FXBV Review Is Fxbv.com A Scam Forex Broker

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FXBV review – Is fxbv.com scam or good forex broker?

FXBV promises you a “pure STP/ECN trading model, ensuring no conflict of interest”with the MetaTrader4 platform and leverage of up to 1:500.

Account type Min. deposit Max. leverage Spread s
Standard Account $200 1:500 1,2 pip

And they say to be “one of the famous brokers” regulated in Australia, offering 33 different currency pairs as well as CFDs on gold, silver, indices, and commodity futures, all of which provided by top financial institutions.

As good as all of this may sound, we came across some serious issues regarding the regulatory status of the broker. And what is more the FXBV website turned out to be virtually anonymous – no company address or telephone, so if you are considering opening an account with them be sure to read this review first.

FXBV Advantages:

Various underlying assets

One possible advantage about FXBV might be the choice of trading instruments – over 30 currency pairs, some of which minor or exotic like USDTRY and USDHKD, as well as CFDs on silver, gold, oil and 15 indices. As there are not crypto assets in the list however, here you may also check our list of brokers trading with bitcoin CFDs:

Clone website, no license

FXBV says to be owned by an Australian company – Broadman Vickery Global Pty Ltd and they say to be regulated by the Australian Securities and Investments Commission (ASIC), which is one of the leading financial authorities in the industry.

It is true that Broadman Vickery Global Pty Ltd is licensed by ASIC – we saw their license, but the company focus is on wealth management services, they have a different homepage http://broadmanvickery.com/ and were not able to establish any connection between our broker – FXBV and the Australian company.

There are a number of issues about the FXBV website – as we already noted it is virtually anonymous, they do not share their corporate address or a contact phone.

So we quite confidently may conclude that FXBV website is fine example of what we call a “clone website” – one which uses corporate details of a legit business in an apparent attempt to scam investors.

Once again, here we will repeat our usual advise to trade only with properly regulated brokers licensed and authorized by an official financial institution like the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC) and always to double check any piece of information a broker might offer you on its website.

And besides, you can easily check the domain name of a broker in the ASIC, CySEC or FCA registers, and in this case we simply were not able to find fxbv.com there.

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Here you may check as well our list of brokers regulated by the Australian Securities and Investments Commission:

As we already discussed FXBV looks like a clone website. Although they claim to be related with a legit Australian company, we were notable to prove that. On the contrary, it looks like the website was deliberately created to mislead investors and scam them.

Broker Advantages

FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.

XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.

FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.

FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.

FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.

FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.

HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.

FXBV Review: Is Fxbv.com A Scam Forex Broker?

Fxbv.com Review: this is the name of a Forex broker that claims to be located in Australia and registered there. Is FXBV a legit Forex broker?

While going through the website, the broker claims to be based in the Australia. As we are well aware, all Forex brokers based in Australia are to hold licenses from the ASIC. This is mandatory for any legal broker there. We find that FXBV is not among the list of Forex brokers regulated by the Australian Securities and Investments Commission (ASIC).

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They claim to offer personalized services like free training and value-added services. A low price difference is also promised for traders to have an enjoyable experience. With the Forex broker, clients are promised to find a way to the top.

It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.

However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.

A Pure STP/ECN trading model is offered along with excellent trading environment and educational courses. Trading instruments that include most of the assets in the market are also boasted of on the website.

FXBV Trading Platform

It is mentioned that FXBV trading software is operated on a MetaTrader 4 platform available to all their clients.

Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.

These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, Linus, windows, iOS and Android.

Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.

Trading instruments offered to traders are: Forex currencies, oil, gold, and silver. We find the absence of cryptocurrencies and other assets offered by other brokers discouraging. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.

Maximum leverages can reach up to 1:500 and while this is generous, it can pose danger as well. High leverages can lead to huge loss of funds as well. Spreads are said to start from 1.2 pips on the standard account.

Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.

Deposit and Withdrawal methods on FXBV

The means of making payments and withdrawals are not stated also. We find that of e-Wallets are likely to be missing, which is discouraging.

This is because standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on.

Minimum deposit required to trade with FXBV is $200. It is within the obtainable average of $100 – $250 among brokers. Withdrawal charges are not stated for this broker. Sometimes it is better to mention if they apply or not. We do not even find any terms and conditions; this is a shady thing. Traders are expected to sign up for something with unclear conditions.

This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.

Is FXBV Licensed?

No. Like we have stated above in the beginning FXBV is not a licensed Forex broker. It goes deeper than that however. In a bid to deceive traders, it mentions that it is owned by Broadman Vickery Global Pty Ltd. We found that Broadman is truly a company registered in Australia by the ASIC, but it does not mention FXBV.

What we surmise from this is that the broker deliberately stole the identity of a legit company and parades it as its own. Meanwhile, Broadman Vickery Global is a Wealth Management firm not a Forex trader.

Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.

Support

To contact the broker or a customer service agent, interested traders are to fill out an online message form on the page.

Conclusion

From the misinformation and stealing of another company’s details, it is clear that FXBV is shady if not an outright scam. Traders are warned to avoid companies that clone other people’s details. We find that it has affordable minimum deposit and a good trading platform. However, its reputation is soiled by the false information we found on it making it difficult to trust other details it provides.

COMPARE WITH A TRUSTED BROKER

Fortrade

Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide.. visit their official website

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