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FXABM Review - Is it scam or safe?

FXABM Review - is fxabm.com scam or good forex broker?

RATING: 1.5 / 1 REVIEWS ForexBrokerz FXABM
FXABM is an offshore broker. Your money is not safe.

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Trading Accounts and Conditions

    

Account type Min. Deposit Min. Trade Size Maximum Leverage  Average Spreads (Commission)
Standard $250 0.01 1:500  1.8 pips
ECN $10000 0.01 1:200  0.1 pips + $3.50 / lot

 

As most forex brokers, FXABM offers its clients several account options – Standard and ECN. Both account types provide variable spreads and the option to trade in micro lots. Unlike the Standard account, the ECN one includes commission fees, but presumably offers considerably lower spreads. According to the information on the broker’s website, the spreads on the commission-free account are averaged 1.1 pips on EUR/USD.

 

However, we have tries out FXABM’s Standard account in demo mode and found out that the spread for this pair is higher, amounting to around 1.8 pips on average, which is far from being competitive. The best forex brokers offer spreads within the range of 1.0 – 1.5 pips on EUR/USD and most of them are licensed by reputable regulators, while FXABM is registered offshore. Otherwise, the minimum deposit required, as well as the leverage levels offered by this broker are average for the forex industry.

 

The Company. Security of Funds

 

Company

Country

Regulation

Fxabm Global Ltd.

Vanuatu

VFSC

 

Оounded in 2016, FXABM is a Hong Kong-based forex broker that offers trading in more than 60 currency pairs, precious metals and around 15 CFDs through the MetaTrader 4 (MT4) platform.

 

Behind the brand is Fxabm Global Ltd., a company regulated by the Republic of Vanuatu Finance Service Commission. Vanuatu has lately become a popular destination for forex and binary brokers due to the fast and inexpensive registration procedure, low minimum capital requirements (just $2000) and all the other advantages of offshore zones. In regard to security and retail customer protection, however, such offshore destinations are hardly an advantage. Traders should be aware of  all the risks asso0ciated with doing business with offshore or non-regulated brokerages.

 

That is why we generally advise traders to select a forex broker licensed in UK, Cyprus, or Australia for instance, where retail customers have certain level of protection.

 

Trading Platforms

 

FXABM offers its customers the good old MetaTrader 4 (MT4), desktop and mobile versions available.

 

MT4 is still the preferred choice of most traders, despite the efforts of its developer MetaQuotes to make its successor, the MetaTrader5 more popular. Reliable and easy to use, the MT4 is equipped with a full set of professional tools: a number of technical indicators, extensive back-testing environment, advanced charting package and a wide range of Expert Advisors (EAs).

 

FXABM's desktop MT4 platform. Click to enlarge

 

 

Methods of Payment

 

FXABM offers its clients the following payment methods: credit/debit cards, bank wire transfers, and e-wallets Skrill, China Union Pay, Neteller, FasaPay, WebMoney, as well as some local bank transfers.

 

The broker says that it does not charge any additional fees for deposits or withdrawals and that withdrawals are processed within 2 business days.

 

Conclusion

 

Based in Hong Kong, FXABM is one of the many forex brokerages registered offshore. It supports the popular MT4 platform, but we found out its spreads are not as attractive as stated on its website. We do not recommend traders to deal with brokerages that make false claims, especially if they are registered offshore. To sum up the above:

 

Pros

Cons

MT4 available

Registered offshore

ECN environment offered

High spreads

 

High minimum initial deposit for ECN account

 

Latest news about FXABM
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Traders` reviews for FXABM

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

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