WXBFS GLOBAL LIMITED is a relatively new trading platform that claims to offer various financial products, including forex, precious metals, indices, and cryptocurrencies. The company lacks relevant registration information and regulation. Its website design also lacks professionalism and uniqueness. Additionally, the platform lacks transparency in account types, trading conditions, and deposit/withdrawal methods.
WXBFS Company Background:
WXBFS stands for WXBFS GLOBAL LIMITED, and its official website is https://wxbfs.net. The domain was registered on August 3, 2024, making it a relatively new platform. Although WXBFS claims its operation address is in the United States, a thorough search revealed no records of the company in US business registration information. This lack of registration details raises serious doubts about its legitimacy.
WXBFS Regulatory Information:
WXBFS claims to be regulated by the National Futures Association (NFA) of the United States and uses this to endorse its legitimacy and safety. However, an in-depth investigation found no evidence that WXBFS is genuinely regulated by the NFA. This indicates the company is engaging in false advertising, attempting to mislead potential investors with unsubstantiated regulatory claims. This behavior not only undermines investor trust but also suggests that the company may not be adhering to industry standards and regulations, posing significant risk to investors' funds. Identifying and understanding these deceptive claims is crucial for investors considering using the platform to better protect their investments from potential fraud.
WXBFS Account Registration Process:
To register an account with WXBFS, please follow these steps:
- Visit the official website: Go to the WXBFS website.
- Click the Register button: Find the "Register" button on the homepage or in the top right corner and click it to go to the account registration page.
- Fill in the information: Enter your email address and set a login password as instructed on the page.
- Email verification: After registration, an email verification code will be sent to your provided email address. Enter the verification code into the application form and submit it.
- Registration successful: After submission, your account will be registered successfully.
- Identity verification: After logging into your account, complete identity verification to make deposits and trades.
WXBFS Account Types:
- Comprehensive Account: Supports 24/7 CFD trading using WXBFS's proprietary comprehensive index, tracking market fluctuations for a complete trading experience.
- Financial Account: Designed for high-leverage trading in forex, commodities, and cryptocurrencies, suitable for large standard trades and micro-currency pairs, offering flexibility for different trading strategies.
- Financial STP Account: Focuses on Straight-Through Processing (STP) trades, allowing traders to capitalize on spread fluctuations in low-volume markets, suitable for major and minor currency pairs.
Additionally, WXBFS offers a demo account with up to $100,000 in virtual funds, suitable for users looking to improve their trading skills in a risk-free environment.
WXBFS Trading Software:
WXBFS claims to offer an "all-in-one" CFD trading platform, enabling traders to access various asset classes such as forex, synthetic indices, stocks, stock indices, and cryptocurrencies through a single interface. The platform is available as a mobile app, desktop application, and web browser version. However, the platform's security, reliability, user experience, and stability remain unknown.
WXBFS Trading Products:
WXBFS offers a range of financial products, but its transparency and reliability may be questionable:
- Forex: Claims to offer multiple currency pairs such as EUR/USD, USD/CAD, and GBP/USD, but the lack of detailed information raises doubts about the authenticity of its trading conditions.
- Precious Metals: Allows trading of gold and silver spot metals, but detailed information about liquidity and costs is not provided.
- Crude Oil: The platform offers trading in US crude oil (USOIL), but specific trading details are not disclosed.
- Indices: Includes major global indices such as the Hong Kong Hang Seng Index, German Index, and S&P 500, but market depth and trading conditions are not mentioned.
- Cryptocurrencies: Offers digital currency pair trading including Bitcoin, Ethereum, and Ripple, but the high-risk nature of this field and the platform's lack of transparency make trading more uncertain.
- Stocks: Provides CFD trading for well-known company stocks such as Apple, Microsoft, Alphabet Inc., and Facebook, but detailed contract specifications and costs are not explained.
What are the spreads, leverage, and commissions of WXBFS?
WXBFS claims to offer base trading spreads starting from 0 pips and "highly competitive" trading costs. However, the platform does not provide a transparent commission structure and leverage information. This lack of information may lead to hidden fees, affecting investors' trading decisions.
What are the deposit and withdrawal methods of WXBFS?
WXBFS has yet to disclose its supported deposit and withdrawal methods. This lack of transparency could jeopardize the safety of users' funds and operational convenience. Typically, trading platforms offer multiple payment options such as bank transfers, credit cards, and e-wallets to facilitate users' fund operations. However, WXBFS has not disclosed relevant details, leaving potential users uncertain about fund management. Investors are advised to exercise caution and thoroughly verify all relevant information before deciding to use this platform.
WXBFS Customer Support:
Email: info@wxbfs.com
Conclusion:
The operations of WXBFS GLOBAL LIMITED lack transparency and legitimacy, especially concerning regulatory and registration information, significantly impacting its credibility and trustworthiness. The platform's insufficient information on trading conditions and customer support, combined with its low-quality design, increases investor risk. WXBFS is labeled as "Suspected Fraud" on TraderKnows.
