Abovet-SPG Review: Avoid this Insane Offshore Broker!
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Abovet-SPG Review
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Fund Safety
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Regulation
Summary
Among the regulators Abovet-SPG claims to be under are Dubai Financial Services Authority (DFSA), Financial Conduct Authority (FCA), Financial Sector Conduct Authority (FSCA), and Cyprus Securities and Exchange Commission (CySEC). These are audacious claims by this shady broker and we had to confirm whether they were true.
The broker’s promises are quite tempting. One of the things they promise is that you will get the opportunity of a lifetime to explore innovation and investment. However, this broker is a typical scammer whose main mission is to lure people with fake promises. We advise you to avoid Abovet-SPG and instead, invest with other honest and trustworthy forex brokers.
Trading with a regulated broker ensures that the firm operates within a legal framework set by financial oversight authorities. These laws are designed to protect traders from fraudulent activities, ensure fair trading practices, and maintain the integrity of the financial markets. By adhering to them, regulated brokers provide a safer trading environment for their clients.
About Abovetspg.com
On the broker’s homepage, they have paraded a number of accolades including Leading Professional Account award by Business Tabloid, Fastest Growing Broker and Number one in Active Development. However, the details of the awards are vague and unverifiable. The broker offers three accounts namely: Elementary, Medium, and Professional.
The firm has included a history of their journey in the financial market. According to this history, they started in 2018. A look at whois.com confirmed this information. We learned that the domain was registered in 2018 and updated in February 2024. Although the broker is honest about the inception date, that’s not enough to earn our trust and confidence.
Founders and Team
Despite having historical information, this broker has deliberately omitted crucial details about the company founders and current leaders. Doing this demonstrates their lack of transparency. By withholding information about its founders and leaders, a scam broker creates a veil of secrecy that can make it difficult for traders to make informed decisions.
Omitting these crucial details also indicates a lack of regulatory oversight. Regulated brokers are required to release information about their leadership to regulatory authorities, ensuring that they operate within the confines of the law and adhere to strict standards of conduct. A scam broker that fails to do this puts traders’ funds at risk.
Contact Details
A brokerage firm should facilitate trading and ensure the process is as smooth as possible. One way to do this is by ensuring the contact details are available and reliable. Some brokers are however cunning and give misleading details or none at all. This broker has given an address indicating they are located in Wien, Austria.
However, we have also noted that they claim to be regulated by other financial regulators. This would imply that they have offices in other jurisdictions. The inconsistency in communication raises many questions about the broker’s legitimacy.
Abovet-SPG Regulation
The broker boldly purports to be an established company, boasting a myriad of working relationships with various international financial institutions. They also claim to have an impeccable reputation because various financial regulators monitor their daily activities.
Among the regulators Abovet-SPG claims to be under are Dubai Financial Services Authority (DFSA), Financial Conduct Authority (FCA), Financial Sector Conduct Authority (FSCA), and Cyprus Securities and Exchange Commission (CySEC). These are audacious claims by this shady broker and we had to confirm whether they were true.
In the Terms and Conditions, we saw a contradiction where the broker says it is under the laws of the Republic of Vanuatu. Thus, it’s an offshore broker. All the allegations about being regulated in the UK, South Africa, UAE, and Cyprus are false.
Abovet-SPG Trade Trading Conditions
The broker’s leverage is at 100:1 and the spread is from 0.2 pips. With that leverage, the broker cannot be regulated by the FCA because it allows a maximum of 30:1. The minimum deposit is $1000 and worryingly, they only accept cryptocurrencies. As a scammer, this was not surprising about the broker. Crypto transactions are anonymous and irreversible. Thus, they’re suitable to scammers.
Final Verdict
Abovet-SPG is a perennial liar. They have mastered the art of deception and are up to no good. Their goal is to steal from investors but thankfully, we have unmasked them. They bear the hallmarks of a typical scammer and that’s why they haven’t provided proof of licensure. Avoid their schemes and trade with honest and trustworthy brokers who’re open about their business.
