Abshire-Smith is a Forex broker located in England and Wales that directly targets the ultra-rich millionaires from the Middle East. The company was founded in 2011 by a group of professional market experts who fully understands the requirements of traders who have access to a huge pile of cash. Smaller retail traders may also find several unique features that support low volume trading. There are numerous aspects about the broker that supports Islamic trading, which have some distinctive advantages as well as a few disadvantages that are covered in this Abshire-Smith review.
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Is Abshire-Smith Regulated By A Genuine Agency?
Abshire-Smith has its main office in London and is regulated by the FCA. FCA is one of the select few regulatory organizations in the world that are highly trusted by a majority of FX traders. Since the company is focusing on traders from the Middle East and other parts of EU, Africa, and Asia, the company hasn’t bothered to set up an office in the US, neither has it mentioned any intent on being regulated by the NFA. Therefore, Abshire-Smith makes it clear that they do not accept US traders at any cost. It is also interesting to note that traders from Iran also find it difficult to open an account at Abshire Smite, and residents of countries listed on the UN sanctions list will also find it difficult to open a trading account with the company.
FCA regulation is an essential aspect of Forex trading that helps traders to feel safe and secure against broker frauds or financial malpractices. All client funds are kept in segregated accounts in leading banks of the UK, and every trader is protected by the Financial Services Compensation Scheme that protects a customer against issues such as broker insolvency. FCA regulated companies are audited on a periodic basis, and brokers don’t trade against a trader’s position. Stringent regulatory guidelines offer protection against most conventional broker issues such as price manipulation, incorrect price feeds, and more.
Abshire-Smith Trading Conditions
The minimum deposit required to open an account at Abshire-Smith is $500, which is higher than most established Forex brokers. The relatively higher initial deposit is designed to deter small retail traders from opening an account with the company. A $500 initial deposit qualifies for a Mini account, while a $1000 initial deposit can provide access to either the Mini ECN account or the Standard Account. VIP accounts are available for deposits greater than $10,000.
Every account is offered with a maximum Abshire-Smith leverage of 1:200 for Forex and 1:100 for other assets such as commodities and precious metals. Abshire-Smith spreads also start from 0.7 pips for the VIP account to a minimum of 1.8 pips, excluding commission, for the Mini ECN account. The spreads are considered to be highly competitive and are one of the great advantages of trading with Abshire-Smith. The broker connects their traders to a global liquidity pool to offer excellent price feeds and tight spreads to provide a real ECN trading environment.
There are plenty of financial assets to choose from, and traders can invest in FX, commodities, equities, CFDs, or precious metals through a single account. Since the broker offers Sharia compliant trading accounts for all of their investors, there are no SWAPs whatsoever for overnight trades. Lower spreads and a lack of SWAPs combine to provide a highly cost-effective trading account for traders who are concerned about the outflow in Forex trading. The low cost of trading can also result in a high performance, which is tough to replicate using other FX brokers.
One of the primary disadvantages of the company is that they only provide 22 currency pairs. The company believes that expert traders only use the major pairs and a few minor pairs in their trading portfolio, and never actually bothered to include the full list of currency pairs that are available in the market. On the payment front, deposits and withdrawals can be done using bank transfer, online payment processors such as Skrill and CashU, and by using credit cards. Card and online deposits are made instantly, while withdrawals can take up to 24 hours.
The broker has an excellent customer support channel available for traders around the clock; however, the languages are restricted to English and Arabic. This proves the company’s intent on entertaining clients from the Middle East, but the English support channel is also highly responsive and helpful.
Enjoy A Wide Range Of Abshire-Smith Platforms
Abshire-Smith is a broker that is dedicated to catering to different trader requirements by using proprietary trading platforms to suit individual trader needs. The company has devised three different platforms for the desktop operating system, which includes the standard MT4 terminal, the VertexFX 10, and the Straticator trading platforms. The MT4 terminal is a standard affair, and traders will instantly feel at home while trading on the MT4 for both desktops as well as for Abshire-Smith mobile trading.
The VertexFX 10 platform is available as an installation interface as well as a web trader, which offers the fastest and most secure trading experience. Both the MT4 and the VertexFX10 platforms can be used to trade FX currency pairs as well as commodities, however, if you are looking to trade equities, you will have to use the Straticator platform. Straticator is available as a web trader, which also doubles up as a mobile platform for traders on the move. The availability of different platforms for Forex trading is certainly a huge advantage of choosing Abshire-Smith.
Do Not Except Any Abshire-Smith Bonus For Deposits
One of the serious drawbacks of a Sharia compliant broker is that they do not provide bonuses. The lack of a bonus is not necessarily a bad thing for seasoned traders who understand the pitfalls of accepting a bonus, but traders who are looking to increase their available margin by using a bonus will be disappointed by the lack of a dedicated Abshire-Smith bonus structure. Traders should choose Abshire-Smith purely on a merit basis to enjoy an excellent trading environment and lower cost of trading, and should not expect any significant benefits in terms of bonuses or other promotions.