Trading tools, including calculators, calendars, and signal services, are not specified, which may hinder the trading experience for clients looking for comprehensive support.
8. Regional Coverage and Restrictions
Abacus primarily serves clients in the United Kingdom, but specific details regarding its regional distribution and any international operations are not disclosed. The absence of information about regional offices may limit the broker's accessibility for clients in other countries.
There is no clear list of countries or regions where Abacus does not accept clients, which is crucial for potential investors to understand. Additionally, any special restrictions imposed by the broker are not clearly articulated, leaving clients with unanswered questions about their eligibility to trade with Abacus.
In conclusion, while Abacus presents itself as a forex broker with various offerings, significant concerns regarding its regulatory status, trading conditions, and customer support capabilities raise questions about its reliability and suitability for potential investors. Prospective clients are strongly advised to conduct thorough research and consider alternative options before engaging with Abacus.
This comprehensive overview of Abacus broker highlights the essential information regarding its operations, regulatory compliance, trading products, and customer support. Investors should weigh the risks carefully and stay informed about the broker's current standing in the financial market.
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Latest Reviews
vedataras21
Turkey
On December 12th 2022, the ecb crpto platform became “abacus” on Jan 4th 2023, it became "m-shaern" on Mar 3rd 2023, the name of the platform, and they closed it completely on Jul 1st 2023. Unfortunately, all my money is gone. I can't reach it and we couldn't withdraw any money, they have pictures, they have fake names, they have fake names.
Exposure
2023-08-26
黎奕辰
Singapore
The company's website looks like a great company, but when I looked at it carefully, I found that it was mainly descriptive text. Moreover, it does not have a reliable regulatory license. A company engaged in financial business must have a regulatory license!
37130
2023-02-24
donkey
Malaysia
The trading platform? It freezes a lot, making it tough to use. Slippage happens too often for my liking. Imagine expecting to pay a certain amount and then it ends up being more, messing with the trade plans. Their spreads were wide, particularly for the EUR/USD pair. The commissions they charge are high as well, making it difficult to profit. Getting your money out isn't quick, it takes a long time. On top of that, their trading signals are hard to understand, making trading confusing.
37130
2023-12-04