FXBV Review - is it scam or safe?

Item: FXBV
Rating: 1 / 5
Author: Forexbrokerz

FXBV review - Is fxbv.com scam or good forex broker?

RATING: 1 / 1 REVIEWS

FXBV is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS

FXTM OFX FPM XM FXCM

FXBV promises you a “pure STP/ECN trading model, ensuring no conflict of interest”with the MetaTrader4 platform and leverage of up to 1:500.

Account type	Min. deposit	Max. leverage	Spreads
Standard Account	$200	1:500	1,2 pip

And they say to be “one of the famous brokers” regulated in Australia, offering 33 different currency pairs as well as CFDs on gold, silver, indices, and commodity futures, all of which provided by top financial institutions.

As good as all of this may sound, we came across some serious issues regarding the regulatory status of the broker. And what is more the FXBV website turned out to be virtually anonymous – no company address or telephone, so if you are considering opening an account with them be sure to read this review first.

FXBV Advantages:

Various underlying assets

One possible advantage about FXBV might be the choice of trading instruments – over 30 currency pairs, some of which minor or exotic like USDTRY and USDHKD, as well as CFDs on silver, gold, oil and 15 indices. As there are not crypto assets in the list however, here you may also check our list of brokers trading with bitcoin CFDs:

>>Bitcoin Forex Brokers<<

Leverage as high as 1:500

Currently such leverage levels are only seen with offshore brokers and brokers regulated in Australia – the last major regulatory hub where leverage is not restricted for retail clients. That however will not be for long. It is expected that from New Year the Australian Securities and Investments Commission (ASIC) will follow the lead of the regulators in the U.S., Canada and Europe and will also limit the maximum leverage with forex and CFDs.

MetaTrader4 supported

This is by far the most popular trading platform on the market, featuring nearly a hundred customizable market indicators and trading bots, as well as a fine set of advanced charting tools.

And you can easily run algorithmic trading sessions as well, so here you may also check our list of brokers who support the MT4:

>>MT4 Brokers<<

Attractive spreads

As tested with a demo account the benchmark EURUSD spread floated about 1,1 pips – 1,2 pips and that looks fine with a standard account, especially when the broker does not take a trading commission. In any case here you may also check our list of brokers, offering tighter spreads:

>> Lowest spread forex brokers<<

Acceptable minimum deposit requirement

As an initial deposit FXBV requires 250 USD - the amount most brokers also require to let you start trading with them. Still, some well known names like FBS and IG will let you open a trading account with just 5 USD or so, so you should consider that option as well.

FXBV Disadvantages:

Clone website, no license

FXBV says to be owned by an Australian company - Broadman Vickery Global Pty Ltd and they say to be regulated by the Australian Securities and Investments Commission (ASIC), which is one of the leading financial authorities in the industry.

It is true that Broadman Vickery Global Pty Ltd is licensed by ASIC - we saw their license, but the company focus is on wealth management services, they have a different homepage http://broadmanvickery.com/ and were not able to establish any connection between our broker - FXBV and the Australian company.

There are a number of issues about the FXBV website – as we already noted it is virtually anonymous, they do not share their corporate address or a contact phone.

So we quite confidently may conclude that FXBV website is fine example of what we call a “clone website” - one which uses corporate details of a legit business in an apparent attempt to scam investors.

Once again, here we will repeat our usual advise to trade only with properly regulated brokers licensed and authorized by an official financial institution like the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC) and always to double check any piece of information a broker might offer you on its website.

And besides, you can easily check the domain name of a broker in the ASIC, CySEC or FCA registers, and in this case we simply were not able to find fxbv.com there.

Here you may check as well our list of brokers regulated by the Australian Securities and Investments Commission:

>>Brokers regulated in Australia<<

No clear information about the payment methods accepted

From the presentation we understand that FXBV dose not accept payments with credit or debit cards like VISA and MasterCard. And as they mention nothing about e-wallets like Neteller and Skrill either, here you may check our list of brokers accepting payments with Skrill:

>>Brokers accepting Skrill<<

Conclusion:

As we already discussed FXBV looks like a clone website. Although they claim to be related with a legit Australian company, we were notable to prove that. On the contrary, it looks like the website was deliberately created to mislead investors and scam them.

Latest news about FXBV

No news about FXBV. Check back later.

Broker	Advantages


	FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.

	XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.
	FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.
	FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.
	FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.
	FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.
	HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage - one of the highest in the industry.

Broker	Country	Regulation	Platform	Min Deposit	Review
	US	CFTC, NFA	MT4, Web, in-house	$50	Review Website
	US	NFA, CFTC	MT4	$250	Review Website
	Cyprus, UK, Mauritius	CySec, FCA, FSC	MT4, MT5, Web	$10	Review Website
	Australia, Cyprus	ASIC, CySEC	MT4, MT5, Iress	$100	Review Website
	Cyprus, Australia	CySec, ASIC	MT4, MT5	$5	Review Website
	UK, Australia, South Africa	FCA, ASIC, FSCA	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
	UK	FCA	MT5	$5	Review Website
	UK	FCA	MT4, Web, MT4 for Mac	$100	Review Website

Traders` reviews for FXBV

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

Submit a complaint or share your experience with FXBV

Your Name

Your Email

Review Title

Your opinion

Your vote for FXBV

Security code

TOP FOREX BROKERS

BINARY OPTIONS BROKERS

LAST COMMENTED

BROKER LISTS

Broker types

Brokers by platform

Brokers by payment options

Brokers by account types

Brokers by spreads

Signals & Social trading

Brokers by country

Brokers by regulation

Gold, oil, options brokers

Other

CRYPTOCURRENCY EXCHANGES

de | cn | ru