Fxbfi Review: Be Careful With Fxbfi.Com
Fxbfi broker is under the ownership of FXBFI Broker Financial Invest Ltd based in Cyprus. As long as they are on the market, they have a license from CySEC.
However, recently the broker was slapped with a 150.000€ fine due to suspicious activities. Another key point is that this group owns a 101Investing trading company as well.
After all, to find out if FXBFI broker is a reliable one, continue reading this FXBFI broker review where we will answer all of your questions.
|Broker Status:||Unregulated scam broker|
|Blacklisted as a Scam by:||None|
|Broker Owner:||FXBFI Broker Financial Invest Ltd.|
|Online Trading Platforms:||MT4|
|Crypto Asset Trading:||Yes (BTC, BNB, ADA)|
|CFD Trading Option:||No|
|Available Trading Instruments:||Forex, commodities, indices, shares, cryptocurrencies|
|Free Demo Account:||Yes|
|Accepts US clients:||Yes|
Fxbfi Compliance and Safety
To sum it up, no. Since their foundation in 2016, they have been working under a CySEC license. In the meantime, they didn’t get any Tier 1 licenses from authorities like FCA, BaFin or ASIC. Those are the most trusted on European soil. Unfortunately, there is no record of FXBFI broker owning any of those licenses.
Even though they are licensed by a trusted regulator that doesn’t mean they will be completely honest. In the end, they didn’t get fined without a reason. After all, they lost their license recently.
Regulated, but especially Tier 1, brokers provide a higher level of funds security and more transparency. Those brokers can’t afford to make a mistake, because they will be penalized or even lose a license. That’s why traders trust those the most.
Trading Platform at Fxbfi
Given that FXBFI provides an MT4 trading platform, we need to give them credit for that. It is one of the most trusted platforms. After its successor MT5, this is a very good option for most traders. It provides a vast range of advanced charting and indicator tools. On top of that, trading executions are extremely fast and reliable.
For the ones that love to trade away from home comfort, they have mobile apps available. MT4 is available for download on any Android or iOS device. Regardless, it doesn’t lose any reliability because it provides all the same features as the desktop version.
Fxbfi Account Types Available
In general, companies divide their services into certain groups. That way clients are motivated to deposit more money to get better benefits. Even though it sounds like a marketing trick it is realistic. However, the FXBFI broker doesn’t offer such a division.
The only account they offer is STANDARD ACCOUNT with a minimum deposit of $20.
Besides a live trading account, clients can try their luck with a free demo account. That way you are trading with virtual funds on the broker’s platform.
We always suggest trying it with real money on a micro account. Important to realize is that you are leaving your personal information to an unknown entity and you might be persuaded to invest more.
Deposit and Withdrawal Method
In general, all methods are verified. However, some methods are safer because you can get a chargeback if you have any potential issues with a broker. Specifically, we are speaking of card transactions. With FXBFI broker you have the following funding methods:
- Visa or Master credit or debit card
- Wire transfer
Since Fxbfi broker is regulated, they need to provide trusted payment services. However, a fine by CySEC raises suspicion about this broker. Nevertheless, all methods used for deposits can be used for withdrawals. On the negative side broker charges additional unknown fees for deposits and withdrawals.
How the Fraud was Perpetrated
Trading scams basically have the same principle that is being performed through different sites and by different agents.
Nonetheless, the core remains the same. The broker first gets your personal information if you have left it on some sketchy sites and then the constant harassment starts. It is important to note that scams like this one can happen to anyone. The agents calling you are persuasive professionals who scam people for a living. Even if you say no, they will continue to call you until you agree to make an initial deposit.
The ultimate goal is to compel you to invest at least once, and after you may suspect they are no more than a scam the trap is fully shut and they will do anything to keep your money.
In our thorough Fxbfi review, we tried our best to warn you against this scam broker and the fraudulent activities they perform. They allegedly offer their customers an opportunity to invest in forex, crypto, and much more. However, something as basic as their website is currently missing, indicating that you are dealing with a fraudulent broker.
On top of this, Fxbfi used to have a license issued to them by CySEC but lost it shortly after. They were also fined €150,000 also by CySEC.
We also found many complaints made against the broker that all stated similar withdrawal issues, so we concluded that you should just stay away from them.
FAQs About Fxbfi Broker
Is Fxbfi Legitimate Broker?
No, Fxbfi is not a regulated or legitimate broker that you should trade with, as they have no licenses.
What is the Minimum Deposit for Fxbfi?
Fxbfi has a minimum deposit requirement of $20, which seems pretty reasonable.
What Trading Products Are Available With Fxbfi?
Trading products that this scam broker offers are following: forex, commodities, indices, shares and cryptocurrencies,