Learn How Forex Brokers Cater To Rich Clients Through This Abshire-Smith Review
Abshire-Smith is a Forex and CFD broker that offers a broad range of tradable instruments in the financial markets ranging from currencies, commodities, equities, indices, and CFDs. Abshire-Smith was conceived by a group of professional traders and investors who had realized the untapped potential of providing retail FX trading products to the affluent clientele in several parts of the world, especially to the ultra-wealthy traders from oil-rich nations of the Middle East and Africa. Abshire-Smith launched its brokerage services in 2011 by basing their main headquarters in the heart of London’s financial district. Abshire-Smith regulation duties are carried out by the Financial Conduct Authority (FCA) of the UK, a reliable and highly respected regulatory organization in the world. FCA of the UK is part of the European Economic Area (EEA) agreement, which allows Abshire-Smith the freedom to render their services to traders from all over Europe without seeking any additional authorizations or acquiring individual regulatory licenses.
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Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
Market Maker, DMA
Platform for trading Forex, analysing financial markets and using expert advisors.
Multi-asset platform for trading Forex and CFDs.
Trade online without downloading any software.
Wire Transfer, Bank Transfer, Credit or Debit Cards, PayPal
Interestingly, Abshire-Smith has concentrated its efforts on acquiring rich clients from several parts of the world, except the US. The USA does have several regulatory hurdles and high-levels of supervisory frameworks designed for the smooth functioning of financial companies, which might have played a significant role in preventing Abshire-Smith from setting up a representative office in the US. Nevertheless, Abshire-Smith has managed to build up an excellent reputation in the industry, which is furthered aided by the fact that the broker is situated in the most trusted and largest financial capital in the world. Abshire-Smith clients are protected by the FSCS (Financial Services Compensation Scheme) against any broker insolvency issues, thereby safeguarding traders from broker liquidation by guaranteeing payments up to £50,000 in compensation. FCA regulated brokers are required to adhere to several regulatory guidelines that are intended to protect investors against financial malpractices, which include holding client funds in segregated accounts and submitting financial reports to FCA on a regular basis. The broker has partnered up with leading liquidity providers, which help in sending client orders directly to the market without the intervention of any dealing desk and avoiding any conflicts of interests with its customers.
Abshire-Smith Accounts & Other Trading Information For Clients
The minimum deposit requirements for an Abshire-Smith trading account are higher than traditional Forex brokers. The minimum deposit option is $500, which is reserved for the Mini account, while higher accounts such as Mini ECN, Standard, and VIP accounts require deposits larger than a $1000, reaching up to $10,000 for the VIP account. Still, the initial barrier of entry is not as high as one would expect from a broker that caters specifically to wealthy traders. The Direct Market Access and ECN accounts are designed to provide unhindered access to the liquidity providers, which in turn provide real-time price feeds and instant connectivity to the markets. The margin available for trading is also limited, as traders get to enjoy a maximum Abshire-Smith leverage of 1:200 for FX currency pairs, which is further reduced to 1:100 if the trader opts for commodities and CFDs. Regardless, one of the main advantages of choosing the broker is for their low cost of trading that includes lower spreads and commissions for each trade, essentially due to the direct market access platforms and ECN bridges. Abshire-Smith spreads range between 0.6 pips to 1.8 pips, and one can realistically expect 0 pip spread during several market conditions. Abshire-Smith takes care of its Islamic traders by offering a Sharia-compliant account that offers a no SWAP trading account, which eliminates any SWAP or interest rates for overnight trades. The broker goes the extra length to ensure that their Muslim traders do get to enjoy a fully Sharia-compliant trading account that does not contradict their ideals and religious beliefs in any manner. Abshire-Smith has a top-quality customer service department that primarily offers support in English and Arabic. The staff is knowledgeable and friendly enough to provide timely response to all issues faced by their clients. Payments can be made through secure channels such as bank transfers, online payment processors, and credit cards, with all deposits and withdrawals being processed within 24 hours. Bank wires may take longer to process, but the broker provides a timely update to their clients regarding the status of payment and the estimated timeline concerning other financial transactions. The only downside to an Abshire-Smith trading account is a relative lack of options when it comes to tradable currency pairs, as clients get access only to 40 different assets in the currencies market. 40 currency pairs are significantly lower when compared to other brokers in the industry, especially since some brokers offer as much as 100 different currency pairs, including exotic pairs.
What Are The Other Benefits Of Abshire-Smith Forex Brokerage?
Abshire-Smith has invested heavily into offering three different platforms for its investors, which increases the option for their clients while dealing with charts and technical indicators. The broker offers the traditional MT4 terminal for both desktop as well as mobile trading, along with other proprietary platforms that include the VertexFX10 and Straticator. The MT4 and the VertexFX10 platforms are available for Forex and commodities trading, while the Straticator platform is reserved specifically for equities trading. The VertexFX10 platform promises to offer a better user interface along with more secure access to the markets, but the platform has a comparatively lesser number of currency pairs than the ones provided in the standard MT4 terminal. Abshire-Smith mobile apps are only available for the MT4 and the Straticator platforms, as the VertexFX10 is strictly designed for the desktop. Abshire-Smith trading platforms have excellent connectivity to their trading servers and offer excellent reliability with virtually low latency issues. Remarkably, Abshire-Smith is one of the very few FX brokers that have highly accomplished and reliable Forex trading platforms for its clients, which should help in compensating for the higher deposit costs. There are a few drawbacks to an Abshire-Smith account, especially when it comes to the Abshire-Smith bonus. Clients do not receive any incentives to open an account, neither are they rewarded in any other manner. Some smaller clients have also reported a lackluster customer service experience due to their lower account equity, which clearly indicates that the company is targeting wealthy clients that have a large bank balance. Regardless, Abshire-Smith is indeed a reliable broker that ensures complete security and peace of mind for investors regarding their investments and trading environment.