ABSystem Forex Broker provides real users with * positive reviews, * neutral reviews and 1 exposure review!
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I was scammed by absystem for the amount of 11,540 USD 3 years ago. This money was withdrawn through the Buda virtual exchange house in Chile (where I am from) this happened in July 2021 and as of today, I have no response.
ABSystem, an offshore forex broker, has garnered significant attention—and not all of it is positive. This review synthesizes various sources to provide a comprehensive overview of ABSystem, highlighting its features, user experiences, and expert opinions. Key findings indicate that while ABSystem markets itself as a promising trading platform, it is riddled with red flags that potential investors should be wary of.
Note: It is crucial to recognize that ABSystem operates under different entities across regions, which complicates its regulatory status. This review aims to provide a fair and accurate assessment based on available data.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 4 |
| Tools and Resources | 3 |
| Customer Service and Support | 2 |
| Trading Experience | 3 |
| Trustworthiness | 1 |
| User Experience | 2 |
| Overall | 2.5 |
We rate brokers based on a combination of user feedback, expert analysis, and factual data.
Founded in 2021, ABSystem operates under the name Arbitrage Broker Systems and claims to be based in the Commonwealth of Dominica. The platform offers the popular MetaTrader 4 (MT4) trading software, allowing users to trade a variety of assets, including forex, commodities, indices, and shares. However, ABSystem lacks any legitimate regulatory oversight, which is a significant concern for potential investors.
ABSystem is not regulated by any reputable financial authority, making it a high-risk option for traders. The broker has been blacklisted by several European regulators, including BaFin (Germany) and FMA (Austria). This lack of regulation allows ABSystem to operate without the necessary oversight, raising concerns about the safety of clients' funds.
The minimum deposit required to open an account with ABSystem is $500, which is relatively high compared to many regulated brokers that offer accounts with a minimum deposit as low as $100. Users can deposit funds via credit cards, bank transfers, and cryptocurrencies. However, withdrawal processes are reportedly fraught with delays and complications, leading to numerous complaints from users who have struggled to retrieve their funds.
ABSystem offers various account types, each with different features and associated bonuses. However, many reviews point out that the terms attached to these bonuses can be misleading, often making it difficult for users to withdraw their funds unless they meet stringent rollover requirements.
ABSystem's spreads vary by account type, starting from 3 pips for the Silver account and going down to 0.5 pips for the Diamond account. While these spreads may seem competitive at first glance, they are considered uncompetitive when compared to established brokers. Additionally, there are no clear indications of commission fees, which can lead to hidden costs for traders.
ABSystem offers leverage of up to 1:100, which is relatively standard in the industry. However, given the broker's unregulated status, utilizing such leverage poses a significant risk to traders. The platform itself is web-based, with claims of advanced trading features, but many users have reported a lack of functionality compared to MT4 or MT5.
ABSystem is not available to traders in several countries, particularly those with stringent regulatory environments. Customer support has been a major point of contention, with many users reporting poor service and slow response times when issues arise.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 4 |
| Tools and Resources | 3 |
| Customer Service and Support | 2 |
| Trading Experience | 3 |
| Trustworthiness | 1 |
| User Experience | 2 |
| Overall | 2.5 |
Account Conditions: ABSystem offers multiple account types, but the high minimum deposit and lack of transparency regarding fees raise concerns. Users have expressed dissatisfaction with the account features, particularly the lack of a demo account to test the platform.
Tools and Resources: The broker claims to provide various trading tools, but many reviews indicate that these are underwhelming and not as robust as those offered by regulated competitors.
Customer Service and Support: The general consensus is that ABSystems customer support is lacking. Users report difficulties in reaching representatives and receiving timely assistance.
Trading Experience: While the platform claims to offer a user-friendly trading environment, the overall experience has been criticized for its slow execution and lack of advanced features common in more reputable platforms.
Trustworthiness: Given the numerous warnings from financial regulators and the unregulated nature of the broker, ABSystem scores poorly in trustworthiness. Many users have reported that their funds are not safe with this broker.
User Experience: Overall user experiences have been largely negative, with many traders expressing regret over their decision to invest with ABSystem. Issues with withdrawals and customer service have dominated user feedback.
In conclusion, while ABSystem markets itself as a promising trading platform, the overwhelming evidence suggests that it is fraught with risks and potential pitfalls. Prospective traders are strongly advised to conduct thorough research and consider regulated alternatives before investing their hard-earned money.
