Minimum Deposit: $100
Maximum Leverage: N/A
My Score: 2.2
Hello guys, I will introduce you to Cyber FX today. Let’s start by giving some information about the broker.
Cyber FX is a Forex broker who incorporated in the Republic of South Africa. The company behind the broker is Cyber FX (Pty) Ltd.
The company’s head office is at the Business Exchange 38, 150 Rivonia Rd, Morningside, South Africa. There are also two offices at Durban, South Africa, and Zambia.
In this Cyber FX review, you will learn ‘’Is Cyber FX scam or legit?’’. Also, you can find the answers to following questions. What are the account types offered by Cyber FX? Is Cyber FX regulated? How good are the trading conditions such as spreads, maximum leverage, and minimum deposit?
Are you ready for a real CyberFX review? If you are, let’s start with the regulation section.
Regulation of Cyber FX
Cyber FX is registered in the Republic of South Africa: 2018/225294/07. However, as you can see in the screenshot below, the broker claims that it is regulated by South Africa’s Financial Sector Conduct Authority (FSCA), the successor of the Financial Services Board (FSB).
When I checked Cyber FX (Pty) Ltd in FSCA’s register, didn’t find the broker. So, I can clearly say that the broker is unregulated. There is only a registration in the Republic of South Africa. This is a big disadvantage for this broker.
Moreover, Cyber FX claims to be a member of the Investor Compensation Fund. As a South African Forex broker, I couldn’t understand how it complies with MiFID regulations and how it participates in a compensation fund like European Forex brokers!
Financial Services Compensation Scheme (FSCS) covers clients’ funds up to £50,000 per person. This scheme is for the brokers who are regulated by the UK’s Financial Conduct Authority (FCA). So, I can say that this claim is fake again.
Account Types and Spreads
Cyber FX offers its clients four account types. These are mini, Islamic, standard, and VIP account types.
The mini account allows to trade with 300 instruments. Minimum deposit for this account is $100. I tried to get information about the spreads but the broker doesn’t provide.
Islamic account is the swap-free account type and the minimum deposit is $1000. You can trade with 300 instruments and there is no commission.
The standard account allows to trade with 500 instruments and the minimum deposit is $1000. This account is similar to the mini account but there is a difference about the minimum deposit.
And the last one is VIP account, allows to trade with 700 instruments. Minimum deposit is quite high $5000. In addition, this account type offers Cyber card and Cyber alert options, unlike other account types.
Cyber FX offers the most used trading platform MetaTrader 4 (MT4). This platform is still the most popular because it has a user-friendly interface, advanced chart tools, easy to use, a wide range of technical indicators.
Also, there are Expert Advisors (EAs) which can trade automatically for you. You can use MT4 on your desktop or mobile devices. It is available for both iOS and Android OS. You can also use the platform’ web-based version.
Cyber FX offers various trading instruments such as Forex, Indices, precious metals, Stocks, Cryptocurrencies and Offshore stocks.
Some of the cryptocurrencies are Bitcoin, Litecoin and Ethereum. I tried to find more but the website doesn’t provide again. According to the broker’s website, the broker offers more than 100 currency pairs.
Deposit and Withdrawal Methods
It was really hard to review Cyber FX. Because the broker doesn’t provide important information about itself. One of them is the deposit and withdrawal methods.
You can deposit your funds via, wire transfer, credit/debit cards, iPay, and Zapper. Cyber FX offers very limited funding options. This is another disadvantage for this broker.
It is a negative feature for this broker to not provide the common funding options such as Paypal, Bitcoin, Neteller and Skrill.
Cyber FX is a newly established South African Forex broker. Unfortunately, Cyber FX is an unregulated Forex broker. What is worse, the broker claims it has a license but doesn’t prove that.
Cyber FX does not provide its trading conditions. For transparency, the broker must offer spreads, leverage ratio and more. Due to these negative features, you should be away from this broker. Trading with them would be risky. You may lose your money to scammers if you trade with an unregulated broker.