Absolut Global Markets (AGMarkets) Experience: Serious or scam?
Quality
speed
cost
The various cryptocurrencies are slowly but surely integrating into our everyday lives. Accordingly, more and more people are looking for a way to approach the digital currencies. In line with the demand, more and more crypto exchanges are emerging where interested traders can get their hands on the virtual coins.
Unfortunately, not every exchange is good and not all operators have the best interests of their customers in mind. So before you decide on a crypto exchange, you should put a little time and patience into your research. Since the range of crypto exchanges is almost unmanageably large.
And so it is this time as well. In our AGMarkets test, we take a look at what the crypto exchange has to offer, what the fees are like and what deposit and withdrawal options are available. Of course, we also want to know how the platform itself is structured and what experiences other traders have had with this provider. Is it worth investing in AGMarkets or do we have to fear an AGMarkets scam?
The key data on Absolute Global Markets at a glance
Absolute global markets | Key data |
|---|---|
Seat | Bern, Switzerland |
HR entry | no |
regulation | no |
founding | Sept 2019 |
Services | CFD broker |
Minimum deposit | $ 100 |
Payment methods | Credit card, bank transfer, electr. providers |
fees | high |
transparency | Poorly |
Customer support | Poorly |
App | no |
Who is behind Absolute Global Markets?
The first step is always to take a closer look at the website of the crypto exchange. Because there you can usually find some clues as to who has brought the offer onto the market.
In the case of AGMarkets, however, it is not so easy to find out who is hiding behind the offer:
The offer
If you would like to delve a little deeper into the universe of the crypto exchange AGMarkets, then you have the opportunity to take a closer look at the offer on the website. After all, it is also crucial whether the provider also has the right digital assets on offer.
The operators themselves state that customers have access to over 1000 financial instruments on the platform, such as forex, shares, commodities, indices and cryptocurrencies. Unfortunately, the operators are silent about which financial instruments are available in detail.
As far as the trading tools are concerned, there are supposed to be over 500 of them. Unfortunately, there is little further information about them on the website.
The website
It is positive that the website is not only available, but also in several other languages. This means that the most common languages in Europe are covered and it should be easy to use.
It is questionable in which language the customer support operates. The operators themselves state that the customer service speaks over ten languages.
The platform itself is clearly laid out. Unfortunately, not all sections of the website are accessible, so it is difficult to get more detailed information about the entire offer.
So far, there is also no suitable AGMarkets app. However, the website is optimised for mobile devices.
The fees at AGMarkets
Of course, the fees are also an important aspect when choosing and evaluating a crypto exchange. After all, the best offer is of no use if the fees are unclear and clearly excessive. It is clear that every platform charges fees in some way.
If you look around a bit on the AGMarkets website, you will also discover some information about the fee structure. This is not quite as clearly laid out as with some competitors, e.g. Plus500 or Binance.
action | Fee amount |
|---|---|
6 months of inactivity | 10 percent |
transfer | 50 Euros |
Electronic payment | 25 euros |
Payout of more than 200 euros | 10 percent |
Payout by credit card | up to 30 euros |
These fees are quite high compared to other crypto exchanges, which is why you should think very carefully about the extent to which you want to use the payout.
Because it is also clear that the minimum withdrawal must be 250 US dollars, British pounds or euros. AGMarkets also states that the fees can change at any time.
Deposit and withdrawal options
We have already touched on the fees for using the platform. Let's now take a look at how deposits and withdrawals work in detail.
Customers have various options at their disposal for deposits and withdrawals:
The advantages and disadvantages at a glance
Pros
Cons
What are the reviews of Absolute Global Markets?
If you want to know what other customers have to say about AGMarkets, you should take a look on the internet. There you will find a few AGMarkets experiences and AGMarkets reviews. The low number of AGMarkets experiences and AGMarkets reviews may be due to the fact that AGMarkets has not been on the market for very long.
If you take a closer look at the AGMarkets reviews, you will notice that not every customer is satisfied with the offer. While there are also positive reviews, there is also criticism of a possible AGMarkets scam or AGMarkets fraud.
It is clear that it can take up to five working days for the deposited money to arrive in the customer's account via bank transfer.
If you want to withdraw money from your AGMarkets account, this must be done in the same way as the deposit. The currency must also match. If you deposit in euros via bank transfer, you must also withdraw in euros via bank transfer.
Withdrawal process at AGMarkets
Withdrawing money from AGMarkets is not quite as simple as with other crypto exchanges, such as Anycoin Direct.
This is because customers must first submit a withdrawal request before the money can land in their own bank account:
- To do this, customers must log into their account on the website,
- open the withdrawal request in the customer area,
- fill in a withdrawal form and
- send this withdrawal form in printed form and signed to the operators.
Only when the company's employees confirm this form can the money be withdrawn. This whole process can take a few working days.
