• Wed. Jul 24th, 2024

UrbisFx Review (urbisfx.com) FRAUD EXPOSED – UrbisFx Scam Broker

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Byfraudulentbrokers.com

Aug 16, 2023
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UrbisFx Review (urbisfx.com)
Conclusion
There are some major reasons why you need to avoid opening an account with UrbisFx because it is up to no good.
Broker Rating
0.1

UrbisFx (urbisfx.com) is without a doubt a %100 fraudulent brokerage firm. It is NOT a real broker! Stay away! UrbisFx scam works by getting you to believe you can become rich by trading with them.

UrbisFx Review

Online brokerage scams are quite a common occurrence these days and every other day, you will come across stories of people falling victim to one. This can be a major concern for anyone who is thinking about delving into the financial markets because they do not want to choose the wrong brokerage and end up losing their hard-earned money. Not every brokerage is a scam, but how can you ascertain that? This is the question that plagues most people and they can find some answers in this UrbisFx review.

urbisfx.com
If you think that looking at a broker’s website will be enough to tell you the truth, then you are mistaken. On the surface, you may not be able to find any issues with a company because they make some effort to create an elaborate ruse. Their websites are well-designed and the offerings quite similar to what legitimate brokerages offer. This is how they are able to confuse people and draw more victims to their platform because most people are unlikely to look beneath the surface. This is exactly what you need to do because it will help you find reasons to avoid a brokerage.


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It also works in the case of UrbisFx, which is one of the names you will come across when you begin your search for a reliable broker. The website advertises high quality services via a modern trading platform and claims to be regulated in the United States, Australia and Hong Kong. This makes it appear like a fantastic broker and you will find more perks that UrbisFx is promising. These include high leverage and access to a horde of trading instruments. Wouldn’t you want to sign up with such a brokerage?

This is exactly what UrbisFx is counting on because of which it has presented such an irresistible package. But, it is what you need to resist and make an effort to look closely because that is what you learn the reasons to avoid it. What are they? Take a look:

False regulation claims

The first and most important reason for you to avoid UrbisFx is because it is outright lying about its regulation. Even if you are a newbie trader, you should understand that the regulatory status of a company can make all the difference in the world. If a broker is licensed and regulated, it has credibility because it can be held accountable, is compliant with laws, offers security and transparency and also maintains a certain standard of service. You cannot get any of these protections when you opt for an unregulated firm.

The fact that UrbisFx claims to be regulated will convince people into considering it, but you should not accept its word for it. You need to confirm that it is truly regulated, which means checking the online register of the regulatory bodies in the countries it claims to be licensed in. First off, the Commodity Futures Trading Commission (CFTC) is the licensing body of the US and UrbisFx is not to be found in its register. The same applies to the Securities and Futures Commission (SFC) in Hong Kong.

As far as the Australian regulatory body is concerned, this is the Australian Securities and Investment Commission (ASIC) and UrbisFx cannot be found in it either. However, it is interesting to note that rather than mention the ASIC, the brokerage has mentioned AUSTRAC (Australian Center for Accounting and Analysis of Financial Transactions) on its website. This means that it does not even have the name of the regulatory body right and it is more proof that it is lying about its licensing and regulation.

Lack of a decent trading platform

To be able to trade in the financial markets, you have to have access to a trading platform and it is the responsibility of the online brokerage you choose to provide you with it. It is up to the broker to decide what platforms it offers to its clients and a modern one has been promised at UrbisFx. But, it is one thing to promise something and another to deliver and the platform that you find at the UrbisFx website is just another reason for you to avoid the brokerage.

The ‘modern’ trading platform promised here is just your average web trading platform that you will find on many scam platforms. It is an oversimplified and rudimentary trading platform that does not have any of the advanced trading tools that powerful trading platforms like the MT4, or MT5 have to offer. Genuine brokers would usually offer you those platforms, but since UrbisFx does not belong in this category, it offers you this basic solution.

High spreads and leverage

The spreads that you are offered at UrbisFx start at 3 pips and if you compare with some of the top brokers in the market, you will find that these are more than three times higher. This makes it an uncompetitive brokerage and its intention to exploit its clients becomes obvious when you check out its leverage ratios.

The leverage that you are provided at UrbisFx starts at 1:300, which is extremely high. Brokers operating in the US and Australia are not permitted to offer leverage of more than 1:50, which further shows that UrbisFx is lying about where it is operating from.

Only bitcoin payments

If you need even more reasons to avoid trading with UrbisFx, then all you have to do is look at its payment methods. This is when you will find that the broker only supports bitcoins on its platform. Most may consider this a modern payment option, but scammers prefer it for several reasons. First off, bitcoin deposits are final, which means they are not eligible for a chargeback, so people cannot get their money back.

Secondly, bitcoin payments also offer anonymity and this works in favor of UrbisFx and scammers like it because they want to be able to steal your money easily.

Final Thoughts

These are some of the major reasons why you need to avoid opening an account with UrbisFx because it is up to no good.

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