ABSystem Broker Review
AssetShot seems to be a relatively new broker on the market, established this year. However, it already has a regulatory warning and many negative reviews. It all gives us enough material for a solid AssetShot review where we’ve presented it all to you.
Broker status: Unregulated Offshore Broker
Regulated by: Unlicensed brokerage
Blacklisted as a Scam by: FCA
Owned by: Jess Group LLC
Headquarters Country: Saint Vincent and the Grenadines
Foundation year: 2021
Supported Platforms: Web Trader
Minimum Deposit: $250
Cryptocurrencies: No
Types of Assets: FX, commodities, indices, shares
Maximum Leverage: 1:400
Free Demo Account: No
Accepts US clients: No
AssetShot Regulation
Jess Group LLC of Saint Vincent and the Grenadines owns the AssetShot brand. SVG has no financial regulator, as we have already said in our reports. This offshore country has an FSA registration, but the regulation must be obtained in the country of service.
This means that Asset Shot is another unregulated offshore broker who is not required to observe any rules or keep your cash in segregated accounts.
Warnings From Financial Regulators
Because the broker is primarily active in the United Kingdom, it’s no surprise that their regulatory agency, the FCA, was the first to issue an official warning about the Asset Shot fraud. According to this notice, AssetShot offers financial services without necessary authorisation, making it a trading fraud.
Fund Withdrawal Issues
When it comes to withdrawals, AssetShot, as anticipated from an offshore corporation, causes a slew of problems. It’s one of the reasons brokers choose to base their operations in safe-haven countries. Companies like Asset Shot feel secure enough to mislead consumers since regulatory oversight is at best lax. They understand that no one will compel them to observe any rules or compensate customers.
And now we get to the most serious issue: unprocessed withdrawal requests. When a client requests a payment, their account will most likely be locked or their funds will disappear.
According to AssetShot trader reviews, the broker is mainly present in:
- Canada
- Netherlands
- Ireland
- Sweden
However, all the other areas are not safer since the broker has only one restriction: US residents. Wherever you are, beware that AssetShot is an unregulated scam, and don’t fall for it.
According to AssetShot reviews, the company’s account managers torment traders. They are attempting to withdraw their monies, but are being encouraged to invest more. The broker persuaded them to take incentives, and now they must have a rollover of 25 times the amount plus a bonus before they can withdraw the cash. Offshore firms are pure fraud.
Are you having trouble successfully requesting a withdrawal from your broker? Tell us about it and add a comment.
