Abyss World Asset review – 5 things you should know about abyss-world-asset.com

Beware! Abyss World Asset is an offshore broker! Your investment may be at risk.

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Abyss World Asset presents itself as a regulated and award-winning forex broker. But this website is actually a good reminder of why you should always do careful fact checking before you put your money on the line. Abyss World Asset is not a legitimate broker, but a scam. In this review, we’ll show you how to identify such scams and point you towards trustworthy financial service providers.

Abyss World Asset Regulation and safety of funds

The most obvious clue that we are dealing with a fraud is that Abyss World Asset does not disclose which company is behind this alleged broker. Even the text of the Terms and Conditions does not name a legal entity.

Abyss World Asset claims that it is based in the UK and that it is regulated not only by the UK’s Financial Conduct Authority (FCA) but also by the Cyprus Securities and Exchange Commission (CySEC). The website has images of purported certificates from both regulators. But these certificates also do not state a company name, only a brand name, revealing them to be fake.

A check of the records of both regulators shows that there is no legitimate broker using Abyss World Asset’s name and domain. The FCA has even issued a warning to investors that this website is a scam.

Under no circumstances should you trust your money to such anonymous websites full of false and contradictory information. Instead, you can turn to one of the many companies that really work under the supervision of respected regulatory bodies like Cyprus Securities and Exchange Commission (CySEC) or Financial Conduct Authority (FCA) in the UK.

As their customer you will enjoy a number of guarantees including negative balance protection and guarantee for your funds if the broker goes bankrupt, which goes up to EUR 20,000 in EU and 85,000 GBP in the UK. Regulations in the UK and EU include some important measures designed to improve investor protection and promote market integrity and transparency, such as transaction reporting. Regulated brokers are also required to segregate their operational funds from the client’s money.

Abyss World Asset Trading software

Abyss World Asset uses web-based trading software. While this platform has the basic functionality to place orders, it cannot compare to the capabilities provided by MetaTrader 4 (MT4) and MetaTrader 5 (MT5). It is no coincidence that these platforms have established themselves as the industry standard. They offer a wide range of features, including a variety of options for customization, multiple account usage, designing and implementing custom scripts for automated trading and backtesting trade strategies.

It should be noted that the presence of a trading platform does not make this website any more legitimate and does not guarantee that this alleged broker offers real trading. Many scammers use rigged trading software to fool their victims that their money is being invested.

Abyss World Asset Trading instruments

Abyss World Asset  claims to offer trading in forex, cryptocurrencies, indices, metals, commodities and stocks. But as stated, there is no reason to trust that this anonymous scam website offers trading. In addition to this, the FCA prohibits brokers operating legally in the UK from offering cryptocurrency trading.

Abyss World Asset Spreads and cost of trading

In the trading platform we see a very low spread of 0.1-0.2 pips. This implies that the broker charges some commission. But Abyss World Asset  does not provide clear information about the cost of trading.

Abyss World Asset Maximum leverage

Abyss World Asset advertises leverage up to 1:500. This also indicates that this could not be a licensed broker operating in the UK or EU.  The FCA, like EU regulators, limits leverage to 1:30 for trading in major currency pairs and even lower levels for more volatile assets.

High leverage creates the opportunity for more significant profit, but correspondingly increases the risk of sudden and excessive losses. All leading regulators therefore restrict leverage for retail traders. Higher levels of leverage are only offered to professional clients who trade entirely at their own risk.

If you don’t qualify as a professional trader but are willing to take the risk of high-leverage trading, the most viable option is to use the services of an offshore affiliate of an established brand.

Abyss World Asset Deposit and withdrawal methods

Abyss World Asset  permits deposits via cryptocurrencies and credit/debit cards through obscure payment processors.

Legitimate brokers typically offer clients a wide choice of transparent payment methods, including established e-wallets such as PayPal, Skrill or Neteller.

Abyss World Asset Minimum deposit

Abyss World Asset  specifies a minimum deposit of 250 USD, which is the industry standard. But this means that for the same amount you could open a trading account with an established and duly licensed forex broker. Some of the leading brands in the industry offer Micro and Cent accounts with a very low entry threshold that are suitable for novice investors.

Abyss World Asset Withdrawal requirements

Abyss World Asset does not specify extraordinary conditions for withdrawal. But these types of scams always surprise you with hidden fees and other tricks that prevent you from withdrawing your money back.