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FXBFI Review - is it scam or safe?

FXBFI Review - Is fxbfi.com scam or good forex broker?

RATING: 3.1 / 0 REVIEWS FXBFI
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FXBFI Broker Financial Invest Ltd. is a regulated, Cyprus based forex and CFD broker that offers the MetaTrader4 platform. If you consider opening an account with them you may find this review useful.  

 

Account type Min. deposit Max. leverage Spreads
Standard Acccount $20 1:200 2 pips, fixed*

*Additional fees may apply

 

FXBFI Advantages:

 

Solid regulation 

 

In the fall of 2016 FXBFI Broker Financial Invest got their license by the Cyprus Securities and Exchange Commission.

 

In recent years, after the regulatory regimes in the US and Japan became excessively rigid, along with UK and Australia, Cyprus has become a major destination for the forex industry. The regulation provided by CySEC is balanced and gives brokers both credibility and operational flexibility.

 

Along with other respected financial authorities such as the Financial Conduct Authority (FCA) in the UK and the Australian Securities and Investment Commission (ASIC), in exchange for a license CySEC obliges its brokers to follow strict fiscal and ethical rules.

 

Brokers with CySEC license had to maintain at all times a minimum of 730 000 EUR operational capital. In addition to that in the event a CySEC broker becomes insolvent and is unable to pay out to its investors, traders may be eligible to compensation of up to 20 000 EUR of their trading capital by the Investor Compensation Fund set up by the Commission. 

 

Also all CySEC brokers had to keep their clients funds in a segregated account, protected from creditors in case of insolvency and ensuring that the broker will not just spent the money for operational expenses.

  

Besides, after Brexit Cyprus is likely to become even more attractive for the forex brokers as a CySEC license means a passport to provide financial services in all EU countries under the Markets in Financial Instruments Directive regulation.

 

All of that said the CySEC license of FXBFI gives the broker enough credibility to be trusted by investors. 

  

Good fixed spreads

 

When tested with a demo account the EURUSD spread offered by FXBFI was fixed at 2 pips, which is more or less in line with the market average for a standard account. No commission was taken for the trade. Still you may want to check our list with brokers, offering even tighter spreads.

 

Various trading instruments 

 

FXBFI offers 34 forex pairs, along with CFDs for gold and silver. The more exotic currencies you can trade with FXBFI include the Danish Krone and the Swedish Krone, the Turkish Lira and the South African Rand.

 

Good leverage

 

The maximum leverage, offered by FXBFI is 1:200, which is enough to accommodate most trading strategies. And while keeping in mind that higher leverage means higher risk, you may want to check our list of brokers, offering leverage of 1:500 and above:

 

>> Brokers offering at least 1:500 in leverage <<

 

MetaTrader4 offered

 

With FXBFI you can download a mobile or a PC version of the most popular trading platform for the past decade – the MetaTrader4. Traders are used to its intuitive interface and state of the art charting and analytical tools with which you can easily explore historic data. We should also mention the option for automated trading via the Expert Adviser program, where you can create your own custom indicators. Here you may check our list of brokers offering the MT4 platform:

 

>>Find other MT4 brokers here<<

 

Reasonable minimum deposit requirement

 

To open an account wit FXBFI you need just 20 USD and that is in line with what most brokers usually offer.

 

FXBFI Disadvantages:

 

No Micro Account offered

 

With FXBFI you may open a Real Account with fixed spreads starting form 2 pips and a minimum trading volume of 0,1 lot or 10 000 currency units. Many brokers give traders the possibility to trade micro lots of 1,000 currency units. These smaller contract sizes allow for better flexibility of the trading strategie. Here is a list of brokers that offer micro accounts.

   

No Islamic Account offered

   

Most brokers offer more then one type of account, including Islamic a.k.a. swap-free accounts. Here you may check our list of brokers, offering Islamic accounts, that comply with the Sharia law.

 

 

Unusual fees

 

FXBFI charges a monthly inactivity fee if you have not traded form your account for a certain period of time. 10 USD monthly fee is charged if you have not traded between 2 and 3 months, 20 USD monthly fee is charged if you have not traded for 3 to 6 months and 30 USD per month if you have not traded for more than 6 months. 

 

Conclusion:

 

As a big advantage we should point out that FXBFI is a regulated broker with a license form one of the most respected financial authorities –  CySEC in Cyprus, and that sole fact gives the broker enough credibility. While offering decent fixed spreads on a MetaTarder4 platform, we should also point out as a disadvantage the fact that FXBFI is offering just one type of account, and that it will charge you an unspecified commission, based on the amount of your traded volume. Another disadvantage is that the broker does not offer a swap-free or a micro account.

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Traders` reviews for FXBFI

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