Warning! Forex Birds is an offshore company! Your deposit may be at risk.
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Forex Birds ridiculous name is just one element of many that paints a suspicious picture. Read the review for all the details.
Forex Birds is said to be incorporated in the UK’s house of companies, and licensed in St. Vincent and the Grenadines. Two things of interest here. First of all, a broker company may be incorporated and/or registered in the UK, but that does not make in regulated by the local watchdog. Even so, we checked the FCA registry, and found no result of this alleged brokerage firm – Forex Birds is not regulated in the UK!.
Next is the license in St. Vincent and the Grenadines. For those out there not yet on point, the small island nation of St. Vincent and the Grenadines is well known as a top destination for many shady broker firms for the simple reason that the country does not have a financial markets regulator. Which in turn gives unlimited power to brokers registered there. So, Forex Birds may be registered there, but nor licensed.
Thus Forex Birds is UNREGULATED, in turn making it a risk to all investments made in it.
We advice traders to always check the legitimacy of a website before making any sudden choices concerning an investment. All the aforementioned countries, except for SVG, offer some of the top licenses in the industry. For Europe we advise you to look out for FCA or CySEC regulated brokers. Not only do these agencies oversee operations and require regular reports from brokers registered with them, but those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).
While opening an account, the leverage limit was 1:100. After an annoying registration process, we were able to reach a client dashboard. However, we were unable to open a platform because the servers were busy. So we are left with no alternative than to check the website for the rest of the essential trading conditions. The website claims to be offering Forex Pairs, Indices, Commodities, and Spot Metals. As for a spread we only got a 1.6 pips average spread for the Standard Account.
The website is only in English, while the client are supports English, Arabic, and Russian.
FOREX BIRD LOGIN
Forex Bird claims to be offering both the Metatrader 4 and 5, yet completely failed to deliver both. Once we tired opening a trader’s account, we were issued an error stating that the server is busy.
So we are unsure if the broker has actually any trading platform. This is one of the biggest tell that this broker is illicit.
FOREX BIRD MINIMUM DEPOSIT
There are two ways to deposit- Bank Transfer and PayUMoney.
We were able to continue the payment process with just $1.
All signs point to the obvious: that this broker is not to be trusted due to its lack of regulation. It’s only logical that we advise traders against it. Brokers with proper licenses from the FCA and CySEC (among others) operate in ways that put the trader’s security of funds and personal information as a pivotal priority.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
The CVV code is the one thing that separates a buyer from a product. Without it, one cannot complete a purchase, even if him/her has given all other necessary information. By giving this detail to someone else, you are essentially inviting them to use your funds for their own means. And be warned that unregulated brokers most certainly plan to do so.
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
Be sure to never give AnyDesk or TeamViewer access to your PC to unverified agents. These 2 platforms allow for your PC to be taken over by a second party, often times for help or guidance, but in the case of these brokers for the sole purpose of looting your bank account(s) and personal information. However, in order to do so your consent is needed, and this is the only thing standing in the scammers’ way.
FOREX BIRD WITHDRAWAL TIME AND FEES
Interestingly, withdrawals can be made with Skrill and Neteller, and through a bank.
There is an undisclosed fee mentioned in the Terms and Conditions, revealing nothing, safe from the fact that is exists. Furthermore, the company can change its mysterious fees whenever without notice.
There is no mention of processing times.
ADDITIONAL FEES AND TAXES
Here is another clause that mentions a range of fees without stating their value.
The presence of such ambiguities means that Forex Birds can easily charge you any time it wishes, for whatever reason. Furthermore, once you request a withdrawal, probably due to your suspicions being realized, the broker will most certainly deny your appeal. This denial is followed by a well thought of justification. Either they will find a loophole in the T/C that upholds their right to keep your deposit, or they will ensure you that now is the worst time for withdrawals for the market will very soon thrust upwards and multiply your initial investment by unrealistic numbers.
Beware, once more, when giving away an ID and a proof of address. Trustworthy brokers ask for these before traders can deposit to make a check up. Deceitful ones will ask for these details, using the anti-money laundering legislation as pretext, once you start asking too many questions and are getting suspicious of their activities. Understand that they will use these to build a stronger case against you in the event that you request a chargeback.
Yet again we urge readers to stay away from this broker as it will, without a doubt, never return your funds and profits. If you wish to to get smooth and efficient transactions, please visit a FCA/CySEC regulated broker, where all withdrawals are handled with care and respect.
HOW TO RECOVER
The most sound advice we could give you is to immediately file for a chargeback with you credit card company.
If you have given away your credit card details including the CVV code to the “broker” you should cancel it ASAP and check with your bank to see the damage inflicted.
Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won’t ever hear from them again.
The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!
Forex Birds is an exemplary scam of a broker, that checks almost all the typical-for- a-fraud boxes. Do not deposit here!