Abshire Smith Review – Broker’s Regulation Already Suspended

Abshire Smith Review, There is the hype surrounding online trading since it allows making a nice chunk of change from the comfort of your home. The competition among brokers is fierce. But it is good for traders since forex brokers must try hard to stand out. 

One of the forex providers that we’ve recently come across is Abshire Smith. Please, proceed with the following Abshire Smith review to find out more about this broker’s offering.

Dealing with illegal brokers, like the ones we’ll name below, exposes you to the same risks Agap Capital Ltd, FranceCrytoTrades, and Stockvalo.

Is Abshire Smith a Good Broker? Pros and Cons

When it comes to the pros and cons of Abshire Smith, this broker has many advantages like a proven track record in online trading, plenty of tradable assets, and beneficial trading conditions, allowing its customers to yield returns. 

On the negative side, this caliber of a forex provider should have a better offer of education, and more importantly, it should renew its trading license.

Are You Protected at Abshire Smith?

So, is Abshire Smith Legit? That’s a question to answer.

This multi-asset broker is registered in the UK (company number 07894030). It used to be licensed by the British FCA (Financial Conduct Authority) as Abshire-Smith Global Ltd (license number 590890). However, this brokerage is no longer authorized.

FCA runs compensation schemes, covering traders in the case an FCA-certified broker becomes insolvent. So, if a broker bankrupts, traders can be indemnified up to 85,000 GBP. 

Anyhow, it is less probable to happen since one of FCA licensing requirements is having and maintaining operating capital of a minimum of 1 million GBP, ensuring that a broker won’t cease trading quickly.

Further, an authorized brokerage must adhere to FCA legislation (or regulations set by a respective financial market regulator), which guarantees ethical business, service quality, and funds protection. 

For instance, a broker must lessen risks arising from trading by implementing risk management measures like segregated funds (your money is kept separate from the broker’s capital; if it busts, you won’t be affected) and negative balance protection (you can’t lose more than invested, i.e., you can’t be in debt to the broker).

Since Abshire Smith is no longer under the FCA umbrella, it imposes a big risk for traders.

Abshire Smith Leverage

Speaking of leverage, it can help you enhance the gains. However, it must be used wisely and carefully; since it is a double-edged sword, you can both make profits and lose money.

As it is considered a risky and advanced instrument, leverage is limited in some jurisdictions. For example, in the UK, leverage is restricted to 1:30 for retail traders. Although it is no longer supervised by FCA, Abshire Smith still complies with the UK leverage restriction.

Account Types Available

Abshire Smith offers its customers several opportunities in terms of accounts. So, this online financial trading company allows opening a demo account, which is great for newbies and traders who want to test Abshire Smith trading platforms and conditions without risks and costs. As for real trading accounts, the following ones are on offer:

• Mini: $500 minimum deposit
• Mini ECN: $1,000 minimum deposit
• Standard: $1,000 minimum deposit
• VIP: $10,000 minimum deposit

 Please note: you must provide proof of your residency and identity to open a live trading account with Abshire Smith.

Abshire Smith Fees

Concerning fees associated when trading with Abshire Smith, this brokerage doesn’t levy anything for deposits and withdrawals (however, it is also down to your bank; so, check it out with your payment provider). Further, the broker doesn’t impose inactivity penalties.

As for trading commissions, Abshire Smith charges different fees per traded lot depending on tradable assets and trading accounts. However, these costs are considered low when compared to the competition.

Trading Instruments Offered

With regard to trading products at Abshire Amith, you can enjoy trading with many trading instruments available across several platforms and a number of global markets, including the following.

• Forex–over 50 major currency pairs, e.g., EUR/USD, EUR/CHF, GBP/USD, GBP/EUR, and CAD/USD.
• Indices–including NASDAQ 100, DAX 30, S&P 500, FTSE 100, and Dow Jones. 
• Soft commodities–like wheat, soy, rice, cotton, sugar, etc.
• Metals and energies–such as copper, gold, silver, crude oil, and natural gas.
• Futures–for example, gold futures, corn futures, Facebook futures, USD futures, and Bitcoin futures.
• Stocks–e.g., Apple, Microsoft, Barclays, Vodafone, and Tesla.
• Crypto–BTC, LTC, RPL, ETH, BCH, etc.

Abshire Smith Payment Methods

In the context of funding methods, Abshire Smith supports several payment options. You can deposit and withdraw money via

• Credit/debit card,
• Bank wire transfers, and
• E-wallet (Skrill, Neteller, and CashU)

As mentioned, the broker doesn’t charge any depositing and withdrawing fees; however, it depends on your bank/payment gateway. Importantly, deposits and withdrawals use the same methods following the anti-money laundering policy.

Abshire Smith Trading Platforms Overview

Going through some other Abshire Smith reviews, you will notice that all praise its trading software. 

We share the same opinion and believe that this broker is doing a very good job by offering its customers three types of trading platforms that come with plenty of useful tools such as stop loss, copy trading (social trading), automated trading, economic calendar, and much more. 

Trading programs are as follows: 

• VertexFX 10 is available as an internet-based trading platform or a downloadable version for desktops.
• MetaTrader4 (MT4) is considered a gold standard in the industry and is offered by this broker as a download and a mobile trading app for iPhones, iPads, and Androids.
• Straticator is Abshire Smith’s multi-asset platform available as a browser-based platform and a mobile application supporting iPhone, iPad, and Android.

Abshire Smith Education

If there are any complaints about the broker, it would be about a lack of learning materials. The broker lags behind the competition since it could provide more means of education to help traders become more successful.

Other companies offer more instructions about their services, enabling traders to get a better understanding of trading platforms, conditions, and assets. The positive side is that broker provides some regular market analysis and economic calendars that can be of assistance to traders. However, there is room for improvement.

Customer Support

Customer support is crucial for online traders. It is essential to get help fast when you are stuck with logging, account creation, or buying/selling.

Fortunately, clients of this broker can ask for support anytime and get it pretty fast through live chat and email (multilingual support). Likewise, the customer assistance team is comprised of skilled operators able to address any issues professionally.

Abshire Smith Overall Summary

Is Abshire Smith a good broker? Best said it is not impeccable.

It has some good sides such as many tradable assets, favorable terms of exchange, and modern trading platforms. 

Its weaker point is a shortage of enough educational resources. In terms of regulation, This broker used to be authorized by the top-tier financial market regulator, the British FCA. However, the company should renew its broker license. 

Since it still claims to be licensed on its website, we find this broker dishonest. Such misleading information can delude potential investors into trusting the brokerage without any firm grounds.

Finally, be careful about easy earnings and do your due diligence on every brokerage out there. 

If being defrauded, you should act fast. For instance, you can seek advice from cyber security experts and report a dishonest scam broker to relevant authorities. In some cases, it is possible to retrieve your money. Thus, don’t feel ashamed and report a scam.

FAQs About Abshire Smith Broker