Forex Market is an enormous industry with thousands of market participants. It includes investors, central banks, traders, trading platforms, honest brokers, scam brokers, etc.
The modern generation finds online trading as a most desirable and exciting passive income source. However, as simple as it sounds, as complicated it actually is.
Being successful in trading means an extensive education, knowledge of analytic tools for prediction, continuous observation on market movement, etc.
Thus, mostly, beginner traders prefer choosing a brokerage company that would assist them in making correct market predictions and analyses.
At first glance, it is not easy to distinguish them from honest brokers. However, if you are a beginner and feel suspicious about whether it’s worth working with the specific broker or not, we are here to help.
We create our honest broker reviews to ensure that none of the newcomers are tricked into some fraud and are experiencing severe money loss.
Today, we would like to discuss Forex Birds. A pretty famous scammer already. Let’s together find theirs weakens and learn why you should avoid them.
Who are Forex Birds?
Forex Birds claims to be the best foreign exchange broker with well-regulated, safe, and best trading conditions. The broker offers a wide range of solutions to trade CFDs and foreign exchange, commodities, indices, and spot metals.
It also claims to provide customers with leverage up to 1:100 and a user-friendly platform with valuable features. However, we have some concerns about its regulation and will discuss it in this Forex Birds review.
Are Forex Birds regulated?
Trading with Forex Birds is not safe because it is an unregulated offshore broker. Forex Birds LTD is a fully licensed and regulated broker, regulated by the St. Vincent Financial Services Authority (FSA).
However, the fact is that Saint Vincent and the Grenadines is an offshore zone. It does register a financial investment company, but the requirements for company operations are inferior, if not. This means that brokers are not regulated, not supervised, and do not comply with strict international rules that protect traders. Therefore, it has become an offshore zone for shady foreign exchange brokers like foreign exchange birds.
Trading platform on Forex Birds
Forex Birds claims to use MT4 as its preferred trading tool. These scam brokers use customized platforms. They used the name MT4 on the homepage to gain the trust of investors. Offshore brokers will make people feel that they have the best trading tools. But the problem starts during trading hours; the execution speed slows down, proving that they are using an unstable platform that has not passed strict trading conditions.
Safety of funds with Forex Birds
Since the broker provides an unstable platform, hackers will try to attack it. The website lacks appropriate protection software to prevent third-party attacks. These include the lack of third-party protection and SSL encryption software. Plus, the member deposits funds directly into the owner’s bank account. This is why it is almost impossible to recover funds.
Assets discovered on Forex Birds
Forex Birds provides members with four types of assets on its platform. These include commodities, foreign exchange, indices, and spot metals. The broker offers CFDs on its platform but does not mention all the details. According to their product page, the broker provides hard and soft commodities.
These include agricultural products such as coffee and grains. The complicated entities listed include diamonds, oil, and precious metals.
According to the information released, the indexes listed are excluded from the New York Stock Exchange. Gold and silver are precious spot metals provided by brokers. The lack of leverage and spreads on these assets causes inconvenience to members. They do not know whether the broker offers fair or harsh trading conditions when they sign the contract.
Forex Birds provides users with four account types to choose from. The accounts listed include ECN, Standard, Premium, and Prime. The minimum deposit for the primary account type ECN is set at 100 USD.
Fraud brokers will attract novice investors with lower minimum promises. The industry has put $250 as the minimum acceptable deposit price.
These accounts have the same features, such as zero commission and 2.1 spreads. There is nothing special about these account types.
Deposits and withdrawals
The minimum deposit for a basic ECN account is 100 USD. Payment options include Visa, Maestro, bank transfer, and electronic wallets Skrill and Neteller. However, withdrawal takes too long or is even not possible too.
Contact and support
Forex Birds is using multiple communication channels, including email, phone number, and Whatsapp. The problem with sending emails to offshore brokers is response time.
If it is about withdrawing funds, such brokers may decide to ignore your email. The listed phone numbers are virtual phone numbers that have been busy. After passing, the agent will want you to hold it because they will transfer you to another broker. This is what makes trading with offshore brokers a hell.
To conclude, Forex Birds is another scammer you should try to avoid. Adding a broker to our scam list will ensure that no one else falls into their trap. Our readers now know the risks involved in using Forex Birds.
However, we also suggest our readers consider all the forex-related risks in advance. You need to understand that even with the safest broker, your profit might not be 100% guaranteed. Think twice before you step into the industry. We wish you an excellent trading experience.