BIB foreign exchange brokers specializing in providing foreign exchange trading services, the company's official website https://www.bib.eu/en/, about the company's legal and temporary regulatory information, the company's address 6 Grecinieku street , Riga, LV-1050, Latvia.
BIB Forex Broker
Basic Information
Latvia
5-10 years Suspicious Regulatory License Suspicious Scope of Business High potential riskCompany profile
BIB Forex Broker - Complete Information Guide
1. Broker Overview
BIB, officially known as Baltic International Bank, was established in 1993. The broker is headquartered at 6 Grecinieku Street, Riga, LV-1050, Latvia. BIB operates as a private entity, providing a range of trading services primarily in the Forex and CFD markets. The company has been involved in various financial operations for over three decades, aiming to cater to clients globally.
The main markets served by BIB include retail and institutional clients, focusing on those interested in trading foreign exchange, commodities, and indices. Throughout its history, BIB has gone through critical milestones, such as expanding its service offerings and adapting to the evolving regulatory environment. However, it is essential to note that the broker is currently unregulated, which raises concerns regarding its operational legitimacy and safety for clients.
BIB operates under a business model that encompasses retail Forex trading and provides access to various financial instruments. Despite its long-standing presence in the market, the lack of proper regulation and oversight has led to skepticism about its reliability as a trading platform.
2. Regulatory and Compliance Information
BIB is notably unregulated, which is a significant red flag for potential investors. The absence of oversight by recognized regulatory bodies can lead to increased risks for clients. Currently, there are no valid regulatory licenses associated with BIB, and it does not provide any information about a regulatory authority overseeing its operations.
The company does not participate in any investor compensation schemes that would typically protect clients' funds in the event of insolvency. Additionally, BIB has not established a clear policy regarding the segregation of client funds, which is a standard practice among regulated brokers to ensure that clients' money is kept separate from the company's operational funds.
Furthermore, BIB has not disclosed its policies on Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance measures, which are essential for maintaining transparency and security in financial transactions. This lack of information further complicates the trustworthiness of the broker.
3. Trading Products and Services
BIB offers a variety of trading products, primarily focusing on Forex currency pairs and Contract for Differences (CFDs). The number of Forex pairs available for trading is extensive, covering major, minor, and exotic currencies. In addition to Forex, BIB provides access to various CFD products, including:
- Indices: Major global indices allowing traders to speculate on market movements.
- Commodities: Trading opportunities in precious metals, energy, and agricultural products.
- Stocks: CFDs on individual company shares, providing exposure to specific markets.
- Cryptocurrencies: Although not explicitly mentioned, many brokers are expanding into this area.
The frequency of product updates and the introduction of new trading instruments are not clearly stated, which may limit traders' opportunities for diversification. BIB primarily targets retail clients but also offers services tailored for institutional clients, including potential white-label solutions.
4. Trading Platforms and Technology
BIB does not support the widely recognized MetaTrader 4 (MT4) or MetaTrader 5 (MT5) platforms, which are standard in the industry for Forex and CFD trading. Instead, the broker may offer a proprietary trading platform, although specific details regarding its features and functionality have not been provided.
The trading platform is expected to facilitate web-based trading, allowing users to access their accounts from various devices. However, there is no mention of a mobile application for iOS or Android, which is essential for traders who prefer to manage their accounts on the go.
BIB's execution model is not explicitly stated, raising questions about whether it operates as an ECN, STP, or Market Maker. The broker's server locations and technical infrastructure details are also lacking, making it challenging to ascertain the quality of trade execution clients might experience. Additionally, information regarding API access and support for automated trading is not available, which could limit trading strategies for more advanced users.
5. Account Types and Trading Conditions
BIB offers a standard trading account, but specific conditions regarding minimum deposit requirements, spreads, and commissions have not been disclosed. The broker may also provide advanced account types, such as VIP or professional accounts, but details on these offerings are scarce.
It is unclear if BIB provides any specialized accounts, such as Islamic accounts or corporate accounts, which are common among brokers catering to diverse client needs. The availability of a demo account for practice trading is not mentioned, which is a critical feature for new traders.
Leverage ratios are not explicitly stated, and the minimum trading lot sizes may vary depending on the specific product being traded. Information regarding overnight fees and policies is also absent, which is essential for traders to understand the costs associated with holding positions overnight.
