Abshire Smith Review 2024
Website: www.abshire-smith.com
Min. Deposit: US$ 250
Leverage: 1:30
Trading Platforms: VertexFX10, MT4, Straticator
Regulation: FCA
Headquarters: UK
Founded: 2011
Regulatory Licenses:
- Abshire-Smith Global Ltd - authorized by FCA (UK) registration no. 590890 - no longer active
Updated on February 6, 2024
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Our Review Method ▲ At Broker Insight, our review methodology for evaluating brokers is comprehensive and multi-faceted, ensuring a well-rounded analysis. We start by examining the broker's regulatory compliance and background, assessing the security and reliability of their operations. This is followed by a thorough evaluation of the range and diversity of trading instruments and markets offered, as well as the variety and suitability of account types available for different trader profiles. We delve into the trading platforms and tools provided, focusing on user experience, functionality, and technological robustness. Fees, spreads, and overall cost structure are scrutinized for transparency and competitiveness. A key component of our review involves testing the effectiveness and responsiveness of customer support. Additionally, we consider the ease and efficiency of the deposit and withdrawal processes. Finally, we incorporate real user feedback and the broker’s community reputation into our assessment to present a holistic and unbiased review that serves as a valuable resource for traders seeking reliable and insightful broker evaluations.
Abshire Smith is recognized as a regulated broker offering a commendable track record, a broad selection of instruments, and the flexibility between Standard and commission-based accounts. However, it falls short in providing comprehensive educational resources and lacks 24/7 customer support.
Pros
Regulated broker with a good record
Good instrument range
Options between Standard and commissionbased accounts
Cons
No comprehensive education sources
Lack of 24/7 support
Is Abshire Smith safe or a scam? ▲
Abshire Smith is far from being a scam. As a UK-based entity, Abshire Smith Global Ltd operates under the authorization and regulation of the Financial Conduct Authority. This implies that the firm is committed to adhering to regulatory requirements. These include the execution of orders, compliance with applicable regulations, and the processing of funds, categorizing Abshire as a low-risk broker.
The firm's commitment to meeting international standards and a strict adherence to transparency are further reinforced by the continuous monitoring of its operations by the regulator. This ensures compliance with statutory regulatory requirements and best practices. Additionally, the safeguarding of client funds is a priority, with all client funds held in segregated accounts and protected by the Financial Services Compensation Scheme (FSCS).
Headquarters: UK
Regulation and License: FCA
Instruments: FX, CFDs, precious metals, soft commodities, Futures, Equities, and Securities.
Platforms: VertexFX10, MT4, Straticator
Costs: 0.8 pips
Demo Account: Provided
Base currencies: GBP, EUR, USD
Minimum deposit: 250$
Education: Regular market analysis and updates
Customer Support: 24/5
Leverage represents a widely recognized financial mechanism that significantly increases the initial capital you trade with, potentially amplifying your gains when utilized judiciously. As a broker regulated within the UK, Abshire Smith adheres to stringent trading conditions mandated by regulatory requirements. Operating under the oversight of the European FCA, the broker imposes a leverage cap of 1:30 on Forex instruments, aligning with regulatory standards to ensure client protection and risk management.
Abshire Smith provides its clients with flexible trading fee options, catering to a diverse range of trading preferences. Clients can choose between a fixed spread model and the NDD (No Dealing Desk) connectivity option. The fixed spread model offers a consistent spread value, providing a stable and predictable cost structure for each trade. On the other hand, the NDD connectivity to liquidity providers presents an opportunity for traders to access raw spreads. This model reflects more variable and potentially lower spread costs, but also includes a commission charge for each traded lot. This fee structure is designed to accommodate the needs of both steady traders who prefer a consistent cost framework and those who seek to capitalize on the dynamic pricing offered in raw spreads. For a comprehensive understanding of our fee structure, including specific rates and additional charges, please refer to the detailed fee table provided below.
Offering entry into the global financial markets, Abshire Smith presents a variety of account specifications tailored to the three distinct trading platforms it supports. This flexibility caters to a broad spectrum of trader needs and preferences. For those new to trading or wishing to familiarize themselves with Abshire Smith's trading environment, the availability of a Demo account serves as a valuable tool for practice without financial risk. Additionally, Abshire Smith accommodates traders seeking to comply with Islamic finance principles by offering Shariah-compliant, swap-free trading accounts known as Islamic Accounts.
Abshire Smith offers a unique choice between a fixed spread or NDD (No Dealing Desk) connectivity with a raw spread model, where commissions are charged per traded lot. The typical spread for EURUSD pairs with Abshire Smith is around 0.8 pips, showcasing its ability to provide NDD execution for Forex FX, CFDs, and equities. Furthermore, VIP or institutional clients have the option for on-exchange futures and equities trading through either an API or FIX connection, catering to a broad range of trading needs.
Upon opening a live account with Abshire Smith, traders can fund their trading accounts through various methods including bank deposits, online credit/debit card transfers, or eWallet payment gateways. The available payment providers for processing both deposits and withdrawals include Bank Deposits, Credit/ Debit Cards (processed by Skrill), and eWallets such as CashU and Neteller, offering a convenient range of options for traders.
The minimum deposit required to open an account with Abshire Smith is $250, making it accessible for traders of all sizes, from beginners to professionals. This contrasts with many other brokers that typically require a minimum deposit of $500. Withdrawal options include Bank Wire, a range of e-wallets, and Debit Cards. Abshire Smith does not charge additional transaction fees for deposits or withdrawals, but traders should always check with their payment provider for any potential fees.
Abshire Smith provides access to three leading proprietary trading platforms, each with secure dedicated servers and available in web, mobile, or downloadable formats. The platforms include:
VertexFX 10, which allows trading of FX and CFDs on a webbased or desktop software with fixed spreads and efficient trade execution.
MetaTrader4 (MT4), accessible for trading FX and CFDs across various assets, with advanced charting tools and features available on desktop and mobile devices.
Straticator, a multiasset platform offering the ability to trade on exchange equities along with a DMA / ECN / STP / NDD FX model, focusing on user experience with essential tools and functionality available in webbased and mobile formats.
These platforms cater to different trading preferences and operation sizes, with Abshire Smith working closely with developers to ensure optimization and suitability for institutional users through the VertexFX 10 Bridge.
Customer Support
Abshire Smith prides itself on providing excellent customer support, ensuring traders' needs are met promptly and efficiently. The customer service team is readily available to address any inquiries, and regular market analysis and updates help traders make informed decisions based on the latest data.
In conclusion, Abshire Smith stands out as a broker with a strict regulatory environment and a wide array of trading opportunities. It offers an advanced selection of trading platforms and accounts, catering to clients of diverse portfolios and types. Although operating an agency-only business model, which precludes it from holding proprietary positions or being exposed to market risks, this ensures transparency and fairness in trading conditions. However, it's important to note that as of 2022, Abshire Smith is no longer authorized by the FCA in the UK. This change signifies that while the firm was previously regulated, it currently holds no significant licenses, urging potential clients to conduct thorough research and exercise caution when considering any proposals from Abshire Smith.
