Aberlyst – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Aberlyst - DO NOT TRADE WITH THIS PROVIDER
2.3/10
$100
Minimum Depositupdated 2024
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://aberlyst.com
Founded: 2024
Regulations: None
Languages: English, Spanish, Russian, German, French, Polish, Turkish
Deposit Methods: Cryptocurrencies
Minimum Deposit: $1,000
Free Demo Account: Not Given
Number of Assets: Unspecified
Types of Assets: Cryptocurrencies, Commodities, Metals, Currencies, Stocks, Indices
Trading Accounts and Conditions
Aberlyst offers traders the following account types:
- Basic: The minimum deposit that this broker asks for is $1,000. The leverage is 1:20.
- Standard: The minimum deposit that this broker asks for is $25,000. The leverage is 1:50.
- Exclusive: The minimum deposit that this broker asks for is $50,000. The leverage is 1:100.
The broker claims to charge commissions that are low, but does not specify the figure. Spreads are not specified either. However, we found out that on their trading terminal, the spreads for the 3 major currency pairs were at 0.1 pips. Other trading conditions have also not been specified.
Aberlyst – Advantages
There are no advantages to trading with Aberlyst.
Aberlyst – Disadvantages
Aberlyst is a scam broker that cannot be trusted, and here is all the evidence that proves our statement:
-
Anonymous and Unregulated Broker
The first and most serious issues we have found with Aberlyst is their anonymity and lack of regulation.
With a legally operating broker, you will find all their corporate details clearly spelled out on their websites. We will be told the broker’s parent company’s name, their location, their licenses and contact details. It is then a simple matter to check the relevant financial authority’s online register to verify if that broker is, in fact, a legitimate broker.
With scammers, on the other hand, we will find issues with their corporate identity and their regulation information – as in the case of Aberlyst.
Aberlyst does not mention anywhere on their website or even their legal documents what the name of their parent company is. We are given a so-called registered office address in Austria. And the broker also claims to be regulated by multiple authorities – the Dubai Financial Services Authority (DFSA), the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC) and the Financial Conduct Authority of UK (FCA).
And yet, when you check their Terms and Conditions, the broker states that they follow the laws of the Republic of Vanuatu, an offshore location known for harboring scam operations due to their rather lax financial regulations.
We did our due diligence and checked with the various authorities this broker claims to be regulated by. We found out that Aberlyst is not regulated at all. None of the authorities’ registers had any records of this broker.
This clearly tells us that we are dealing with an anonymous 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.
-
Blacklisted by Bank of Russia
Since the default language of Aberlyst’s website is Russian, we decided to check the Bank of Russia’s online register to see if this broker was registered with the Russian financial regulator. Instead, we found out that the Russian authority has actually issued a warning against Aberlyst for operating illegally and for being a scammer.
When a financial authority clearly issues a warning to traders to beware of a broker, it is best to heed that warning.
There can be no stronger proof of that broker’s scam.
-
Issues with Trading Platform
On their website, Aberlyst does not mention much about the kind of trading platform they offer. The only thing the broker states is that they offer a wide range of instruments for trading on their platform; nothing is mentioned specifically about the quality or the kind of trading platform they offer.
And when we accessed their trading terminal, we understood why. This broker’s trading platform is very basic. It is web-based and offers very little in the way of features or even tradeable instruments. This is the kind of platform we have repeatedly seen being offered by other scammers. This is also the kind of platform that can be rigged to fool novice traders into thinking that they are actually trading in real assets and are turning out a profit.
The reality is that these platforms barely function and are only for show.
-
Issues with Trading Conditions
When a broker compromises on their platform and trading conditions, you know that they are scammers.
Aberlyst’s trading conditions are just more proof that this broker is a scammer. The minimum deposit that this broker charges is $1,000. There are globally recognized brokers that allow for account openings for ten time less. Added to that, the spreads are suspiciously low. And the broker is careful not to mention their commissions.
The leverage that Aberlyst offers is also too high at 1:100; most of the locations this broker is targeting has strict limitations on how much leverage is allowed (the maximum leverage allowed is 1:30).
Other trading conditions are simply not even mentioned.
All of these issues tell us clearly that we are just dealing with another scammer.
-
Issues with Payment Method
The only way that you can make payments with this broker is via cryptocurrencies. This is a huge red flag to watch out for because of two reasons.
First, legitimate brokers will offer their clients multiple payment options so that traders can choose the ones that they are most comfortable with. Second, crypto payments are notorious for being permanent and anonymous. Therefore, if you are dealing with a new or untrusted party, you could end up losing all your funds and there would be no way to trace your money.
Thus, when dealing with a broker for the first time, it would be best to choose a more traditional payment option such as credit cards. This way, if you do get scammed, then you can at least file for a chargeback and have a chance to get your money back.
Conclusion
Aberlyst is a scammer and can therefore never be trusted. It would not be advisable to have no contact with this broker.
Aberlyst
Pros
- None
Cons
- Anonymous and Unregulated Broker
- Blacklisted by Bank of Russia
- Issues with Trading Platform
- Issues with Trading Conditions
- Issues with Payment Method
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.
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more