BYFX Global (Byfx.com) is a CFDs and Forex scam broker to hit the lucrative commodities world. BYFXGlobal is claiming to provide preferred accounts spreads of 40, and 100 times leverage. Other claims that BYFXGLOBAL is continually bragging about include seizing the hot spot of US stocks. With these claims, we decided to investigate this broker to see what they really provided. Our investigation will reveal all the dirty tricks used.
This broker is offering special accounts with spreads as low as 3.5. They also claim to offer quotes without interruption trading. What we always advice newbie investors is to take time to investigate a broker. Reviews are meant to help users get to know more about a product or service before signing up. That’s why it’s imperative that you read this whole review to find out more regarding BYFX Global.
It should be noted that scammers know for a fact that we all want to make a quick buck or two. That’s why they come up with products and services that they claim to help satisfy this need. What scammers do is offer claims and promises of making high and quick returns within a short time. What BYFXGlobal is doing is no different as they have come up with an enticing website. Don’t let the homepage fool you, there’s more than meets the eye.
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According to the disclaimer at the footer of their homepage, this site is owned by SBI Group. They also claim that this broker is owned by Yiyihui Co LTD. What they clearly reveal to us is that this is an offshore broker. Offshore brokers are notoriously known for flaunting regulations and rules. This is why we believe signing up with this broker is without a doubt, a risky venture. Make sure to never sign up with offshore brokers.
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Why have they failed to mention the real names of the people behind this brokerage firm? This is because they are afraid of backlash from victims and authorities. Who is the CEO or CFO of SBI Group? If we had the actual names of people behind this brokerage firm, verification would have been easy. One way of verifying claims is to look at social media posts of these owners or their brands. They simply don’t have any social media activity which is weird.
What the disclaimer at the bottom of the homepage claims is that they are registered in British Cayman Islands. BYFXGlobal claims to be registered by the Financial Services Authority. They also add in that they have a securities investment Business License number 1458866. Scammers will do or say anything to try and get their products and services appear legit.
One way of proving that these are all fake claims is lack of credentials. Where have they posted their registry documents? A legit broker will easily post their registration certificated and documents for all to see. What’s funnier is that the British Cayman Islands does not use that algorithm to register brokers. We are clearly dealing with a professional scam outfit that is out to steal funds.
Scrolling down their platform page, this broker claims to have a one of a kind platform. BYFX Global’s platform apparently has a market observation and navigation window. This is not the only feature they advertise on. Other features they claim the platform has include analyzing tools, and secure transactions. They claim that their platform has multiple order types with multiple chart settings.
Testing how good their platform really is, we decided to download it on various devices. Download stalled at 52% which is not good news for any investor. This means that their platform is unstable. An unstable platform leaves users vulnerable to cyber-attacks. Hackers easily gain access to unstable platforms and steal personal data and credit card details. This is a dangerous platform to work with.
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Another huge red flag with this broker is that they have no Live Chat support. This means that users cannot freely contact this broker. Problem with emails is that they take time to get response. A real broker would ensure that they have a live chat support team. This is clear proof that we are dealing with a scam broker.
Anonymity is a dangerous character to have when dealing with any online investment. BYFX Global is quite anonymous and this is a huge problem for us. Fact that they can’t even offer bot services is a hindrance to newbies who sign up. Nobody really knows what the minimum required deposit is. Users can’t ask questions since emails take time to be responded.
Funds will never be safe with an offshore broker who has fake credentials. Once you sign up with this broker, don’t expect to get your money back. Problem with this broker is that they fail to disclose their depository bank. Which bank do they use to deposit money that’s raised by users? This is a major concern as it proves we are dealing with a professional scam outfit. Their only intention is to swindle.
Another red flag with this brokerage firm is that they don’t segregate accounts. What BYFX Global is doing is pooling funds in one account. This is a dangerous practice as it may lead to losses in case of bankruptcy or insolvency. Did you know that users maybe depositing money straight to the owner’s personal bank account? They don’t even participate in a compensatory scheme. This is surely a broker who has no concern over set rules.
According to the homepage, users can deposit money using two available channels. They include UnionPay and Wire Transfer. It’s not clear which types of accounts they offer or minimum required deposit. Make not to wire any money to these scammers because they won’t be allowing you to withdraw. BYFXGlobal refuses to allow members to make withdrawals for unknown reasons.
This is what makes BYFX Global a total and shameful scam. Apparently, a user has to reach a certain trading volume to earn a withdrawal? When has it ever been a crime to not withdraw your own funds? This is a major red flag that users and investors should know about. Never sign up with BYFXGLOBAL or face losing your entire deposit.
BYFX Global is a scam that’s simply wants members to sign up and make deposits. Best thing to do is mark all their emails as Spam. Never click on any links sent by these fraudsters as they contain malware. This is simply a Forex scam that investors should look into. This will help investors not to fall into the same trap.
Only option that we are left with is to blacklist BYFX Global as a Forex scam. Evidence clearly points out that we are dealing with a Forex broker sham. Make sure to warn your friends and family about this broker.
Always go for Approved and Trusted Forex Brokers at all times. This is a sure way of making real money dealing Forex. Go for Industry recommended Forex brokers that have the necessary credentials and expertise. This is one way of remaining safe with Forex trading.
We wish you all the best in your Forex trading experience.
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