ForexBY: analysis of services and reviews
ForexBY differs from other companies by being registered and licensed in Belarus, guaranteeing the legitimacy of its operations. In this review, we will consider the advantages and disadvantages of working with ForexBY, examine user opinions, and decide whether it is worth cooperating with them.
Main information about ForexBY
According to information on the website forexby.com, ForexBY is owned by LLC “EMFI” registered in Belarus. The company has an office in Minsk and is oriented towards working with Russia, Ukraine, and Belarus.
- Strong emphasis on educational materials for beginners.
- Presence on social media accounts, but low popularity.
Information about ForexBY’s registration and licensing from the National Bank of Belarus is duplicated on all pages of the website. However, the company’s history is not as clean as it is portrayed.
Legal status and documents in ForexBY
Previously, the company was named LLC “STF Fainenshl” and managed STForex, which was at the center of a financial scandal. Despite the license, ForexBY’s reputation is at risk.
ForexBY offers four types of accounts with a minimum deposit of $500 and a leverage of up to 1:100. However, the liquidity provider and possible price manipulations increase risks for traders.
Reviews about ForexBY
The company’s new project has not yet gained market trust. Existing reviews, although positive, appear suspicious due to their uniformity and timing of posting.
Issues with ForexBY
Contrary to the license, ForexBY attracts clients through suspicious methods. Naive traders are exposed to high risks of losses due to the opacity of the company’s actions.
Conclusion
It is not recommended to open an account in ForexBY due to past scandals and the controversial reputation of the company, which may repeat itself.
ForexBY provides a reliable platform for trading with decent customer service, however, the high commission rates and complex interface may be daunting for new traders.
Working with the Belarusian broker, ForexBY, was a complete nightmare for me. Communication was poor from the start and continued to be throughout my time with them. The platform was always glitchy and anything but user-friendly. Worst of all, their hidden fees ended up eating away at my returns, making any profit almost non-existent. They promised great customer service, but whenever I encountered a problem or had questions, their support team was either unresponsive or unhelpful. In my opinion, this broker isn’t trustworthy, and I highly advise against investing your hard-earned money with them.