6. Fund Management
BIB supports various deposit methods, including bank transfers, credit cards, and potentially e-wallets, although specific details on each method have not been provided. The minimum deposit requirements for different account types remain unclear, which could impact potential clients' decisions.
The processing times for deposits are not specified, and any associated fees for deposits or withdrawals are also omitted from the available information. Withdrawal methods and limitations are crucial for clients, but BIB does not provide clear guidelines on this aspect.
Furthermore, the processing times for withdrawals are not mentioned, leaving clients uncertain about how quickly they can access their funds. The fee structure for withdrawals is also not disclosed, which could lead to unexpected costs for clients attempting to withdraw their funds.
7. Customer Support and Educational Resources
BIB offers customer support through various channels, including phone, email, and potentially online chat. However, the specific hours of operation and time zone coverage are not detailed, which may affect clients' ability to receive timely assistance.
The broker does not explicitly state the languages supported for customer service, which could be a barrier for non-English speaking clients. Educational resources, such as webinars, tutorials, and eBooks, are crucial for traders looking to enhance their skills, but BIB does not provide information on the availability of such resources.
Market analysis services, including daily analysis, news updates, and research reports, are not mentioned, which may limit traders' access to critical information needed for making informed trading decisions. Additionally, the availability of trading tools, such as calculators, calendars, and signal services, is not specified.
8. Regional Coverage and Restrictions
BIB primarily serves clients in Latvia and other regions, but specific details on its market reach are not provided. The distribution of regional offices is unclear, which could affect clients' access to localized support.
Certain countries or regions may be restricted from accessing BIB's services, but this information is not disclosed. Special limitations regarding the service offerings or client eligibility are also not specified, which could lead to confusion for potential clients.
In summary, while BIB has been operational for several decades, its unregulated status and lack of transparency regarding key operational aspects raise concerns for potential traders. Clients are advised to conduct thorough research and consider the risks involved before engaging with BIB broker services.
BIB Similar Brokers
Latest Reviews
O007TFx
France
I file a THIRD COMPLAINT against CRIMINAL, IRREGULAR + UNLICENSED BIBOXOTC.com broker (https://www.biboxotc.com) IN COMPLEMENT of my 1st and 2nd complaint exposures published on website on last april 12, 2023 and may 9th, 2023 concerning severe financial crimes : SCAM + FUNDS EXTORTION + CREDIT CARD HIJACK / BANK ACCOUNT HACKING ATTEMPT. I am victim of a SO SERIOUS MANIPULATIVE ROMANCE SCAM SCHEME organized by a CRIMINAL WOMAN NAMED Jane MILKA, 37 years old, French and American double nationality ! : - Her old initial PERSONAL FRENCH in attachments, her communicated photos (the blonde woman) and her communicated photo of her best friend (South Korean woman named choicoco_ on Instagram). Jane MILKA, experienced Financial and Currency Analyst / Trader, proposed to learn me cryptocurrencies OTC Trading transactions on her recommended broker platform : https://www.biboxotc.com. She spontaneously proposed to send me (as advance) 2000USDT in order to accelerate my trading profits on BIBOXOTC platform (SEE HER SENT TO ME CRYPTO.com voucher). We always simultaneously traded under her personal Direction based on her personal market trends analysis and her nodes calculations. She pushed me and even harassed me to invest more and more money despite my refusals. I invested 38,2 K€ as Principal and my current BIBOXOTC account balance was 255,09KUSD at end of december 2022. I NEVER WAS ABLE TO FREELY WITHDRAW my all BIBOXOTC 255,09 KUSDT account balance, because I always refused despite Jane MILKA & BIBOXOTC Online Customer Service CONSTANT PRESSURES to ILLEGALY force me to pay a “ 25% personal income tax ” (55 KUSDT ! ! !), ONLY VIA USDT TRANSFER in order to have the “ RIGHT ” to withdraw my all 255,09 KUSDT funds ! : USED BIBOXOTC 3 ILLEGAL USDT ERC-20 special tax payment wallet addresses are : 1- 0xF093b9a9C557CebB31167F08c7a36DCFB369EB882- 0xa2c1eA18Ce23F041306c218B3101B717037884De3- 0xcFD1853A937a643F41Fb6581f3f36072D15B9e45 BIBOXOTC Online Customer Service ALSO STRICTLY ALWAYS REFUSED to reimburse me my 38,2 K€ Principal. Jane MILKA finally admitted and later told me that she is currently working on the board of directors of BIBOXOTC company, because she has a very good personal friendship relationship for 12 years with the chairman of BIBOXOTC company.In reality !, I deeply think, that Jane MILKA is the REAL Founder & Owner of this awful criminal BIBOXOTC scam broker, in consideration of its mastery levels in Finance, Trading and IT added to her strategic influence on BIBOXOTC company Board decisions making.She explained me that she met all members of BIBOXOTC company Board Management in Switzerland, because they all were colleagues when she worked in swiss bank system as Financial Analyst.Jane MILKA MISERABLE COWARDLY ONLY GOAL is to convince and rush debutants in Trading & Finance to deposit their MAXIMUM POSSIBLE of money and always more and more… ! ! !After cutting ALL communications with Jane MILKA, she finally came back to me, because she wanted to definitively fix our lasting financial litigation.She explained me that she succeeded to convince her friends of BIBOXOTC company Top Management in order to create for me a Green Channel, which is a BIBOXOTC VIP personal online customer service especially dedicated to my person, in order to solve my BIBOXOTC funds withdrawal : - BIBOXOTC VIP personal online customer service WhatsApp Business number : +370 651 23417- BIBOXOTC VIP personal online customer service WhatsApp Business profile + chats : See photos- BIBOXOTC VIP personal online customer service email : hghjgjhkg4657@gmail.com BIBOXOTC VIP personal online customer service asked me :1- To wire transfer 2500USDT service handling fee payment (see Voucher) and explained me after BINANCE reception that they never got my payment with inventing HACKING FAKE EXCUSES (See voucher)2- To wire transfer 2500USDT service handling fee payment (see Voucher) and explained me after BINANCE reception that they never got my payment with inventing HACKING FAKE EXCUSES (See Voucher)3- To wire again 1250USDT service handling fee payment (see Voucher)4- To wire again 1250USDT service handling fee payment (see VOUCHERS) AFTER BIBOXOTC Official Letters of Funds Withdrawal Guarantee if I pay those very last 1250USDT handling fee payment ! ! ! USED BIBOXOTC 4 ILLEGAL USDT TRC-20 special tax payment wallet addresses are :1- TLGSdLBaoiatWgxdNMhQ3V33bfEFBJCbfN2- TThBh64kBLtf9SW6SYuSvSVhWbDQyvJj6J3- TQHykAdUzJ5tzCiZdNCA8AabRgNYduvbSo4- TPGwkYjjBE6SUrwZSuQ9u3iBmsZemjpfG5 BUT, UNFORTUNATELY, my 271,34 KUSDT NEVER ARRIVED on my personal Euro Bank account ! AFTER MY FOURTH PAYMENT, despite officially EMAILED BIBOXOTC letters.After that, Jane MILKA even wrote me that BIBOXOTC company deleted all my financial records, UNDER HER OWN REQUEST… !, in order to prevent me to get my money back and to erase all IT data of my Principal wire transfers and trading profits (SEE SCREENSHOTS).IN REALITY, BIBOXOTC Online Customer Service DOES EVERYTHING TO BLOCK ME in my funds withdrawal WITH INVENTING ALWAYS OTHER NEW FAKE AND ILLEGAL EXCUSES ! ! !This is SCAM + SEVERE FINANCIAL CRIME + FUNDS EXTORSION + TRUST ABUSE.ALL THIS HIGH-LEVEL OF SOPHISTICATED FINANCIAL CRIMINALITY AND MORTALITY IS UNACCEPTABLE AND MUST BE ARRESTED :ULTRA EXPERIENCED ROMANCE SCAM + SEVERE FINANCIAL SCAM + FUNDS EXTORTION + 271,34KUSDT ! ! ! MONEY THEFT ! ! !I really feel DEEPLY desperate after struggling for always nothing against SCAM & CRMINAL BIBOXOTC company and Jane MILKA.I permit me to ask to URGENTLY help me with its Expertise and its fine collaboration with official Supervisory Financial Authorithies and international Judicial Police to recover my 271,34KUSD funds in Principal + Profits, because I obviously NEED to get my financial possessions back to live !BIBOXOTC IRREGULAR broker and Jane MILKA must urgently be INTERNATIONALY INVESTIGATED, SENTENCED & STOPPED in their odious financial crimes, otherwise they will always more hurt and deceive a lot of innocent and honest people :BIBOXOTC.com seems to hook and cheat a lot of unaware young people on social medias like TIKTOK and many Best Regards
