CIBFX Review – Confirmed Scam Broker Blacklisted by FCA, CMVM, FI, CONSOB, CNMV, CVM

Is CIBFX a Scam Broker Without Regulation?

CIBFX, an unlicensed offshore broker, is based in Saint Vincent and the Grenadines. There are many complaints and dubious details regarding this broker’s business.

If you want to trade with safety and reliability, your broker must be properly licensed and regulated. Let’s take a look at the CIBFX regulations.

CIBFX Limited is the company behind this business. It is based in SVG. This notoriously fraudulent country is well-known for its permissive laws. This entity is registered with the local Financial Services Authority (FSA). However, it does not mean that your investments will be safe.

The FSA stated clearly that it does not regulate Forex markets, rendering the CIBFX licence meaningless.

Don’t trust unscrupulous offshore brokers who don’t have a trading license. Instead, choose those that abide to the European Securities and Markets Authority rules (ESMA) and other renowned regulators.

ESMA, for example, has a leverage restriction (1:30), whereas CIBFX permits clients to have a maximum of 1:500. This increases the risk of losing money. Remember that Tier 1 licenses issued through the FCA, ASIC, or BaFin are of lower tier and offshore.

We looked into the databases and discovered that CIBFX wasn’t registered with these authorities. The financial fraudster could quickly disappear with your money and leave you without any compensation.

Warnings Against CIBFX Fraud

Now it’s time for some warnings to back up the evidence of fraud. We discovered that six regulators flagged CIBFX to be an offshore hoax.

These warnings were issued by five respected European regulators as well as the Brazilian financial authority. These are the official warnings issued by the UK’s FCA and Portuguese CMVM, Norwegian FI and Italian CONSOB. Here’s a screenshot from the FCA website:

Here’s a screenshot from the CMVM website:

Every day new scam brokers and trading bots appear on the web with only one goal – to steal your money. We have already exposed some of them, for example – CGMA Trade, Fenix Securities, FXrally.

CIBFX Trade Accounts

CIBFX claims that it offers investment in shares, indices and cryptocurrencies as well as forex and commodities. However, the account descriptions don’t include details about trading parameters and tradable instruments. The firm offers three trading accounts with a minimum deposit of $500.

Below is a brief overview of all the trading instruments available, with examples for each asset.

• Forex pairs: EUR/USD, USD/CHF, GBP/AUD…
  
• Indices – IBEX35, DOW30, AUS200…
  
• Commodities: gold, crude oil and wheat
  
• Shares – Google, L’Oreal, Volkswagen…
  
• Cryptocurrencies – BTC, BCH, ETH & LTC.

There are many. Safety is the most important thing when trading. If your broker isn’t properly regulated, these instruments will be useless. In this instance, CIBFX allows for you to set leverage at 1:500 for FX pairs. This will almost certainly result in your losing everything.
Choose only trustworthy and reliable brokers. You can read about the best ones in our article Best online brokers in 2023.

CIBFX claims a spread of 1pip. This spread is acceptable, and it could be used. However, the broker was not open to disclosing the trading commissions. This doesn’t mean that there aren’t, but it does suggest that they are likely hidden.

CIBFX: Video

You can also write a comment under the video on our YouTube channel to tell other traders about your experience. But if you’ve already been a victim, contact us for a free consultation by filling out the form at the top of the page.
Below you will find a short video about CIBFX. Watch it so you don’t miss anything important. In a few minutes you’ll learn the whole truth about CIBFX!