Abshire-Smith is a forex/CFD broker that offers the trading of currencies, commodities, Indices, futures, bonds, stocks and options. The broker offers multiple trading platforms, competitive spreads, market news and analysis as well as speedy trade executions.
Abshire-Smith Review, Pros & Cons
- Regulated broker
- Multiple trading platforms including MT4, Straticator & Vertex FX 10
- STP brokerage model with deep liquidity
- Market news & analysis provided
- $500 minimum deposit
- Absence of educational resources
- US clients are not accepted
In this detailed Abshire-Smith review, our online broker research team have covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
Abshire-Smith was set up and registered in 2011 in the United Kingdom by Abshire-Smith Global Limited to provide financial brokerage services to both individual and corporate clients. The broker has its head office located in London and enjoys proximity to top liquidity providers and premium data centres.
Abshire-Smith operates the STP brokerage model which ensures that the broker can charge competitive spreads and offer adequate liquidity for its trading instruments through its partnerships with top financial institutions, hedge funds and proprietary trading desks. This enables the broker offer Prime brokerage solutions for institutional and professional clients. The broker equally offers competitive pricing and fast trade executions courtesy of its liquidity providers which supply the assets’ live prices and also executes clients’ orders.
Abshire-Smith offers its clients a choice of trading with three platforms which includes the widely popular MetaTrader 4, the VertexFX 10 and the Straticator along with their web and mobile versions. Market analysis is also available via its partners.
Abshire-Smith is regulated by the Financial Conduct Authority (FCA) of the UK through its owners, Abshire-Smith Global Limited with the reference number FRN: 590890.
As part of its obligations, Abshire-Smith regularly reports to the FCA and undergoes financial audits. Segregation of clients’ funds from company funds is required by FCA and Abshire-Smith has fully complied with this directive. Client deposits are kept in top European banks and are not used by the broker for its internal operations no matter the circumstances.
Clients’ funds in Abshire-Smith trading accounts are also protected through the Financial Services Compensation Scheme (FSCS) which insures up to £85,000 per client if for any reason Abshire-Smith goes bankrupt in the future.
Abshire-Smith does not accept clients from the United States of America and Iran as well as countries on the United Nations sanctions list.
Some Abshire-Smith broker features and products mentioned within this Abshire-Smith review may not be available to traders from specific countries due to legal restrictions.
MetaTrader 4 (MT4)
The MT4 trading platform is very popular among retail traders worldwide. Its interface is simple and user-friendly. It also has internal charting packages and technical indicators as well as quick trade executions and multiple order types. Plugin apps in form of trading tools, software robots (Expert Advisors) and indicators can be installed on the MT4 platform to extend its productivity.
Abshire-Smith offers fixed spreads on the MT4 platform. More than 40 currency pairs along with commodities can be traded on this platform. The MT4 platform comes in a downloadable desktop version as well as a downloadable mobile app version with different versions for iOS and Android smartphones and tablets.
The VertexFX 10 trading platform is provided by Abshire-Smith as a downloadable desktop platform and web trader. It comes preloaded with charting packages and technical analysis tools as well automated trading capabilities and news feed. It has order management tools and can also execute trades in one click.
There is also the VertexFX Bridge for clients who want DMA accounts. Only the USD can be used for trading on this platform. Abshire-Smith offers the trading of more than 35 currency pairs along with commodities with fixed spreads on the VertexFX 10 platform.
The Straticator trading platform enables direct market access (DMA) to the forex markets on an ECN/STP execution model without conflict of interest. It is a complete trading suite built for DMA professionals and corporate traders who handle large trading volumes and need quick trade executions. Deep liquidity is ensured via partnership with international banks and financial firms acting as liquidity providers.
The platform comes with charting packages and trading aids. There are multiple order types as well as risk management tools. Automated trading is supported as clients can easily build their own trading robots.
On the Straticator platform, clients can trade commodities, stocks, indices, futures and bonds in addition to forex pairs. Trading spreads on this platform are variable.
The Straticator is also available as a mobile app downloadable for iOS and Android devices. The apps can be downloaded from their respective stores.
Abshire-Smith Trading Tools
There is an economic calendar available on Abshire-Smith’s website. It has the dates and time of economic reports and events as well as their potential impact on the markets. The economic calendar is powered by FXStreet; a renowned website for forex news, exchange rates, real-time analysis, charts, economic calendar, etc.
Market Squawk is a service that provides 24 hours live market analysis, live news coverage including market data releases, trading insights and a live audio news feed. The service is available via internet based software. Various experts from the software providers as well as guest analysts from various financial institutions provide their views and insights on the happenings in the markets.
There are no educational resources on the Abshire-Smith website.
Abshire-Smith offers 55 currency pairs and 13 commodities on its platform. The broker offers access to trade stock CFDs, futures, bonds and commodities.
