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BYFX Global Review - is it scam or safe?

BYFX Global Review - is byfx.com scam or good forex broker?

RATING: 1.5 / 1 REVIEWS BYFX Global
BYFX Global is an offshore broker. Your money is not safe.

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Trading Accounts and Conditions

 

Trading accountMin. trade size Min. deposit Min. trade size Max. leverage Spread
Standard  $100 0.01 1:500 N/A

 

BYFX Global appears to offer a single account type for online OTC trading in spot forex and bullion on the MT4 platform. In the present review, we will highlight both the positive and negative sides of this forex broker, so that you can decide for yourselves whether or not to invest with it.

 

 

BYFX Global Advantages

 

Part of a well-established group

In our view, the strongest advantage of BYFX Global is the fact that its parent company, SBI Group, is a a leading Online Financial Conglomerate in Japan, which is listed on Tokyo Stock Exchange (TYO : 8473). This certainly adds some credibility to BYFX Global, which is the groups’ overseas subsidiary.

 

Trading on the MT4

BYFX Global offers its services on the industry leading MetaTrader 4 platform (MT4). This piece of trading software is highly praised by the forex community due to its reliability, ease of use, and professional tools and features. The latter include the superior charting, numerous technical analysis indicators and automated trading via Expert Advisors, as well as convenient customization options.

 

Yet, we could not test the broker’s MT4, so we recommend that you to check out our list of recommended brokers supporting this platform.

 

 

>> Check out the best MT4 brokers <<

 

 

High leverage levels available

Clients of BYFX Global are extended pretty high leverage levels. According to the information on the broker’s website, the highest ratios are 1:500, which will suit all trading styles. That being said, be warned that using higher leverage means undertaking higher risk.

 

 

BYFX Global Disadvantages

 

Registered offshore

This broker is operated by BYFX Global Co., Limited, a company registered on the Cayman Islands Although BYFX Global claims to be authorised and regulated by Cayman Islands Monetary Authority (CIMA), this actually doesn’t mean much.

 

Although brokerages registered in this offshore area are required to meet a capital adequacy requirement of $100,000, CIMA and al the offshore regulatory bodies place little emphasis on compliance-checking, reporting and supervision. Furthermore, offshore brokers are not required to detail individual transactions, nor to participate in a compensation scheme, which will guarantee clients’ funds in case a broker becomes insolvent. In other words, clients of such brokers have no assurance for the security of their funds and no guarantee that the company will fulfill its contractual obligations.

 

Spreads not disclosed, no demo accounts

We always view the lack of essential trading information as huge negative. The costs of trading with BYFX Global are not mentioned on the broker’s website. In the current day and age, where everybody is skimming through websites as fast as possible, this isn’t acceptable. Furthermore, free testing service is not available with BYFX Global either. 

 

To compare the spreads provided by some of the most renowned brokers in the industry, check out our dedicated page.

 



>> Compare the spreads of top brokers in real time <<

 

 

Some popular financial instruments not available

 

On its website, BYFX Global mentions that its clients are offered 21 currency pairs for trade, as well as CFDs on silver, gold and energies. It appears that some popular financial instruments, such as CFDs on indices, stocks, and cryptocurrencies, are not available with this broker.

 

 

Conclusion

 

BYFX Global is an offshore subsidiary of Japanese financial giant SBI Group. Although this suggest certain level of credibility, this broker has left us with mixed feelings. The company behind it is registered offshore, and the trading costs are not clear.

 

All things considered, it would be best for traders to direct themselves to better trading options to which we have linked throughout this review. Doing business with duly regulated brokers has a lot of advantages – they are obliged to follow a strict set of financial and ethical rules. Some of these include providing negative balance protection to all clients, allowing external audits, filing regular reports and in certain cases even insuring traders’ money.


 
>> FCA-regulated forex brokers <<

 

Here is our summary of the review on BYFX Global:

 

Pros Cons
Part of a well-established group Registered offshore
Trading on the MT4 Spreads not disclosed, no demo accounts
High leverage levels available Some popular financial instruments not available

 

Latest news about BYFX Global
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Traders` reviews for BYFX Global

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Swap

I tried the Demo account and must say that you have to pay swap for all pairs long and short so I think they want daytrader only!

bob 04/25/2019
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