de | cn | ru

Cyber-FX Review - is it scam or safe?

Cyber-FX Review - is cyber-fx.com scam or good forex broker?

RATING: 2 / 7 REVIEWS Cyber-FX
Cyber-FX is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Trading Accounts and Conditions

 

Trading account Min. deposit  Min. trade size Max. leverage Spread
Mini  $100  0.01 1:100 N/A
Islamic  $1000 0.01 1:100 N/A
Standard  $1000 0.1 1:100 N/A
VIP  $5000 0.1 1:100 N/A

 

Cyber-FX is a South African broker that offers trading in around 40 currency pairs, as well as some CFDs on precious metals and indices on the highly praised MetaTrader 4 platform. Its clients are offered the account types listed above. Read the full review to see both the strong and weak sides of this broker.

 

 

Cyber-FX Advantages

 

Pending FSCA authorization

Cyber-FX is allegedly in the process of acquiring a forex broker license in South Africa. Their license is under approval of the local Financial Sector Conduct Authority (FSCA), so the broker is currently operating as a Key Representative (License holder 41333). This pending FSCA authorization provides certain level of credibility.

 

Trading on the MT4

Cyber-FX allows you to access the global financial markets via the ever popular MetaTrader4 (MT4). This is a solid choice, as it offers amazing charting potential, a plethora of custom made technical indicators, which can be found, tested and bought at the MQL marketplace. Furthermore. There are automated trading systems, which are called Expert Advisors. Here is a preview of the demo desktop version of MT4, as offered by Cyber-FX (click on the image to see a larger view):

 

 

Other than the great desktop version, the MT4 also has a web-based version, as well as a neat mobile app, which is available for both Android and iOS.

 

 

>> Find a better MT4 broker <<

 

 

Tight spread on demo

As you can see from the above image, the spread on the EUR/USD is as low as 0.2 pips, and it seems that no commission applies. Actually, this spread is too good to be true, but you can find more information about that in the Disadvantages section below.

 

 

Cyber-FX Disadvantages

 

Does not have a license of its own yet

As we have already explained, Cyber-FX is owned and operated by CyberFX (Pty) Ltd., a company incorporated in the Republic of South Africa which is in the process of acquiring an authorization by the South Africa’s Financial Sector Conduct Authority (FSCA), the successor of the Financial Services Board (FSB). However, it is currently operating as a key representative of another company that is FSCA-licensed.

 

Trading conditions not fully disclosed

This broker does not to mention the costs of trading on its website, nor the leverage levels available to its clients, which is yet another red flag. All decent brokers indicate their spreads as a part of their transparent pricing policy.

 

Unrealistic spreads

As we have already mentioned in the Advantages section, the spreads on Cyber-FX’ demo accounts are too good to be true. We suppose that the spreads on live accounts are higher, or commission applies. 

 

 

Conclusion

 

Cyber-FX is a recently launched South-African broker that is in the process of acquiring a license with the FSCA.In case you are looking for a financial services provider legally operating in South Afrrica, check out the below link:

 

 

>> Legit forex brokers in South Africa <<

 

  

To sum up our impressions om Cyber-FX:

 

Pros Cons
Pending FSCA authorization Do not have a license of their own yet
Supports the MT4, tight demo spreads Trading conditions not fully disclosed
Reasonable deposit required & leverage provided Unrealistic spreads
  Some popular CFDs unavailable

 

Latest news about Cyber-FX
No news about Cyber-FX . Check back later.
Broker Country Regulation Platform Min Deposit Review
Cyprus, UK, Mauritius CySec, FCA, IFSC MT4, MT5, Web $10 Review Website
Cyprus, Australia CySec, ASIC MT4, Web,
Mobile app
$100 Review Website
Australia, Cyprus ASIC MT4, MT5,
IRESSTrader
$100 Review Website
UK, Cyprus, Australia FCA, CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia FCA, ASIC MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website
Australia ASIC MT4, MT5 $100 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website
Australia, UK ASIC, FCA MT4, MT5,
cTrader
$200 Review Website

Traders` reviews for Cyber-FX

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

 

 

Legal Battle

I wouldn't invest even $1 with these scammers!There's currently a civil lawsuit against them in the high court.Need i say more...

ziyadh 05/28/2019

not follow

I apply for the bonus of 35$ but so sad i didn't receive it.

Tembani Mvalo 04/25/2019

People don't know how to trade

Don't listen to these people, cyber has its ups and downs tho it is not a scamming broker, i made $250 with their $35 deposit bonus. It is all about the way you trade and think. Don't blame the company if you don't know how to trade properly

James Carel 04/03/2019

idiot broker

it is not possible to withdraw profits.Idiot broker

joan 03/26/2019

poor service

i advise you not to use it i made deposit on monday around 14:00 its been ttwo days waiting for them to fund my account all they do is telling lies and promise that they will resolve my matter an call me back which they never did i also emailed them the proof of payment but they did nothing actually this is a scam brooker never trust it

Lucas Nel 03/12/2019

scam broker

People of South Africans please save your money from depositing with Cyber Fx they SCAM people with this so called BONUS. If you trade & win $2000 with $50 using your skill they said you have cheating using their Bonus. And they wipe all your money without letting you that they wipe your Landing account. This broker have scam wrong person... mark my words Cyber will neva last this is African we can’t Scam by this broker.

david 03/06/2019

Cyber-FX Unsatisfactory explanation

On the 7th of December 2018 half of my account just dissappeared without any warning as it would happen in all the other platforms if the account is under the margin ,upon querying as to what happened I was not given a satisfactory answer and and no formal reply on the email I sent and that was after having to make many follow up fone calls and my account manager had actually confirm that there was a technical glitch but upon sending an official email there was no response and he sent someone to inform me that he had sent me an email of which i never received and also when I wanted to speak to a manager I was given a run around,there is a whole lot of shadiness that went on when i tried to get explanation ,the daily confirmation did not correspond with what one of the consultants was telling me she could see from her side,Iam so angry and dissapointed even worse now as I realize that I have been trapped yet again in another dodgy offshore trading scam .

Thobile Mtshali 12/14/2018
de | cn | ru