Thinking of getting into business with ITBFX? Here is what you must know about this broker. Carefully read this review to find out if itbfx.com is the trading platform you will want to trade with.
Table of Contents
About ITBFX Broker
ITBFX is an offshore brokerage company with a lot of offers for traders. The location of this broker is Seychelles.
Do You Know You Could Get Back Your Money If You Have Been Scammed? Great News! Click HERE to Get Started
ITBFX claims to offer EUR/USD spread with a 0.2 pips difference in Buy/Sell for $100,000 and $100 on AUD/NZD spread with more than 6 pips.
This broker has a rebranded name called International Trading Brachium. It claims to be licensed by BVIFSC. Well, BVI doesn’t recognize this broker as its license claim is false.
While ITBFX broker is not much of a costly product, these are too good to be true. In fact, because it is not a regulated broker we say you don’t fall to its price.
Itbfx.com: Reasons to Avoid This Broker
Itbfx.com is a platform with no financial authority overseeing its financial services. What that means for traders is that their money is at risk. We can’t stop pointing the importance of regulation especially when you are dealing with an offshore broker like this one.
Another red flag we noticed in itbfx.com is that there is no free account for traders. If we can’t test the services of ITBFX on a demo account, how then can we know its viability in the forex market.
Itbfx.com is a clear scam that the British Virgin Islands financial regulator has labeled it so. This is a big warning for traders to avoid this broker.
Withdrawal and Deposit
Withdrawal process
We could not find any information concerning the withdrawal and fee ITBFX charge. This is just a way to reap traders’ money and even frustrate them when demand for their money is made.
Minimum Deposit
ITBFX minimum deposit is indicated $100 on the website. Even though this broker shows what amount to deposit, that does not make it legit for traders. Any broker can likely do the same.
The payment methods of ITBFX are Credit/ Debit Cards, Wire Transfer and e-wallets. Making any payment with this broker is a risk that BVIFSC has made it clear. Beware!
ITBFX Platform
ITBFX claims to operate on MT5. Even though this is the industry standard, it still doesn’t prove this broker is worth the money.
The account types ITBFX offers are standard, shares and Pro.
ITBFX leverage is 1:400. This is a high leverage to risk. In fact, it is against the regulatory leverage set by regulatory authorities because trading on such leverage can make you lose money too quick.
In spite the attractive offers ITBFX broker presents, we cannot find free account for traders to test the platform before they consider depositing their money.
ITBFX Licensing and Regulation
From our findings, ITBFX broker is not a licensed brokerage firm. It is not under any financial regulation that means your money is at risk with this broker. Regulators like BVIFSC and others don’t grant license to an offshore broker like this one.
In fact, a scam alert is labeled on ITBFX by British Virgin Islands. Their financial services are shady and must be avoided.
Trade with TOP RATED BROKERS Instead
Accounts
Free Trial
Projects
SSL
S
Licensed in UK(FCA), Dubai(DFSA), St Vincent and the Grenadines, Cyprus(Cysec) and Cayman Islands
Accepts Traders Worldwide
Minimum Trade Deposit $100
Maximum Leverage
1:500
TOP CHOICE BY TRADERS
Licensed in UK(FCA), Australia(ASIC), Belarus(NBRB) and Canada(IIROC)
Accepts Traders Worldwide
Minimum Trade Deposit $100
Maximum Leverage
1:300
BEGINNER FRIENDLY
Licensed in Australia(ASIC) and Cyprus(Cysec)
Accepts Traders Worldwide
Minimum Trade Deposit $100
Maximum Leverage
1:500
Conclusion: Is itbfx.com a Legit Broker?
No, itbfx.com is not a legit broker for traders and because of that, traders are advised to stay away from such broker or else you will be scammed.
The warning is on the wall already for traders to avoid crossing path with this broker.
The many red flags place on itbfx.com is a turn off and therefore we will not recommend this broker for trading.
Kindly share your comment about this broker in the comment section.