Is Forex Birds a scam or a legit broker?

Forex Birds is not a secure Forex broker since it does not hold a license from any worldwide serious Forex authority. Meaning the broker is suspected of being a fraud company since it was not checked for its compliance before establishment, never monitored in terms of its safety and simply may operate the business in any way it wishes.

What is Forex Birds?

Forex Birds claims to be a well-regulated, safe and Best Forex broker with optimal trading conditions. The broker offers a wide range of solutions to trade CFDs and Forex, commodities, indices and spot metals. It also provides clients with the leverage of up to 1:100 and user-friendly platforms with useful functionalities. However, there are some concerns about its regulation which we are going to look at in this Forex Birds Review.

Licenses & Regulation

Is Forex Birds regulated?

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.

Is Forex Birds a scam?

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 (Read the FCA regulated Fortrade Review).

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.

Forex Birds in India

Forex Birds allows Indian traders to open accounts and trade. However, Forex Birds has no mention of complying with any Indian regulators on its website. It is also worth mentioning that Forex trading is actually prohibited in India. The broker is not regulated by any regulatory body in India, that’s why money safety may be the issue here.

Forex Birds in the USA

The United States is one of the countries that is not accepted by Forex Birds. As per the U.S law, brokers regulated by CFTC are the only brokers allowed for the USA traders. So, except for Forex Birds, you are only permitted to trade with the U.S regulated platforms.

Deposits & Withdrawals

Forex Birds offers four types of trading accounts (Also explore MEXC Global’s account types): ECN, Standard, Premium and Prime. The minimum deposit for the basic ECN account is 100 USD (See ECN Forex Brokers Reviews). The payment options include: Visa, Maestro, Bank Transfers and e-wallets Skrill and Neteller. 

Apps

Forex Birds offers an advanced mobile platform MT4 compatible with most smartphones and tablets. For the ultimate mobile trading experience, you’re invited to download our innovative, free mobile trading apps. Look for Forex Birds Trading on the App Store or on Google Play.

Demo Account

Forex Birds also offers a demo account.The Demo Account is provided to give traders a demonstration of the broker’s trading platform and to offer traders the opportunity to trade on simulated real trading conditions. This further allows the trader to gain more experience prior to trading with real funds and facing actual risk. Traders may test their trading strategies and become familiar with the trading platform at their own pace.

Conclusion

Overall, there are many questions in regards to the trust of the Forex Birds company services and the manner they do operate the online trading itself.

We strongly advise opening a trading account only with the brokers that are regulated by the respected world authorities that comply with the required set of rules and a good reputation through the delivered timeframe of operations. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as AvaTrade and XM.com.

Yet, it is always great to hear your personal opinion about Forex Birds. So you may share your experience or thoughts or discuss them below or ask us for additional information.