June 5, 2020

Cyber FX Review – Is Cyber FX scam or Untrue?

cyber-fx-review

Regulators: –

Cryptocurrencies: YES

Minimum Deposit: $100

Maximum Leverage: N/A

Spreads: N/A

My Score: 2.2

Hello guys, I will present one to Cyber FX now. Let’s begin by giving some information on this broker.

Cyber FX is a Forex broker that integrated from the Republic of South Africa. The organization behind the broker is Cyber FX (Pty) Ltd.

The firm ‘s headset is at the Business Exchange 38, 150 Rivonia Rd, Morningside, South Africa. Additionally, there are two offices in Durban, South Africa, and Zambia.

In this Cyber FX review, become familiar with ”Is Cyber FX scam or untrue? ”. Additionally, you’ll locate the answers to the following questions. What are the accounts type s provided by Cyber FX? Why is Cyber FX regulated? How good will be the trading requirements such as spreads, maximum leverage, and minimal deposit?

Are you really ready to get a true CyberFX review? If you’re, let’s focus on the law department.

Regulation of Cyber FX

Cyber FX is enrolled in the Republic of South Africa: 2018/225294/07. Nevertheless, because you can easily see from the screenshot underneath, the broker asserts it is governed by South Africa’s Financial Sector Conduct Authority (FSCA), the successor of this Financial Services Board (FSB).

When I assessed Cyber FX (Pty) Ltd at FSCA’s enroll, I didn’t find the broker. So, I can clearly say that the broker is unregulated. There is only registration in the Republic of South Africa. This is a big disadvantage for this broker.

Moreover, Cyber FX claims to be a member of the Investor Compensation Fund. As a South African Forex broker, I couldn’t comprehend the way that it contrasts with MiFID regulations and the way that it participates at a payment fund such as European Forex brokers!

Financial Services Compensation Scheme (FSCS) covers customers ‘ funds up to 50,000 per person. This scheme is for the brokers who are regulated by the UK’s Financial Conduct Authority (FCA). So, I can say that this claim is fake again.

Account Types and Spreads

Cyber FX offers its clients four account types. These are mini, Islamic, standard, and VIP account types.

cyber fx account types

The mini account allows us to trade with 300 instruments. The minimum deposit for this account is $100. I tried to obtain information about the spreads but the broker doesn’t provide.

Islamic accounts are your swap-free accounts type and the minimum deposit is $1, 000. It’s possible to trade with 300 tools and there isn’t any commission.

The account lets to trade together with 500 tools along with also the minimum deposit is $1, 000. This account is comparable to the miniature account however there’s a huge difference about the deposit.

And the previous one is VIP accounts, lets to trade together with 700 instruments. The minimum deposit is high $5000. Additionally, this report type supplies Cyber cards along with Cyber alert options, unlike other account types.

Trading Platforms

Cyber FX Provides the maximum utilized trading platform MetaTrader 4 (MT4). This stage continues to be the very widely used as it’s a userfriendly interface, higher-level graph tools, user friendly, a broad selection of technical indexes.

Alsothere are Expert Advisors (EAs) that could trade mechanically for you personally. You are able to use MT4 in your own desktop computer or mobile apparatus. It’s readily available for both iOS along with Android OS. You might even make use of the stage ‘ web-based version.

Trading Instruments

Cyber FX offers various trading instruments such as Forex, Indices, precious metals, Stocks, Cryptocurrencies and Offshore assets.

Some of the cryptocurrencies are Bitcoin, Litecoin and Ethereum. I tried to find more but the website doesn’t provide . As stated by the broker’s internet site, the broker supplies significantly more than 100 currency pairs.

Deposit and Withdrawal Methods

It was very Tough to review Cyber FX. As the broker doesn’t provide important information about itself. One of them is the deposit and withdrawal methods.

You can deposit your funds via, wire transfer, credit/debit cards, iPay, and Zapper. Cyber FX offers very limited funding options. This is another disadvantage for this broker.

It is a negative feature for this broker to not provide the common funding options such as Paypal, Bitcoin, Neteller and Skrill.

Conclusion

Cyber FX is a newly established South African Forex broker. Unfortunately, Cyber FX is an unregulated Forex broker. What is worse, the broker claims it has a license but doesn’t establish .

Cyber FX will not provide its own trading requirements. For transparency, the broker needs to offer spreads, leverage ratio and much more. As a result of those unwanted capabilities, you ought to be from this broker. Trading using them are insecure. You might lose your hard earned money to scammers in the event that you trade using an untrue broker.

Cyber FX

2.2

Trust

1.0/10

Commissions and charges

3.0/10

Customer Service

2.0/10

Platform & Tools

2.0/10

Product Portfolio

3.0/10

Pros

  • MT4 endorsed

Cons

  • No information concerning trading requirements
  • Unregulated broker
  • Payment approaches are somewhat restricted
  • Some favorite CFDs inaccessible