CNBSFIN – Is It a Scam?

Website URL: https://www.cnbsfin.com/

Founded: 2019

Regulations: None

Languages: English, Spanish, German, Greek, Portuguese

Deposit Methods: Bank Wire, Debit Card, Credit Card, Neteller, Skrill

Minimum Deposit: $250

Free Demo Account: Available

Number of Assets: N/A

Types of Assets: Currency Pairs – Fixed Spread, Currency Pairs – Floating Spread, Commodities, Indices, Stocks

Trading Accounts and Conditions

CNBSFIN offers the following types of trading accounts to its customers:

• Mini: The minimum deposit required to be made in this account is $250. The maximum leverage offered is 1:100.
• Bronze: We do not know what the minimum required deposit is for this type of an account, but the maximum leverage offered is 1:100.
• Silver: Once again, we don’t know what the initial deposit requirement is for this account type, but the maximum leverage ratio is 1:200.
• Gold: For the Gold account, there is no information about what the minimum deposit is, however, the leverage ratio offered stands at 1:200.

We only know that this broker offers a fixed spread of 3 pips for the benchmark EUR/USD currency pair.

CNBSFIN – Advantages

Since we always try to present both the pros as well as the cons when were carry out a review of a broker, here are the advantages of doing business with CNBSFIN:

• Sirix Trading Platform Offered

CNBSFIN offers support for the Sirix trading platform. While not as popular as the MT4 trading platform, the Sirix interface is a solid software for trading. It is most well-know for its social trading feature, where traders can interact with each other, share expert tips and so on.

Furthermore, the platform has an easy-to-use interface, and offers intuitive graphs and charts for more informed trading.

• Good Leverage Levels

This broker also offers its clients pretty solid leverage ratios. The maximum leverage level offered by CNBSFIN is 1:200, which allows traders more freedom in their trading strategy.

However, it also needs to be remembered that with high leverage, the risk factor increases, which means that you money will be at risk. This is the reason why many regulators have put a cap on the maximum leverage ratio a broker is allowed to offer.

CNBSFIN – Disadvantages

Here is the list of disadvantages of trading with this broker:

• Lack of Regulatory Oversight

CNBSFIN claims to be owned and operated by CNBSFIN LTD., a company that is registered in the Marshall Islands, which is an offshore trading zone, as well as a well-known destination for the not-so-honest brokers. This is because of the territory’s extremely liberal regulations and low tax rates.

While this is not really a red flag, what is a cause for concern is that the government of Marshall Islands has clearly stated that it does not offer regulatory oversight for Forex and CFD brokers.

What this translates to is that CNBSFIN is not regulated by any government authority, which means that your funds are not safe with this broker.

Plus500

$100

Minimum Deposit

Start Trading

Read Review

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.

 

AvaTrade

$100

Minimum Deposit

Start Trading

Read Review

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.

• Warning Issued Against CNBSFIN by CNMV

While checking on CNBSFIN’s regulatory status we found out that not only was this broker not regulated, but that the Spanish financial authority, the CNMV, had issued a warning against dealing with them.

According to the warning, CNBSFIN has been offering its financial services in Europe without any license to operate in that region. Such warnings are usually only issued after a regulator has received numerous complaints against a broker.

• Very High Spreads Offered

This broker offers a fixed spread of 3 pips for the benchmark EUR/USD currency pair. While not as serious a problem as the ones we have already mentioned, it is relevant because it shows that CNBSFIN is more focused on its own gain than its clients’.

• Contradictory Information on Withdrawal Fees

While going through the Client Agreement (Terms and Conditions), we found that the broker contradicts itself with regard to the withdrawal fees. In one part of the agreement, the broker states that it does not charge any withdrawal fees. And then later CNBSFIN states that it will charge withdrawal fees when it sees fit.

This contradiction doesn’t bode well for traders at all, and indicates the ill-intentions of this broker.

• Bonus Promotions Offered

Another worrisome point we noted is that this broker also offers its clients bonus promotions. Bonus promotions are tools used by scammers to lure unsuspecting traders into investing their money uselessly.

Bonus promotions come with an extremely unreasonable condition – that a trader needs to meet an impossibly high trading volume target to be able to withdraw their funds. If that target is not met, then the broker reserves the right to deny the withdrawal request.

Because of these provisos, many regulators have banned the use of such promotions.

• No Support for MT4

While the Sirix is a solidly reliable trading interface, it cannot compare in quality as well as ease of use to the MT4 trading platform.

The MT4 trading software is the most used in the world, with more than 80% traders using it. This interface comes loaded with excellent features such as customizable trading bots, charting tool and market indicators, just to name a few.

So, we would consider it a disadvantage that this broker does not offer its customers the best trading interface possible.

Conclusion 

CNBSFIN is not a broker than any trader should trust. There are too many glaring issues with them, both legal as well as operational. If you do invest your money with this broker, the chances of you losing your investment are extremely high.

Our recommendation would be to look for a broker that is fully regulated and transparent about all its operations. This way you can focus on trading and not be worried about being scammed by your broker.

CNBSFIN

2.3

User Experience

3.0/10

Payment Options

1.9/10

Security

2.3/10

Support

2.5/10

Reputation

2.0/10

Pros

• Sirix Trading Platform Offered
• Good Leverage Levels

Cons

• Lack of Regulatory Oversight
• Warning Issued Against CNBSFIN by CNMV
• Very High Spreads Offered
• Contradictory Information on Withdrawal Fees
• Bonus Promotions Offered