Based on the trillion turnover of the Forex industry, it becomes obvious that people cannot resist the temptation to try their luck with trading currencies. Hundreds of people join the market on a daily basis. They look for brokers who meet their needs and criteria and register with one or more of them. The United Kingdom is one of the main global financial centers where traders enjoy above-average protection which is ensured by the powerful FCA (Financial Conduct Authority), and many prefer to register with a UK-based broker particularly for that reason. Today we will focus on a UK Forex broker and give you all relevant information on one of the greatest UK Forex companies. Abshire-Smith is based in the UK and has been in business for several years so let us discuss what this broker offers and why it stands out as a company comparing to other brokers. This Abshire-Smith review is supposed to inform traders who are looking to register with another broker and potential traders who are entering the market for the first time but have not decided yet on a particular broker.
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History and Regulation of Abshire-Smith
The broker company opened its online doors to the world in 2011, and it has grown rapidly since then. The broker was registered with and licensed by the FCA, Britain’s largest financial supervisory body who controls around 56,000 enterprises in the UK. Licensing is a big deal in the Forex world since many brokers operate without a license or they simply state to be registered with a certain regulatory body when they are not. The Abshire-Smith’s FCA license might have expired, and they are might about to renew it, all we know is that the broker is currently not under FCA regulation. The FCA tries to keep the financial market safe in Britain and does everything in its power to exterminate wrong-doers. Abshire-Smith passed all the “tests” of the FCA which means that they worked and operated according to the highest Forex standards, and probably still do. Abshire-Smith has clients coming from around the world, and luckily Forex is already a global market, so Brexit will not affect the Abshire-Smith’s client-base. It will though affect the market and price movements so experienced traders should buckle up and place their trades wisely in the forthcoming years. Now let us see what we can get if we should register with Abshire-Smith.
What trading platform do they use?
Finally, we came across one broker who offers more than just the MT4. The Meta Trader 4 is part of this broker as well, and it is still the number one among traders and brokers. It offers 40+ currency pairs and CDFs, but Abshire-Smith offers more to those who would like to try something new. Abshire-Smith offers two more platforms which are the VertexFX 10 and Straticator. The VertexFX 10 is known for fast executions with very low latency. It comes in both, the downloadable and web-based version. With Abshire-Smith, you can trade over 35 currency pairs and CDFs over this platform. The Straticator platform has been launched in 2012 and is meanwhile turning into a multi-asset platform. The platform is suitable for ECN and STP (Straight-Through Processing) trading and enables access to third parties (liquidity providers when trading ECN/STP). All of the platforms are accompanied by the appropriate Abshire-Smith mobile apps which can be downloaded to all smartphone devices. We can see that the broker is well-equipped in terms of software and variety.
Choose an Appropriate Account Type with Abshire-Smith
This broker provides custome-tailored account types to match your trading experience and budget:
- For individual traders, there is the Standard and VIP account.
- The Standard account requires a $500 deposit.
- The VIP account requires a$15,000 minimum deposit.
- Both accounts offer fixed spreads and leverage of 1:200.
The Abshire-Smith corporate account is an institutional account for, for example, fund managers and investors, who need exceptional depth of liquidity. The deposit requirement for this account is also $500. And, not to forget about the newbies out there, Abshire-Smith’s demo account is provided for all those who are about to enter their first trading stage.
The Abshire-Smith Bonus
This broker is not known for offering any bonuses, not even a welcome bonus. Sometimes they run some promotions like trading contests, but unfortunately, they do not offer any cash back or deposit bonuses. This is a little bit disappointing since all traders enjoy a treat once and there.
Funding Options: Deposits/Withdrawals
Banking options are also a part of the standard service package, and the more a broker offers, the better. Abshire-Smith accepts payments via credit/debit card, wire transfers, and e-wallets like Skrill, Neteller, and CashU. Withdrawals are executed pretty fast, usually within the same day. However due to intermediary third parties like banks, credit cards, e-wallets, the time for receipt of funds can be up to 7 business days (but usually only for wire transfers).
Abshire-Smith’s customer support could also offer more if compared to customer services of other brokers. The customer support is bilingual (English and Arabic), but can only be contacted via e-mail or phone. The broker advertises call-back and chat options throughout the website. It would be convenient for traders to have one or two more languages which would also probably win over new clientele. All in all, this broker sounds promising and seems to offer a stable trading environment. The only drawbacks would be the no-bonus policy, customer support, and the current (un)license situation.