Abcfx.group Review – 5 things you should know about ABC Group Ltd

Abcfx.group Review – 5 things you should know about ABC Group Ltd

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Beware! Abcfx.group is an offshore broker! Your investment may be at risk.

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Abcfx.group claims to have been on the Financial markets as a Class A Broker for more than 8 years, and it has purportedly become acknowledged as one of the best in the industry. However, things are quite the opposite in reality – Abcfx.group is a scam, and we’ll prove it in the following review!

Abcfx.group Regulation And Safety Of Funds

The first thing you should know is that Abcfx.group is a brand of ABC Group Ltd, a company incorporated in the tax haven jurisdiction of St. Vincent and the Grenadines. SVG is one of the countries that do not license or monitor Forex brokers, meaning that Abcfx.group is NOT REGULATED, so it’s a risky brokerage you should avoid, and we can tell it only because of the offshore registration!

But that’s not the worst aspect in this case. Abcfx.group was officially exposed as a scam by the Portuguese regulator CMVM, which issued a warning against the brokerage. The authority informs the public that Abcfx.group is not licensed to provide financial services for the public, confirming it’s essentially a fraudulent business. Any brokerage with a warning on its name is practically a scam, so you should avoid Abcfx.group at every cost!

Instead, if you are genuinely interested in Forex, you should trade with regulated brokers only! For example, both CySEC (Cyprus) licensed brokers, and FCA (Britain) brokers are proven safe as both authorities force strict regulations to guarantee safety for clients’ funds. The compulsory rules include client account segregation, risk-reducing measures like leverage restrictions and negative balance protection, and increased capital requirements to license a broker (€730 000). Most importantly, though, both authorities maintain deposit insurance funds – clients of CySEC brokers can claim up to €20 000 in compensation, while the UK protections are even higher at £85 000 per person! It goes without saying that if you trade with unregulated brokers, you’ll remain unprotected and exposed to fraud risks!

And here is the warning issued by the Portuguese CMVM:

Abcfx.group Trading Software

Abcfx.group has decent trading software – MetaTrader5, which is known as the best Forex platform for retail trading. It’s stable, reliable, intuitive and highly customisable, and it also comes packed with an abundance of sophisticated features such as automated trading and analytical tools, many complex indicators and a marketplace with thousands of trading apps. The platform is great, but it doesn’t make the brokerage legit! In fact, after the warning, it becomes irrelevant what kind of trading software Abcfx.group can provide – it’s a scam broker and should be avoided!

Abcfx.group Trading Conditions

The trading conditions are standard. The asset classes available for trading are Forex, Commodities, Indices and Stocks.

The trading costs are generally bearable – the EUR/USD spread is 1.5 pips, which is close to the industry standard of 1 pip difference. Put into perspective clients of Abcfx.group pay $15 per lot traded compared to the average of $10 – not much difference, but Abcfx.group is more expensive than usual.

The trading risks are high – leverage is 1:100 fixed, and we couldn’t find a way to reduce or increase it. After all, we were testing a demo account, meaning that conditions in real trading may be different. At any rate, though, Abcfx.group is an officially exposed scam, so it doesn’t eventually matter what the leverage is!

Here is the platform we could access:

Abcfx.group Deposit/Withdraw Methods And Fees

Information about minimum deposit requirements is not provided, and it seems that any amount is accepted.

The funding methods are many – Credit/Debit cards, Wire Transfers, Bitcoin, Ethereum and e-wallets like SkyCrypto, Odeon, MoonPay, CexDirect, Mercuryo and others. However, some of the wallets are known to be scam facilitators, so even without official warning, we would still say there is something wrong with Abcfx.group!

Information about withdrawals is scarce, but the automatic bonus programme badly affects the conditions and practically makes withdrawals impossible. Let us explain! So, Abcfx.group has an automated bonus campaign in which it grants incentives to every new customer, with or without their consent. Simply put, as soon as you open a trading account and deposit, you get hit by the Bonus clauses.

As you can see from the screenshot below, after a bonus is given away, you will not be able to withdraw any money for a period of 1 year, which is a scam clause nonetheless! But that’s not all, as there is also a minimum trading volume requirement – you should trade the deposit plus bonus 30 times to become eligible for withdrawal! It’s a harsh requirement that’s hard to achieve, and it’s evident that Abcfx.group never planned to fulfil withdrawal requests! Beware!

Information about fees is also missing, but even if there were some provisions, the details would be irrelevant – after all, Abcfx.group is an exposed scam!

How Does The Scam Work

Forex scams are different from one another, but in most cases, the fraudulent scheme is practically carried out in the same way. Scam brokers are always unregulated and usually registered somewhere offshore, which helps scammers remain anonymous and untraceable. If you open an account with such an entity, you should expect endless phone calls. Scammers will constantly try to approach you and make you deposit money as quickly as possible. Remember that urgency is always a treacherous sign, so it’s probably a scam if someone calls you twenty times per day, asking for money.

In the worst-case scenario, you’ll deposit, and scammers will persuade you to trade instead of you. You’ll soon see magnificent profits generated – false, of course, and you’ll get excited, asking to take your money back. As you probably guess, they won’t let you do so and will try to get another deposit from you, promising that much more lucrative gains are waiting. Or, they can ask for a  false tax, saying that withdrawals are only possible if you cover the charge in advance. If you pay, you’ll increase the amount stolen from you, but if you keep asking for your money, you’ll soon realise it’s a scam!

What To Do If Scammed

You should first inform the authorities – call the police and contact your local regulators and other government bodies dealing with crime and fraud. Also, deactivate your cards ASAP and call your bank to inform them about what happened – they can provide essential information and help you reduce further financial damage.

If you deposited cryptocurrencies, there is not much you can do, but if you used your credit/debit cards, you could file a chargeback, hoping that all or some of the money invested can be retrieved. However, you shouldn’t go blindly looking to recover the loss because many fraudulent chargeback agencies are waiting to double-scam victims of fraud – be cautious about it!

And lastly, consider sharing your experience to help protect others and provide further information about how scams work!

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