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Absolute Global Markets (AGMarkets) Review - is it scam or safe?

Absolute Global Markets (AGMarkets) Review - is agmarkets.io scam or good forex broker?

RATING: 1 / 2 REVIEWS ForexBrokerz Absolute Global Markets (AGMarkets)
Absolute Global Markets (AGMarkets) is an offshore broker. Your money is not safe.

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Trading Accounts and Conditions

 

Trading account Min. deposit Max. leverage Spread
Easy Start $250 1:500 1.8 pips
Trader  $1 000 N/A N/A
Pro Trader $5 000 N/A N/A

   

Absolute Global Markets (AGMarkets) presents itself as a forex broker based in Switzerland. It offers access to the MetaTrader4 platform, and several account options, plus three premium ones which we haven’t listed above, as they require an initial investment of more than $20k.

 

If you find AGMarkets’ offer attractive, make sure you read the present review prior to investing, as there are a number of serious issues about this broker -  their website is virtually anonymous, and they aren’t regulated.

 

We should also note that this broker doesn’t appear related to New-Zealand-based AG Markets (www.ag-markets.eu).

 

 

AGMarkets Advantages

 

Access to the MT4 platform, up to 1:500 in leverage

AGMarkets is generally not recommended, but the broker still might have several advantages, in case it’s not a con-artist. One of the strong sides of its offer, for example, is the availability of the MetaTrader4 (MT4) platform.

 

Another is the availability of high leverage ratios, up to 1:500, which we saw while testing the platform. Although brokers offering levels that high to retail clients are most likely not doing it in the best interest of traders, we consider this as a plus, because some traders enjoy using high leverage. That said, leverage has a dark side which is not to be underestimated – the higher the ratios used, the greater the risk of losses.

 

 

AGMarkets Disadvantages

 

Limited company information, no license

Our main concern with this broker is that Isn’t actually clear who stands behind the website and online trading services of Nimble AGMarkets. The broker’s website only features an address in Switzerland, but fails to present any relevant company information. To make matters even more complicated, the broker’s Terms and Conditions mention Bulgarian Governing laws.

 

This means that AGMarkets’ website is pretty much anonymous, and the people operating the brand are not bound by any law, nor are monitored by any financial regulator. In other words, clients (or victims) of this broker are not protected and have no one to turn to in case they have legitimate complaints.

 

Spreads not announced, demo ones above the average

On top of the missing corporate information, AGMarkets has not announced any relevant trading conditions, apart from the minimum initial deposit required. So, potential clients are unaware of the trading costs, the leverage levels provided, transfer fees, etc.

 

We always view the lack of information as huge negative, and advise investors to always be as informed as possible before deciding to trade with a brokerage. That said, we managed to open a demo account with AGMarkets, and saw that the spreads aren’t very lucrative for traders.

 

Click on the image to zoom in.

 

As you can see from the above image, the benchmark EUR/USD spread is floating around 1.8 pips. Considering the current state of the forex markets, this isn’t an attractive pricing.

 

 

>> Compare the spreads of top-tier forex brokers in real time <<

 

 

Unfavorable withdrawal fees & conditions

In the broker’s legal documents one can find the withdrawal fees with which their clients are charged:

 

Click to view full size.

 

Furthermore, the broker states that it charges 10% on each withdrawal, if the account holder has not reached a turnover of more than 200. Such conditions and high withdrawal fees only further incline us to suspect that AGMarkets is a scam. 

 

MT4 provided by a third party, a few CFDs

When testing AGMarkets‘ MT4 we also saw that it is actually provided by a third party, Pentacle Group Ltd. - an offshore company which operates the shady brokerage brand ChronoFM. This is not a serious drawback, when compared to previous ones, but it is still worth mentioning.

 

Furthermore, demo holders at AGMarkets are only offered twenty something currency pairs pairs, silver and gold for trade, which is a very limited product portfolio. Most brokers also offer trading in CFDs on indices, commodities, stocks, and cryptocurrencies like Bitcoin.

 

 

Conclusion

 

We believe we have listed enough disadvantages of Absolute Global Markets (AGMarkets) to discourage readers from investing with this unregulated broker, which is also very unclear about its corporate situation and offer.

 

There are plenty of brokerages that hold licenses issued by reputable financial authorities such as UK’s FCA, Cyprus’ CySEC or Australia’s ASIC. These regulatory agencies provide sufficient guarantees for the clients of brokers under their gaze and the security of their funds. Below, you can find more information about regulation in Cyprus as well as a list of brokers licensed there.

 

 

>> Brokers regulated in Cyprus <<

 

 

Here are the highlights of the present review:

 

Pros Cons
Access to the MT4 platform No regulatory oversight
Up to 1:500 in leverage High withdrawal fees
  Spreads not announced, demo ones above the average
  MT4 provided by a third party
  A few CFDs

 

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Traders` reviews for Absolute Global Markets (AGMarkets)

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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Not process withdrawal

This company ABsolute Global Market not process my withdrawal donne on 27.12.2019 and today is 15.01.2020. I try to contact them and they not answering anymore. I write email every day, write on whatsapp every day, they not answer any more. I think they still money from people and after they not answering anymore.
They close also my account with the . But i can prove with photo i was have one account with them

Marian Grigore 01/15/2020
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