CIBFX is an unlicensed offshore broker operating from Saint Vincent and the Grenadines (SVG). However, there are a lot of dubious details about this broker’s business as well as numerous complaints.
In the CIBFX 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.
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.
Instead of trusting shady offshore brokers without a proper trading license, opt for those that abide by the rules of the European Securities and Markets Authority (ESMA) and other renowned regulators.
For example, ESMA has a leverage restriction in place (1:30) whereas CIBFX allows clients a cap of 1:500, increasing the likelihood of losses. Keep in mind that lower tier or offshore regulations fall short in comparison to Tier 1 licenses issued by the likes of the FCA, ASIC or BaFin.
We checked the databases of those authorities and found that CIBFX isn’t registered with them. Therefore, the financial swindler could easily vanish with your funds and leave you without compensation.
It’s time to support the existing evidence of fraud with some warnings. Namely, we found out that six regulators flagged CIBFX as an offshore hoax.
From what we gathered, CIBFX is all over the place. Here’s a list of countries where we found traces of fraudulent activity:
On similarweb.com, the data shows that there was a significant spike in the number of visits to the CIBFX website in January 2023 – from 288 in December to 37,100 in January. If you know anything about this scam, help us inform more financial regulators.
There are several cunning ways scam brokers such as CIBFX go about finding victims. For example, they buy Google ads and use Facebook & Instagram to get you involved in the scam.
Or, they could choose a more direct approach by directly calling you via mobile phone or sending you messages on WhatsApp or private Telegram channels. Beware of dating apps such as Tinder too.
Linkedin is another popular choice. Out of all these websites and apps, Linkedin is arguably the most ‘serious’ one in terms of business, making it perfect for laying traps.
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.
While the platform is awesome per se, the lack of a proper license and strict regulation is worrying. Whatever profits you make could disappear suddenly.
Yes, you can download MT4 on mobile as well. The mobile version is great for trading on the go. It was designed for convenience.
However, desktop trading is superior. The same warning about the license applies here as well.
Here’s a quick overview of the available trading instruments with examples for each asset:
It’s an abundant list. However, safety comes first when trading. These instruments are worthless if your broker isn’t well-regulated. In this case, CIBFX allows you to set leverage at 1:500 for FX pairs, which will most likely result in you losing everything.
CIBFX advertises a spread of 1 pip. That’s acceptable and you could work with it. But, the shady broker didn’t disclose the trading commissions.
That doesn’t imply that there are none but that they are probably hidden. Brokers made money from these commissions so there’s no reason not to include them.
CIBFX does offer a free demo account. This means you can try out trading without investing. 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.
On the website, the broker listed three payment system logos. Here’s a list of the CIBFX withdrawal methods:
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.
If you have withdrawal issues with CIBFX, let us know. Any inside info we get is useful, so please help us if you can. Our team specializes in trader protection and regularly utilizes tools such as CypherTrace.
You are not the only victim of the CIBFX scam. When you’re ready, get in touch with us straight away and don’t miss out on getting your money back. We’ll gladly assist you.
If this broker steals your money, contact us for help. You can do so via Online Chat, which is much faster and easier. The consultation is free.
CIBFX is an unlicensed SVG-based broker that illegally provides services to clients without the necessary permit. The controversial broker mainly targets traders from the United States, Egypt, Hungary, Colombia and Mexico.
CIBFX isn’t legit and you should refrain from investing. The broker is blacklisted. But, if you invested already, we can help you get a refund.
CIBFX does offer a free demo account on its website but be careful.
The minimum deposit with CIBFX is 500 $, which is too much to risk with this shady broker.
CIBFX isn’t legit and you should refrain from investing. The broker is blacklisted. But, if you invested already, we can help you get a refund.
CIBFX does offer a free demo account on its website but be careful.
The minimum deposit with CIBFX is 500 $, which is too much to risk with this shady broker.
The post CIBFX Review: This Untrustworthy Offshore Broker Is Making an Appearance Online appeared first on Global Fraud Protection.
