Warning! AbsoluteMarkets.com is an offshore company! Your deposit may be at risk.
RECOMMENDED FOREX BROKERS
AbsoluteMarkets.com is a rare find of a broker, but not for the reasons that you might think. It’s one of those uncommon brokers that seems to get screwed over by its own lack of ambition; if only AbsoluteMarkets.com had the guts to go for it and spend time and effort it would have ended up being a decent and legit broker. We don’t say this lightly for we have seen every conceivable shape a broker can take. But unfortunately the company falls into the common trapping of every failed broker, namely a lack of a license.
In the footer, we see a brief claim that AbsoluteMarkets.com is regulated by the SVGFSA, which is the Financial Services Authority of Saint Vincent and the Grenadines. The most important thing to note here, and it may seem counterproductive at first, is that the Financial Services Authority does not regulate the FX market industry. No broker may be licensed by the the Financial Services Authority as of writing this review, meaning that AbsoluteMarkets.com is not regulated in Saint Vincent and the Grenadines even if registered there.
The term and conditions further complicate things by stating at one point that the user must “comply with any local law or regulation to which they are subject” which is a common scammer broker say. This way it shifts the responsibility of being licensed onto the shoulders of the user, which is not the way to go.
The last section of the terms and conditions brings us back to where we started by claiming the broker the be subject of Saint Vincent and the Grenadines laws. We have already covered this.
All in all, AbsoluteMarkets.com is without a license and is thus a risk to all investments!
Investing in unregulated brokers is the digital equivalent of throwing your money away for the wind to disperse it. It’s obvious that no one would do such a thing. Go with brokers that are regulated by trustworthy organizations like the FCA or CySEC. These entities work closely with the law, enforce it when called for, and have strict requirements for those under their gaze. Not to mention that those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).
After an easy registration process, we were granted access to a user area that was very decent, and it had a very easy interface yet with enough features and options to be deemed professional. If the broker was regulated, the client area would be considered very good.
It was a surprise that we found a functioning MT4, and were actually able to open a live MT4 account with no verification and no prior deposit.
From the live MT4 account we were able to get decent trading conditions, including a EUR/USD spread of 1.5 pips and a leverage cap of 1:1000. The available trading instruments were forex currency pairs, indices, commodities, stocks, and cryptocurrencies.
All seems very fair and smooth until one gets reminded that the broker is, nevertheless, unregulated, which shatters completely the illusion of a legit brokerage experience.
The MT4 powerhouse makes a full appearance here.
Even though the MT4 is the best trading platform out there, it still isn’t enough to redeem the broker. Unfortunately, AbsoluteMarkets.com remains unregulated, whether or not an MT4 is included.
ABSOLUTEMARKETS.COM MINIMUM DEPOSIT
The user area reveals that crypto wallets, online bank transfers, credit cards, and debit cards are the available payment methods.
The minimum deposit is capped at $50.
These are great deposit conditions, in all fairness, but the broker remain unregulated and a risk.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
The CVV code is the one thing that separates a buyer from a product. Without it, one cannot complete a purchase, even if him/her has given all other necessary information. By giving this detail to someone else, you are essentially inviting them to use your funds for their own means. And be warned that unregulated brokers most certainly plan to do so.
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
Be sure to never give AnyDesk or TeamViewer access to your PC to unverified agents. These 2 platforms allow for your PC to be taken over by a second party, oftentimes for help or guidance, but in the case of these brokers for the sole purpose of looting your bank account(s) and personal information. However, in order to do so your consent is needed, and this is the only thing standing in the scammers’ way.
ABSOLUTEMARKETS.COM WITHDRAW TIME AND FEES
The withdrawal conditions are also quite decent, but irrelevant nonetheless.
Users can take out funds by means of crypto and bank transfer, where the minimum amount is $25.
The website reveals the presence of fees and commission connected to withdrawals, while the user area denies them completely. Therefore, the predicament with the fees is debatable.
There are further contradictions between the website and user area when it comes to payment conditions, and this is simply unacceptable.
Beware, once more, when giving away an ID and a proof of address. Trustworthy brokers ask for these before traders can deposit to make a check up. Deceitful ones will ask for these details, using the anti-money laundering legislation as pretext, once you start asking too many questions and are getting suspicious of their activities. Understand that they will use these to build a stronger case against you in the event that you request a chargeback.
Yet again we urge readers to stay away from this broker as it will, without a doubt, never return your funds and profits. If you wish to to get smooth and efficient transactions, please visit a FCA/CySEC regulated broker, where all withdrawals are handled with care and respect.
HOW TO RECOVER
The most sound advice we could give you is to immediately file for a chargeback with you credit card company.
If you have given away your credit card details including the CVV code to the “broker” you should cancel it ASAP and check with your bank to see the damage inflicted.
Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won’t ever hear from them again.
The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!
It’s a shame that AbsoluteMarkets.com hasn’t put the effort it could have into its brokerage experience. There is room for improvement here, but as of now, this firm is not worth your money.