AB Trade – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
AB Trade - DO NOT TRADE WITH THIS PROVIDER
2.4/10
$100
Minimum Depositupdated 2023
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://abtrade.pro
Founded: 2022
Regulations: Unregulated
Languages: English
Deposit Methods: Unspecified
Minimum Deposit: $100
Free Demo Account: Not Provided
Number of Assets: Unspecified
Types of Assets: Currencies, Gold, Indices, Stocks
Trading Accounts and Conditions
Here are the types of trading accounts offered by AB Trade:
- Standard Account: The minimum investment is $100. The starting spread is 14 pips.
- Silver Account: The minimum investment is $100. The starting spread is 11 pips.
- VIP Account: The minimum investment is $5,000. The starting spread is 0.6 pips.
- Gold Account: The minimum investment is $1,000. The starting spread is 0.8 pips.
- ECN Account: The minimum investment is $$10,000. The starting spread is 0.1 pips.
The maximum leverage offered for all account types is 1:300, the minimum lot transaction is 0.01 lots. Swap-free Islamic accounts are offered for all account types. The broker claims that there are no commissions.
AB Trade – Advantages
AB Trade does not have any advantages. This is not a broker that we would trust.
AB Trade – Disadvantages
Listed below are all the disadvantages that tell us that AB Trade is a scammer:
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Lack of Regulation
The first disadvantage that tell us that AB Trade is a scammer is that this broker is completely unregulated.
On the footer of their homepage, the broker gives us a St. Vincent and the Grenadines (SVG) address. However, the contact number has a Serbian country code.
When a broker is based in SVG, it means that they are unregulated. The SVG FSA has stated clearly that they do not offer regulatory oversight for forex brokerages. Recently, the FSA also released a new rule that all brokers registering their firms in SVG must be regulated by another financial authority, otherwise they cannot register in this country. Since this brokerage was established before this new rule was in place, and AB Trade has not mentioned any other kind of regulation, we can say safely that this broker is not regulated at all.
The only reference to any kind of regulation is a one-line claim that states that AB Trade has an International Certificate that secures all traders’ investments. The certificate they refer to is their certificate of registration in SVG – under the name Albabrokers LLC.
Now here is the interesting bit. The Financial Commission, an international dispute resolution organization, has issued a scam warning against Albabrokers LLC based on multiple customer complaints.
All of this information clearly tells us that we are dealing with a scammer.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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No Legal Documents
Another red flag that tells us that AB Trade cannot be trusted is the fact that this broker has no legal documents in place. We searched their website and even their registration page, but we could not find anything resembling legal documents anywhere.
Regulated and legitimate brokers are legally required to present their legal documents clearly; they need to be easily accessible – before a trader even signs up with them.
These are the documents that constitute the contract between the broker and the trade. These documents tell traders exactly what to expect from the broker – their trading conditions, their terms of service, the types of services they offer, their policies around disputes and payments and so on.
When a trader signs up with a broker with no legal documents, then that trader can be scammed and there will be nothing that any agency can do to help them get their money or even personal information back.
This is the reason why we emphasize the importance of reading those legal documents carefully before you sign up with a new broker.
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Issues with Registration and Platform
On their website, AB Trade claims to offer their clients the MetaTrader 4 platform for trading. The MT4 platform, as it is popularly known, is one of the best platforms in the world, second only to its successor, the MT5 platform.
The MT4 platform offers its users a great trading experience. It’s interface is simple enough that novice traders do not have a problem using it. Furthermore, it has so many tools and functions that even the most exacting pro trader will love using this platform.
This platform also comes with a demo account so that traders can actually test a broker’s trading conditions before committing real money into a trade.
With AB Trade, there was no demo platform available, which cast the first doubt about whether this broker actually has the MT4 platform to offer.
Added to this, when we tried to register for an account so that we could access the client area and check the trading platform for ourselves, we ran into problems. This broker was asking for our personal information, without which we were not allowed to register. With suspicious brokers, it is not wise to simply give out your personal information like this. So, we did not. And this meant that we could not check whether this broker actually has an MT4 trading platform – or any platform at all!
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Issues with Trading Conditions
We also have issues with this broker’s trading conditions. While the minimum deposit is advantageous at $100, the rest of the trading conditions are outrageous. A spread starting at 11 pips and 14 pips is ridiculous – and exorbitantly expensive. We could give the broker the benefit of the doubt that it could be a typo, however, when we check the other trading conditions, there are no errors on the decimals.
Added to this, a maximum leverage of 1:300 is also too risky. Which is why most regulators across the globe have put limits on how much risk/leverage brokers are allowed to offer their clients.
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Payments
We also found out that this broker has not mentioned anything about their payment options. We do not know what payment methods are available.
Conclusion
AB Trade is a scammer and not to be trusted.
AB Trade
Pros
- None
Cons
- Lack of Regulation
- No Legal Documents
- Issues with Registration and Platform
- Issues with Trading Conditions
- Payments
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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