FXI Brokers – Are They Trustworthy?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
FXI Brokers - DO NOT TRADE WITH THIS PROVIDER
2.4/10
$100
Minimum Depositupdated 2022
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://fxibrokers.com
Founded: 2021
Regulations: None
Languages: English
Deposit Methods: Wire Transfer
Minimum Deposit: $250
Free Demo Account: No
Number of Assets: Unknown
Types of Assets: Indices, Forex, Gold, Cryptocurrency, Shares
Trading Accounts and Conditions
Given below are all the trading accounts that FXI Brokers offers their clients:
- Basic: The deposit range is from $250 to $1,000.
- Silver: The deposit range is from $2,000 to $15,000.
- Gold: The deposit range is from $16,000 to $50,000.
- Platinum: The deposit range is from $50,000 onwards.
This broker has not bothered to provide any trading conditions. Thus, we do not know what the spreads, leverages, fees, commissions, order execution methods, and so on are.
FXI Brokers– Advantages
FXI Brokers cannot be trusted; this broker is a scam and no trader should do business with them.
FXI Brokers – Disadvantages
Given below are all the issues we have found that have revealed FXI Brokers as a scam operation:
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Lack of Regulation
FXI Brokers claims that their website is owned and operate by a company called Fxibrokers Trading Services LLC, which is incorporated in St. Vincent and the Grenadines. We checked the FSA (Financial Services Authority) of SVG to see if this company was, in fact, incorporated in that country. We found no company by that name listed with the SVG FSA.
We would also like to point out that even if this broker had been incorporated and registered with the FSA, it wouldn’t really mean anything from a regulation standpoint. This is because the SVG FSA has clearly announced that they do not offer regulatory oversight for forex or binary options brokers.
The confusion about this broker’s identity unfortunately does not end here. In FXI Brokers’ About the Company page, the broker states that they have offices in 3 different locations – London, Cyprus and Dominica.
The broker also mentions Australia as another location, and states that the parent company is ACCE Australia Pty Ltd. Here’s the problem: ACCE Australia Pty Ltd is a registered company in Australia. But it has nothing to do with FXI Brokers. Which means that we are looking at a clone firm (an entity that uses another legally operating company’s corporate credentials, and passes them off as their own).
The identity issue doesn’t end here. When we checked the Terms and Conditions section, a whole new set of entities are mentioned – BFXNA Inc., iFinex Inc. and BFXWW Inc.
These three companies are very familiar; they are the owners of AskForBit (www.askforbit.com) and StsRoyal (www.stsroyal.com). Both these brokerages have been exposed as ruthless scammers.
So, here is our conclusion: FXI Brokers has lied about their regulation status. They are also clone brokers that have tried to assume a real Australian company’s credentials. And finally, this broker is a part of a serial scam, where the other brokerages have already been exposed as illicit operations.
All in all, while we have no clarity on the actual owners and operators of this brokerage, we can say for certain that FXI Brokers is a scam and should be avoided.
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 Trading Software
On their website, FXI Brokers boasts that they have an award-winning platform available for trading. However, when we registered an account with this broker so that we could check out their trading platform, what we found was nothing. There was a client area with a fake platform, showing a chart displaying current asset prices. And that chart had been imported from TradingView, the website that provide free trading data.
We can say for certain that this broker is targeting novice traders who have no idea what a real trading platform should look like.
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No Trading Conditions
Now that we know that FXI Brokers does not have any trading platform, it makes sense that the broker did not even bother to manufacture trading conditions.
Novice traders should understand that legitimate brokers will give details about their trading accounts’ trading conditions. The spreads, leverage ratios, order execution methods, lots and sizes, commissions and so on will be very clearly mentioned before you even register for an account.
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Lies About Payment Options
FXI Brokers also lies about the kinds of payment options they have available for their customers. The broker claims to accept credit cards, PayPal and Wire Transfers. However, when we checked their payment portal, we found that only two options were listed – credit cards and Wire Transfers. And then we found out that the credit card option did not work. So, the only way to make payments is through Wire Transfers. But the catch is that you first need to provide all your bank account details.
Providing key details such as bank account details before being able to make a transfer is a huge red flag. If you provide a scammer such as FXI Brokers with your details, they could do a lot of damage to your funds.
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No Information about Charges
Another issue with have with this broker is that there is almost no information about their service charges. The is mention of a single charge – a $25 fee for wire transfers. That’s it.
Despite going through their Terms and Conditions in detail, we could not find any other information about the charges they have.
This is another red flag to be wary of. Legitimate brokers list out every single charge they have so that traders can accurately calculate the cost of trading with a particular broker. Without that information, you can be surprised by unknown charges – something that scammers regularly impose on their customers. It is best to avoid a broker if they have not bothered to specify their service charges.
Conclusion
FXI Brokers is a part of a serial scam operation – just another dummy website set up to con novice traders into parting with their money. We strongly recommend staying away from this broker.
FXI Brokers
Pros
- None
Cons
- Lack of Regulation
- No Trading Software
- No Trading Conditions
- Lies About Payment Options
- No Information About Charges
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.
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