Beware! CBXI Markets 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.
The CBXI Markets website makes an unconvincing attempt to present itself as a forex broker operating in one of the leading financial centres. The only benefit of the CBXI Markets is that it provides us with a graphic example of a typical online scam.
CBXI Markets Regulation and safety of funds
|Guaranteed Funds||Segregated Accounts||Negative balance protection|
|UK regulated brokers||£85 000||Yes||Yes|
|EU regulated brokers||€20 000||Yes||Yes|
|AU regulated brokers||No||Yes||Yes|
|US regulted brokers||Yes||Yes||No|
If a financial services provider is legitimate, you will find on its website clear and detailed information about the company that owns and operates it, where it is based, and what licences it has. Genuine brokers also provide access to a comprehensive set of legal documentation.
The availability of such information does not guarantee that it is not false or misleading. But the absence of these elements is very indicative that in all likelihood you are dealing with scammers.
The website claims that the physical address of the CBXI Markets Limited company is in the United Kingdom.
For this to be true, CBXI Markets must be licensed by the Financial Conduct Authority (FCA). But this company is not listed among the authorised brokers.
At the same time, we also see a claim that CBXI Markets is licensed in Mauritius, an offshore zone where there are no significant regulations for brokers.
But we do not find CBXI Markets among the companies registered there. We have no evidence that this legal entity actually exists. The links to the Customer Agreement on the CBXI Markets website are empty. Therefore, we cannot be sure exactly who we are dealing with, nor what the terms of the deal are.
If you want to trade on financial markets without being scammed, you can turn to some of the legitimate brokers that actually operate from established financial hubs like the UK. These brokers have to meet stringent requirements for financial stability and transparency of operations imposed by the FCA.
They must provide clients with negative balance protection and to participate in a guarantee fund that covers up to GBP 85,000 of a client’s investment should the broker go into insolvency. These brokers are also required to keep their clients’ money segregated from their own operating funds in separate bank accounts.
CBXI Markets Trading software
|Analytical tools||Auto trading||Custom indicators||Mobile apps|
|MT4||30+ indicators||✅||✅||Android and iOS|
|MT5||50+ indicators||✅||✅||Android and iOS|
|cTrader||40+ indicators||✅||✅||Android and iOS|
CBXI Markets advertises that it offers the industry-standard trading platform MetaTrader 5 (MT5). But the website has no links to download the software, and account registration requires an invitation code.
The genuine broker allows easy demo account registration. We have no reason to believe that CBXI MarketsC has any trading software.
It is advisable to contact one of the many legitimate brokers that offer MT5 or the still very popular MT4. These platforms have established themselves as leaders because they offer a wide range of features, including a wide variety of options for customization, multiple account usage, designing and implementing custom scripts for automated trading and backtesting trade strategies.
CBXI Markets Trading instruments
CBXI Markets says it offers trading in more than 200 instruments, including forex, indices, stocks and commodities. But the website does not detail the terms of this trading.
Legitimate forex brokers offer a variety of trading account types tailored to the needs of clients with different capital and investment intentions. These brokers also provide clear and detailed information on trading parameters – leverage, spread, commissions, order execution method, etc.
CBXI Markets Spreads and cost of trading
CBXI Markets promises very low cost trading, but we have already established that this fishy website offers no real trading.
CBXI Markets Maximum leverage
|UK regulated brokers||30:1||5:1||❌||10:1||10:1|
|EU regulated brokers||30:1||5:1||2:1||10:1||10:1|
|AU regulated brokers||30:1||5:1||2:1||10:1||10:1|
|US regulated brokers||50:1||❌||❌||❌||❌|
The only trading parameter listed on the CBXI Markets website is a leverage of 1:300.
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.
CBXI Markets Deposit and withdrawal methods
Due to our inability to register an account, we were unable to ascertain what payment methods CBXI Markets uses. Experience has shown that fraudsters direct their potential victims to cryptocurrency transactions that do not allow refunds to be requested.
CBXI MarketsMinimum deposit
The leading brands in the industry offer starter accounts with a very low minimum deposit. This would undoubtedly be a better choice than CBXI Markets.
CBXI Markets Withdrawal requirements
|Trading volume||Fee/Tax on withdrawal||Minimum withdrawal|
|CBXI Markets||Not specified||Not specified||Not specified|
|UK regulated brokers||No||No||No|
|EU regulated brokers||No||No||No|
|AU regulated brokers||No||No||No|
|US regulated brokers||No||No||No|
The lack of a publicly available Terms and Conditions or Client Agreement means that scammers may have set many traps such as hidden fees and impossible-to-meet withdrawal terms.