ABSystem Detailed Review
Blacklisted in 5 EU countries, ABSystem definitely reserved its place as one of the most notorious online trading brokerages. Once we’ve learned it belongs to the infamous Donnybrook Consulting Ltd, which you may know for different scamming brands such as EnergyMarkets, OptiMarket, and OFXB, we figured out who you are dealing with.
Just in case, read our ABSystem review and make sure to stay away from this fraudulent firm.
|Broker status:||Offshore Broker|
|Regulated by:||Unlicensed brokerage|
|Blacklisted as a Scam by:||FMA, BaFin, FSMA, CONSOB, CNMV|
|Owned by:||Donnybrook Consulting Ltd|
|Headquarters Country:||Commonwealth of Dominica|
|Supported Platforms:||Web trader|
|Types of Assets:||FX, commodities, indices, shares|
|Free Demo Account:||No|
|Accepts US clients:||No|
ABSystem Regulations and Security
As mentioned, ABSystem is owned by Donnybrook Consulting Ltd and is based in the Commonwealth of Dominica. Of course, with such a notorious owner, there’s no word about regulations or the security of the funds.
Unfortunately, despite severe authority warnings about this particular firm all over Europe, offshore safe haven denies to shut down this illicit operation thanks to their good connections. That’s why many clients ended up victims of the ABSystem scam.
Note that you should avoid this and all other Donnybrook Consulting Ltd brands.
ABSystem Warnings From Financial Regulators
ABSystem has been blacklisted in 5 countries over the EU. Since it seems it mainly targets German-speaking clients, the first to issue an official warning was the German BaFin.
More so, this warning was followed by a similar one from Austria’s FMA. To protect their citizens, Belgian FSMA warned about irregularities in regards to ABSystem broker. Nothing less harsh was the Italian regulator, CONSOB. And in the end, we have the same warning in Spain, by CNMV.
Fund Withdrawal Issues with ABSystem
Like many offshore brokers, ABSystem uses the fact it’s unregulated and manipulates clients when it comes to withdrawals. Instead of processing withdrawal requests as they should, this fraudulent firm simply refuses to pay the money back under all sorts of different excuses.
As one of the favorites, the broker is using bonuses. The company will approve a bonus on the initial deposit but won’t tell you that you cannot withdraw your funds before reaching a nearly impossible rollover.
Traders About ABSystem Scam
Besides massive complaints in regards to withdrawals, traders are experiencing issues with the so-called automated trading system. ABSystem advertises automated trading and their innovative technology under the name Arbitrage-Bot. As a result, this robotic system should minimize the risk and increase the success of your trades.
However, would you trust something that an unregulated broker tells you after knowing all the facts?
How Does Online Trading Scam Work?
As aforementioned, one of the ways to conduct a scam is by advertising robotic systems that you don’t have. You will most likely see an ad showing how this robot works based on tons of stats and algorithms, then start investing for yourself just to discover that the system doesn’t even exist.
The company made it all up to sound convenient, but in reality, your account manager will be the one opening and closing those trades. Since they will have access to your funds, you can already see the scam happening.
Because of that, stay away from unregulated companies and alleged robotic systems.
Scammed by ABSystem? – Tell Us Your Story
If you were scammed by ABSystem or any other similar broker, let us know. Tell us what happened, and let’s find the best solution for you. Our chargeback specialists have heard it all, so don’t worry about being ashamed. It happens all the time.
But What Is A Chargeback?
This is a way for your bank to reverse a fraudulent transaction. For further details, contact us via online chat, book free consultations, and let’s get your money back before it’s too late!
What Is ABSystem?
ABSystem is basically a Forex and CFD online trading provider.
Is ABSystem A Scam Broker?
Yes! The broker has been blacklisted in Italy, Austria, Germany, Spain, and Belgium.
Is ABSystem Regulated?
ABSystem is not regulated and provides financial services illegally.