Exposure
2023-09-01
FX25790531
United States
BIB cheated the customer to deposit and trade, and now they won't let the customer withdraw the money! Unable to withdraw my own fund after I transefered money and traded on BIB. The help chat service said they couldn't help I have to continue to trade. But I don't want to trade and I need to withdraw my funds. Does anyone has this issue you resolve it and hope for the best
Exposure
2023-05-20
O007TFx
France
I write today a SECOND COMPLAINT against CRIMINAL AND FRAUDULENT BIBOXOTC.com broker (https://www.biboxotc.com) and this, I was victim of a serious romance scam perpetrated by a very intelligent and terribly dangerous woman met on social media. She presented himself as experienced Financial and Currency Analyst / Trader and proposed me to learn me cryptocurrencies OTC Trading transactions on her recommended Broker platform : https://www.biboxotc.com.Her pretented name is Jane MILKA (Very probably a FAKE IDENTITY…) and she told me to be from French nationality with having studied and lived for a while in the United States (Mobile Phone : +33 7 55 52 20 65). She speaks both French and English languages FLUENTLY. After extensive researchs and verifications, BIBOXOTC.com is NOT LEGITIMATE : BIBOXOTC.com IS an IRREGULAR broker without ANY official traiding licences delivered by ANY Supervisory Financial Authorithies. BIBOXOTC.com also doesn't hold an official e-money services license. At the beginning, Jane MILKA proposed me to invest small amounts and, under her recommandations and supervision, our synchronized trading transactions completed on BiboxOTC.com platform were successful. After, she pushed me to invest more and more money to earn more profits with trading with her. My total investment amount is 38,2 K€ and my current BIBOXOTC account balance is 255,09KUSD since end of december 2022. When I wanted to withdraw my all BIBOXOTC 255,09 KUSDT account balance on last december 2022, BIBOXOTC Online Customer Service ILLEGALY asked me to pay a “ 25% personal income tax ” (55 KUSDT ! ! !) to have the “ RIGHT ” to withdraw my all 255,09 KUSDT funds ! Despite my MULTIPLE chats with BIBOXOTC Online Customer Service with telling them that I ABSOLUTLY DON’T HAVE to pay “ 25% personal income tax ” DIRECTLY to any Broker !, but EXCLUSIVELY to official Tax Office of my residence country, they kept asking me to respect BIBOXOTC platform rules ! and to pay my tax ONLY VIA USDT TRANSFER on their special tax wallet address, what sounds SERIOUSLY as an investment scam and taxes fraud... ! I ALWAYS REFUSED TO PAY those 55 KUSDT taxes in spite of STRONG AND CONSTANT PRESSURE of Jane MILKA and BIBOXOTC Online Customer Service. I also tried to get refunded of my ONLY 38,2 K€ invested Principal, but BIBOXOTC Online Customer Service ALWAYS REFUSED to release me my 38,2 K€ Principal, with always telling me that I first must pay my tax before achieving a withdrawal ! I explained BIBOXOTC Online Customer Service that I am the Owner of my funds, that I have NO TAX TO PAY to get my ONLY Principal back ! and that I am free to recuperate my own funds at will at any time ! They MAINTAINED their incredible and unacceptable position with KEEPING REFUSING to release my asked 38,2 K€ invested Principal ! I HARDLY SUSPECT Jane MILKA TO WORK WITH AND FOR BIBOXOTC Broker to scam debutant Individuals and entice them to invest their savings on SCAM BIBOXOTC platform… with perfectly PRECEDENTLY KNOWING that SCAM BIBOXOTC will NEVER AUTHORIZE ANY INVESTORS to retrieve his funds in (Principal + Profit) through a successfull Withdrawal EVEN AFTER 25 % personal income tax PAYMENT… ! ! ! Jane MILKA convinces and rushes debutant Investors to deposit their MAXIMUM POSSIBLE of money with ONLY WANTING them to deposit funds always more and more… ! ! ! After cutting ALL