Fxbfi Review 2023 – Is This A Reputable Broker Or Not?
FXBFI broker is under the ownership of FXBFI Broker Financial Invest Ltd based in Cyprus. As long as they are on the market, they had a license from CySEC. However, recently broker was slapped with a 150.000 EUR 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 reliable one continue reading this FXBFI review.
|Broker status:||Unregulated Broker|
|Regulated by:||Unlicensed Scam Brokerage|
|Blacklisted as a Scam by:||N/A|
|Owned by:||FXBFI Broker Financial Invest Ltd.|
|Cryptocurrencies:||Yes – BTC, BNB, ADA|
|Types of Assets:||Forex, Commodities, Indices, Shares, Cryptocurrencies|
|Free Demo Account:||Yes|
|Accepts US clients:||Yes|
Does FXBFI Have a Regulation?
To sum it up, no. Since their foundation in 2016, they were 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.
Why Is Trading On a Licensed Broker’s Platform Preferable?
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. Moreover, they don’t provide you with insanely high leverage. After all you don’t want your account balance to be wiped off.
FXBFI Available Online Trading Platform
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 of advanced charting and indicator tools. On top of that, trading executions are extremely fast and reliable.
App For Mobile Devices
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 same features as the desktop version. However, some traders prefer MT5 or cTrader due to its advanced features. Some are social and copy trading, algorithmic trading and more.
FXBFI’s Trading Assets and Instruments
Non-surprisingly FXBFI broker offers a wide range of trading instruments. Whether you like volatile assets like cryptos or slow pace investments like in stocks, you have options. Therefore, clients can get access to assets like:
- Forex EUR/SEK, GBP/JPY, USD/AUD
- Commodities platinum, silver, cotton
- Indices DJI, AU200, EU50
- Shares Google, BMW, Coca-Cola
- Cryptocurrencies BTC, BNB, ETH
Considering the leverage of 1:200 we would think twice about choosing some of the volatile options.
FXBFI Service Countries
Checking some FXBFI reviews we couldn’t get information on where the clients are coming from. Looks like they are offering their services worldwide. Despite worldwide coverage, some countries have specific jurisdictions and regulations for trading on FX and CFD markets. Especially after the UK left the EU and now you can’t trade there without an FCA license or TPR.
Must be remembered, that FXBFI was fined already by its regulator CySEC.
What Are The Different FXBFI Account Types?
In general, companies divide their services into certain groups. That way clients are motivated to deposit more money to get better benefits. Even though sounds like a marketing trick it is realistic. However, FXBFI broker doesn’t offer such a division.
The only account they offer is STANDARD ACCOUNT with a minimum deposit of $20.
Free Demo Account
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.
What Methods Of Deposit And Withdrawal Does FXBFI Accept?
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.
Payment Methods Available
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:
- Debit/Credit card Visa/Master card
- Wire transfer
- E-payments Skrll, Neteller, Worldpay, Solidpay, eMerchant
Bonus Policy and Promotions
Bonuses are banned according to any Tier 1 or EU regulator. Those are often cheap marketing tricks. However, this broker offers a welcome bonus. Have in mind that you need to reach a certain amount of money on your trading balance to be able to withdraw it. Another key point is a referral program. That way you get credited for bringing more people to the company.
FXBFI Terms & Conditions – What You Need to Know
To point out some negative aspects, this broker charges an inactivity fee of $10 per month. This fee is higher the longer you are not trading. Any other T&Cs are met with any other Tier 1 regulated company. Therefore, you can look for better options on time.
Leverage, Spreads and Fees
As shown above, leverage goes up to 1:300. According to ESMA rules it can go up to 1:30 maximum. In addition to that, spreads are fixed in the value of 2 pips. That is higher than the industry average of 1.5 pips. Moreover, fees for inactivity and withdrawals are disappointing and a deal breaker for us.
What Should I Do If I Have FXBFI Problem?
Firstly, you can share your story with us. Secondly, trying to solve an issue with their regulator might be a good start. However, if that doesn’t help that means you are stuck. That’s where you can get the assistance of our specialized fund recovery team. Contact us today for a free consultation!
What Is FXBFI?
FXBFI is a Cyprus-based trading company that offers services since 2016 worldwide.
Is FXBFI aRegulated Broker?
Not anymore. They lost their CySEC license. However, they were fined by that same regulator for suspicious activities. Therefore, clients might have potential issues.
Is FXBFI Available in the United States or the UK?
There is no confirmation that they are trading with any clients from mentioned countries. But it’s not excluded.
Does FXBFI Offer a Demo Account?
Yes. On top of that one basic live account, you can try their services first with a demo account.