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Regarding the legitimacy of Abshire-Smith forex brokers, it provides FCA and WikiBit, .

Is Abshire-Smith safe?

Rating Index

WikiFX Detection

Business

Influence D

License

FCA Unverified

Is Abshire-Smith markets regulated?

The regulatory license is the strongest proof.

MM

FCA Market Maker (MM)

Financial Conduct Authority

Financial Conduct Authority

Regulatory Agencies Introduction
  • Current Status:

    Unverified
  • License Type:

    Market Maker (MM)
  • Licensed Entity:

    Abshire-Smith Global Ltd Abshire-Smith Global Ltd
  • Effective Date:

    2013-03-20
  • Email Address of Licensed Institution:

    ceo@abshire-smith-global.com
  • 53748:

    No Sharing
  • Website of Licensed Institution:

    --
  • Expiration Time:

    2021-02-09
  • Address of Licensed Institution:

    20 Ropemaker Street London EC2Y 9AR UNITED KINGDOM
  • Phone Number of Licensed Institution:

    +442037000085
  • Licensed Institution Certified Documents:

11 name

  

Is Abshire Smith A Scam?

  

Introduction

  Abshire Smith is a London-based brokerage that has positioned itself as a player in the forex market since its inception in 2011. The firm offers a range of financial instruments, including foreign exchange (forex), contracts for difference (CFDs), and equities. However, the forex trading landscape is fraught with risks, and it is crucial for traders to conduct thorough due diligence when selecting a broker. This article aims to evaluate whether Abshire Smith is a safe trading environment or a potential scam by analyzing its regulatory status, company background, trading conditions, customer fund safety, client experiences, platform performance, and associated risks.

  

Regulation and Legitimacy

  The regulatory framework surrounding a forex broker is one of the most critical factors in assessing its safety. A well-regulated broker is typically more trustworthy, as they are held to specific standards designed to protect clients. Abshire Smith was previously authorized and regulated by the Financial Conduct Authority (FCA) in the UK. However, it is important to note that the FCA has revoked Abshire Smith's license, indicating that the broker is no longer authorized to provide regulated activities.

Regulatory Body License Number Regulatory Region Verification Status
FCA 590890 UK No longer active

  The revocation of Abshire Smith's FCA license raises significant concerns about its legitimacy. The FCA is known for its stringent regulatory standards, and being stripped of this license suggests that Abshire Smith may have failed to meet these requirements. This development is alarming for potential clients, as it raises questions about the broker's commitment to compliance and transparency.

  

Company Background Investigation

  Abshire Smith was established in 2011 and has operated under the name Abshire Smith Global Ltd. The company was founded by professionals with backgrounds in finance and trading, aiming to provide a comprehensive trading platform for both retail and institutional clients. However, the firm has faced scrutiny regarding its operational history and management practices.

  The management team includes individuals with experience in the financial markets, but the lack of publicly available information makes it difficult to fully assess their qualifications. Transparency in operations is crucial for building trust, yet Abshire Smith has been criticized for its limited disclosure of important information regarding its ownership structure and financial health. This lack of transparency is concerning, especially for potential investors seeking a reliable trading partner.

  

Trading Conditions Analysis

  When evaluating a broker, understanding the trading conditions they offer is essential. Abshire Smith provides a minimum deposit requirement of $250, which is relatively low compared to other brokers in the industry. However, the overall fee structure remains unclear, leading to uncertainty about the potential costs associated with trading.

Fee Type Abshire Smith Industry Average
Spread on Major Pairs 0.8 pips 1.0 pips
Commission Structure Variable Fixed/Variable
Overnight Interest Rate Not specified Varies widely

  The spread on major currency pairs at Abshire Smith is competitive at 0.8 pips. However, the absence of clear information regarding commission structures and overnight interest rates raises red flags. Traders should be cautious when engaging with brokers that do not provide transparent pricing information, as hidden fees can significantly impact profitability.

  

Customer Fund Safety

  One of the most critical aspects of any trading platform is the safety of customer funds. Abshire Smith claims to hold client funds in segregated accounts, which is a standard practice among reputable brokers. This means that client funds are kept separate from the broker's operational funds, providing an additional layer of security.

  Furthermore, Abshire Smith is a member of the Financial Services Compensation Scheme (FSCS), which protects clients in the event of the broker's insolvency. This protection covers up to £85,000 per client, which can provide peace of mind for traders. However, the revocation of the FCA license raises concerns about the effectiveness of these safety measures.

  

Customer Experience and Complaints

  Customer feedback is an important indicator of a broker's reliability. Reviews of Abshire Smith are mixed, with some users praising its trading platforms and execution speeds, while others report issues with withdrawals and customer service responsiveness.

Complaint Type Severity Company Response
Withdrawal Issues High Slow responses
Platform Stability Medium Addressed
Customer Service Quality High Inconsistent

  Common complaints include difficulties in withdrawing funds and a lack of timely responses from customer support. These issues can be particularly concerning for traders who prioritize quick access to their funds. A few users have reported feeling misled about their profits and faced challenges in receiving their earnings, which raises questions about the broker's operational integrity.

  

Platform and Execution

  The trading platforms offered by Abshire Smith include MetaTrader 4, VertexFX 10, and St Raticator. These platforms are known for their user-friendly interfaces and advanced trading tools. However, the execution quality has been a point of contention among users, with some reporting instances of slippage and rejected orders.

  Traders should be wary of any signs of platform manipulation or execution issues, as these can severely impact trading performance. A thorough evaluation of user experiences is essential to gauge the reliability of the trading environment.

  

Risk Assessment

  Using Abshire Smith presents a range of risks that traders should consider. The revocation of its FCA license and mixed customer feedback suggest that the broker may not be as safe as initially perceived.

Risk Category Risk Level Brief Description
Regulatory Compliance High No longer authorized by FCA
Fund Safety Medium Segregated accounts in question
Execution Quality Medium Reports of slippage and rejections

  To mitigate these risks, traders should remain vigilant and conduct regular assessments of the broker's operational status. It is advisable to only trade with funds that one can afford to lose and to consider alternative, more reputable brokers if concerns persist.

  

Conclusion and Recommendations

  In conclusion, while Abshire Smith was once a regulated broker, its current status raises significant concerns about its legitimacy and safety. The revocation of its FCA license, mixed customer experiences, and lack of transparency are all indicators that potential clients should approach with caution.

  For traders seeking a reliable brokerage, it may be prudent to consider alternatives that maintain strong regulatory oversight and a solid reputation in the industry. Options such as brokers regulated by the FCA or other reputable authorities may provide a safer trading environment. Ultimately, it is crucial for traders to prioritize safety and transparency when selecting a broker to ensure a secure trading experience.

  In summary, is Abshire Smith safe? The evidence suggests that it may not be, and traders should exercise caution when considering this broker.

Abshire-Smith latest industry rating score is 1.54, the higher the score the safer it is out of 10, the more regulatory licenses the more legitimate it is. 1.54 If the score is too low, there is a risk of being scammed, please pay attention to the choice to avoid.

Abshire-Smith safe