Abyss World Asset Review: Avoid this Unworthy Broker
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Abyss World Asset Review
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Fund Safety
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Customer Support
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Regulation
Summary
One of the obvious red flags indicating that Abyss World Asset is a fraud is the fact that the broker has not named the company under which they operate. We also could not find the name on their Terms and Conditions page. This was suspicious, given the company’s boast of being an international award-winning broker.
Abyss World Asset claims you can go global and increase your wealth. However, this would only be true if the broker was legit. This broker appears very convincing at first glance. Their website looks attractive, and they seem to have the best intentions. They have invested much in marketing their fake product.
As a trader, you need to know that not everything is as it appears. Many brokers out there are scammers, though they may not seem so at first. However, not all forex brokers are scammers, as there are still many honest and transparent crypto brokers in the market today.
Regardless of what a broker may claim, always do your research and never trust everything you read on the internet. Some of the customer reviews on the broker’s website are fake and are from people who have no clue about forex trading or the broker in question.
About Abyss-world-asset.com
This broker markets itself as a UK-based company offering financial services to traders globally. They also claim that the majority of their customers are from Europe and the CIS. On their platform, you can trade indices, currencies, cryptocurrencies, metals, commodities, and shares. They also purport to offer online education and promise great rewards once you invest with them. They offer three types of accounts, each with its trading parameters.
To open a demo account, you need to provide your name, email address, and phone number. This is a red flag because when opening a demo trading account, none of these details are necessary. After all, the money is virtual. There is no need to give personal information like the phone number. However, the email is okay.
Contact Details
The broker has provided a phone number as one of the ways to reach them. However, worryingly, they have not provided details about their location. As a trader, you would feel more confident if you knew where your broker is located.
This means in case of a legal issue, the authorities could locate the firm with considerable ease. A transparent broker is also reachable on social media and messaging applications such as WhatsApp. If a broker does not make communication smooth, it’s because they’re fishy.
They have paraded many awards, including ADVFN International Financial Awards, FX/Scouts, INVESTINGOAL, Trading Guide, and Trader of the Year. However, they have omitted the years they received the awards and when we checked whois.com, we understood why.
The broker’s domain started operating in November 2023 and will expire in 2024. Thus, it’s impractical for the broker to have been operating for such a short time and receive all those awards. This broker is a liar and a scam.
Abyss World Asset Regulation Status
One of the obvious red flags indicating that Abyss World Asset is a fraud is the fact that the broker has not named the company under which they operate. We also could not find the name on their Terms and Conditions page. This was suspicious, given the company’s boast of being an international award-winning broker.
The broker falsely claims that the UK’s Financial Conduct Authority and the Cyprus Securities and Exchange Commission (CySEC) regulate them. They have even uploaded some images of the purported certificates from the financial watchdogs.
However, all these are lies; the FCA, for example, has already issued a warning to traders against dealing with this shady broker. They have warned many that the broker may be targeting people from the UK and hence should be avoided. We did not find the broker’s name in the CySEC database either.
Abyss World Asset Trading Conditions
Abyss World Asset boasts of tight spreads. For USD/JPY and EUR/USD, you can trade at zero spreads. This is an amazing deal that any trader would desire. However, given the shady nature of the broker, it is possible they could be misleading traders with such deals.
The broker’s leverage is as high as 1:500. This seems very good, and it is. However, high leverage is also dangerous because you can wipe out your entire account with a single trade. Furthermore, many financial regulators do not allow such high leverage. The FCA allows only a maximum of 1:30. This broker cannot be under the FCA, therefore, because their leverage is above the one recommended.
Final Verdict
With all the evidence against this broker, there’s little doubt that they are scammers. They are nothing like the honest and transparent crypto brokers we know. Abyss World Asset is on a mission to make money through unorthodox means. Thankfully, however, we have unmasked them, and hopefully, this review will save many from the mistake of investing with a scam broker.
