Global Broker governance & inquiry App

Score

0123456789
.
0123456789
0123456789
/10

Absa

South Africa|2-5 years|
Regulated in South Africa|Financial Service Corporate|Suspicious Scope of Business|Suspicious Overrun|Medium potential risk|

https://www.absastockbrokers.co.za/absa-public/baIndex.xsp

Website

Rating Index

Influence

Influence

C

Influence index NO.1

Switzerland 3.09

Surpassed 100.00% brokers

Biz AreaSearch StatisticsAdvertisingSocial Media Index

Contact

+27 11 225 8018
equities@absa.co.za
https://www.absastockbrokers.co.za/absa-public/baIndex.xsp

Licenses

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

Open Now

Contact number

English

+27 11 225 8018

Broker Information

More

Company Name

Absa Stockbrokers and Portfolio Management (Pty) Limited

Company Abbreviation

Absa

Platform registered country and region

South Africa

Company website

Pyramid scheme complaint

Expose

Check whenever you want

Download App for complete information

Warning: Low score, please stay away! 2
Previous Detection : 2024-03-04
  • This broker exceeds the business scope regulated by South Africa FSCA(license number: 45849)National Futures Association-UNFX Non-Forex License. Please be aware of the risk!
  • The current information shows that this broker does not have a trading software. Please be aware!

WikiFX Verification

Users who viewed Absa also viewed..

XM

9.04
Score
10-15 yearsRegulated in AustraliaMarket Making(MM)MT4/5 full license
Official website

MultiBank Group

8.59
Score
10-15 yearsRegulated in AustraliaMarket Making(MM)MT4/5 full license
Official website

IC Markets

8.92
Score
10-15 yearsRegulated in AustraliaMarket Making(MM)MT4/5 full license
Official website

Decode Global

8.35
Score
5-10 yearsRegulated in AustraliaMarket Making(MM)MT4/5 full license
Official website
Pyramid scheme complaint
Expose

Absa · Company Summary

Absa Review Summary
Registered Country/Region South Africa
Regulation FSCA (Exceeded)
Services Credit cards, Loans, Invest, Insurance, Rewards
Monthly Fee R75.00 (Smart Account), None (Tax-Free Savings Account), None (Exchange Traded Fund Account), See fee schedule (World Trader Account)
Brokerage 0.4% (min R120) (Smart Account), 0.2% (min R15) (Tax-Free Savings Account), 0.2% (min R60) (Exchange Traded Fund Account), Refer to offshore fee schedule (World Trader Account)
Customer Support Phone:+27 11 225 8018
Email: equities@absa.co.za
Social Media: Twitter, Facebook, LinkedIn, Blog

What is Absa?

Absa is a South Africa-based financial services provider that offers a wide array of services, including Credit Cards, Loans, Investments, Insurance, and Rewards Programs. As per the regulatory standards, it currently exceeds the business scope as regulated by FSCA, the Financial Sector Conduct Authority of South Africa. Absa is committed to providing diverse market instruments catering to various trading needs and customer experience levels. They also offer comprehensive customer support via multiple channels, including phone, email, and social media.

Absas homepage

Pros & Cons

Pros Cons
  • Multiple Market Instruments
  • Exceeded the business scope regulated by FSCA
  • Multiple Customer Support Channels

Pros:

  • Multiple Market Instruments: The platform offers diverse Market Instruments, including Credit cards, Loans, Invest, Insurance, and Rewards, catering to various trading needs and experience levels.

  • Multiple Customer Support Channels: Absa provides various customer support channels including phone, email, and social media, enhancing accessibility and assistance for clients.

Cons:

  • Exceeded the business scope regulated by FSCA: This could involve certain risk factors for customers because these unregulated activities might not have the same level of oversight and customer protection mechanisms in place compared to those activities that are regulated by the FSCA.

Is Absa Safe or Scam?

Absa, despite being a recognized name in the South African financial market, has recently come under scrutiny. This due to the fact that it reportedly operates beyond the business scope of its license (License No. 45849) as regulated by the Financial Sector Conduct Authority (FSCA) of South Africa.

exceeded FSCA license

Alongside this, concerns have been raised about issues related to withdrawal processes. These significant points up for consideration cast a shade of doubt on the safety and credibility of Absa in its operations.

Exposures at WikiFX

However, it's important to thoroughly investigate these allegations before forming any conclusions. Contacting Absa directly, reaching out to FSCA for further confirmation on licensing scope, and seeking advice from financial experts would be advisable steps towards a more informed decision. Do keep in mind that while a situation might seem uncertain, it does not immediately label a company a 'scam'. Transparency and clarity should be the aim while dealing with such concerns.

Services

Credit Cards: Absa offers numerous credit card options catering to different user requirements and financial capabilities. These cards can be tailored to meet your lifestyle needs, whether it's for everyday purchases, travel, or business expenses.

Loans: With Absa, customers can avail of a variety of loans designed to meet different financial needs. Whether it's a personal loan for unexpected expenses, a home loan for a new property, or a business loan for expansion, Absa aims to provide tailored solutions for its diverse clientele.

Investment Products: Absa facilitates a variety of investment options to help customers grow their wealth. Whether you're starting your journey with a small investment or you're an established investor looking to diversify your portfolio, Absa can provide options that fit your strategy and risk profile.

Insurance: To help clients mitigate risk and protect what's important, Absa provides a range of insurance options. They offer everything from vehicle and home insurance to life and business insurance, ensuring you have the coverage that best suits your circumstances.

