Sometimes, it’s difficult not to judge a book by its cover, especially when it comes to the website of this so-called broker. It’s so poorly done that large portions of the few pages it has either fail to load or break down when used.
What makes the whole operation so dangerous is not the ramshackle facade but the people working behind it. Follow our ABN Markets review as we unravel the workings of online fraud.
| Regulated by: | Unregulated |
| Is This Company Safe? | No, this is a forex trading scam! |
| Known Websites: | abnmarkets.com
abnmarkets.net |
| Have Warnings from: | FCA |
| Registered in: | Montenegro / Bulgaria |
| Operating since: | 2021 |
| Trading Platforms: | N/A |
| Maximum Leverage: | N/A |
| Minimum Deposit: | N/A |
| Deposit Bonus: | N/A |
| Trading Assets: | Forex, Cryptocurrencies, Indices, Metals, Commodities |
| Free Demo Account: | No |
| How to Withdraw from This Company? | This firm doesn’t allow withdrawals. Contact our legal team to start a chargeback procedure. |
Who Owns This Broker?
The company that owns the ABN Markets broker is registered in two separate nations. The headquarters are said to be situated in Montenegro, with the firm called ABN Markets Pty D.O.O. Budva. Looking into the CRPS register, we can indeed see a company under that name with the matching address. The company’s founder is one Bahadir Uyaroglu, who owns 100% of the shares, with founding capital being marked as “foreign.”
Foreign from where we hear you ask. Well, there’s another address marked on the site – one in Bulgaria. Searching the official Bulgarian company registry online is not yet possible, but using a third-party site, we found no matching name in the database. The provided address shows a residential building.
Unlicensed Forex Service
Finding out where the company is from was a convoluted affair with no conclusive results. Investigating the regulatory information, though, was quite easy. The main financial regulator of Montenegro is an agency called SCMN. Although not considered a particularly strict regulator, they still list licensed entities on their website, and ABN Markets Forex broker is not one of them.
Bulgarian FSC, although not considered a Tier-1 regulator, still subscribes to the EU MiFID II system. This means that implementing leverage restrictions of 1:30, compensation funds, and full financial transparency is mandatory. The only problem here is – the firm is not in the FSC database either!
We’ve reviewed this company before. The difference now is that thanks to the recent FCA warning, its status as a fraudulent entity is as solid as granite.
Scamming For Years
The fraudsters operated two separate web domains. The older “brother” is abnmarkets.com, dating back to 2021, with abnmarkets.net created in 2022.
Victims of the online hoax are mostly citizens of these countries:
- Germany
- Netherlands
- United Kingdom
- Australia
- Canada
Neither of the sites generates much traffic. The only external link that leads to them is a single Facebook page, but this does not impact the con scheme significantly. After all, the majority of these operations, including MoneraCap, work as scam call centers.
Completely Nonfunctional Amenities
Reviewing any ABN Markets login accounts and applications is an impossible task. There are two sites, each with a page dedicated to creating a live account and a demo account, and none of them work.
The main websites are barely holding together as it is, and are chock full of dead links. The only place where you can find info about accounts is on the homepage, and this is what is shown:
- Seamless Trading
- Empowered Trading
Nothing is mentioned about how much this costs or which pricing model they use. Both have the same basic characteristics, which are just listed in a different order.
As for the ABN Markets app, the story is pretty much the same with only a passing mention of a “wave mobile app”. There are so many programs on Google Play and AppStore sharing the same name. It’s like finding a needle in a haystack. Either way, the software would be useless without the trading account, so we gave up.
Nonsensical Trading Parameters
Have you ever heard of the term “Promption”? No? Well, neither did we, but it apparently means ABN Markets trading instruments. There is a drop-down menu listing several of the most popular groups:
- Forex
- Cryptocurrencies
- Commodities
- Metals
- Indices
Clicking on any button in the menu leads to either a 404 page or a page that states the company’s mission.
As for the overall trading terms and costs, no information is available at all. Leverage is “powerful”, spreads are “as low as 1” and “from 2”, commissions are from “3” and as low as “4”. The swindlers claim this to be in order to optimize trading performance and profitability. Now, that is as low as 1 in our books!
Doesn’t Allow Payouts
Sadly, there is nothing concerning any payouts on the ABN Markets scam portal. There is no dedicated withdrawal policy page, nor is there a Terms and Conditions document to speak of. Withdrawals only get a passing mention here. They are described as being swift and convenient, but we seriously doubt this claim. There’s supposed to be an FAQ page that should have more information on the topic. The problem is, you’ve probably guessed by now – it doesn’t exist.
Payout policy or not, cybercriminals won’t consider the documentation legally binding in any way. Take FinUp as an example, which does have a detailed Terms document, but never addresses details about payouts.
Blacklisted Phone Number
The help desk is another thing that isn’t present on the site. Clients can allegedly contact the company by phone or send a message through a contact form.
The phone line is listed on the FCA website as belonging to a con scheme, so we strongly advise against using it.
What You Can Do To Recover Lost Money
This online trading sham has been operating for a few years now, and the number of victims has only been rising. Although the silver-tongued thieves will make you believe you’re earning money. However, you won’t be able to withdraw a cent of your alleged profits.
However, customer support does not need to solve the problems with ABN Markets’ withdrawal. Our team of experts is on hand to help you recover funds by legal means. You may reach us by using the live chat available around the clock for your convenience.
FAQ
Who Owns The ABN Markets Broker?
The company is registered in Montenegro, with the owner listed as Bahadir Uyaroglu. Personal information on this individual is available on demand from CRPS.
Is Recovery Of Stolen Money Possible?
In a large number of instances, recovery is possible. To learn more on how to get your money back, contact our legal experts by using the live chat.
