Beware! FXPB is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
FXPB presents itself as a STP/ECN Forex broker, offering more than 200 trading instruments, zero fees and leverage level of 1:300, at the same time regulated by FCA, CySEC and a number of other regulatory bodies around the EU. Sounds good, but it’s an absolutely impossible mix, the scammers are once again trying to sell the traders down the river. CySEC and FCA impose a leverage cap of 1:30 to all of the Forex brokers operating under their supervision. FXPB is either misleading the customers, or they are breaching the European financial laws, but in any way you should stay away from this broker and we are going to show you why!
FXPB REGULATION AND SAFETY OF FUNDS
FXPB received an official warning by FCA, published on 28th of August 2020! Stay away from this broker, it is a confirmed scam. Warnings issued by other regulators are also expected, because FXPB insists to be regulated all over the world, while in fact it isn’t regulated anywhere.
FXPB claims to hold a Vanuatu license, but it doesn’t mean anything for the traders, because agents operating under this regime of supervision are not granted with an access to the European markets. Nevertheless, no license was found in the register of Vanuatu.
FXPB says to be an international brand that is authorized by Armada Markets to offer the traders the best possible profit experience.
Armada Markets is a company based in Estonia which no longer offers retail Forex products and services. The company’s book had been moved to a new entity, called Tickmill, and it happened more than 5 years ago. Tickmill is an FCA and CySEC regulated broker, while FXPB is a broker which has nothing to do with Armada Markets, and you should avoid it!
Always choose authorized and licensed Forex brokers! Sometimes it might not be easy, because as you can see, FXPB is trying to fool the traders and investors. Always do the research, examine the brokers, make sure that they are licensed, read reviews, stay informed!
The unregulated foreign exchange agents have the freedom to always act on their own discretion, because they are not supervised in any way by any authority. They might disappear at any given moment causing losses almost impossible to be recovered. UK and Cyprus are the top locations for the true Forex brokers and that is for a reason, an entity regulated by CySEC or FCA is authorized to operate throughout the whole EU, holding their licenses is considered influential and famed!
Your funds are not safe if you deposit with FXPB, avoid this scam!
FXPB TRADING SOFTWARE
We wanted to test the FXPB trading software, but quickly changed our minds. Firstly, we started downloading the MT4 from their Home Page, and for our surprise it wasn’t an ordinary Metatrader .exe file, but some .apk which we didn’t want to execute, at all! This file extension is primarily a mobile app extension, but we do not advise anyone to make experiments by clicking on suspicious software provided by controversial entities.
It is equally important to mention that a true STP/ECN Forex broker is going to provide us with an MT5 trading software. Instead, they enlist MT4, which is created and designed to serve only the market makers.
In several cases, we would click on their Home Page button, or on some other link and immediately a casino ad would pop up in a separate window. A clear sign that FXPB isn’t a broker by any means, a revolting experience.
We also refused to sign-up, and it would be impossible even if we wanted to give it a try. The process is really awkward because there are mandatory fields such as a Sponsor ID and a Name appearing in our bank account. The latter is a sensitive information and is advisable no one to provide such an information, while signing-up.
Details about the spreads are available only on their Home Page, and the EUR/USD is mostly at 0.5 to 0.7, which is a standard for the industry. The leverage is 1:300, but there is no way that to be confirmed, because it looks as if there is only a mobile app, supposed to be a trading platform, which we do not advise installing, we had to repeat that!
FXPB DEPOSIT/WITHDRAW METHODS AND FEES
According to the FXPB’s Terms and Conditions the minimum deposit is 300 USD. However, their T&Cs are related only to some XL account promotion and present no further detailed information about their products and services.
The minimum withdrawal amount is not specified, and there isn’t a policy linked with the matter.
FXPB lists too many funding methods on their Home Page such as debit/credit card, wire transfers, Skrill, Neteller, WebPay, Yandex, UnionPay, BCP and Neosurf, but we cannot confirm that a trader can actually deposit money using any of these methods.
There are no fees specified, only on their Home Page they affirm that there are zero deposit fees and zero commissions. Additional information is nowhere else to be found.
No dormant account policy known.
FXPB offers generous bonuses, such as 200% on each deposit the trader makes, also cashback rewards on every lot traded, but no further information available. Also, you can get additional 250 USD if you refer a friend, but no T&Cs regarding this incentive are available.
A bonus of 200% is dangerously high and should be avoided at any cost! If, let’s say, you deposited 100 USD, after the bonus there will be 300 USD available, but your stop loss level will be moved automatically at 200 USD. The risk is increasing drastically and it’s compulsory to lower the leverage, but if the broker does not allow such a decrease the trader will have almost no free margin at disposal. A few pips move in the wrong direction will be enough to zero down the account.
The trader will be left with only a few cents in his accounts, because the broker will automatically take his 200 USD back. And if an indebted account is allowed, very few offshore brokers will offer negative balance protection, you will end up owing money to the broker!
Stay away from FXPB, it is a confirmed scam!
HOW DOES THE SCAM WORK
Clone firms, such as FXPB, are scammers pretending to be companies that are legal and authorized. The most commonly used approach is to register companies and domains whose name is identical or very similar to those of certified and legitimate companies, very often the highly reputable ones are targeted. Also they might claim to be authorized by a certain company, which is the exact case of FXPB! The unsuspecting customer will believe that the scammer represents a well-known company and will agree to follow his instructions which might include bank transfers, deposit of funds etc. Sooner or later they are going to exploit the victim and cause significant financial damages.
The most effective way to avoid scam is to do a thorough research, get familiar with the trading conditions offered by the brokers, read their Client Agreements, use demo accounts, read reviews, be alert. With charlatans adapting their tactics daily, you should put extra efforts to confirm that you are dealing with the genuine financial services firm and that you have the correct details about them.
WHAT TO DO WHEN SCAMMED
No one is immune to scam, anyone can fall into the trap. Scammers are constantly looking for new and different ways to scam consumers. What you need to do first, in case you got scammed, is to protect yourself from further risks. Contact your bank and explain to them your situation, they will give you important instructions to follow and will help you, if possible, recover your money.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing. Seek help actively!
Share online your experience, it is important to protect others, as well. Be responsible!