Fxbay Live is a forex broker that is supposedly licensed by the authorities of Saint Vincent and The Grenadines. In the review below, we take an in-depth look at the features FxbayLive allegedly offers. This review basically answer the questions: is fxbayLive legit? Is fxbay Live good? The review covers aspects of its licensing, its account types, its leverages, its withdrawal and deposit methods. Read through our review to see what we and other experts have to say about fxbayLive forex broker.
Table of Contents
Fxbay Live Trading Platform
Although the website looks professional and well-designed, it feels empty as necessary and required information isn’t provided. At first glance we discover that this broker doesn’t broker support neither the MT4 nor the MT5 trading platform. It uses a web-based trading platform, at least that is what it claimed, we could not access it.
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FxbayLive Account Types
In this portion of the review, we aim to explore the account types a broker might have. We check the account with its corresponding deposit and leverage. Doing this gives a clearer idea how a broker might work.
After checking, we discovered that this broker has no information on its account type page.
FxbayLive Deposit and Withdrawal Methods
Deposit and withdrawals are the two most important transactions for us because the end goal of trading is making a profit. In this section, we look at these methods to make sure everything is okay with it.
Fxbay Live supports Visa and MasterCard.
Another thing to keep in mind is that there might also be withdrawal conditions concerning accounts that take advantage of the bonus promotion. Some fraudulent brokers stipulate that a trader must achieve a certain trading volume to be eligible for withdrawal. They do this to stop traders from making a withdrawal.
Is Fxbay Live Licensed?
Licensing is another important part because we can trust a regulated broker to some extent not to do anything fraudulent. We do this part of the review by first checking the name of the company attached to the broker. Then we run that name through various regulatory bodies to discover if it regulates said brokerage.
This broker claims to be located in Saint Vincent and the Grenadines.
Saint Vincent and the Grenadines is a place that attracts shady brokers because of their lack of proper licensing laws and a regulatory body. The government of the SVG has stated in the past it does not regulate any form of forex trading.
So, no, this broker is not a licensed brokerage.
While it is true that SVG has no regulatory body, recently the government of Saint Vincent and the Grenadines has claimed that it is planning a complete reformation of the nation’s FX and CFD regulatory grounds. We don’t know when this will be done but we are expecting SVG to pick up the slack and begin enforcing a set of rules to its brokers firms, which for now are mostly scammers
Traders should always ascertain if a broker is licensed before investing in them. They should check regulatory bodies such as the FCA in UK, ASIC in Australia, CySEC in Cyprus, BaFin in Germany, CONSOB in Italy and many others.
Check our review on fellow saint vincent and grenadine broker, SkyCapital
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Conclusion
In fact-checking this broker, we found that many of its claims were either or false or unverifiable. We can’t confirm their location, and also, there is a lack of transparency in depositing funds and even a foggier and non-explained process of withdrawing. We don’t advise you to invest with this broker, any attempts to do so we certainly lead to loss of your funds.
