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FXB Trading Review - Is it scam or safe?

FXB Trading Review - is fxbtrading.com scam or good forex broker?

RATING: 1.5 / 6 REVIEWS FXB Trading
FXB Trading is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


 Trading Accounts

 

Account type 
Minimum deposit
Maximum leverage
Spread
Cent (micro)
$5
1:500
Raw feed + $12 per lot
Basic
$25
1:500
Raw feed + $12 per lot
Standard
$1000
1:500
Raw feed + $8 per lot
VIP
$15,000
1:200
Raw feed + $6 per lot
Premium
Tailor made
1:100
Raw feed + $4 per lot
Crypto*
Unclear
Unclear
Unclear

*The situation around cryptocurrencies and this broker is slightly misleading, we will cover it in details below

 

FXB Trading is an ECN forex and CFD broker, which provides multiple account types. They allegedly offer a cryptocurrency trading solution, but we have serious doubts regarding it.

 

The Company. Security of Funds

 

Company Country Regulation
FAZCO CAPITAL LIMITED St. Vincent and the Grenadines N/A

 

FXB Trading is a brand owned by FAZCO CAPITAL LIMITED, which is registered on St. Vincent and the Grenadines. We generally advice proceeding with caution when dealing with off-shore entities. The company is a member of The Financial Commission (FinaCom) – an independent international organization, which assists in dispute resolution.

 

That being said FinaCom is not a financial regulator, by any means. Regulatory agencies are government institutions, which have the legal authority to enforce laws upon brokers, who are registered with them. A dispute resolution mediator, like FinaCom, may help traders in some cases, but it does not have the same power over its members, as the top-rated watchdogs do.

 

As an example, the United Kingdom has the Financial Conduct Authority (FCA), one of the most reputable regulators. It monitors the activities of the firms it oversees, and can put new rules in place. There are two major rules, which provide security for traders’ funds. First of all, there is the segregated accounts principle, which makes brokers keep their clients’ money separate form the company’s. This prevents the “accidental” spending of your investment on salaries, marketing campaigns and “corporate bonuses”. The second key rule is the mandatory participation in the Financial Services Compensation Scheme (FSCS). It guarantees client funds, in case their broker goes bankrupt. If you trade with an FCA-regulated company, your account will be safe, against their insolvency, up to £50,000.

 

When it comes to their cryprtocurrency offer, the website states they operate what one would call an exchange. This got our attention, as not a lot of forex brokers want to associate themselves that directly with the world of crypto, but instead most offer CFDs. There is a huge difference between the two. Here is a screnshot of the section we are referring to (click to zoom in):

 

We were unable to see this integrated in the dashboard of the website, so we decided to contact the customer support. Here is their response:

 

 

Either the support member we reached was unaware of the changes (which seems unlikely), or the prior section of the website is very misleading. 

 

Trading Conditions

 

Minimum Initial Deposit

FXB Trading requires a very low deposit for the two basic account types. This is a new (maybe not so new at this point) trend in the forex industry – try to accept even the smallest possible clients. The industry-leading, FCA-regulated broker IG, as an example, doesn’t have a minimum requirement.

 

That being said, the minimum deposit shouldn’t be viewed as that big of a factor by experienced traders, as it doesn’t tell you anything about a company’s credibility.

 

Average spreads & Commissions

The costs of trading at FXB Trading are spreads and commissions. The raw feed was rather tight during our testing, providing a 0.3-0.4 pip spread on EUR/USD in the early US session. Keep in mind you have to add the commission. The easiest way to calculate the effective spread, when dealing with this type of ECN offering is to remember that every dollar worth of commissions is equal to 0.1 pips (in pairs where the USD is the second currency). 

 

For instance, with the Basic account at FXB Trading, the real costs of trading would amount to 1.5-1.6 pips (the aforementioned spread + 1.2 pips from the $12 commission). This level is close to the current offerings by other brokers, some of which you can check here.

 

Leverage

The maximum leverage at FXB Trading is 1:500, for smaller accounts. While this may seem absurd to some of you, it’s not that uncommon.