communications with Jane MILKA since several weeks, she lately came back to me through WhatsApp messenger on last april 26, 2023 with proposing me an arrangement with making me a 55KUSDT advance to pay my 55KUSDT BIBOXOTC and so, to withdraw successfully my 255KUSDT digital assets from BIBOXOTC platform with paying her back, after withdrawal, her lent 255KUSDT and this, to close definitely our financial litigation. In counterpart of her help, Jane MILKA asked me to send her first 2 000 USDT as proof of my good will and as fund deposit proof : She wanted to be sure that I will well reimburse her advanced 55KUSDT. I sent her my 2 000 USDT deposit on last friday may 5th and she sent me, in return, her PRETENDED so-called Crypto.com 55KUSDT tax payment voucher a few minutes later (See below screenshot !) I also sent to BIBOXOTC Online Customer Service my all funds withdrawal application to be sure It is WELL completed. BIBOXOTC Online Customer Service validated it (See below screenshot). MY FIRST BIBOXOTC 255,09KUSDT funds withdrawal application was qualified as failed by BIBOXOTC System audit on Friday may 5th ! MY SECOND BIBOXOTC 225,09KUSDT funds withdrawal application was, AT LAST, successfully operated by BIBOXOTC System audit on Friday may 5th at 18h46mn and my 255,09KUSDT well deducted of my BIBOXOTC account balance that displayed 0 as amount (See below screenshot). BUT, UNFORTUNATELY, my 225,09KUSDT NEVER ARRIVED on my personal USDT receiving wallet address ! AFTER several hours, I discovered that my BIBOXOTC account balance had been credited back of my 225,09KUSDT all funds ! BIBOXOTC Online Customer Customer explained me that the reason was a 24 hours withdrawal channel maintenance and that I needed to submit a new withdrawal application after 24 hours (See below screenshot). Then Jane MILKA told me to ask BIBOXOTC Online Customer Service for other methods to withdraw my funds and I was asked by BIBOXOTC Online Customer Service the UNACCEPTABLE AND FULLY ILLEGAL FOLLOWING THING (See below screenshot) : « Hello, your wallet address is detected as abnormal, for the safety of the user's funds, you can pay five percent of your account balance as an international transfer fee, then submit your bank card account, and our company will arrange the finance to make international remittance for you. » OBVIOUSLY, I REFUSED. My wallet address was COPY-PASTED from my legitimate and regulated Exchange. Of course, my wallet address is OBVIOUSLY COMPLIANT WITH EUROPEAN LAW AND ALL FINANCIAL REGULATIONS. In reality, BIBOXOTC Online Customer Service and its ACCOMPLICE Jane MILKA FIRST wanted to FORCE me to pay an ILLEGAL 5% international fees of my BIBOXOTC account balance to have the right to withdraw freely my OWN FUNDS. That is ILLEGAL and FUNDS EXTORTION. IN REALITY, BIBOXOTC Online Customer Service DOES EVERYTHING TO BLOCK ME in my funds withdrawal WITH INVENTING ALWAYS OTHER NEW FAKE AND ILLEGAL EXCUSES ! ! ! Furthermore, BIBOXOTC doesn't EVEN hold an official e-money services license... Jane MILKA and her SCAM BIBOXOTC company ACCOMPLICE ALSO WANTED me to give them my debit card details informations TO HIJACK, HACK AND STOLE my money inmy bank account : That is SEVERE FINANCIAL CRIME ! ! ! Since may 7th 2023, my BIBOXOTC account is frozen and I cannot access to my 255,09KUSDT funds ANYMORE. I cannot ACCEPT and TOLERATE such a so HIGH-LEVEL OF FINANCIAL CRIMINALITY AND DANGEROUSITY : ULTRA EXPERIENCED ROMANCE SCAM + SEVERE FINANCIAL SCAM + FUNDS EXTORTION + 258,480KUST ! ! ! MONEY THEFT + IDENTITY THEFT ! ! ! I really feel DEEPLY desperate after struggling for nothing against SCAM & CRMINAL BIBOXOTC for more than 5 months NOW without having been able to withdraw successfully my 255,09 KUSDT funds or, AT LEAST, my 38,2 K€ Capital ! I solemnly permit me to ask WifiFX to help me URGENTLY with its Expertise and its collaboration with official Supervisory Financial Authorithies to recover my 255KUSD funds in Principal + Profit, because I really NEED to get my financial possessions back. BIBOXOTC broker and Jane MILKA must urgently be STOPPED in their financial criminal activities, because they already have and will continue to hurt and steal a lot of innocent and honest people.
