FXIBA offers several account types: Silver, Gold, VIP plus a Premium and Islamic ones (the latter involves no no swaps or rollover in order to be Sharia-compliant). Its website is available in English, Italian, German, and Russian.
The broker offers only fixed spreads, which is typical for Market Makers. FXIBA’s spreads are fixed at 3.0 pips on EUR/USD on Silver account type, which is a very high value. Most fixed-spread brokers offers spreads of 2 pips for this currency pair, and besides, require much lower minimum investment. Investing two hundred bucks in some offshore broker to trade with spreads that high seems rediculous to us and probably to anyone who has basic knowledge in the forex sphere.
By comparison, easyMarkets requires an initial ionvestment of $100 and offers spreads fixed at 1 pips on EUR/USD, and more importantly, feel safe and sound, as this broker is licensed in Cyprus.
The Company. Security of Funds
FXIBA offers trading in numerous currency pairs and CFDs on commodities, indices and stocks on the popular MetaTrader 4 platform. The company operating the FXIBA brand and website, IBA GROUP LIMITED, claims it is headquartered in London, UK. However, its is not licensed by the Financial Conduxt Authority. Instead, it is registered offshore, on the Marshall Islands.
Registration on these islands basically means that FXIBA is not regulated. We advise our readers to deal with reliable and properly regulated forex brokers and avoid offshore companies, as doing business with such is very risky and many of them are scams.
Besides, Italy’s financial regulator CONSOB has issued a warning against FXIBA for targeting local investors without authorization.
FXIBA supports the widely used MetaTrader 4 (MT4) trading platform, available as desktop, web and mobile versions.
MT4 is the preferred platform by most traders, mainly because it is reliable, easy to use and allows full automatization of trades by the so called Expert Advisors (EA). Another major advantage of this platform when compared to other trading software is its top-notch charting.
Methods of payment
Clients of FXIBA are offered the following payment methods: bank transfers, credit/debit cards payments methods, ias well as e-wallets such as Skrill, Neteller, cashU, and MegaTransfer.
An offshore broker and Market Maker that requires an initial investment of two thousand dollars, FXIBA is hardly a tempting choice for a forex broker. Not to mention that its spreads are wide.
FXIBA Review Conclusion
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