 

Trading with such high of a leverage ratio can be dangerous for newbies. Learn the principles of risk management before you start any kind of margin based speculation.

 

Trading Platforms

 

FXB Trading allows traders to utilize MetaTrader4(MT4) and the newer iteration MT5. These platforms are almost similar, with slight updates to the newer one. The charting capabilities are top-notch, and they can handle lots of instruments at the same time and execution times are lighting fast. The latter two are dependent on your hardware, internet connection and broker, of course. The interface may be a bit complicated for new users, but once you get the hang of it, you will enjoy the full potential of this amazing platform.

 

Probably the most unique feature of MetaTrader is the way in which it allows new add-ons to be created. The is a fairly simple coding language, which allows users to create new technical indicators or automate their trading strategies into Expert Advisors. Both of these tools can be bought in the MQL Marketplace – an online shop, which is totally independent from brokers. 

 

A preview of the MT4 offering by FXB Trading.

 

Methods of Payment

 

FXB Trading accepts a lot of payment methods. They include: Bank Transfer, Credit Card, Skrill, Neteller, GiroPay, Qiwi, Alipay, WeChat, Webmoney, Perfect Money, Yandex Money and a lot of other less popular e-wallets. Additionally the company accepts Bitcoin payments via BitPay and Neteller. That being said, the lack of clarity on their entire crypto offering seems rather odd.

 

 

Conclusion

 

FXB Trading is an off-shore forex broker. Although they are a member of FinaCom, they are not regulated by any state agency, which is still rather troubling. Trading conditions are almost competitive, with the more cash-demanding account types providing a pretty good offer. The situation regarding crytocurrencies is a bit shady, given the difference between what their support agent and the website state. Here are this broker’s pros and cons:

 

Pros Cons
MT4 trading platform No regulation
Almost competitive spreads Off-shore registration
Low minimum deposit Strange situation surrounding crypto
 Many payment methods  

 

Latest news about FXB Trading
No news about FXB Trading. Check back later.
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Traders` reviews for FXB Trading

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

 

 

thank you

thanks for this
I was thinking about going about opening an account with them but after reading this article and the comments below, I wont.
thank you, much appreciated

some guy 05/10/2019

Stay clear off this institution

My experience with FXB has been the most horrendous and stressful experience ever in my forex trading experience. The people running this scam are well trained to convince you that they are the best thing ever to happen in the Forex arena since the invention of sliced bread but lo nd behold!! DON'T fall into their sweet talk and false results sometime shown as printouts of past trades!! Lest be ready to lose all your hard earned cash!!

Choose either FXTM or FX Pro or AVA which have really given me great pleasure in trading ever since my shift from FXB a few months ago!!

Bipin 06/27/2018

Truffa

Non aprite nessun conto con questa società è una truffa pura

Translated by Google:

Do not open an account with this company is a pure scam

Fabiana 06/07/2018

Pure scam

I opened an account with them basic account [trading account] and was told that I be advisable for me to go through some notes [tutorials] online so as to get some knowledge and some skills to run a trading account and trading itself. I did that that is I went through those notes and never touched my trading account. The only thing that I used to do was to check my account balance. I was shocked to see my a trading account balance showing a balance of 1,84 usd from 64,plus usd. I sent an e-mail to enquire but was told and informed that that some investigations would be done. So that is how I lost my hard-earned money

BILLY MAMPE 02/19/2018

Signals

my concern is the Big deposit requirement for one to receive signals.For Newbies/Beginners /Emerging Traders, it is pretty difficult to open a large Account because of level of the experience.

It would be great if the small account holders were catered on receiving Signals.

With Regards,
Machabe Witas

Machabe Witas 12/15/2017

Bitpay is an useful payment method

Thank you FXB Trading for providing the Bitpay service, Bitpay service is amazing. As a trader, this method is very helpful because of its low transaction costs and instant transfers. As a trader, digital currencies are very useful as they have very low transaction costs and instant transfers.

dee deee 10/04/2017
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