FXBP: customer reviews about the company in 2023
FXBP Broker Review: Analysis of a New Player in the Trading Market
FXBP is a platform oriented towards both institutional and retail investors. The company promises clients favorable conditions and an advanced trading platform for the new generation of traders. Our expert review will examine how these promises align with reality, providing information on the verification of legal aspects and trading conditions to help you make an informed decision.
Key Facts about FXBP
According to the broker’s statement, they have 30,000 clients and a trading volume exceeding 450,000. Despite these impressive numbers, we found no reviews about the company. Analyzing the domain history shed light on why information about FXBP is extremely limited.
It turns out that the fxbp.net site was only registered in July 2022. Such a young project physically could not have amassed thousands of clients. It’s likely that the company artificially inflates statistics and is not overly trustworthy when it comes to potential clients.
Website valuation services have assigned a value of just a few hundred dollars to the FXBP site, indicating its low quality. Serious brokers would likely invest significantly more in their online profile.
Based on the information provided on the platform, FXBP has an international network of 10 offices worldwide. However, access to the addresses of these offices, including legal details, is lacking. Additionally, there are no other communication methods with support aside from a feedback form, which could impact the speed of resolving technical and financial issues.
Legal Aspects
FXBP claims to operate in accordance with regulatory norms but does not provide official documents to confirm this. The official website lacks scanned versions of relevant licenses or certificates. Information about the company’s legal actions, as specified in the User Agreement, may be limited by the legislation of Saint Vincent and the Grenadines.
Saint Vincent and the Grenadines is a state that does not regulate the activities of stock brokers. Supervisory bodies warn about the possible use of offshore locations to evade prosecution for illegal activities. For this reason, the FSA has issued a warning to investors. Many fraudsters target the financial illiteracy and trust of novice traders.
FXBP does not have a license from the Central Bank of Russia or other regulators in the CIS, implying a lack of permission to provide services in these countries. However, this does not deter scammers who actively advertise their services on social media, attempting to attract the maximum number of clients.
Trading Opportunities
The creators of FXBP understand that they will soon face critical reviews, so they are trying to attract new clients. They do not specify an entry threshold and do not provide a detailed description of contracts. Instead, they tailor their approach to each user individually, trying to convince them to invest. The main conditions include:
- No commissions for transactions,
- Flexible leverage up to 1:500,
- Quick funding and withdrawal within one business day,
- Minimal spreads,
- No requotes or slippages,
- Access to various trading platforms (desktop, web version, mobile version),
- Permission to use any strategies (arbitrage, scalping, hedging, etc.).
Additionally, FXBP offers an affiliate program with generous rewards for bringing in new clients.
Reviews and Recommendations
Currently, there are almost no reviews about FXBP, which is quite understandable for a new company. But the situation may change rapidly. We are monitoring developments and will update the review with feedback once it appears online. If you have experience working with FXBP, please share your opinion on our website. This can help other traders avoid potential risks and losses.
Characteristics of Scammers’ Actions
Dishonest FXBP employees seek to gain the trust of newcomers. They manipulate quotes and manipulate trades to convince clients of their profitability. Falling for these tactics, traders begin to increase trading volumes and inject more funds.
Scammers use the AnyDesk program to access users’ personal accounts and withdraw all funds. Proving their illegal actions will be extremely difficult. Regulators will not intervene, as licensing authorities cannot punish such companies.
Conclusions
We do not recommend trusting FXBP and advise against collaborating with them. This unlicensed company operates contrary to legislation. Find another broker to avoid financial losses and disappointments in the trading sphere.