FXBV-Overview of Minimum Deposit, Spreads & Leverage

GENERAL INFORMATION AND REGULATION

FXBV promises you a “pure STP/ECN trading model, ensuring no conflict of interest”with the MetaTrader4 platform and leverage of up to 1:500.

And they say to be “one of the famous brokers” regulated in Australia, offering 33 different currency pairs as well as CFDs on gold, silver, indices, and commodity futures, all of which provided by top financial institutions.

As good as all of this may sound, we came across some serious issues regarding the regulatory status of the broker. And what is more the FXBV website turned out to be virtually anonymous – no company address or telephone, so if you are considering opening an account with them be sure to read this review first.

One possible advantage about FXBV might be the choice of trading instruments – over 30 currency pairs, some of which minor or exotic like USDTRY and USDHKD, as well as CFDs on silver, gold, oil and 15 indices. As there are not crypto assets in the list however.

FXBV says to be owned by an Australian company – Broadman Vickery Global Pty Ltd and they say to be regulated by the Australian Securities and Investments Commission (ASIC), which is one of the leading financial authorities in the industry.

Even though Broadman Vickery Global Pty Ltd is licensed by ASIC, but the company focus is on wealth management services, they have a different homepage https://broadmanvickery.com/ and we are not able to establish any connection between our broker – FXBV and the Australian company.

There are a number of issues about the FXBV website – as we already noted it is virtually anonymous, they do not share their corporate address or a contact phone. So we quite confidently may conclude that FXBV website is fine example of what we call a “clone website” – one which uses corporate details of a legit business in an apparent attempt to scam investors.

MARKET INSTRUMENT

The available trading instruments offered by the broker includes 33 different currency pairs as well as CFDs on gold, silver, indices, and commodity futures.

ACCOUNT AND LEVERAGE

FXBV is furnishing users with a single account type. They have named it Standard account and offers over 100 currency pairs. Maximum leverage is 1:500 with minimum transactions size being 0.01 lots. According to the accounts page, transaction handling fee is zero which is not true. And this is one reason why this platform is refusing to grant withdrawals. These are simply scam tactics to withhold funds.

In order to start trading with FXBV, you have to deposit at least 200 USD (Trading accounts can also be held in USD, EUR, GBP, CAD, NZD).

TRADING PLATFORM AVAILABLE

FXBV offers MetaTrader4 and this is by far the most popular trading platform on the market, featuring nearly a hundred customizable market indicators and trading bots, as well as a fine set of advanced charting tools. And you can easily run algorithmic trading sessions as well.

DEPOSIT AND WITHDRAWAL

From the presentation we understand that FXBV dose not accept payments with credit or debit cards like VISA and MasterCard. And as they mention nothing about e-wallets like Neteller and Skrill either.

CUSTOMER SERVICE

To contact the Broker or their Customer support team, users need to fill out an online form available on their homepage and wait for their response.