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Cbfxglobaloptions.com Review: Is CBFX Global Options A Scam?
CBFX Global Options Review: this is the name of a forex broker that claims to be located and registered in Cyprus. Is Cbfxglobaloptions.com a scam or a legit broker?
This broker claims to be on the side of traders giving them 100% DMA/STP execution for all their trades. It claims that there are 1000+ trading instruments covering 8 asset classes offered for trading. Also, 20+ liquidity providers from banks to MTFs and non-bank institutions.
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It claims to be part of the CBFX Global Options Group Ltd. We found an address on the website that it claims to be registered to, it places the broker at:
70 Kyrillou Loukareos street, Kakos Premier Tower, 4156, Limassol, Cyprus.
CBFX Global Options claims to have been a recipient of 40+ international awards and holds license from European Commissions like the CySEC, FCA, BaFin and ACPR. Fund segregation is also mentioned and a supportive customer care.
CBFX Global Options Trading Platform
The trading platform that is offered by this broker is not stated, it only claims to offer trading “on your platform of choice”.
Legit brokers are known to offer at least the popular MetaTrader 4 trading platform.
This platform is a very good sign along with MT5, as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, Linus, windows, iOS and Android.
Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.
Trading instruments offered by the brokerage is said to number into 1000+ like was stated above, they include FX, metals, CFDs on indices, commodities, bonds, ETF, cryptos and exchange-traded physical stocks.
Leverages and spreads that are offered by CBFX Global Options are not stated, which is uncommon for brokers.
Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.
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Deposit and Withdrawal methods on CBFX Global Options
The means for making deposits and withdrawals are not stated for the broker and we find this disturbing and highly unusual.
This is because standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on.
A minimum deposit of $500 is required and some accounts require as high as $3,000 deposits. We do not find anything on withdrawal fees and charges.
This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.
Is CBFX Global Options Licensed?
No. CBFX Global Options is not a licensed broker. It claims to be licensed by many financial commissions as we stated above but we checked and did not find it in the CySEC register.
However, the license number it provided was that of another company; JFD Group Ltd.
CBFX Global Options Is a Clone Website
When we checked the company whose registration number was stolen, we found that this broker had also designed their website like that of this legit broker. This is a common trend among scammers, they clone legit websites and try to misdirect traders.
From this we find it hard to believe what information we find on the website of CBFX Global Options.
To contact the customer care agent of the brokerage, clients can engage in a live chat, or call: +1 516 231 2195 or email: [email protected]
We find that CBFX Global Options is not a good brokerage to trade with. They do not present honest information and their website is a clone. Traders will be wise to avoid this obvious scammer.
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CBFX Global Options Review – is cbfxglobaloptions.com scam or good forex broker?
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Trading Accounts and Conditions
|Trading account||Min. deposit||Max. leverage||Spread|
CBFX Global Options offers the four accounts listed above, however this becomes clear only after sign-up.
Although the broker claims to support two great trading platforms and to offer wide range of tradeable assets and its website features some contract specifications, there is no way to confirm these assertions, as CBFX Global Options does not offer free testing service. What is worse, it seems that this broker has cloned the entire website of a legitimate financial services provider, and also illegally uses its company details.
CBFX Global Options Advantages
CBFX Global Options Disadvantages
False claims of regulation. A clone firm
This broker claims to be operated by CBFX Global Options ltd., a company allegedly regulated by the Cyprus Securities and Exchange Commission (CySEC), the Vanuatu Financial Services Commission (VSFC), and also registered with a number of European financial regulators.
Click on the image to view full size.
However, our check in the public registers of these organizations revealed that no such company is licensed by any of them.
When we checked the registration numbers with CySEC provided on CBFX Global Options’ website, it turned out that they actually belong to Cypriot Investment firm JFD Group ltd. which operates JFD Brokers and JFD Bank brokerage brands . In other words, CBFX Global Options is an unregulated brokerage and a clone firm, illegally using the details of a duly regulated company with which it isn’t associated in any way.
In our view, companies that present such purposefully misleading information should be avoided at all costs, because they are brutal con-artists. Besides, the people operating the brand are not bound by any government regulator, which means that potential clients (or victims) have no one to turn to in case they have legitimate grievances.
We also noticed some disturbing things about www.cbfxglobaloptions.com. First of all, it seems that this scam broker not only illegally uses the CySEC registration number of a legitimate company, but also has mirrored the entire interface and functionality of JFD Brokers. See for yourselves:
Click on any image to view full size.
So, it is unclear whether CBFX Global Options really supports the MetaTrader4, MetaTrader5 or whether it offers trading in derivatives at all.
No access to MetaTrader, no demo accounts
All decent forex brokers provide free demo accounts in order to prove the transparency of their services. This, however, is not the case with CBFX Global Options, which is not surprising, given the details we pointed out above.
Click on any image to view larger.
So, we proceeded to open a live account with the broker and got access to some dashboard with no option to trade prior to verification. Of course, we didn’t give away verification documents, and advise our readers to restrain from such careless actions too. Providing such scammers with your ID or any personal information, credit card CVV code, access to your computer via TeamViewer / AnyDesk or to your bank account would be a big mistake on your part.
Part of a serial scam
Recently, we reviewed another clone of JFD Brokers – FX Options24. Its website fx-options24.com is practically identical to that of CBFX Global Options, so we suspect that these two are run by one and the same con-artists in some sort of a serial scam scheme.
High initial investment
Although CBFX Global Options is not regulated and not to be trusted, the broker asks for a minimum deposit of at least $500. Such an amount is twice higher then what most financial services providers usually require for opening a standard account. Of course, we advise against depositing any amount whatsoever with that obvious scammer.
Overall, CBFX Global Options is a complete scam– it has not only copied the license numbers of a legitimate broker JFD Brokers, but mirrored the entire interface and functionality of its website. We urge all traders to forget about CBFX Global Options for they are a brutal rip-off, and most likely part of a serial scam scheme.
Unfortunately, the forex market is plagued with fraudsters trying to rip-off naive investors in every possible way. That is why traders should always be on the alert and check carefully brokers’ details and the public registers of the respective financial regulators in order to make sure they deal only with licensed and reliable companies.
Below, you can find more information about regulation in Cyprus as well as a list of brokers licensed there.
To sum up the above review of CBFX Global Options:
|None||False claims of regulation|
|Part of a serial scam|
|No access to MetaTrader, no demo accounts|
|High initial investment|
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