Rewards Program: To enrich the customer experience, Absa offers a rewards program that allows clients to earn points that can be redeemed for a variety of rewards, such as cash back on card purchases, discounts on travel bookings, vouchers for shopping, and much more.

Services

Account Types

Absa offers a range of accounts suited to different customer needs, each with its own pricing structure:

  • Smart Account: This account targets customers seeking intelligent, simple banking solutions. For a monthly fee of R75.00, customers can access a range of banking services tailored for everyday use and cost-effectively manage their finances.

  • Tax-Free Savings Account: Designed for long-term savers, Absa's Tax-Free Savings Account encourages customers to save in a tax-efficient manner. One of the key features of this account is that it doesn't charge a monthly fee, allowing customers to maximize their savings. All the interest, dividends, and capital gains made on investments within the account are tax-free as per the individual savings allowance limits set by the government.

  • Exchange Traded Fund Account: This account provides an easy, cost-effective way to invest in Exchange Traded Funds (ETFs), which track various asset classes or market sectors. Absa does not charge a monthly fee for this account, making it a cost-effective investment solution. The costs associated are usually dependent on the purchase or sale of ETF shares.

  • World Trader Account: This account is designed for clients interested in trading in international markets. Absa doesn't have a standard fixed monthly fee for this account. Instead, the fees are based on a schedule that varies depending on the type of trade, currency, and market. This allows customers to pay for their specific trading needs and activities.

Account Types

Monthly Fee & Brokerage

Absa has meticulously crafted a versatile brokerage fee structure to accommodate the distinctive financial needs of its clients across various account types. Each account offers a different fee arrangement tailored to specific preferences:

Smart Account:

  • For the Smart Account, clients can expect a monthly fee of R75.00. In terms of brokerage, Absa charges a competitive 0.4% of the trade amount, with a minimum of R120. This account is suited for those who engage in online trading within the local market, providing a straightforward and transparent fee structure.

Tax-Free Savings Account:

  • The Tax-Free Savings Account stands out with its fee structure. It comes with no monthly fees, offering a cost-effective option for long-term investors. The brokerage fee is set at 0.2% of the trade amount, with a minimum of R15. This account is perfect for those looking to benefit from tax-free gains while minimizing trading costs.

Exchange Traded Fund Account:

  • The Exchange Traded Fund (ETF) Account also comes with no monthly fees, making it an attractive choice for investors interested in building a portfolio primarily with ETFs. The brokerage fee is 0.2% of the trade amount, with a minimum of R60. This account is designed for those who prefer to invest in ETFs without incurring additional monthly charges.

World Trader Account:

  • The World Trader Account is tailored for clients looking to trade in global markets, including offshore shares and ETFs. The monthly fee varies and can be found in the fee schedule, allowing flexibility based on trading activity. Brokerage fees are determined according to the offshore fee schedule, making it suitable for traders and investors seeking international diversification.

Smart Account Tax-Free Savings Account Exchange Traded Fund Account World Trader Account
Monthly Fee R75.00 None None See fee schedule
Brokerage 0.4% (min R120) 0.2% (min R15) 0.2% (min R60) Refer to offshore fee schedule

Customer Service

Absa provides a comprehensive and accessible customer support network. Their support team can be reached through different channels for ultimate convenience.

  • Phone Number: +27 11 225 8018;

  • Email:equities@absa.co.za;

  • Social Media: Twitter, Facebook, LinkedIn, Blog.

Conclusion

In conclusion, Absa allows customers to access diverse financial services tailored to various needs. However, exceeding the business scope as regulated by FSCA and withdrawal-related issues have been noted. Therefore, while Absa's offerings and customer support are substantial, every trader should ensure understand all risks and regularly check the company's most updated policies.

Frequently Asked Questions (FAQs)

Q 1: Is Absa regulated?
A 1: Yes. But currently, Absa exceeds the business scope regulated by FSCA.
Q 2: Does Absa offer demo accounts?
A 2: No.
Q 3: What services can I trade with Absa?
A 3: Credit cards, Loans, Invest, Insurance and Rewards.
Q 4: Is Absa a good broker for beginners?
A 4: No. It is not a good choice for beginners. Because of its exceeded regulation condition.

Risk Warning

Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.

In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.

News

Absa is under fire for its participation in the R600-for-home pyramid scheme.

NewsAbsa is under fire for its participation in the R600-for-home pyramid scheme.

2022-09-19 16:17

Following revelations that one of their accounts was exploited in a pyramid scam that claimed to provide houses for the underprivileged for R600, ABSA is under fire for its inaction.

WikiFX
2022-09-19 16:17
News
Absa is under fire for its participation in the R600-for-home pyramid scheme.

User Reviews

Sort by content

  • Sort by content
  • Sort by time

User comment

1

Comments

Write a review

FX1633758857
more than one year
The process has become excessively challenging, devoid of credit card options, and inaccessible through convenient methods like Apple Pay and Google Pay. Even more concerning is the lack of assistance from customer service representatives when seeking resolution for these issues.
2024-02-28 18:54
Reply
0
0
1
TOP
Select Country/District
United States
※ The content of this website abides with local laws and regulations.
You are visiting the WikiFX website. WikiFX Internet and its mobile products are an enterprise information searching tool for global users. When using WikiFX products, users should consciously abide by the relevant laws and regulations of the country and region where they are located.
consumer hotline:006531290538
Official Email:support@wikifx.com;
Mobile Phone Number:234 706 777 7762;61 449895363
Telegram:+60 103342306
Whatsapp:+852-6613 1970;
License or other information error corrections, please send the information to:qawikifx@gmail.com
Cooperation:fxeyevip@gmail.com