FXBV Forex Broker

Note: FXBV's official website: https://FXBV.com/ is currently inaccessible normally.FXBV Review SummaryFounded2014Registered Country/RegionAustraliaRegulationASIC (Suspicious clone)Market InstrumentsForex, CFDs on gold, silver, indices, and commodity futuresDemo Account❌SpreadFloating around 1.1-1.2 pipsLeverageUp to 1:500Trading PlatformMT4Min Deposit$200Customer SupportTel: +61 29 0995866, +61290995866Email: cs@fxbv.comFXBV Information FXBV promises you a “pure STP/ECN trading model, ensuring no conflict of interest” with the MetaTrader4 platform and leverage of up to 1:500. And they say to be “one of the famous brokers” regulated in Australia, offering 33 different currency pairs as well as CFDs on gold, silver, indices, and commodity futures, all of which provided by top financial institutions. However, there are some warning signs about the broker's unrealiability: the unavailable website and the suspicious ASIC (Australia Securities & Investment Commission) clone status of regulation. These two factors, together with 5 pieces of WikiFX exposure about withdrawal issues, indicate extreme untrustworthiness of this broker that we strongly recommend you to stay away from with.Regulatory Status FXBVis regulated by ASIC (Australia Securities & Investment Commission) with licenses number 001275288. However, the license is suspected to be fake clone, indicating that the broker might disguise itself as some other companies to mislead investors and conduct fraud activities. You should be highly aware about this and be vigilant with this broker.Regulated CountryRegulatorCurrent StatusRegulated EntityLicense TypeLicense NumberASICSuspicious CloneAT FINANCIAL PTY LTDAppointed Representative (AR)1275288Downsides of FXBV Unavailable website: FXBV's website cannot be opened currently, which indicates possibility of cease of operation. Regulatory concerns: The broker operates under suspicious FSCA clone, which would potentially expose investors to higher risks of fraud or mismanagement. High minimum deposit: The broker sets an entry point of $200 to open an account, which is higher for industry average and prevent beginners with limited capital to start trading. WikiFX exposure: There are 5 negative reviews on WikiFX, 4 about withdrawal issues and one about failure trading, disclosing unpleasant customer experience trading with this broker.What Can I Trade on FXBV? The available trading instruments offered by the broker includes 33 different currency pairs as well as CFDs on gold, silver, indices, and commodity futures. Forex: The global marketplace for trading currencies, where traders buy and sell national currencies based on exchange rate fluctuations driven by economic and geopolitical factors. FXBV allows trading in 33 currency pairs. CFDs on Commodities (Gold, Silver): Contracts for difference that allow traders to speculate on the price movements of commodities like gold and silver without owning the physical assets. Indices: A market indicator that tracks the performance of a group of stocks or assets representing a specific sector, region, or market, used to measure overall market trends. Commodity Futures: Contracts that obligate the buyer or seller to trade a specific amount of a commodity (such as oil, gold, or agricultural products) at a predetermined price on a future date, often used for hedging or speculative purposes.Tradable InstrumentsSupportedForex✔CFDs✔Gold & Silver✔Indices✔Commodity futures✔Stocks❌Cryptocurrencies❌Bonds❌Options❌ETFs❌Account Type/Leverage FXBV is furnishing users with a single account type. They have named it Standard account and offers over 100 currency pairs. Maximum leverage is 1:500 with minimum transactions size being 0.01 lots. According to the accounts page, transaction handling fee is zero which is not true. And this is one reason why this platform is refusing to grant withdrawals. These are simply scam tactics to withhold funds. In order to start trading with FXBV, you have to deposit at least 200 USD (trading accounts can also be held in USD, EUR, GBP, CAD, NZD).Spread and Commission Spread is floating between 1.1-1.2 pips for EUR/USD, while for commissions, there's no info disclosed.Trading Platform FXBV offers MetaTrader4 for trading, which is by far the most popular trading platform on the market, featuring nearly a hundred customizable market indicators and trading bots, as well as a fine set of advanced charting tools. And you can easily run algorithmic trading sessions as well.Trading PlatformSupportedAvailable DevicesSuitable forMT4✔/BeginnersMT5❌/Experienced tradersDeposit and Withdrawal From the presentation, we understand that FXBV does not accept payments with credit or debit cards like VISA and MasterCard. And as they mention nothing about e-wallets like Neteller and Skrill either.