Thinking of getting into business with FX-Bid? Here is what you must know about this broker. Carefully read this review to find out if FX-Bid.co is the trading platform you will want to trade with.
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About FX-Bid Broker
FX-Bid is an offshore brokerage company with a lot of promises for traders. The broker location cannot be found on the webpage. To begin with, this is a red flag on the side of FX-Bid broker.
FX-Bid claims regulations from Australian Securities and Investment Commission (ASIC) and the Seychelles Financial Services Authority (FSA).
To clarify, in spite the trading instruments FX-Bid claims to offer, traders must know they are dealing with an unknown broker which does not have a regulation over its head.
Here is a public warning by Swiss Financial Market Supervisory Authority FINMA. See below.
FX-Bid.co: Reasons to Avoid This Broker
Firstly, FX-Bid.co is a platform with no financial authority overseeing its financial services. The regulation claim is not legit as neither of those financial authorities recognizes this broker among its licensed entities.
Secondly, we noticed FX-Bid.co has no demo account for traders. Since traders can’t test broker on a free account, we can’t know its viability in the forex market.
More so, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
Further, the importance of legal documents cannot be under emphasized especially when doing due diligence. Truly, we could not assess the broker’s legal documents as we found it missing on the webpage.
These are cons for forex traders to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
Withdrawal and Deposit
Withdrawal process
Under the withdrawal policy, FX-Bid leaves us with no information on what fees forex traders will be charged for any withdrawal nor processing days on each withdrawal. Truly, this broker is a scam and its fraudulent schemes are clear.
Minimum Deposit
The broker minimum deposit is not available.
As for the payment methods, FX-Bid mentioned nothing on that. Truly, you should not consider making any payment with this broker because it is a risk. So beware!
FX-Bid Platform
FX-Bid offers web based trading platform and not MT4 or MT5 (Industry standard trading platforms) which gives us more reason not to take this broker serious.
As for the leverage, the broker provided no information. In fact, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
FX-Bid Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation that means your money is at risk. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
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Licensed in Australia(ASIC) and Cyprus(Cysec)
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Conclusion: Is FX-Bid.co a Reliable Broker?
No, FX-Bid.co does not seem like a reliable broker for traders even though it promises offers that look good to be true. The broker has proved to us that relevant information is not a concern to them.
Most importantly, the broker is unregulated which means it is not authorized to operate in any regulated country and you should definitely not put any money into it.
Because we have taken it as a duty to find out scam forex brokers and also share reasons, we will not recommend this broker for trading.
Kindly share your comment about this broker in the comment section.
