Overview of CIBFX Review
The broker CIBFX is Vanuatu based company that has two subsidiaries situated in London and Saint Vincent and the Grenadines. There are three trading accounts are facilitated that gives access to high maximum leverages. An Islamic swap-free account is also provided. Trade can be performed in micro-lots. All of this is provided on a world-famous MetaTrader platform. Nevertheless, it has some major issues and all of them will be deliberately discussed in this CIBFX review. Read full CIBFX review here.
The offered three trading accounts labelled as Micro, Classic, and Executive those need an initial investment of USD 100, 1K, and 10K respectively. Minimum trade size of 0.01 is available on the mentioned three accounts. With maximum leverages stretching from 1:100 to 1:200 are supported. The spreads from 1 pip to 1.5 pips are provided and can be seen on EURUSD foreign exchange pair.
The broker CIBFX was established in the year of 2005 that provides a wide variety of 40 foreign exchange currency pairs, many precious metals, and futures. There are as much as three different companies behind the brand CIBFX. Capital Investment Brokers Limited is situated in Vanuatu and other two with the same name but situated and registered in London and Saint Vincent and the Grenadines. Unfortunately, none of them is regulated by any superior financial regulators. Also, trading with unregulated brokers is in itself is a risk. Investments in such firm neither make you profit nor let you withdrawals. The leverages mentioned are banned in many regulated markets because of their high loss occurring nature. Furthermore, this CIBFX offers 100% welcome bonuses to its clients. Nevertheless, trading bonuses are a controversial issue. If accepted traders are bound to perform trading until it does not reach specified trading volume. Then only any of the trader is eligible for withdrawals of funds. Due to this nature, they are also banned in strictly regulated markets. The payments at CIBFX can be performed by credit and debit cards, bank wire, and electronic wallets like OK Pay and Neteller. Skills’ absence is doubting as it has recently updated its anti-scam policy. Also, payment and withdrawal processing may take up to 5 days or more.
Is CIBFX scam or legit?
The broker CIBFX claims to be situated in Vanuatu and has two of its subsidiaries situated in London and Saint Vincent and the Grenadines. Sadly, none of them is regulated. Only one trading platform is provided. Also, no PAMM accounts are supported. Banned leverages and bonuses offered. Overall it is potential scam broker 2020.