Thinking of getting into business with Forbytrade? Here is what you must know about this broker. Carefully read the following review to find out if forbytrade.com is the trading platform you will want to trade with.
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About Forbytrade Broker
Forbytrade is an offshore brokerage company with a lot of promises for traders. The broker location cannot be found on the webpage. To begin with, this is a red flag that tells us everything we need to know about Forbytrade broker.
Forbytrade claims regulations from Financial Conduct Authority (FCA) and Cyprus Securities and Exchange Commission (CySEC).
Added, the broker claims fast execution, security, and personal account management.
To clarify, in spite the trading instruments Forbytrade claims to offer, traders must know they are dealing with an unknown broker which does not have a regulation over its head.
forbytrade.com: Reasons to Avoid This Broker
Firstly, forbytrade.com is a platform with no financial authority overseeing its financial services. The regulation claim is not legit as neither of those financial authorities recognizes this broker among its licensed entities.
Secondly, we noticed forbytrade.com has no demo account for traders. Since traders can’t test broker on a free account, we can’t know its viability in the forex market.
More so, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These are cons for forex traders to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
Withdrawal and Deposit
Withdrawal process
Under the withdrawal policy, Forbytrade mentions $1000 as the minimum withdrawal amount while discussing nothing on withdrawal fee.
Truly, this broker is a scam, and failing to discuss fees tells us forex traders can be charged high on any withdrawal.
Minimum Deposit
Forbytrade minimum deposit is pegged $100 for Bitcoin and PerfectMoney and $300 for other payment methods.
As for the payment methods, Forbytrade accepts PerfectMoney, Bitcoin and more. Truly, you should not consider making any payment with this broker because it is a risk. So beware!
Forbytrade Platform
Forbytrade offers web based trading platform and not MT4 or MT5 (Industry standard trading platforms) which gives us more reason not to take this broker serious.
As for the leverage, the broker provided no information. In fact, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
Forbytrade Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation that means your money is at risk. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
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Licensed in Australia(ASIC) and Cyprus(Cysec)
Accepts Traders Worldwide
Minimum Trade Deposit $100
Maximum Leverage
1:500
Conclusion: Is forbytrade.com a Reliable Broker?
No, forbytrade.com does not seem like a reliable broker for traders even though it promises offers that look good to be true. The broker has proved to us that relevant information is not a concern to them.
Most importantly, the broker is unregulated which means it is not authorized to operate in any regulated country and you should definitely not put any money into it.
Because we have taken it as a duty to find out scam forex brokers and also share reasons, we will not recommend this broker for trading.
Kindly share your comment about this broker in the comment section.