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Fxbay Live (Fxbaylive.com) is a scam broker who claims to be an award winner. FXBayLive is another rogue online broker who will steal clients’ funds and shut down the website. The broker claims to face unrivaled reputation in over 110 countries. Other claims stated on their homepage include having over 250 trading instruments and over 100 markets. These promotional messages have already claimed hundreds of unsuspecting online investors. Read this genuine and transparent FXBAY LIVE Review and get the truth.
The broker claims to have a huge network where traders help other traders make profit. How exactly they do it remains a mystery as more and more victims are coming out. After depositing funds, members thought the going was easy thanks to getting professional help. Trading with the platform has turned out to be a scam as no one is able to withdraw funds. Contacting the broker is a headache as the owners block these contacts. And this is why every trader needs a reputable broker who has been vetted by the trading community.
Fxbay Live is claiming to be an international broker who is based in St. Vincent and the Grenadines. And this is proof we are dealing with offshore brokers. These types of brokers are not to be trusted as they end up swindling members. Most newbies get attracted to these platforms due to the empty claims and promises. A huge welcome bonus is another incentive scam brokers offer to get more members. And that is why you need to know the traps used by Fx Bay Live scam brokers.
According to their homepage, Fxbay Live is offering a number of trading assets. They include Commodities, Cryptos, Equities, Forex, and Indices. The broker offers bonds to help traders diversify their trading portfolio. Members can also get Forex assets in form of 80 currency pairs with spreads starting from 0.0 pips. Fxbay Live is also offering a number of commodities such as energies and precious metals. Global indices are also available according to information on their homepage.
Disclaimer at the footer of their homepage claims the website is owned by Fxbay Live Limited. According to information on the Company register in St. Vincent and the Grenadines, no such company exists. And this is proof we are dealing with a rogue trading platform which has no actual location details. Anonymity is a scammer’s best friends as it allows brokers to steal from members without being tracked. Recovering funds from such a broker is next to impossible and this is why no one should sign up.
Unfounded claims are what scam brokers use to entice unsuspecting investors and traders. The broker has perfected it by claiming to be in 110 countries and fails to mention one. Other false claims include having an average execution time of 0.15 seconds. Victims have been pointing to the fact that the trading platform is slow at executing trades. And this is the case as they use a custom made web terminal. Claims of having $99 m trades executed are also false. The broker has perfected the art of using false information to attract newbie traders.
According to the trusted domain register whois.net, their website was recently created. Records show the domain fxbaylive.com was created on 9th November 2019. And it makes the platform barely five months old. These scam brokers will use false dates to try and buy investor trust. They claim to have been in the online trading world for years, and this is a false statement. Thanks to having domain registers, we can determine when a website was actually created.
Fxbay Live is NOT LICENSED OR REGISTERED by the Financial Services Authority of St. Vincent and the Grenadines. The SVGFSA has no records of any broker licensed under the name FxbayLive. And this is why we must expose the rot with this platform. An unlicensed broker is terrible news to any trader who signs up. And this is the reason why most of the members are having a hard time recovering funds. .
Most of the victims hail from Europe as the broker uses a UK phone number as contact details. Leading European license and regulators are planning to issue a warning in regards to this broker. They include BaFIN, CONSOB, FCA, and FINMA. None of these has ever licensed or regulated the broker in question. And this is why traders must stay away from the platform to avoid any losses. Unregulated brokers pose a huge problem to members since they can shut down their shop at any time.
Fxbay Live is furnishing members with three account types to choose from. The accounts listed include ECN, Pro, and VIP. Minimum acceptable deposit for the ECN account starts at $100. The problem with this amount is that the broker is targeting newbie traders. Industry regulations state the minimum required deposit should start at $250. With a low minimum deposit price, only newbies with no experience will sign up. And this gives the broker a chance to steal from them.
Another problem with Fxbay Live is using call agents to act as professional account managers. Once newbies sign up, they are directed to a personal account manager. The manager acts as their expert who helps newbies with the trading process. With time, new members are asked to give control of their trading accounts to professional managers. The problem with this platform is using call agents to lose trades on behalf of members. Call agents earn their commissions as a result of members losing funds.
The problem with bonuses is the scam broker uses them to limit withdrawals. Once newbies get a welcome bonus and in this case, a credit bonus, the trap begins. Even if a member has a balance worth paying back the bonus, the broker insists of a new deposit.
Fxbay Live is allowing Bitcoin, MasterCard, Neteller, Payeer, Skrill, WebMoney, Visa, and other depository channels. The problem is the broker does not give members any information in regards to withdrawal procedure. None of the victims who contacted us have managed to withdraw even a penny from the platform.
Fxbay Live is claiming to use MT5 trading platform as their tool of trade. In real sense, they use the name MT5 to try and sell their bogus web terminal. The platform is using a web terminal that has not gone through any testing. And this is why members are venting on slow execution speeds. Security within the platform is an issue as the terminal lacks proper security software. They include DDoS protection and SSL encryption which is vital in protecting users.
With the number of complaints rising by the day, it is clear Fxbay Live is not safeguarding funds. Segregation of accounts is not taking place and members are pooling funds in one account. And this is what makes the platform a terrible tool to use. Depositing funds will open up members to third party attacks. Credit card information is unsafe with such a broker who might sell it to third parties.
After carefully reviewing all the facts, we can conclude Fxbay Live is a scam. Warn your family and friends from joining any of their affiliate programs. These are scam brokers who have no intention of making members profit from trading.
By adding this broker to our scam blacklist, we hope to protect anyone reading the post.
Stay safe when trading with digital currency by using transparent brokers. They guarantee your investment is safe at all times.
We wish all traders a lucrative and safe trading experience.
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