Updated on April 23, 2024
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In our rigorous review process, a team of seasoned financial specialists, boasting more than 20 years of experience in Forex trading, carries out an exhaustive evaluation of various trading services. Our team delves deep into the investigation of fees, assesses the trading platforms, and verifies adherence to regulatory standards. We also interact directly with customer support and conduct actual trades to gain a real-world understanding of the trading conditions. This comprehensive approach enables us to provide informed insights and advice on why we recommend avoiding Cyber FX due to the issues we've identified.
Is Cyber FX Scam or Legit Broker? ▲
Trading with Cyber FX presents a significant risk to one's investment due to the absence of any credible licensing. The cornerstone of Forex trading security lies in partnering with a broker that is under the stringent regulation of renowned authorities such as the ASIC or FCA. Unfortunately, Cyber FX lacks such regulation, making it an unsafe choice for traders looking to protect their funds.
Registered in: South Africa
Type of License: No License
Is Cyber FX safe to trade: No
Recommended Licenses: FCA in UK & ASIC in Australia
Cyber FX positions itself as a broker based in the Republic of South Africa, with additional operations out of Zambia. Despite offering a platform for trading in various Derivative Instruments like Contracts for Difference, Warrants, Futures, and more, with claimed best trading conditions via STP/ECN connectivity, its lack of a credible regulatory license undermines its reliability. The absence of stringent oversight by a reputable authority casts doubt on the legitimacy and safety of trading with Cyber FX.
Cyber FX operates under a trading name in the Republic of South Africa, claiming to offer competitive trading conditions and technology. However, for a firm to be considered trustworthy, a robust proposal and advanced technology are insufficient. Legitimacy in the financial services sector necessitates strict regulation and oversight by recognized authorities to ensure reliability and the truthfulness of claims. Cyber FX's limited registration within South Africa and lack of comprehensive licensing mean that trading and investment with them carry a heightened risk, especially given the prevalence of scams and fraudulent operations within the African region. Thus, it is strongly advised to only engage with brokers linked to and regulated by credible regulatory bodies to ensure adequate customer protection.
In summary, due to the significant risks associated with an unregulated broker like Cyber FX, we strongly advise against engaging with them or similar entities. Instead, it is much safer to opt for brokers regulated by reputable authorities such as the ASIC or FCA. To mitigate risks and avoid potential losses, traders should consider well-regulated brokers.
Cyber FX Update
Further investigation has shown that the Cyber FX website is currently inactive, indicating that the broker may have ceased its trading services. Despite this, we urge traders to remain vigilant and steer clear of any offers that may arise from them or similar unregulated entities.
When considering alternatives, brokers like Interactive Brokers, City Index, and AvaTrade stand out. They not only offer the security of stringent regulation but also bring to the table comprehensive trading solutions that can meet the needs of both novice and seasoned traders.
Cyber FX Review 2024