What to do in case of losses or if withdrawals are refused?
Anyone who has not had their money paid out or has suffered losses after logging in to Absolute Global Markets should contact a solicitor specialising in Forex and CFD trades as soon as possible.
Many trades are executed automatically and can therefore also lead to errors and thus losses for purely technical reasons.
Absolute Global Markets - Serious or a scam?
Absolute Global Markets is an unregulated broker and possibly a scam. The company lures its customers with generous bonuses, but it is worth taking a look at the terms and conditions. Often the bonus conditions require an exaggeratedly high trading turnover before a bonus is due. In many cases, a 50-fold trading turnover is simply utopian.
There have also apparently been problems with Absolute Global Markets withdrawals, especially because the customer support was difficult to reach.
Warning against Absolute Global Markets
Good Absolute Global Markets experiences are apparently not to be expected. FINMA from Switzerland lists Absolute Global Markets in its warning list of companies that may not have a licence for their activities, although they fall under FINMA's supervisory duty and would need a licence.
The firm is apparently based in Bern, Switzerland. The website of Absolute Global Markets mentions another address in Kingstown St. Vincent and the Grenadines, and at the bottom there is a note that Absolute Global Markets belongs to Lotens Partners Ltd.
Lotens Partners Ltd. is registered in St. Vincent and the Grenadines, which prompted FINMA to initiate investigations into unlawful activities. However, because no one has yet complied with the duty to provide information, the facts of the case have not yet been clarified. FINMA suspects that Absolute Global Markets poses a massive threat to investors and has therefore placed Absolute Global Markets on the warning list.
Although the entry does not mean with absolute certainty that the broker is carrying out illegal activities, it does mean with certainty that Absolute Global Markets does not have a licence.
Problems with Absolute Global Markets
It is not uncommon for CFD and Forex traders to have trouble reaching customer support by email, even more so with an unlicensed provider like Absolute Global Markets. Of course, deposits work without any problems. But when it comes to a withdrawal, the support leaves a lot to be desired. This was also the case with Absolute Global Markets, where users had such problems.
Trustpilot Reviews
Some users have chosen to write an Absolute Global Markets Review on Trustpilot.
Here are the reviews:
"
"Stay away from them. Don't trust them. They lie. We didn't get anything they'd promised. They want more money from us every time. Stay away."
Ezra wrote on 2020/09/15:
(Stay away from them. Don't trust them. They lie. None of what they promised we got. They still ask us for more money. Stay away.)
Lorena Balario's experience with Absolute Global Markets was not much better than Ezra's. She had written on 28 Nov 2019:
"Do not trust anything that AG Markets promises. They are all scammers and they do anything to take money out of your pocket. Very bad. They made me lose 160K USD. I contacted the manager and asked them to stop trading because of the high risk, but he didn't listen and I ended up losing all the money in my account with such an aggressive strategy."
(Don't believe anything AG Markets promises. They are scammers who will do anything to take your money out of your pocket. Very bad. I lost 160,000 USD because of them. I contacted the manager and asked him to stop trading because of the high risk, but he wouldn't listen to me, so I lost all the money in my account because of this aggressive strategy).
"I'd requested to withdraw some of my money before this, but they said they couldn't do that at the moment, and all of a sudden, all my money was blown within just two days."
(I had requested to withdraw some of my money before this, but they said they couldn't do that at the moment, and all of a sudden, all my money was blown within just two days).
"The stories are good and plausible, but do not be tricked. If you transfer money to AG Markets, it is best to say goodbye to it first! It is 100% a scam."
(The stories are good and sound plausible, but don't fall for it. If you transfer money to AG Markets, it's best to say goodbye to it first. It is 100% a scam).
Conclusion
In our AGMarkets test, we had the opportunity to take a very close look at this provider.
Pros
Cons
Those who want to play it safe should keep their hands off Absolute Global Markets. We advise using tried and tested brokers such as eToro, which are regulated and where withdrawals are made with certainty.
Recommended alternative to AGMarkets: eToro
If you want to buy Bitcoin quickly, we recommend the broker eToro. In addition to a clear user interface, state regulation and copy trading, the big advantage of the platform is that both Bitcoin CFDs and real Bitcoin are available for trading. Moreover, with ~1.8% total costs, eToro also proves to be the top dog in terms of price.
FAQ
Absolute Global Markets is a crypto exchange through which users can supposedly trade more than 1,000 financial instruments such as stocks, CFDs, forex, indices, commodities and cryptos.
The operators give an address in Bern, a city in Switzerland. However, a detailed imprint cannot be found on the website.
No. Although the company would actually be subject to FINMA and would need a licence, Absolute Global Markets does not have a licence. FINMA has therefore placed Absolute Global Markets on its warning list.
Unfortunately no. The fees are high and fraud cannot be ruled out. Apparently, funds were not paid out and customer support is difficult to reach.
