The case of FX Backer (FXBacker.com) Forex Broker is the case of an unlicensed broker; brokers like these tend to over-promise on things they can’t actually provide. These promises are always evident in the structure of their account types, leverage, withdrawal/deposit methods and most importantly, their licensing. This FXBacker Review tries to shed more light on these promises; read it to see what we think about FX Backer.
Table of Contents
FX Backer Trading Platform
We start by looking at the trading platform that FX Backer forex offers. The best case we can hope for in this section is that FX Backer uses the Meta trader 4 and 5 when it comes to its trading platform. With this in mind, we would like to state that the legitimacy of FX Backer forex broker isn’t solely based on the type of trading platform it supports, but goes a long way in showing us the character of the broker.
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FX Backer forex broker uses the MT4 to offer its clients access to the market. FX Backer forex broker offers a maxed leverage of 1:400.
FX Backer claims a Central London address and claims to be UK and Australia regulated. This is a lie.
A High leverage can be a double-edged sword in the sense that a trader on a good trade can make a huge profit but also an enormous loss if the reverse becomes the case. Various regulatory bodies have put a cap on leverages for brokers; a limit that most unregulated brokers disregard. We do advise restraint if you ever come upon a broker with a leverage exceeding 1:30, especially if you are new to the market.
FX Backer Account Types
In this portion of the review, we aim to explore the account types a broker might possess. Here, we check the account with its corresponding deposit and leverage. Doing this gives a clearer idea of how a broker might operate.
After checking, we discovered that FX Backer broker has no information on account types.
Different brokers have different account types; most legitimate brokers start their entry accounts at $250, which is the acceptable minimum deposit the industry normalized. We reiterate that this is still not a yardstick to measure the legitimacy or competency of a broker.
FX Backer Deposit and Withdrawal Methods
Deposit and withdrawals are the two most important transactions for us because the end goal of trading is making a profit. In this section, we look at these methods to make sure everything is okay with it.
FX Backer forex brokers has no information on the deposit and Withdrawal Methods.
One thing to keep in mind is that a broker might have withdrawal conditions concerning accounts; most fraudulent brokers stipulate a trader must achieve a certain trading volume to be eligible for withdrawal. They do this to stop traders from making a withdrawal.
Is FX Backer Licensed?
Licensing is another important part of our review because we can trust a regulated broker to some extent not to do anything fraudulent. We complete this part of the review by first checking the name of the company attached to the broker and then run that name through various regulatory bodies to discover if it regulates said brokerage.
In checking the license status of this broker, we had to check the regulatory body FX Backer broker is meant to be under. To know if a body licensed a broker. Traders should check regulatory bodies such as the FCA in the UK, ASIC in Australia, CySEC in Cyprus, BaFin in Germany, CONSOB in Italy. This list of regulatory bodies is not exhaustive by any means.
This broker lies about its licensing, it claims its licensed by the FCA, but when we checked, there was no such thing.
To see more of our reviews, take a look at dotfx review, marketscg review, hitoptions review.
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Licensed in Australia(ASIC) and Cyprus(Cysec)
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Conclusion
In conclusion, we wouldn’t recommend you to trade with FX Backer, they do not impress us with the vague information they have provided. They don’t give any valid information concerning if they are a regulated broker, and we could not find any evidence supporting its stance on legitimacy.
This broker lies about its address, and licensing; this is not a type of thing we would like to see from a broker.
Trading with them would likely result in you losing your money. There is a tremendous risk on any transactions interested traders may conclude with the brokerage and we deeply recommend they look elsewhere for viable trading option.