CIBFX Review – Facts About CibFX.Com Broker
At first glance, CIBFX has all the potential and appeal of a first-class broker. The website is well structured, the style of the company fits with modern industry standards, there is a huge load of information and text, and we just had a feeling for it that we rarely get nowadays, seeing that the FX industry is stacked with illegal brokerages.
Unfortunately for all, sooner or later, rough edges start to get increasingly noticeable, as the website is used over time.
The registration process seemed familiar to us, and we have a pretty good idea why. The same registration template has been used by hundreds of scammer brokers before. The user area was no improvement either, as we were reminded by it of other shady brokerages that had used the same layout before.
In the CIBFX broker review, we’ll examine what this shady forex provider brings to the table in terms of trading aspects. Also, we’ll uncover the terrible plot underneath this seemingly legit brokerage.
|Broker Status:||Unregulated scam broker|
|Blacklisted as a Scam by:||FCA, CMVM, FI, CONSOB, CNMV, CVM|
|Broker Owner:||CIBFX Limited|
|Headquarters Country:||St. Vincent and Grenadines|
|Online Trading Platforms:||MT4|
|Crypto Asset Trading:||Yes (BTC, LTC, ETH, BCH)|
|CFD Trading Option:||Yes|
|Available Trading Instruments:||Forex, Crypto, Indices, Commodities, Shares|
|Free Demo Account:||Yes|
|Accepts US clients:||Yes|
CIBFX Regulation and Fund Security
Your broker must be properly authorized and regulated if you desire safety and reliability when trading. Hence, let’s first take a look at the CIBFX regulation.
CIBFX Limited, the company that runs this business, is based in SVG, a notorious scam haven known for its permissive laws. Although this entity is registered with the local Financial Services Authority (FSA), that doesn’t imply that your investments are safe.
The FSA clearly stated that it doesn’t regulate the Forex market, rendering the CIBFX license meaningless. Additionally, we have found a lot of warnings about this broker from FCA, CMVM, FI, CONSOB CNMV and CVM.
Many other brokers such as CDG Global and LQDFX have been blacklisted as well.
CIBFX Trading Software
The CIBFX trading platform is Meta Trader 4. Widely considered the trailblazer of modern trading, MT4 is equipped with advanced features and tools that make things much more enjoyable.
The MT4 is available on virtually any device, including mobile devices. However, its web-based version does not allow us to access a live account, and that is why we turned to the desktop rendition of the MT4.
But even as the platform is great, the lack of a proper license and strict regulation is worrying. Whatever profits you make could disappear suddenly.
Available Account Types at CIBFX
When it comes to the trading account types that are available, we have found that the CIBFX offers the following ones:
- Micro $500
- Standard $1,000
- StandardPlus $10,000
CIBFX does offer a free demo account. This means you can try out trading without investing but it’s most likely a lure. Once you get comfortable and decide to open a live account, CIBFX will show its true face and things could get ugly.
Deposit and Withdrawal Process
On the website, the broker listed three payment system logos. Here’s a list of the CIBFX withdrawal methods:
- Visa or Master credit or debit card
- Wire transfers
For more than 30 days of inactivity, CIBFX charges a dormancy fee of $150 per month. Given the lax regulation behind CIBFX, the broker may very well deny you a withdrawal.
The fraudster requires clients to have the “deposited amount / by 10 = X number of standard Forex lots” as the minimum withdrawal amount.
How the Fraud Was Perpetrated
Like many other fraudsters we talked about including CDG Global and LQDFX, with CIBFX you will also get a false sense of security. They promise you a lot of profits, the possibility to withdraw your money at any time, and much more.
Unfortunately, the reality is much different, since their main goal is to get as much money as possible from you and other people who have fallen victim to their scam.
In case you have fallen victim to this illicit broker, there is no need to feel ashamed since scams can happen to anyone!
Getting your money back is possible and there is no need to feel embarrassed about reporting a scam!
CIBFX is yet another offshore broker scam trying to look legit and lure in clients from all over the world. They allegedly offer forex , CFD, crypto and much more for you to trade but in reality, you will likely not even be able to access the platform. This scam broker also managed to get blacklisted by many well-known regulatory bodies including FCA, CMVM, FI, CONSOB, CNMV and CVM.
This alone tells you that the broker is nothing more than just a major red flag that you should stay away from. Don’t fall victim to their empty stories and big lies. Always read the reviews before investing your money.
FAQs About CIBFX Broker
Is CIBFX a Regulated Broker?
No, CIBFX is not a regulated broker you can trust as they have no licenses for providing trading services.
Is My Money Safe at CIBFX?
No, your money is not safe with this scam broker as they follow no regulations.
What Is The Minimum Deposit at CIBFX?
The minimum deposit that CIBFX seeks from their clients is set at $500, which is just too high, especially for total beginners.