ABSystem Forex Broker

absystem Forex Broker - Complete Information Guide

1. Broker Overview

Company Name and Establishment Date: absystem, operated by Donnybrook Consulting Ltd, is a notorious online trading brokerage that has been flagged for fraudulent activities across various regions. Although the exact establishment date is not explicitly mentioned in the sources, it is widely recognized for its association with a series of scam operations.

Headquarters and Main Offices: absystem is headquartered in the Commonwealth of Dominica, a location often chosen by brokers seeking less stringent regulatory oversight. This offshore jurisdiction is known for its lax financial regulations.

Company Nature: absystem is privately held and does not have a public listing, which often raises concerns regarding transparency and accountability.

Target Markets and Clientele: The broker primarily targets retail traders, promising advanced trading technologies and automated systems. However, the reality has led many clients to report significant issues, particularly concerning withdrawals and the functionality of their trading systems.

Company Development and Milestones: absystem has gained notoriety by being blacklisted in five EU countries due to its fraudulent practices. Its association with Donnybrook Consulting Ltd, known for operating multiple scam brands, has further tarnished its reputation.

Parent Company or Group Relations: As mentioned, absystem is owned by Donnybrook Consulting Ltd, which is linked to various other dubious trading platforms, including Energy Markets and Optimarket.

Business Model Overview: absystem operates primarily as a retail forex broker, offering various trading products and services. However, the legitimacy of its offerings and the actual effectiveness of its trading systems are highly questionable.

2. Regulation and Compliance Information

Main Regulatory Authorities: absystem is not regulated by any reputable financial authority. Its operations in the Commonwealth of Dominica do not adhere to strict regulatory frameworks, which is a significant red flag for potential investors.

Regulatory Numbers: As absystem does not hold any licenses from recognized financial regulators, there are no regulatory numbers associated with its operations.

License Validity and Scope: The lack of regulatory oversight means that absystem operates without the necessary licenses, making it vulnerable to allegations of fraud and mismanagement.

Legal Entities in Different Regions: The broker's operations are primarily based in Dominica, but it has been flagged across multiple European jurisdictions, leading to its blacklisting.

Client Fund Segregation Policies: There is no credible information regarding client fund segregation, raising concerns about the safety of traders' deposits.

Investor Compensation Fund Participation: absystem does not participate in any investor compensation schemes, which means clients have no recourse for recovering lost funds in the event of fraud.

KYC and AML Compliance Measures: There is no evidence that absystem adheres to Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, further emphasizing the risks associated with trading with this broker.

3. Trading Products and Services

Number of Forex Currency Pairs and Major Varieties: absystem claims to offer a variety of forex currency pairs; however, the exact number and the quality of these offerings are often questioned due to the broker's reputation.

CFD Product Categories: The broker reportedly provides Contracts for Difference (CFDs) across various asset classes, including indices, commodities, stocks, and cryptocurrencies. However, the legitimacy and availability of these products are highly suspect.

Unique Products or Trading Varieties: absystem promotes an automated trading system branded as "arbitrage-bot," which is purported to minimize risk and enhance trading success. However, many users have reported that this system is non-functional or nonexistent.

Product Update Frequency and New Additions: There is no clear indication of how often absystem updates its product offerings or introduces new trading instruments.

Retail Trading Services: absystem primarily targets retail traders, offering what it claims to be advanced trading solutions. However, user experiences suggest significant issues with the execution and reliability of these services.

Institutional Client Services: There is little to no information suggesting that absystem provides services tailored to institutional clients.

White Label Solutions: The availability of white label solutions from absystem is not mentioned in the available resources.

Asset Management Services: There is no credible information regarding any asset management services offered by absystem.

4. Trading Platforms and Technology

MetaTrader 4/5 Support: There is no definitive information indicating that absystem supports popular trading platforms like MetaTrader 4 or MetaTrader 5, which are standard in the industry.

Proprietary Platform Details: If absystem utilizes a proprietary trading platform, details regarding its features, functionality, and user experience are not provided in the available resources.

Web-Based Trading Platform: It is unclear whether absystem offers a web-based trading platform, which is essential for accessibility and convenience.

Mobile Applications: There is no information available on whether absystem has mobile applications for iOS or Android, which would be crucial for traders who prefer to trade on the go.

Execution Models (ECN, STP, Market Making): The execution model used by absystem is not specified, but concerns about its legitimacy suggest potential issues with trade execution.

Server Locations and Technical Infrastructure: Information regarding the server locations and technical infrastructure supporting absystem's trading operations is not disclosed.

API Access and Automated Trading Support: There is no mention of API access or support for automated trading strategies, which are critical features for many traders.

5. Account Types and Trading Conditions

Standard Account Conditions: Specific details regarding standard account conditions, including minimum deposit requirements, spreads, and commissions, are not available.

Advanced Account Types: Information about advanced account types, such as VIP or professional accounts, is lacking.

Special Accounts: There is no mention of special account types, such as Islamic accounts or corporate accounts.

Demo Account Policy: The availability of a demo account for potential clients is not specified.

Leverage Ratios: The leverage ratios offered by absystem are not detailed, but typically, unregulated brokers offer higher leverage, which can be risky.

Minimum Trade Sizes: There is no information regarding the minimum trade sizes that absystem allows.

Overnight Fee Policies: Details on overnight fees or swap rates are not provided, which can be an essential aspect of trading conditions.

6. Fund Management

Supported Deposit Methods: absystem reportedly supports various deposit methods, including bank transfers, credit cards, and e-wallets. However, the specifics of these methods are not detailed.

Minimum Deposit Requirements: The minimum deposit requirements for different account types are not specified in the available resources.

Deposit Processing Times: There is no information regarding how long it takes for deposits to be processed.

Deposit Fees: It is unclear whether absystem charges any fees for deposits, which could affect traders' overall costs.

Withdrawal Methods and Restrictions: The available information does not specify the withdrawal methods or any restrictions that may apply.

Withdrawal Processing Times: Details on how long it takes for withdrawals to be processed are not provided.

Withdrawal Fee Structure: There is no mention of any fees associated with withdrawals, raising concerns about potential hidden costs.

7. Customer Support and Educational Resources

Support Channels: absystem reportedly offers support through various channels, including phone, email, online chat, and social media. However, the effectiveness of these channels is questioned due to numerous complaints from users.

Service Hours and Time Zone Coverage: The specific service hours and time zone coverage for customer support are not clearly stated.

Multilingual Support: Information on the languages supported by absystem's customer service is not available.

Types of Educational Resources: The broker's educational resources, such as webinars, tutorials, and e-books, are not detailed in the available sources.

Market Analysis Services: There is no information provided about any market analysis services, daily reports, or research materials that absystem may offer.

Trading Tools: The availability of trading tools, such as calculators, calendars, or signal services, is not mentioned.

8. Regional Coverage and Restrictions

Primary Service Markets: absystem primarily operates in regions where regulatory oversight is weak, targeting retail traders who may be less aware of the risks involved.

Regional Office Distribution: There is no information available regarding the distribution of regional offices.

Countries/Regions Not Accepting Clients: absystem is blacklisted in several EU countries, indicating that it does not accept clients from these regions.

Special Restrictions: The broker's operations are heavily scrutinized due to its fraudulent practices, leading to warnings and restrictions imposed by various regulatory authorities.

In conclusion, while absystem presents itself as a trading broker with advanced offerings, the overwhelming evidence points to a lack of regulation, numerous complaints from users, and an overall reputation of being associated with fraudulent practices. Potential traders are strongly advised to exercise caution and conduct thorough research before engaging with this broker.