Beware! FXKuber 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.
FXKuber assures us that it is a regulated forex broker that has won numerous awards for its good trading conditions. But these claims are hard to believe given the poor quality of the website. It is not difficult to establish that FXKuber is not a broker but a low-effort scam.
At the time of writing this review, the FXKuber website lacks the basic information and functionality one would expect from a true broker. It is possible that this particular fraudulent scheme is still in development or has already been abandoned. In any case, one thing is for sure- you should never trust your money to FXKuber.
FXKUBER REGULATION AND SAFETY OF FUNDS
When you visit the website of a legitimate broker, you can expect to find detailed information about the company that manages it, its legal and regulatory status right on the index page.
The FXKuber’s website doesn’t even mention a company name. There is also no legal documentation of any kind. The account registration form has a link to Terms and Conditions, which we have to agree to, but the link leads to a blank page. The registration form itself gave an error message after entering the details, so creating an account was not possible.
The listed contact address is in London, United Kingdom:
To offer brokerage services there, a company must be authorised by the UK’s Financial Conduct Authority (FCA). The lack of a company name and licence number is sufficient indication that no such licence exists. In the register of the regulator nothing can be found about “FXKuber”:
In the footer of the website we can read the claim that it is “Powered By BDSWISS”. This must imply that this shady website is somehow linked to the legitimate brokerage firm BDSwiss. This is obviously not true. FXKuber is a completely anonymous website that unconvincingly mimics a broker.
Under no circumstances should you trust your money to such anonymous sites full of false and contradictory information. Instead, you can turn to one of the many companies that really work under the supervision of respected regulatory bodies like FCA or Cyprus Securities and Exchange Commission (CySEC).
As their customer you will enjoy a number of guarantees including negative balance protection and guarantee for your funds if the broker goes bankrupt, which goes up to EUR 20,000 in EU and 85,000 GBP in the UK. Regulations in the UK and EU include some important measures designed to improve investor protection and promote market integrity and transparency, such as transaction reporting. Regulated brokers are also required to segregate their operational funds from the client’s money.
FXKUBER TRADING SOFTWARE
FXKuber claims to offer the two most commonly used trading platforms in the industry, MetaTrader 4 (MT4) and MetaTrader 5 (MT). However, these claims are illustrated with images of a different web platform. Nowhere are there links to download the software. As mentioned, account registration was not possible, so we were unable to verify whether the client portal provided access to any trading software.
But since scammers like FXKuber do not offer real trading, it is wiser to turn to the many duly licensed brokers who do offer their clients desktop, mobile and web versions of MetaTrader 4 and MetaTrader 5. These platforms have established themselves as industry standard because they offer a wide range of features, including a variety of options for customization, multiple account usage, designing and implementing custom scripts for automated trading and backtesting trade strategies.
FXKUBER TRADING CONDITIONS
There are three account types described on the FXKuber website – demo account, trading account and “passive income”. The latter promises the ability to copy trades without a trading platform. The “social trading” option, the ability to copy trades to other investors, is also offered by many legitimate brokers. But websites such as FXKuber use it solely as a way to fool their potential victims into thinking they don’t need to understand anything about financial markets to invest.
FXKuber promises zero commissions and raw ECN spreads. ECN accounts with genuine brokers usually have some sort of fixed commission, on account of the near-zero spreads, so such promises could hardly be true.
No minimum deposit is specified for the trading account. You should be aware that many regulated brokers allow the creation of a starter account with amounts around 100 USD.
The only trading parameter for which a specific value is specified is the leverage – up to 1:1000. This may also serve as evidence that FXKuber could not be a genuine broker operating in the UK. High leverage creates the opportunity for more significant profit, but correspondingly increases the risk of sudden and excessive losses. All leading regulators therefore restrict leverage for retail traders. The FCA, like EU regulators, limits leverage to 1:30 for trading in major currency pairs and even lower levels for more volatile assets.
FXKUBER DEPOSIT/WITHDRAW METHODS AND FEES
FXKuber claims to use bitcoin and several unknown e-wallets – UPI, RuPay, PhonePe and PayTm – as payment methods. Legitimate brokers typically offer clients a wide choice of transparent payment methods, including bank transfer, credit/debit cards and established e-wallets such as PayPal, Skrill, or Neteller.
Due to the lack of publicly available General Terms and Conditions, it is unclear what hidden fees and conditions may unpleasantly surprise people who make the mistake of giving their money to FXKube.
HOW DOES THE SCAM WORK
Fake brokers are a type of scam that has spread especially rapidly in recent years, aided by the excitement surrounding cryptocurrencies. People looking for ways to make money online can very easily come across one of the many scam websites of this type. Scammers are very skilled at convincing people to invest – first small amounts of a few hundred dollars, and then larger sums of money. Some of the scam schemes are quite elaborate and even use trading software to convince victims that their money is actually being invested and even racking up profits.
But when you ask to withdraw those winnings, or even your deposit, you’ll find it’s impossible – you’ll be told that a sudden change in the market has wiped out all your money, or that you have to meet impossible minimum trading volume requirements and pay huge fees and commissions hidden in the terms and conditions. Fraudsters can also simply disappear because they use fake names and offshore shell companies for their operations.
WHAT TO DO WHEN SCAMMED
If you find yourself scammed, the first thing you should do is notify the financial authorities in your country about the scammers’ activities, and spread the word online to warn other potential victims.
Your options for getting your money back are limited. If credit or debit cards were used for the transactions to the scammers, you have the option to request a chargeback. Companies like Visa and MasterCard now allow such requests to be made up to 540 days after the transaction. But keep in mind that if you have provided proof of your identity to the fraudsters, they may dispute that the transaction was voluntary. In addition, fraudsters typically use cryptocurrencies and shady e-wallets that do not allow refunds.
Victims of scams are often targeted by another type of online fraudsters who promise that their money can be refunded for an upfront fee. Under no circumstances should you trust such offers.