ITBFX Review: Why Was the Broker Banned By the Regulators?
ITBFX broker is one with a long history on the market, serving investors for over half a decade. However, their path wasn’t always so bright.
Namely, we found negative reviews, issues with authorities, and more. All that will be elaborated on by the end of this detailed ITBFX review.
|Is This Company Safe?||It’s not safe|
|Have Warnings from:||BVIFSC, AFM|
|Registered in:||Saint Vincent and the Grenadines / Mwali|
|Trading Assets:||Forex, commodities, indices, shares, cryptocurrencies|
|Free Demo Account:||Yes|
|How to Withdraw from This Company?||You can request withdrawal from ITBFX’s representatives or contact us in case you face any issues regarding this question|
Is ITBFX.com a Legit Financial Services Provider?
ITBFX has been on the market for quite some time now. In its beginnings, the company has had issues with regulators. Namely, they presented themselves as a Trading Opportunity Management Company Ltd brand registered in the British Virgin Islands.
Since this turned out to be untrue, the official authority of the country, the FSC, decided to deny it through an official warning issued in February 2020. Then, the Dutch AFM republished the warning, indicating the seriousness of it.
After the trouble, the company registered in Saint Vincent and the Grenadines in May 2022. They’re running as ITB LLC. However, this means nothing since SVG doesn’t have a financial regulator to oversee Forex companies. In August of the same year, the brokerage registered in Mwali and obtained MISA regulation. It’s a loose offshore license that doesn’t guarantee any reimbursement in case of monetary issues. Quite similar to GSPartners Global.
Where Does ITBFX Find Customers and Who They Are?
ITBFX Forex broker runs various campaigns on social media and Google. They attract investors by offering a solid trading platform and seemingly low trading costs. The majority of their customers come from:
Note that each of these is a Tier 1 country, meaning it has strict financial supervision of Forex and CFD brokers. And yet, our broker isn’t registered with any of them, meaning it provides services illegally.
It should be noted that the ITBFX website was registered in the GoDaddy WHOIS database in June 2018, while the company obtained an offshore license only in August 2022.
Trading Features – Platforms & Account Types
Before we move on, we’d like to present you with the trading features. While seemingly solid, you will remain disappointed in the end. Let’s go through the review of the software and the account types.
ITBFX Platform – MetaTrader 5
Without arguing, MT5 is one of the best software on the market. The platform offers a vast range of functionalities, including social trading and EAs.
However, when used by offshore brokers, there are certain risks. Your trades can possibly be manipulated, and you can lose more than you should. Therefore, we advise caution.
Trading Assets on Offer
There is a standard range of five asset classes:
- Currency pairs – EUR/USD, GBP/AUD, SEK/NOK
- Commodities – gold, silver, corn
- Indices – AU200, FTSE100, S&P500
- Shares – Alibaba, Tesla, Netflix
- Cryptocurrencies – BTC, BCH, USDC
Account Types Choice
Finally, you can choose from three different account types:
- Nano – $1
- Standard – $50
- ECN Classic – $50
They differ in trading costs, minimum deposits, and market access. For instance, only ECN Classic offers access to all trading assets, while from the Standard, you can use the advanced perks of MT5, such as trading indicators.
Trading Leverage, Fees, and Commissions
The leverage goes up to 1:500, while the EU and the UK limit is 1:30. Hence, there is another risk of trading with offshore brokers.
The company says it offers commission-free accounts with no swaps. Then, we have to ask how they earn. If you don’t have to pay for trading, what’s their interest? Possibly your entire deposit. Be wary and find a Tier 1 regulated broker with higher fund security.
Bonuses and Incentives
Another way to trick you into investing is by offering you generous bonuses. You get a $50 welcome bonus when registering an account. Other promotions seem to expire, but we’re sure there will be more.
Furthermore, you can choose to promote the company and participate in its affiliate program. Then, you can get a certain amount for every customer that joins the brokerage through your affiliate link. If it sounds like Ponzi, it’s because it is. This is why major regulators prohibit bonuses and incentives.
ITBFX Withdrawal Methods
The company says it offers several withdrawal methods outside the conventional banking system. Yet, they don’t specify any. Further, they don’t specify withdrawal fees and limitations, which is another odd thing.
Regulated brokers must be transparent with their customers, especially when it comes to money. And yet, ITBFX has decided to hide the crucial details. This and the user feedback reassured us that getting a payout is a struggle that will most likely require legal assistance.
Customer Support – Do They Really Help?
ITBFX support is available through a website form, email, and Telegram account. In addition, the company claims to have offices in London and has provided users with a UK phone number. Yet, if this were true, they’d need to have an FCA license, which they don’t.
Based on customer experience, support is fully available as long as you’re willing to deposit the money and verify your account. Once you have questions about payouts and withdrawal procedures, they will simply stop responding. It’s a big minus for a licensed brokerage house.
What Can I Do If I Have a Problem With My ITBFX.com Account?
You can contact the company and the relevant regulator if you’re experiencing any issues with your ITBFX broker account. Since it’s offshore, we doubt you’ll get the help you need. You can turn to your bank or local authorities in such cases.
In addition, you can get in touch with our chargeback experts and CipherTrace crypto analysts. We’re ready to assess your case during a free consultation and find the best way to help. Book your spot today, and let’s get started!
What Is ITBFX?
ITBFX is an online trading brokerage without a solid financial license.
Is ITBFX Regulated?
The company is regulated by an offshore authority, MISA, from Mwali.
Is ITBFX a MetaTrader 4 Forex Broker?
No, ITBFX offers its customers a newer MetaTrader version, MT5.