FXI Brokers Review: Introduction
FXI Brokers is a broker of binary options for CFD assets. FXI Brokers provides CFD binary trading for your investment and trading needs on more than 40 currency pairings, bitcoin, and other cryptocurrencies, equities, commodities, gold, silver, oil, other metals, and indexes.
We have several reasons to distrust the claims made by Fxibrokers, also known as FXI Brokers, claiming it is a reputable forex broker. A closer look indicates that this website is linked to several other phony brokers in addition to the fact that it lacks the legal authority to provide financial services. It’s just a bogus plan meant to defraud uninformed people of their money.
You can’t be certain who is behind this purported broker. Not because there is a lack of such information, but rather because there are several contradictory accounts that cannot be verified.
Regulation
Fxibrokers is listed as a trademark of Fxibrokers Trading Services LLC on the website’s home page.
This corporation allegedly has its corporate headquarters in Saint Vincent and the Grenadines (SVG). However, a search of the Financial Services Authority’s (FSA) record reveals that no such business is listed there.
Furthermore, even if it did exist, SVG registration has no impact on the safety of consumer cash. The FSA does not provide licences to brokers and does not control the actions of IBCs involved in such activity. As soon as you visit the institution’s website, the following notice appears:
We see a completely different version on the “About the Company” section. The broker is said to have offices in London, Dominica, and Cyprus. But at the same time, ACCE Australia Pty Ltd, the company’s Australian name, is disclosed. There is such a business, however it is unrelated to the Fxibrokers website. Financial con artists frequently utilise legitimate companies’ information fraudulently.
FXI Brokers Review: Trading Conditions
It doesn’t really matter what terms Fxibrokers claims to offer because it is evident that neither the essential software nor the requisite authorization exist for forex trading. However, Fxibrokers actually offers no information at all concerning the trading terms, which can be used as additional evidence that it is a fake broker.
There are four different types of trading accounts available on the Fxibrokers website, however the descriptions of these accounts only include the minimum deposit amount, which is 250 USD. Even this runs counter to the FAQ section’s assertion that the required minimum deposit is 100 currency units. It might be wiser to visit a reputable broker, many of whom encourage you to start an account with even less sums.
Deposit and Withdrawal Method
According to the website, Fxibrokers takes PayPal, wire transfers, and credit cards. Only the first two choices are available in the deposit menu. The wire transfer needs you to first provide your own bank account information while the credit card option is not available. Genuine brokers often give their customers a wide range of open payment options, such as bank transfers, credit/debit cards, and well-known e-wallets.
FXI Brokers Review: Trading Software
Fxibrokers advertises that it offers “an award-winning platform that is used by traders from across the world” on its website. After creating an account, we are only given access to a platform that is a bad copy of the software that is commonly used in the sector.
This “trading platform” is actually just a free chart with current asset values that was downloaded from TradingView. It is clear that Fxibrokers is intended for those who have no prior knowledge and have no notion what to anticipate from a forex broker.
FXI Brokers Review: Conclusion
To begin with, FXI Brokers is a mysterious site that needs validity. It isn’t authorized to offer trading services as it does not hold any valid license and is targeting clients of different nations. So, we advise you to stay away from a such brokers as your money may be at high risk with them.
Also, to prevent yourself from scams like – Forex scams, Binary scams, Romance/Dating scams, Cryptocurrency scams, or any other scams, you should pick a broker or company regulated by some major regulators like FCA, FINMA, SEC, FMA, ASIC, etc. Check the reviews of brokers and also read the policies and terms and conditions. These small details will prevent you to become a victim of broker scams.
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