Trubyx review 2023: 5 things you should know about trubyx.com

Trubyx review 2023: 5 things you should know about trubyx.com

Rating: 1

Beware! Trubyx is an offshore broker! Your investment may be at risk.

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All potential clients of Trubyx should reconsider their intention to invest here as there are some worrisome facts about this broker. First of all, Trubyx is situated in a country that doesn’t regulate forex brokerage activities therefore no financial institution actually oversees its operations. What’s more, this broker claims to have an office based in the UK as well, however the registers of the Financial Conduct Authority (FCA) can prove it wrong as this broker isn’t licensed at all.

Not to mention the lack of any useful information about its trading conditions and payment methods (which happened to be shady as well). So if you are still not convinced enough, better read the following lines for more details on Trubyx.

Regulation and safety of funds

As we already mentioned, Trubyx claims its registered address to be in the Marshall Islands, however there is no forex regulator there. Brokers based in the Marshall Islands are not supervised by any financial authority and also are not obligated to follow certain rules and guidelines unlike regulated brokers in the UK for example. Investing with such an offshore firm means you aren’t going to get any client protection in case things go wrong.

What’s more, Trubyx also claims to have a registered office in London, the UK. We searched the registers of the Financial Conduct Authority (FCA) of the United Kingdom but Trubyx wasn’t on the list of licensed firms. Take a look:

So, apparently this broker is not only unlicensed but it also isn’t authorized to offer financial services in the UK.

We suggest looking at some regulated brokers with proven reputation, as they are obligated to play by the rules. For example every licensed broker in the UK must have a minimum net capital of 730 000 EUR, which serves as a guarantee for its financial stability. Moreover, reputable brokers must keep their clients’ funds in segregated accounts apart from their own capital and safe from any kind of fraud. Also bear in mind that trading with UK regulated brokers comes with some additional perks as for example the possibility to get compensation in case the broker goes bankrupt – up to 85 000 GBP to be precise. Of course you can’t expect any kind of client protection if you deal with unauthorized firms like Trubyx.

Trading software

The website doesn’t mention anything in particular about the trading software Trubyx offers. You can read the same cliches every other scam broker uses – “award-winning” platform with “innovative tools and advanced features”.

After we registered however this is the trading software that we were presented to:

As you see, this is a simple web-based platform that doesn’t stand out with anything special. Its tools and features certainly don’t seem innovative nor advanced as the broker claimed. So if you have decided to trade with stocks, shares or forex pairs, you better look for an alternative. There are plenty of reputable brokers that offer great platforms like MetaTrader 4 and MetaTrader 5.

MT4 and MT5 are appropriate even for both advanced traders and beginners. You can be assured that the safety of your funds and personal information is granted as all transactions are encrypted as well as your IP address.

You can also choose between a wide range of educational resources, forex news and technical analysis tools. Most of the customers consider the trading bots to be the best part however. These bots, also called Expert Advisors, analyze the forex market in a search of certain conditions and then perform trading operations once they find them.

MT5 and MT4 can be easily downloaded on PCs, smartphones and tablets and have regular updates. Unfortunately, since Apple removed both MetaTrader 4 and 5 from its AppStore, these platforms can’t be downloaded any more from iPhone/ iPad users. All of you that have already installed the apps can continue using them, but without the above-mentioned updates. On the contrary you can still download MT4 and MT5 from Google Play Store.

Trading conditions

Trubyx claims to offer eight different account types – Regular, Bronze, Silver and Gold as well as Platinum, Diamond, VIP and PRO. Take a look at some more details about them:

The Regular account requires only 250 USD which is a common sum – most legitimate brokers usually ask for the same amount or even offer micro accounts for around 10 USD. So nothing special here.

As you see, the chart doesn’t mention anything about the leverage you can use. After we opened an account there was a leverage of 1:10 for EURUSD. This is a fine amount to be honest, as higher leverage is associated with greater risk of losing your money. In fact there is a leverage cap of 1:30 in the UK exactly because of the risk. Nevertheless, we don’t recommend investing with this broker as it’s not authorized to operate on the forex market. On the other hand, if you are willing to trade with higher leverage you can choose some of the offshore subsidiaries of reputable forex brokers.

As for the spread, this broker promises “competitive spreads” but doesn’t specify anything else. On the trading platform we saw spreads of 0 pips for EURUSD however this could be highly deceptive. Note that even if you happen to trade with raw spreads there certainly are going to be some commissions at the end. So it’s for the best to avoid this shady firm and look for a genuine broker who offers tight spreads for real.

Deposit/Withdrawal methods and fees

On the website Trubyx mentions several payment methods that it accepts – Visa, Mastercard, bank transfer and crypto transactions with Bitcoin.

After we registered the payment methods happened to be almost the same – there was credit/debit card payment and crypto transactions with Bitcoin, Ethereum and Tether. Take a look:

No matter what payment options this broker offers it won’t be a good idea to invest here. Be extra careful especially when it comes to crypto coins as these transactions are not eligible for a chargeback and are completely anonymous, so you won’t be able to get your money back no matter what.

How does the scam work

Be very careful to whom you provide your personal information like email or phone number. The moment scammers have your number they will start calling you in an attempt to make you invest right away.

They will most certainly assure you that trading with them is risk-free, which is highly doubtful at least to say. Also be prepared to hear that you can get a fast and incredibly high return on investment – this is also a shameless lie of course. Scammers tend to sweet-talk traders into making a deposit and then vanish like thin air.

Before that however they might try to manipulate their trading software so it looks as if your money is being invested. They might also fool you into believing that your results are very profitable. This is done with one specific purpose – to make you invest even more before you find out that everything is a lie.

Expect all kinds of hidden fees the moment you try to withdraw even a cent and what is the worst part – to find out that a withdrawal is declined no matter what you do.

What to do when scammed

If you have been scammed, the first thing you can do is to turn to the bank that issued your credit or debit card and ask for a chargeback. If you have paid with your Visa/ Mastercard, a chargeback is eligible within 540 days.

Wire transfers are more difficult to return, and the best thing you can do in this situation is to change your online banking username and password as soon as possible.

Using payment methods like Neteller, Paypal or Skrill also gives you the opportunity to open a dispute in case of online scam.

Unfortunately crypto transactions are irreversible as we already stated and therefore your money can not be returned. All in all we advise you not to trust brokers that use only crypto coins such as Bitcoin or Ethereum.

Last but not least, certainly don’t trust people on the internet offering to return your funds only after you pay a certain fee. They might also be scammers so don’t risk losing more money than you already have!

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