Absa Forex Broker provides real users with * positive reviews, * neutral reviews and 1 exposure review!
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I have been scammed by 70,000 pesos and the customer service does not reply my messages. They also tell me that I lost everything from one day to the next and I did not even have operations on the page. It is a lie, please help me to solve it.
Absa, a prominent player in the South African financial services sector, has garnered mixed reviews regarding its brokerage services. While some users appreciate its comprehensive financial offerings and customer support, others express concerns about regulatory compliance and withdrawal processes. This review synthesizes key findings from various sources, highlighting both strengths and weaknesses of Absa as a forex broker.
Note: It's crucial to be aware that different entities may operate under the "Absa" name, leading to potential confusion. This review aims to provide a fair and accurate assessment based on available information.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 6 |
| Tools and Resources | 7 |
| Customer Service and Support | 6 |
| Trading Setup (Experience) | 5 |
| Trustworthiness | 5 |
| User Experience | 6 |
We score brokers based on user feedback, expert analysis, and regulatory information.
Founded in 2019, Absa Stockbrokers and Portfolio Management (Pty) Ltd is a subsidiary of the Absa Group, a major financial services provider in South Africa. The broker is regulated by the Financial Sector Conduct Authority (FSCA), although it has been noted that it operates beyond its licensed scope, which raises some concerns. Absa offers a range of trading platforms, including its proprietary platform, and provides access to various asset classes, including forex, equities, and commodities.
Absa is primarily regulated in South Africa by the FSCA, which is known for its stringent oversight of financial institutions. However, reports indicate that Absa may exceed the business scope defined by its license, which could expose clients to certain risks. This aspect has led to mixed opinions regarding its trustworthiness. For instance, while some sources affirm its legitimacy, others caution against potential issues, particularly concerning withdrawal processes (WikiFX).
Absa supports various deposit and withdrawal methods, primarily through bank transfers. However, it is essential to note that users have reported delays in processing withdrawals, which can be a significant concern for traders. The minimum deposit requirement varies depending on the account type, with some reports indicating a starting point of R 75 for the Smart Account.
Absa offers several account types, including:
While the fee structure is competitive, the brokerage costs can add up, particularly for frequent traders. Users have noted that the commission rates are relatively standard compared to other brokers, but the lack of a demo account for practice can be a drawback for beginners (WikiFX).
Absa provides access to a diverse range of trading instruments, including forex, stocks, commodities, and exchange-traded funds (ETFs). However, it does not offer cryptocurrency trading, which may limit options for traders looking to diversify their portfolios with digital assets. The absence of advanced trading platforms like MetaTrader 4 or 5 has also been pointed out as a limitation, as many traders prefer these platforms for their robust features (PediaFX).
Customer service is a critical aspect of any brokerage, and Absa offers support via phone, email, and social media. However, users have reported long waiting times for responses, which can be frustrating. The customer support team is available in English, but the quality of service varies, with some users expressing dissatisfaction with the responsiveness of the support team (WikiFX).
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 6 |
| Tools and Resources | 7 |
| Customer Service and Support | 6 |
| Trading Setup (Experience) | 5 |
| Trustworthiness | 5 |
| User Experience | 6 |
Account Conditions: While Absa offers a variety of account types, the regulatory concerns regarding its operational scope raise questions about its reliability. The minimum deposit requirements are reasonable, but the lack of a demo account is a notable drawback for new traders.
Tools and Resources: Absa provides educational resources and market analysis, which can be beneficial for traders. However, the absence of popular trading platforms like MT4 or MT5 limits the tools available for advanced trading strategies.
Customer Service and Support: Although customer support is accessible through various channels, the reported long response times can detract from the overall user experience. Timely support is crucial, especially during trading hours.
Trading Setup (Experience): The trading experience is generally straightforward, but users have expressed concerns about withdrawal delays and the lack of advanced trading features. This can impact the overall satisfaction of active traders.
Trustworthiness: The regulatory status of Absa raises concerns, particularly with reports of it exceeding its licensed scope. While it is regulated by the FSCA, the implications of these reports must be considered carefully.
User Experience: Overall, user experiences vary, with some appreciating the range of services offered while others express frustration over operational issues. Transparency and effective communication are essential for building trust with clients.
In conclusion, while Absa presents a range of financial services and has a solid regulatory framework, potential clients should weigh the pros and cons carefully. The concerns regarding its operational scope and customer service responsiveness are significant factors to consider before committing to trading with Absa. For those seeking a broker with a robust trading platform and comprehensive support, exploring other options may be advisable.
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