CIBFX Review: The Truth Behind This Scammer
CIBFX website, you can be fooled by the good looks and possibly think that they are the real deal. That’s because the website is well structured, the style of the company fits with modern industry standards, there is a huge load of information and text, and we just had a feeling for it that we rarely get nowadays, seeing that the FX industry is stacked with illegal brokerages.
But unfortunately, the truth is much different. And that is because the CIBFX broker is just one of many in the sea of the investment scams that we have out there.
CIBFX broker has no regulation and operates in the same manner as all the other illicit brokers. When you leave your details on their website, that is when the harassment starts.
And that’s why in this CIBFX review, we’ll cover all the things this shady forex provider brings to the table in terms of trading aspects. Also, we’ll uncover the terrible plot underneath this seemingly legit brokerage.
|Company||CIB Capital Investment Brokers Ltd|
|Regulation||Unregulated scam broker|
|Warning||FCA, CMVM, FI, CONSOB, CNMV, CVM|
|Address||Suite 305, Griffith Corporate Center, Beachmont, P.O. Box 1510, Kingstown, Saint Vincent and the Grenadines|
CIBFX Regulation and Fund Security
We can’t stress enough how important the regulation is when you are trading. You want to make sure that you are dealing with a broker that has a license and that is reputable as well because you don’t want to worry about your funds.
And that’s why we have checked to see if this broker has any. CIBFX is owned and run by CIBFX Limited, which is based in SVG, which is a notorious scam haven known for its permissive laws. Although this entity is registered with the local Financial Services Authority (FSA), that doesn’t imply that your investments are safe.
That’s because the FSA clearly stated multiple times that it doesn’t regulate the Forex market, rendering the CIBFX license meaningless. Additionally, we have found a lot of warnings about this broker from FCA, CMVM, FI, CONSOB CNMV, and CVM.
To sum it all up, CIBFX is just one of many offshore brokers that are operating without a proper license or regulation. The same goes for the Acer Finance broker and you should avoid them both!
Trading Software Overview
Just like many other scam brokers, CIBFX is advertising itself as a proud owner of the industry standard platform MetaTrader4. We do need to give them props for that since MetaTrader4 is an amazing platform and that is for a good reason.
Widely considered the trailblazer of modern trading, MT4 is equipped with advanced features and tools that make things much more enjoyable.
The MT4 is available on virtually any device, including mobile devices. However, its web-based version does not allow us to access a live account, and that is why we turned to the desktop rendition of the MT4.
But don’t get fooled by this! Even though the platform is amazing you shouldn’t forget the fact that is offered by an unregulated offshore broker. It’s not unheard of that fraudulent brokers like to manipulate the platform just to get you to deposit more money.
Account Types Available at CIBFX
When it comes to the trading account types that are available, we have found that the CIBFX offers the following ones:
- Micro $500
- Standard $1,000
- StandardPlus $10,000
As you can see, the minimum required deposit is just through the roof. All legitimate brokers will let you start with as little as $5 while scammers, as you can see by yourself, will try to take as much as they can.
The only good thing we found is that they do offer a Demo account but we wouldn’t trust it at all. That is just another tactic they use to get you on board and take your money.
Deposits and Withdrawals Procedure
On the website, the broker listed three payment system logos. Here’s a list of the CIBFX withdrawal methods:
- Visa or Master credit or debit card
- Wire transfers
This is a good array of deposit methods but there are some outrageous fees. Mainly there is a fee for more than 30 days of inactivity and also CIBFX charges a dormancy fee of $150 per month. Given the lax regulation behind CIBFX, the broker may very well deny you a withdrawal.
How Is Fraud Carried Out?
We talked already about fraudsters like Gitex Capital, but CIBFX is essentially the same. Through various ads you can see online, they all promise a lot of profits, the possibility to withdraw your money at any time, and much more.
Unfortunately, the reality is much different, since their main goal is to get as much money as possible from you and other people who have fallen victim to their scam. And after they collect it all but you suspect there is a fraud, the broker will just disappear.
In case you have fallen victim to this illicit broker, there is no need to feel ashamed since scams can happen to anyone! Getting your money back is possible so we encourage you to reach out to us as we can help you.
In this CIBFX review, we took a deep dive into the operations of yet another offshore scam broker. By the look of their website, they may look legit and that’s their tactic for luring in clients from all over the world. They allegedly trade on forex, CFD, crypto and much more but realistically you will not even get to see their trading platform.
This scam broker also managed to get blacklisted by many Tier1, well-known regulatory bodies including FCA, CMVM, FI, CONSOB, CNMV, and CVM.
This alone tells you that the broker is nothing more than just a major red flag that you should stay away from. Don’t fall victim to their empty stories and big lies. Always read the reviews before investing your money.
FAQs About CIBFX Broker
How Secure is the CIBFX Trading Platform?
Their lousy web trader is not safe at all, so we advise you to avoid trading with CIBFX at all costs.
Does CIBFX offer a Demo Account?
CIBFX does offer a demo account for any potential traders who want to try out their platform before signing up for a live trading account.
Are Payouts Subject to Taxes at CIBFX?
With a legitimate broker, there is a possibility for profits to be taxed, but when dealing with a fraud we are sure there will be no profits at all.