CIBFX offers several forex trading account types, based on the minimum initial deposit. In addition, there are Islamic (swap-free) accounts that do not involve any interest/swap charges on overnight positions. Micro lots are available for trade on all account types.
Generally speaking, the variable spreads offered by this broker are average, as typical ones fall within the range of 1.0 – 1.5 pips on EUR/USD. For further information, look up the real-time spreads of 15 leading brokers here.
As regards leverage, CIBFX offers levels up to 1:200, which is average for the forex market. If you need higher leverage, you may check out a list of brokers offering leverage of 1:500 of higher. Nonetheless, we generally advise traders to exercise caution when using higher leverage ratios, as they involve greater risk.
The Company. Security of Funds
Founded back on 2005, CIBFX offers trading in more than 40 Currency pairs CFDs, precious metals, and Futures on the popular MetaTrader 4 (MT4) platform.
There are several companies behind the CIBFX brand: Capital Investment Brokers Ltd., which is a Vanuatu Licensed and regulated IBC, and its two subsidiaries – London-based Capital Investment Brokers Ltd. and CIB Capital Investment Brokers Limited, which is incorporated St. Vincent and the Grenadines.
Vanuatu (formerly known as the New Hebrides Islands) is an Offshore regulation, which offers a variety of tax benefits – no income tax, no capital gains tax nor inheritance tax. Besides, registration process for forex and binary brokers is fast and low cost.
In addition, capital requirements in this specific jurisdiction are very low, even compared to other offshore destinations, such as Mauritius and Belize: only $2000.
Little focus is placed on compliance checking and consumer protection In such offshore jurisdictions. That is why if you intend to invest a large amount of money, we would advise you to select a forex broker licensed in UK, Cyprus, US for instance, where regulation is strict and there are compensation schemes, which will protect your money if your broker becomes insolvent.
Like most brokers, this one also supports MetaTrader 4 (MT4), the preferred choice of most traders, as the platform is easy to use and offers a number of technical indicators, extensive back-testing options, advanced charting package, and wide range of Expert Advisors (EA), allowing clients to fully automate their trades. It comes in desktop and mobile versions with CIBFX.
CIBFX offers a 100% on deposit welcome bonus. In order to withdraw it, traders also have to meet certain trading volume criteria.
Methods of Payment
CIBFX offers its clients the following payment modes: credit/debit card (Visa, MasterCard, Maestro), bank wire transfer, and e-wallets Neteller and OK PAY.
According to the broker’s website, payments are processed within 1 – 2 hours, except bank wire transfers, which may take up to 5 working days.
CIBFX is an offshore broker that provides online trading services in forex and various CFDs on the popular MT4 under reasonable conditions.
CIBFX Review Conclusion
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