With an ever-rising number of Forex brokers online, choosing to trade on the primary site/ broker you encounter won’t be the simplest idea. Several online forex brokers, even those with comprehensive websites run scams and are known to defraud clients for a few time. during this review, we glance at everything known about Cyber FX, and whether or not you ought to trust the corporate .
About Cyber FX
Cyber FX is a web forex broker that gives traders a platform to trade different products/ assets like Forex, indices, JSE stocks, cryptocurrencies, metals, and offshore stocks. This brokerage company was incorporated within the Republic of South Africa , and it’s operated by the Cyber FX (Pty) Ltd. This company has its head office based in South Africa’s 150 Rivonia Rd, in Morningside, and two other offices in Durban South Africa and Zambia. it’s some pretty good reviews too. But, is it all that? can we trust it as a legitimate trading site? How good is that the forex’s trading platform and conditions? Does it offer deposits? And what’s the minimum deposit for traders?
Regulation Cyber FX
From the web site , Cyber FX is registered in South Africa , and it’s a license number to prove it. The broker also claims to be regulated by the Financial Sector Conduct Authority, the FSCA which is that the successor of the Financial Services Board.
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But, there’s one problem: Cyber FX Ltd isn’t listed within the FSCA list of registered brokers. The registration in South Africa is, however, accurate. And it doesn’t end there, unfortunately. Why? Well, while claiming to be an Investor Compensation Fund member, it’s not clear how the broker complies with the regulations of the MiFID or how it’s a part of the compensation fund, something specific to European brokers only. So, coupling this gaping hole with the very fact that the corporate isn’t listed by FSCA, it becomes harder to believe this broker. If you’re a novice trader considering Cyber FX, you ought to know that Financial Services Compensation Scheme, FSCS is that the body that covers any clients’ funds to a maximum of fifty ,000 Sterling Pounds, within the event a scam. This scheme isn’t , however, hospitable every broker – it’s only hospitable brokers regulated by the UK’s Financial Conduct Authority, the FCA.
All these details show that despite the registration in South Africa , you would like to avoid taking big risks with this broker.
- VIP accounts are offered.
The broker also offers about 40 pairs of currency for you to trade , and also offered are CFDs on indices and precious metals.
The lot sizes for the accounts are 0.01 for the Mini and therefore the Islamic Accounts and 0.1 for the quality and therefore the VIP accounts. The spreads are variable for all account types. The minimum deposit is $100, $1000, $1000, and $5000 for the Mini, Islamic, Standard, and therefore the VIP accounts respectively while the instruments accessible range from 300 (mini/Islamic) to 500 (standard), and 700 (VIP).
All the Cyber FX accounts are supported the very fact that the broker may be a True ECN/STP broker.
While of these accounts feature similar trading conditions, the VIP account gives you a free Cyber Card and you’ll also receive cyber alerts.
Note that the broker only mentions that the accounts accompany variable spreads. However, on the demo account, the spread looks too good to be true at 0.1 pips, with zero commission applied. this is often one among the tightest spreads out there.
Cyber FX Trading Platform
Trading on Cyber FX takes place on MetaTrader 4, MT4 platform. MT4 may be a popular forex trading platform that’s common with high-rated forex brokers. it’s user-friendly, and therefore the interface gives you access to varied advanced chart tools, all easy to use. It also comes with various technical indicators and Expert Advisors, EAs for automated trading. All the features of the MT4 trading platform are often tested and purchased on the MQL market-place.
MT4 comes in various versions meaning that it’s compatible together with your PC, also as Android and iOS.
Trading assets/ instruments
The broker offers a good range of markets for you to trade on from forex to cryptocurrencies and indices.
Forex comes with leverage, and you’ll trade a minimum of 100 currency pairs fast. there’s no Dealing Desk for you to stress about. For trades in metals, you’ll trade gold and silver, within the advanced platforms and therefore the interesting bit is that the broker doesn’t charge any deposit fees.
For stocks, you’ll trade stocks listed within the Johannesburg stock market , and for crypto trading, you’ll trade Litecoin, Bitcoin, and Ethereum, among others. Cyber FX also offers trading in offshore stocks.
Cyber FX Bonus
This broker offers a deposit bonus to each client who deposits a minimum of $250. Once you deposit your funds, the bonus is credited on every qualifying deposit. Unfortunately, you can’t withdraw the bonus, and therefore the deposit bonus is merely available on only three of your deposits, monthly .
Deposits and Withdrawals
Cyber FX boasts a good range of payment options which will be used from different parts of the planet . While information on deposits and withdrawals is scanty, acceptable payment options include debit/credit cards, Wire transfers, Zapper, and iPay. Compared to top-rated forex brokers, these payment options are limiting and therefore the reason for you to avoid the broker.
Cyber FX Pros
- Deposit bonus
- Four account types
- Trading takes place on the MT4 trading platform
- Tight spreads
Cyber FX Cons
- You cannot withdraw the deposit
It is not well-regulated. As mentioned above, the claims of the company’s regulation shouldn’t be trusted since it’s not verifiable. So, albeit Cyber FX’s Facebook page shows that the broker is registered and controlled by FSCA, you ought to not trust it. At an equivalent time, the broker lacks a legitimate license.
While claiming to participate within the international compensation fund on its website and also to supply balance protection, these claims can’t be verified because the broker isn’t FSCA-registered.
Partial disclosure of trading conditions. The broker fails to say the particular cost of trading on their website. They also don’t disclose the leverage level that’s available to clients which makes the broker shoddier. At an equivalent time, there’s the difficulty of unrealistic spreads – the spreads are too good to be true, and no commission is applicable
Cyber FX Testimonials
Justice Khumalo, on Cyber FX’s website, notes that they couldn’t have asked for a far better broker and Janne expresses their satisfaction from using the location .
Unfortunately, the testimonials are too few and too good to be true for a highly-regarded forex broker.
A look at the disadvantages of this broker reveals that this not a broker you ought to trust together with your funds.