SCAM ALERT - Forex Birds Broker

Photo: Forexbirds.com

Forex Birds: www.forexbirds.com

Reason to avoid: Offshore License

Listed Date: Jul 27, 2020

Forex Birds claims to be a well-regulated, safe and Best Forex broker with optimal trading conditions. The broker offers multiple financial products. It also provides clients with the leverage of up to 1:100 and user-friendly platforms with useful functionalities. 

About Forex Birds:

🗺️ Registered in St. Vincent and the Grenadines

🗺️ Type of License - Offshore License

🛡️ Is Forex Birds safe to trade - No

🗺️ Recommended Licenses - FCA in UK & ASIC in Australia

🖥 Alternative Broker - FP Markets - licensed by ASIC in Australia

Is Forex Birds a scam or legit broker?

No, it is not safe to trade with Forex Birds as it is an offshore unregulated broker. Forex Birds LTD is a fully licensed and Regulated broker governed and supervised by the Saint Vincent Finance Service Authority (FSA).

However, the fact is that St. Vincent and the Grenadines is an offshore zone, which does register the financial investment firm, but provides very poor if none requirements to the company operation. That means, the broker is not regulated, not overseen and does not comply with strict international rules that provide protective measures to the traders. Therefore, it became an offshore zone for shady forex brokers such as CVC Markets, AAG Markets and more. Read more about St. Vincent and the Grenadines regulation by the link.

Forex Birds LTD claims to be a registered company from UK company house registration number 1203823. However, Companies House is only the United Kingdom’s registrar of companies, it is not the regulator that approves licenses for the brokers in the UK. And, of course, there is no information about this broker in the UK’s FCA register. 

Moreover, the Spanish regulator CNMV (National Securities Market Commission) has issued a warning against Forex Birds:

“The Comisión Nacional del Mercado de Valores (National Securities Market Commission) warns that Forex Birds is not authorised to provide the investment services, which include investment advice, nor to provide the auxiliary in relation to the financial instruments, including, for those purposes, foreign currency transactions.”

The pages and official sources of the international regulators’ list alert shared with the authority directly or by other countries’ supervisory bodies or transmitted centrally. Those tools and general purpose of the regulatory bodies operate in order to enable stability of the market offerings, protect clients from potential and numerous frauds, enable reliability rules to financial service entities and more. As Forex Birds got no license to operate within the EU and other regulated jurisdictions, the broker was blacklisted and alerted by the EU authority.

It is advised to all investors and traders to avoid Forex Birds and other brokers from St. Vincent and the Grenadines. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as AvaTrade and XM.com.

Reprinted from 55Brokers, the copyright all reserved by the original author.