Exposure
2023-05-10
O007TFx
France
I am victim of a serious romance scam perpetrated by a woman met on social, who explained me she is Financial Analyst and proposed me to learn me cryptocurrencies OTC Trading transactions on her recommended Broker platform : https://www.biboxotc.com She first proposed me to invest small amounts of money and the trading transactions operated on BiboxOTC.com platform were successful under her guidance ! Then, she pushed me to invest more money to earn more profits with trading with her. I invested 38,2 K€ and when I wanted to withdraw my all BIBOXOTC 255,09 KUSDT account balance on last december 2022, BIBOXOTC Online Customer Service asked me to pay a “ 25% personal income tax ” (55 KUSDT ! ! !) to have the “ right ” to withdraw my all 255,09 KUSDT funds ! Despite my long discussions with BIBOXOTC Online Customer Service with telling them that I ABSOLUTLY DON’T HAVE to pay “ 25% personal income tax ” DIRECTLY to any Broker !, but EXCLUSIVELY to official Tax Office of my residence country, they kept asking me to respect BIBOXOTC platform rules ! and to pay my tax ONLY via USDT wire transfer on their tax wallet address, what sounds strongly as a scam... ! Today, my 255,09 KUSDT funds are still always BLOCKED on BIBOXOTC platform, because I cannot pay this enormous 55 KUSDT tax ! This woman who piloted me during those BIBOXOTC.com trading transactions NEVER told me anything BEFORE about existence of this 25% personal income tax… ! She even pushed me to contract bank loans or to borrow money to my friends to pay this 55 KUSDT personal income tax… ! ! ! I also tried to get refunded of my ONLY 38,2 K€ invested Principal, but BIBOXOTC Online Customer Service ALWAYS REFUSED to release me my 38,2 K€ Principal, with always telling me that I first must pay my tax before achieving a withdrawal ! I explained BIBOXOTC Online Customer Service that I am the Owner of my funds, that I have NO TAX TO PAY to get my ONLY Principal back ! and that I am free to recuperate my own funds at will at any time ! They maintained their incredible and unacceptable position with KEEPING REFUSING to release my asked 38,2 K€ invested Principal ! I suspect the woman I met TO WORK WITH BIBOXOTC Broker to scam debutant Individuals and entice them to invest their savings on BIBOXOTC platform… According to WHOIS.com public registries, BiboxOTC.com website hides its real Owner name with paying a Protection Identity Service… and is headquartered in UK. Legal mentions, written and ONLY VISIBLE inside downloaded BIBOXOTC application, speak about Headquarters located in Estonia !, and NEVER specified NOWHERE neither “ fees ” to pay nor “ Personal Income Tax ” to pay BEFORE operating his (invested Principal + Profits) withdrawal on BIBOXOTC Platform ! I really feel desperate after struggling in vain… with BIBOXOTC for more than 3,5 months without having been able to withdraw successfully my 255,09 KUSDT funds or, AT LEAST, my 38,2 K€ Capital. I will really need your Expertise, Professional Assistance and Help in Funds Recovery and Investors Rights Protection TO SOLVE my terrible personal situation, because I am clearly currently facing a BIBOXOTC serious fraudulous behavior and an investment Trading scam. With all my thanks, Best regards
Exposure
2023-04-13
O007TFx
France
Jane MILKA , 37 yo french & American Trader associated with BIBOXOTC VIP Online Customer Service (@ hghjgjhkg4657@gmail.com) (https://www.biboxotc.com), MENACED ME TO DELETE ALL MY IT TRANSACTIONS RECORDS (PRINCIPAL WIRE TRANSFERS + TRADING PROFITS DATA), IN ORDER TO MAKE IMPOSSIBLE MY 271,34 KUSDT ASSETS RECOVERY (SEE SCREENSHOTS). I URGENTLY NEED YOUR EXPERTISE FOR INVESTIGATION WITH AUTHORITIES to force them paying my hardly-earned money.
Exposure
2023-09-03