FXCBS Broker Review
Here’s my honest opinion of FXCBS based on my experience, you can take it or leave it.
Here’s my reasoning … see if it resonates with you in any way
- Their website tells you next to nothing about who they are. Their about page is 3 paragraphs and simply says they were created by some professionals. No where on the site do they disclose actual names of said professional
- They have been in business less than 2 years and almost no track record to speak of
- They do not appear to be a member of the NFA (National Futures Association) or the CFTC (Commodity Futures Trading Commission) as most reputable brokers are
- They require a $2000 USD minimum deposit which is not disclosed until AFTER you open an account
- I’ve heard reports that they do not actually take traders from US or Canada and that they don’t tell you this until after you’ve made a deposit. I cannot verify this claim so it is hearsay but I can tell you that I tried to find out and was unable to confirm for a very disturbing reason …
- I was not able to ever get anyone on the phone! That’s right. After opening my account, but before making a deposit I noticed my demo quote feed was freezing up so I called their tech support line and got an answering machine with a generic voice message. So I called their sale number and got the same generic voice message. So I tried calling every number on their website and got the exact same message. I was unable to reach a real person
- Because I was unable to reach a real person I wasn’t able to confirm if they open accounts from Canada or the US … and after that experience I certainly wasn’t going to make an initial deposit just to find out.
So the bottom line is … they don’t appear to have any track record, they don’t seem to want to tell you who they actually are(ie. people names), they don’t seem to be associated with any regulating association, and you can’t raise them on the phone.
So my question to you is; what do you do when you’re in a bad trade and your computer is down and you want to call and get out of a trade?
The answer is you wait for them to maybe call you back someday.
The last thing I want to say is that I hope in the long run I’m wrong about these guys but there are plenty of decent brokers out there who are reputable and have decent track records that work well with FAP Turbo.
You can read my initial blog post about the FXCBS Broker here.
Lastly, if you like this post please bookmark it, tweet it and digg it because I think it’s important people see this so they can make an informed decision before jumping in bed with FXCBS.
PLEASE NOTE: it has been sometime since we reviewed FXCBS and therefore it is possible they have improved their customer support since then.