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Cyber-FX Review - is it scam or safe?

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

RATING: 1.2 / 0 REVIEWS Cyber-FX
Cyber-FX is an offshore broker. Your money is not safe.

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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 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 and why we ultimately gave them such a low rating.

 

 

Cyber-FX Advantages

 

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

 

Not regulated, despite the claims

Cyber-FX is owned and operated by CyberFX (Pty) Ltd., a company incorporated in the Republic of South Africa in 2018. Although on its Facebook page the broker claims to be regulated by the South Africa’s Financial Sector Conduct Authority (FSCA), the successor of the Financial Services Board (FSB).

 

 

We checked in FSCA’s register and didn’t find CyberFX (Pty) Ltd. there. So Cyber-FX is only registered in the Republic of South Africa and does not hold any valid forex broker license. This is. Of course, the most serious disadvantage of this broker.

 

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 <<

 

 

Fake claims of participation in a compensation fund

Although Cyber-FX presents itself as a South African broker, it also claims to comply with MiFiD regulations and to participate in a compensation fund like European forex brokers.

 

 

 

 

This, of course, is another fake claim. Only clients of brokers authorized by UK’s Financial Conduct Authority are its clients are covered by the Financial Services Compensation Scheme (FSCS) up to £50,000 per person.

 

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. Of course, another possible explanation of these unrealistic trading conditions is that the broker’s MT4 is simply a cardboard cutout and its clients’ money goes nowhere near a trading platform.

 

 

Conclusion

 

Cyber-FX is a recently launched South-African broker that seems very suspicious. It makes a lot of fake claims, and does not hold a valid forex broker license. On top of that, Cyber-FX has not fully disclosed its trading conditions, and its spreads are too good to be true.

 

We keep reiterating that investing with unregulated brokers comes with a significant risk of losing your money to scammers.

 


>> Why not trade with a broker regulated in Cyprus instead ?<<

 

 

To sum up our impressions om Cyber-FX:

 

Pros Cons
Supports the MT4 Not regulated, despite the claims
Tight demo spreads Trading conditions not fully disclosed
Reasonable deposit required & leverage provided Unrealistic spreads
  Some popular CFDs unavailable

 

Latest news about Cyber-FX
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Traders` reviews for Cyber-FX

Spread

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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