Cyberex review – 5 things you should know about cyberexltd.com

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

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Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

There is only one potential benefit of Cyberex  – to remind ourselves that we should not blindly trust promises on the internet and should do careful fact checking before putting our money on the line. Cyberex  is not at all the regulated and well-established forex broker it claims to be. Let’s take a look at why you should stay away from this website and what more credible alternatives you have.

Cyberex Regulation and safety of funds

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.

We don’t have any evidence that the Cyberex Ltd company actually exists. There are no Terms and Conditions, Customer Agreement or other documents on the website. Therefore, we have no reason to believe the claims that Cyberex is licensed to operate in over 13 states.

A check of the databases of the relevant financial regulators predictably leads us to warnings that Cyberex is not authorised.

If you intend to invest in financial instruments, you should beware of the many fake brokers lurking online. Always check carefully whether the broker you choose really has the necessary licences. There are numerous benefits to working with a company that is truly authorised and supervised by a regulatory institution such as the UK’s Financial Conduct Authority (FCA) or some EU regulator like 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.

Cyberex Trading software

The Cyberex website advertises a range of advanced trading platforms, but we do not get access to any software after registering an account. Cyberex does not appear to have the technological capacity to offer the services it claims.

If you use the services of a licensed broker, you will get the opportunity to use established software with advanced features and versions for all types of devices and operating systems. The most widely used trading platforms in the industry are MetaTrader 4 (MT4) and MetaTrader 5 (MT5).

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.

Cyberex Trading instruments

Cyberex claims to offer a range of financial services including forex and binary options trading. Binary options trading is prohibited by all financial regulators by which Cyberex claims to be licensed.

Cyberex Spreads and cost of trading

Genuine forex brokers provide detailed information about the trading conditions. Legitimate companies also offer different account types to suit clients with different experience, capital and investment intentions. Cyberex does not offer clear information on trading parameters.

Cyberex Maximum leverage

The website mentions a leverage of 1:10 for shares, but no other information.  In UK and EU regulators limit leverage to 1:30 for major currency pairs, 1:20 for non-major pairs, gold and major indices, 1:10 for other commodities and non-major indices, and 1:2 for cryptocurrencies.

Higher levels of leverage are only offered to professional clients who trade entirely at their own risk. If you don’t qualify as a professional trader but are willing to take the risk of high-leverage trading, the most viable option is to use the services of an offshore affiliate of an established brand.

Cyberex Deposit and withdrawal methods

Cyberex only allows the deposit of funds with cryptocurrencies.

This is typical of financial scammers. Cryptocurrencies are their payment method of choice because on the one hand they allow the scammer a degree of anonymity, and on the other hand they do not allow the scammed to ask for a refund.

While there are some legitimate brokers that accept digital currencies like Bitcoin, they do so alongside other transparent payment methods such as credit/debit card, bank transfer or popular e-wallets like PayPal, Neteller or Skrill.

Cyberex Minimum deposit

Cyberex requires a minimum deposit of 500 USD.

For ten or even a hundred times lower amount you can open a trading account with a duly licensed and established forex broker.

Cyberex Withdrawal requirements

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.