FXBFI is the eponymous broker of the parent company FXBFI Broker Financial Invest Ltd. The company began its operations in 2016. Because their head offices are in Cyprus, the broker maintains a current CySEC license. In addition to FXBFI, the company also operates the broker 101Investing.
Mediocre Offerings From Family of Brokers
The broker has similar offerings to affiliated broker 101Investing. FXBFI has the better spreads of the two, around 2 pips on the EUR/USD pair. However, neither broker has very good spreads. Our FXBFI review found their asset selection to be somewhat lacking. The broker has 34 forex pairs, which is alright. However, their CFD selection is well below average.
Trading Conditions at FXBFI
The broker’s minimum deposit is surprisingly low, just $20. It is exceedingly rare to find a minimum deposit this low outside of gimmicky unregulated brokers. The broker does not offer micro-lots, somewhat offsetting the point of the low minimum deposit. Trading accounts with FXBFI trade using the MetaTrader 4 platform, with all of the standard features and charting tools.
Recurring Fees Drain Accounts
The broker has some steep fees that might scare away traders. Above all, their inactivity fees are something to worry about. The fee starts at $10 per month after two months. It climbs to $20 after three months, and then to $30 after six months. Given the low minimum deposit requirement, these fees could eat away a trader’s entire balance very quickly.
Get Your Money Back Faster
Traders often feel safe with a registered broker, believing that the strong arm of a financial regulator will keep them safe. However, regulators often take action only after the fact. This means that traders are still open to risk. If your broker has been wrongfully holding your funds, contact us now to get a chargeback started immediately.