This Shady Broker Has No Trading License

ABN Markets is an unregulated Forex brokerage firm that claims to be based in Montenegro with a subsidiary in Bulgaria. The company lacks a trading license and fails to provide legal documentation and transparent trading conditions.

Yet, the truth cannot so easily be seen on the surface. That is why it is important that you read our ABN Markets Review before making any rash decisions about investing in this platform. Learn how to detect unlicensed scams such as ABN Markets and Fantex and how to recover your funds in case you get tricked. 

Legal Info: Is the ABNMarkets Legit?

ABN Markets claims to be based in Montenegro and Bulgaria. The Montenegrin Central Bank is tasked with regulating and supervising financial institutions, including Forex brokers, to ensure they comply with laws and regulations while the FSC oversees the market in Bulgaria.

It’s important to note that the regulatory environment and requirements in Montenegro are not as heavy as those in more established financial markets such as the UK or Germany. Bulgaria’s FSC implements the rules of the European Securities Markets Authority (ESMA), making the country a better jurisdiction for trading.

However, ABN Markets is not registered with the FSC or with the Montenegrin Central Bank. This means that the broker is unlicensed to offer services but still does so regardless. Trading on such platforms can be dangerous.

In order to avoid potential issues, we recommend you avoid investing in uncertain brokers such as ABN Markets and instead opt for providers that operate under the watchful eyes of Tier 1 regulators such as the FCA (UK), CFTC & NFA (US), ASIC (Australia), IIROC (Canada), MAS (Singapore), etc. 

If you lost money to an illicit trading scam, we can help you recover it swiftly!

Why Regulated Brokers Are Better Options

Unregulated brokers such as ABN Markets and GfxRoyal are terrible choices for trading. Instead of unlicensed brokers, find a provider that operates under renowned financial market authorities that will allow you to enjoy numerous benefits.

Top-tier regulators such as the FCA (UK), CFTC & NFA (US), ASIC (Australia), BaFin (Germany), IIROC (Canada), etc. require brokerage companies to maintain a substantial minimum operating capital (e.g. 730,000 EUR), offer clients negative balance protection, a segregated account, and even a compensation scheme (e.g. up to 20,000 EUR).

Who Are ABN Markets’ Targets?

According to godaddy.com/whois, the abnmarkets.com website domain was created on June 24, 2021. Since then, the financial swindler has been offering illicit services mainly to traders in the following countries:

• Germany;
• Netherlands;
• South Africa;
• Turkiye;
• Cyprus.

We’ve already debunked ABN Markets’ claim that this broker has a license under a European regulator. Thus, the broker has no right to offer services in other EU states due to the lack of a MiFID passport that brokers obtain as part of their license. A MiFID passport allows a broker to operate across other EU states.

All these jurisdictions on the list feature different regulations, some heavier, some looser. For instance, the legal leverage cap for retail clients is 1:30 under ESMA whereas unregulated brokers such as ABN Markets allow up to 1:100.

If you’re experiencing issues with ABN Markets, we are willing to help you recover your funds.

ABN Markets Trading Conditions

When it comes to the ABN Markets Leverage, the broker offers a considerably high leverage cap of 1:100 for Forex trading. Leverage represents borrowing money from a broker to increase the trading position size, allowing the trader to maintain a larger position with a smaller amount of capital. 

Although high leverage can lead to huge profits, it may also result in huge losses. High leverage often tilts toward the losing end, hence the lower but safer regulatory caps in Europe (1:30) and North America (1:50).

As for the ABN Markets Spreads, the broker’s website simply advertises competitive spreads without disclosing the exact buy/sell difference. ABN Markets Commissions were not specified either. It’s also problematic that there are no trader reviews for this platform.

ABN Markets Account Types and Instruments

There are only two live account types – Seamless Trading and Empowered Trader. The website listed several perks for each account type but nothing specific such as the spreads, commissions, and fees.

ABN Markets index, stocks, commodities, and forex assets selection offers the most popular tradeable instruments. For instance, the ABN Markets forex instruments include major, minor, and exotic pairs such as EUR/USD, AUD/CAD, etc. 

ABN Markets Trading Platform

ABN Markets offers access to the renowned MetaTrader 4 trading platform, a cutting-edge trading software with advanced charting tools. Some of the key ABN Markets Tools available on MT4 include a user-friendly interface, automated trading, live market reports, technical indicators, lightning-fast order execution, etc.

The ABN Markets platform is also available for mobile devices (Android and iOS), allowing for additional convenience and trading on the go. However, mobile trading apps generally lack some of the features that are available on desktop versions.

The choice of the trading platform is great but ABN Markets’s unlicensed status is still an issue. Without a credible regulator overseeing the broker’s business, the MT4 platform can easily be rigged. Another common issue traders have with scammers is that they cannot log on to the platform. 

Having withdrawal issues with ABN Markets? We can help you recover your funds.

ABN Markets Demo Account

ABN Markets advertises a risk-free demo account on the website. However, the live account and demo account registration pages are the same, i.e. there is no separate demo account registration option.

It’s a ruse meant to fool you into believing that you’re opening a risk-free account when in reality, the scammer wants to steal your deposited funds. 

Legit providers always offer a demo account. On the other hand, scammers such as ABN Markets are not properly regulated, meaning that there is a huge risk involved when using real money to trade. 

ABN Markets Deposit & Withdrawal Process

ABN Markets’s website says that the company uses three payment methods for deposits and withdrawals:

• Credit/debit cards (MasterCard, VISA);
• Wire transfers;
• E-wallets (Skrill, Neteller, PayPal).

The minimum deposit requirement is 100 USD. However, ABN Markets Details do not reveal the deposit and withdrawal fees. In such cases, you should anticipate hidden fees. Since the broker is unlikely to respect the refund policy and fulfill any withdrawal request, we will tell you a bit more about the chargeback procedure.

Funds deposited via MasterCard and VISA credit/debit cards can be refunded via a chargeback, which can be requested at the issuing bank within 540 days. Wire transfers can be reversed via a recall, which can only work for transactions that are not yet complete.

Key Facts To Consider About ABN Markets

To sum up our review, ABN Markets is an unregulated broker claiming to operate from Montenegro and Bulgaria. The main targets of the ABN Markets scam are traders from the Netherlands, Germany, Cyprus, Turkiye, and South Africa.

The platform is unregulated, which is the main reason why we do not recommend it. Also, the lack of transparency is alarming. Trading conditions and fees are unknown. 

If you lost money to ABN Markets, please book your free consultation with our team and tell us more about your case. If you need professional assistance in recovering your funds, our team will gladly guide you through the chargeback process.

Book your consultation with us today and start the chargeback process.

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