Abshire-Smith Accounts & Fees
This account was designed for individual traders. The minimum deposit is $500. It is available on all three platforms provided by Abshire-Smith. The account offers fixed spreads which average between 0.8 and 1.3 pips on major forex pairs. The minimum trade size is 0.01 lots while the maximum leverage is 1:200. Swap-free options are available on this account type.
Abshire-Smith designed this account for traders who want direct market access through API/FIX connectivity. The minimum deposit is $500 but this account is only tradable on the Straticator platform. Spreads are variable but very competitive. Trading commissions have to be paid depending on the trade volume. The minimum trade size is 0.1 lots while the maximum leverage is 1:200. There is no Sharia compliant version of this account. Robotic trading can be done on this account. Withdrawals are processed on the same day.
This account needs at least $15,000 deposit to be activated. It is available on all 3 trading platforms. There is direct market access as well as API/FIX connections. Fixed and variable spreads are available. There are no commissions on trades and a personal account manager is assigned to account holders. Swap-free VIP accounts are available. Same day withdrawals are also one of the features of VIP accounts.
This account was designed for corporate bodies. A minimum deposit of $50,000 is required to open this account type. Account holders can trade on the VertexFX and the Straticator platforms. API/FIX connectivity is allowed as direct market access execution is used to process client orders. Spreads which could be fixed or variable are available while commissions are negotiable. A personal account manager is assigned and swap-free options are available on this account. Priority withdrawals are given to account holder as they are processed on the same day.
Demo accounts are available on all platforms. It is mainly designed for newbies to practice trading and learn how to use the platform. It is also used by experienced traders to test their strategies before going live.
As broker fees can vary and change, there may be additional fees that are not listed in this Abshire-Smith review. It is imperative to ensure that you check and understand all of the latest information before you open an Abshire-Smith broker account for online trading.
Clients of Abshire-Smith as well as interested members of the public can contact the customer service department between 9am-5pm GMT on business days. This can be done through email, phone, live web chat or contact us form.
You can also request for call-back by filling a short form on the website. The customer service team speaks English and Arabic. On social media, Abshire-Smith is on facebook, Twitter, YouTube and LinkedIn.
Abshire-Smith Deposit & Withdrawal
Abshire-Smith processes deposits and withdrawals within 24 hours but sometimes due to the payment processors or network issues, it could take up to 7 business days. Currencies that can be used for deposits and withdrawals are USD, GBP and EUR. Withdrawals require that a withdrawal form is filled and manually signed then emailed back to the broker. Charges from the payment processors are passed on to clients.
Clients can deposit and withdraw from their trading accounts through bank transfer/bank wire. Deposits can be made by cheque, online transfer or even in person. The broker processes all payments manually to ensure strict compliance to the Anti Money Laundering procedures.
The brands of credit/debit cards accepted by Abshire-Smith are not stated but, funding and withdrawals are accepted via bank cards. USD, GBP and EUR are the accepted currencies and Skrill processes the payments. Generally card deposits are processed instantly while withdrawals take a maximum of 7 days.
Skrill, Neteller and CashU are the e-wallets accepted for deposits and withdrawals on Abshire-Smith brokerage.
Abshire-Smith Account Opening
To open an account on Abshire-Smith, you have to fill the account application form on the brokers website. There are two forms for individual and corporate clients. The individual form has three pages while the corporate form has four pages that include ownership and directorship structure.
For the individual application form, fill your personal details like name, email, phone number and address as well as your financial and employment details. The third page includes the verification page where your proof of identity and residence has to be uploaded. When the form is submitted, a message displays informing you that the compliance department will have to review the application and contact you for more details. Applications are processed within one hour if it was received within working hours.
It is imperative to ensure that when you are going through a broker application, you clearly read all of the brokers terms, conditions and policies. Only proceed if you fully understand and agree to them.
Abshire-Smith is authorized and regulated by the UK’s FCA. The FCA is one of the world’s topmost financial regulators which ensure that the firms it regulates are financially stable and comply with its stringent stipulations.
Abshire-Smith offers their clients a choice of different trading platforms even though it is only the Straticator that stocks, futures, options and bonds can be traded on. The market squawk offers the latest market news, analysis and market insights.
But like most brokers, Abshire-Smith has its shortcomings. The minimum deposit to open an account is high compared to the competition. Several brokers give access to live trading with as little or $10 or even less. The broker does not provide a trading academy to help newbies to learn the ropes of forex and CFD trading. There are no webinars, seminars, training videos or even platform tutorials. Investors are left out of the broker’s services as there are no managed accounts or other investor friendly options.
Abshire-Smith seems to have gotten many things right in its offerings especially its platform options, brokerage model and regulatory status. This is one broker we can recommend for traders, but it needs to improve its services in order to compete as a top rated broker.
Trading on financial products carries a high level of risk to your capital. It is possible to lose more than your initial investment. Trading on financial products may not be suitable for you, therefore ensure you understand the risks involved and seek independent advice if necessary. Abshire-Smith provides services on an execution only basis. We do not provide advice as to the merits of entering into a financial transaction.