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FXBV Review - is it scam or safe?

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

RATING: 1 / 1 REVIEWS ForexBrokerz FXBV
FXBV is an offshore broker. Your money is not safe.

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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.

 

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Traders` reviews for FXBV

Spread

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Slippage

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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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