Honest review of Abanc conditions, real customer reviews

From years of experience in broker reviews, it becomes clear that some pseudo-brokers try to hide their connections to previous projects that have received negative feedback. Upon closer examination of their platforms, a sense of déjà vu arises: it seems like you’ve seen this somewhere before. Upon deeper analysis, it becomes evident that you are facing a cloned fraudulent entity. In this review, we will look at Abanc. The broker’s website abank.ee advertises premium-class services with extremely low spreads, no requotes, and fast execution. However, in practice, the situation takes a different turn: the intermediary does not allow even the slightest profit to be withdrawn.

What was learned about Abanc’s parent company?

Doubts about Abanc’s honesty arise immediately when examining information about the parent company. On the main page of this company’s official website, it can be read that the broker is managed by Abanc Ltd, regulated by the Financial Services Authority of the Seychelles Islands (FSA). However, the offshore company does not inspire trust. However, this is only a small part of the problem.

A completely different parent company, Tickmill Ltd, is listed on the abank.ee website. Trader reviews indicate that Tickmill is accused of fraud and platform manipulation.

It becomes clear that Abanc and Tickmill have common owners. The scammers simply decided to get rid of negative reviews and created a new project. Checking the domain name abank.ee revealed that this site was launched only in February 2020. It is not surprising that reviews about it are only now appearing. This is a one-day project that has not yet become well-known.

On the Abanc website, lies can be found in every aspect. For example, it is claimed that the company’s team members have had professional experience since the 1980s. Although the authors of the Abanc company are undoubtedly experienced, they have only excelled in deceiving naive traders.

To mask the lies from potential clients, the scammers list awards on their website: Best CFD Broker 2018, Best Conditions for Forex Trading 2017, etc. However, the scammers have no evidence of these awards, and in 2017 and 2018, the Abanc company simply did not exist! The scammers mislead regarding the storage of clients’ funds in reliable financial institutions.

The Abanc legend states that the company is registered in the Seychelles and is a securities dealer. However, information about Abanc’s registration in the Seychelles regulatory body’s registry is not confirmed!

FSA (Financial Supervisory Authority of the United Kingdom) – 569823,
CySEC (Cyprus Securities and Exchange Commission) – 654/78,

All the licenses listed on the Abanc website turn out to be fake in reality. The company also mentions permissions from CNMV, ACPR, CONSOB, BaFin (without specifying license numbers). Presumably, the developers rely on users believing them without verifying the information presented.

Review of Abanc’s contact information

Another display of audacity from the Abanc scammers is the contact information. The entire website states that the company is located in the Seychelles. However, false legal addresses are provided in the contacts section: Suite 305, Griffith Corporate Centre, Beachmont (Kingstown, St. Vincent and the Grenadines). These are fake coordinates often used by pseudo-brokers.

Despite Abanc’s short existence, there are already negative reviews about their customer support service. It is almost impossible to contact managers, especially regarding financial matters. It doesn’t matter which communication channel you use:

phones: +852 5127 2921, +852 5808 3478, +65 3739 0958, +248 111 7070,
email: [email protected].

Also, the Abanc website has links to social media profiles (Facebook, Twitter, Instagram, etc.) that are inactive! Clicking on any of them will automatically redirect you to the “About Us” page.

Registration on the Abanc website

During the review, it was found that the registration process on the pseudo-broker’s website is quite simple. To open an account, you need to fill out the provided form. You will need the following personal information:

email,
password for logging into your account (twice),
full name,
phone number,
country of residence.

Below the email form, there are links to the privacy policy and terms of use, which you are encouraged to read. However, clicking on them reveals that there are no legal documents on the pseudo-broker’s website! The link results in a 404 error.

The scammers do not expect honest and long-term cooperation with traders, so they do not even consider outlining the rights and obligations of the parties. They will simply deceive you and disappear with your money to offshore locations.

What are Abanc’s trading conditions?

Upon examining the “Trading Conditions” section, its emptiness is noticeable! Instead of useful content for traders, you can only see the word “text.” This indicates that, essentially, this section should exist, but the scammers simply forgot about it. According to customer reviews, the platform allows opening a demo account for practice and strategy testing without risk. However, do not think that the scammers intend to help clients achieve financial success. The demo account is a lure to attract traders to real investments, as confirmed by reviews of deceived users.

Regarding types of trading accounts, three types can be distinguished. The minimum entry threshold is $100.

Classic. This account is recommended for beginners. Minimum deposit – $100. Access to 84 instruments (CFDs on base currencies, precious metals, indices, bonds, WTI). Spreads – from 1.6 pips, leverage – 1:500, minimum position volume – 0.01. Swap-free system available.
Pro. By conditions, this account is almost identical to Classic. The only difference – spreads from 0 pips.
VIP. Starting deposit – $50,000. The difference from the previous account type lies only in the commission (1 unit per standard lot for VIP, and 2 units for Pro).

According to customer reviews, the Abanc company is solely focused on attracting funds and will not allow you to withdraw your earnings from the platform. Do not trust the payout schedule on the website of such a fraudulent broker! The scammers will simply blame payment systems like Skrill, Neteller, Visa, Mastercard, or any other from their list on the site for transactions not being completed.

Real customer reviews of Abanc

Currently, there are few reviews about the Abanc company on the internet, as the pseudo-broker has only been operating for a few months. However, the existing comments carry a negative tone:

Detailed description of the Abanc fraud scheme

The scammers from the brokerage firm Abanc operate like a casino. They lure traders with promises of huge profits, offering to practice on a demo account and various privileges:

welcome account with $30 as a gift,
NFP machine from Abanc,
participation in the “Trader of the Month” contest with a $1000 prize,
participation in the ECO representing brokers contest (at the time of writing the review, already completed).

Many traders in reviews emphasize that they fell into Abanc’s scammers’ trap and deeply regretted it. The scammers do not abide by agreements and only lure trusting clients into investments. The charlatans’ promises hold no value, their goal is to deceive and profit from traders. It is almost impossible to defend your rights against them.

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Summary of the Abanc review

If your savings are important to you, do not engage with Abanc. All the privileges offered on this company’s platform serve as a cover-up. The company conceals the fact that it engages in illegal activities, and all licenses listed on its website hold no value. The actual location of the organization is unknown, as are the names of its leaders and team members. This pseudo-broker continues the work of its predecessor – Tickmill, which has received numerous negative reviews. Do not become a victim of these scammers, protect your capital!