Overseas-based forex broker ForexBirds claims to be regulated and licensed company. It provides its client with the most trusted MetaTrader trading platform with four different trading accounts. So far, this broker looks legit. However, there are many problems with this broker, and it is not regulated is one of them. If you are thinking of depositing your investments in this broker, then this ForexBirds review will help in a big way. Please follow it completely by reading the full ForexBirds review here.
The four offered trading accounts are ECN, Standard, Premium, and Prime with an initial investment required of $100, $5000, $25000, and $50000, respectively. The maximum leverage of 1:100 is provided on a basic ECN account with different spreads in the range of 0.5 pips to 2.1 pips. Some pros of ForexBirds are mentioned below to make this review unbiased and full of legit information. One of the pros of this broker is its offered trading platform, the MetaTrader. MetaTrader is a world’s no. 1 trading platform that has been trusted by 80% of traders around the globe. It features world-class tools like expert advice, auto trading, multiple sub-account management, charts, and many market indicators. Other pros of ForexBirds can be it’s leverage levels and low initial investment. The leverage on the basic ECN account is 1:100 and is good leverage. The provided leverage also reduces trading risk. The initial deposit required for the same account is $100, which is lower than the market average and welcome by most of the traders. The company registered in the United Kingdom called Forex Birds LTD owns the brand ForexBirds. However, the broker is operational from Saint Vincent and the Grenadines. Nevertheless, keep in mind registration in any country does not mean the broker is under the regulation of financial authorities. Also, the Financial Conduct Authority does not recognize ForexBirds as a broker. In addition to this, SVG based brokers are not legit and mostly involved in the scam. The advertised trading conditions are different from what we saw on a provided demo account. To get high trading spreads, traders need to deposit $20k and above. That means the very high cost of trading. How this broker accepts payment is not mentioned anywhere on the official website. All this is very suspicious and indicates a potential scam broker.
Is ForexBirds scam or legit?
The broker is neither regulated nor licensed; also; it is operational from the overseas. The trading conditions are not fully disclosed. The broker ForexBirds is a potential scam broker 2020.