CBXI Markets – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
CBXI Markets - DO NOT TRADE WITH THIS PROVIDER
2.4/10
$100
Minimum Depositupdated 2023
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://cbximarkets.com
Founded: 2023
Regulations: No Regulation
Languages: English, Japanese
Deposit Methods: Unspecified
Minimum Deposit: Not Specified
Free Demo Account: No
Number of Assets: 200+
Types of Assets: Forex, Energies, Commodities, Metals, Stocks, Indices
Trading Accounts and Conditions
CBXI Markets does not seem to offer different types of accounts for their customers. From what we can make out, this broker offers a single type of trading account.
As for this broker’s trading conditions, all we know is their cost of trading is low – that the broker offers the lowest trading fees per lot (but they do not specify lowest in comparison to what!). The spreads supposedly start at 0 pips, there is a $0 fee on deposits, and the maximum leverage is 1:300.
CBXI Markets – Advantages
There are no advantages to trading with CBXI Markets.
CBXI Markets – Disadvantages
Given below is all the proof that shows us that CBXI Markets is a scammer:
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Unregulated Broker
The first piece of proof we have that CBXI Markets is a scammer is the fact that they are unregulated.
Regulated brokers provide clear information about their corporate as well as licensing status. This means detailing the name of their parent company (the entity that runs their online brokerage), where they are located, how to contact them and their regulation details.
With CBXI Market, they state that their physical address is in London, England. They also provide us with a UK phone number and a generic email address. The broker somehow omits to mention anything about their regulation status, though.
Any broker that claims to be based in England has to be regulated by the UK’s financial regulator, the Financial Conduct Authority. Therefore, all we needed to do was check the FCA’s online register to see if CBXI Markets is actually legitimate or not.
We checked. And we found that CBXI Markets is not legitimate. This broker is not listed with the FCA, which means that they are not regulated by this regulator.
Next, this broker claims that they are incorporated in Mauritius. However, the claim uses the words – a company, not specifically CBXI Markets or the entity that runs this brokerage. While Mauritius is an offshore location and does not have significantly strong regulations, they do have a financial regulator called the Mauritius Financial Services Commission.
We checked the online database of the Mauritian FSC, and found that this claim is also a complete lie.
All that we have uncovered means that this broker is a scammer.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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No Legal Documents
Another dead giveaway of this broker’s scam is the fact that they have no legal documents. We clicked on the links and they are all broken!
Legal documents for regulated brokers are a necessity. These documents are the contractual agreement between you and them. Therefore, they need to be clear and they need to detail every aspect of their agreement – the fees, the terms of service, the policies, customer protection and so on.
If you sign up with a broker and you do not check their legal documents before you do so, you leave yourself open to being scammed. Most of us have the habit of blindly clicking on the I Agree button without making the effort to read through the fine print. And this is exactly what scammers bank on. Once you have agreed to whatever terms they may or may not have in place and then you get scammed, there is not much that any authority can do to help you get your money back.
This is why it is so important to read through every legal document before you sign up with a new broker.
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Cannot Open Trading Account
We tried opening a trading account with this broker, but the only way to open an account with CBXI Markets is if you have received an invitation code from them.
We open trading accounts with all brokers that we review so that we can validate their claims – their trading conditions, the types of trading accounts, the trading software, fees and so on.
If a broker does not allow you to open a trading account without you being invited to do so, then you know you are dealing with a scammer. They send out invitation codes to only novices, people they know can be scammed since they do not know anything about trading and the forex market.
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No Trading Software
CBXI Markets lies about the availability of their trading software too. This broker states that they offer their clients the MetaTrader 5 trading software.
Had this been the truth, it would have been a big advantage for this broker since the MT5 trading software is the world’s best at this time. This software has a wide range of features that make trading extremely easy, even for novice traders.
However, after going through their entire website, we found that CBXI Markets does not have any download link to the MT5 software anywhere on their website. And since we could not open an account with them, we do not know if there is a real trading software available at all!
A broker with no trading software is a scammer!
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Issues with Trading Conditions
While we cannot corroborate the information that CBXI Markets has provided, we can easily tell that they are scammers.
Legitimate brokers provided detailed information on their trading conditions – which are also fair. This broker has provided incomplete information – the first red flag. And the conditions provided are skewed – the second red flag. For example, a leverage of 1:300 is illegal in the UK, where the maximum leverage allowed is 1:30.
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Issues with Payments
We also need to point out that this broker has provided no information on payments – we do not know the payment methods or the fees and policies around withdrawals.
Conclusion
CBXI Markets is a scammer and if you invest your funds with them, you will lose all your money. They are not to be trusted.
CBXI Markets
Pros
- None
Cons
- Unregulated Broker
- No Legal Documents
- Cannot Open Trading Account
- No Trading Software
- Issues with Trading Conditions
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
eToro is a multi-asset platform which offers CFD and non CFD products. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.