What is BIBFX？
BIBFX claims to be a registered member of the Hong Kong Gold and Silver Exchange Society, with a Class AA trading license for electronic trading of London gold and silver. They assert that all their trading activities comply with the Code of Professional Conduct for bullion trading venues and are governed by Hong Kong laws.
According to reports, there are suspicions regarding the legitimacy of BIBFX's claim to be regulated by CGSE. Some users have reported difficulties in withdrawing funds and instances of scams associated with this broker.
If you are interested, we extend an invitation for you to continue reading the forthcoming article. In it, we will conduct a comprehensive assessment of the broker from multiple perspectives, presenting you with concise and well-organized information. By the end of the article, we will provide a succinct summary that encompasses the key characteristics of the broker, giving you a comprehensive overview.
Pros & Cons
Pros of BIBFX:
- MT4 supported: BIBFX offers support for the popular trading platform MT4, which is widely used and highly regarded by traders for its advanced features and functionality.
- Tight spreads: BIBFX claims to offer tight spreads, which can be beneficial for traders as it reduces the cost of trading and potentially increases profitability.
- Live chat available: BIBFX provides live chat support, allowing traders to quickly and conveniently communicate with their customer service team for any assistance or inquiries they have.
Cons of BIBFX:
- CGSE (Suspicious clone): BIBFX claims to be regulated by the China Hong Kong CGSE, but there are suspicions that this regulation is a clone or not legitimate. This raises concerns about the broker's authenticity and the level of regulatory oversight it operates under.
- Reports of scams and unable to withdraw: There are reports circulating about scams associated with BIBFX, as well as difficulties in withdrawing funds. These issues indicate potential risks and shortcomings with the broker's operations.
- No social media presence: BIBFX lacks a presence on social media platforms, which can be seen as a drawback as it limits accessible channels for communication, updates, and support.
Is BIBFX Safe or Scam？
BIBFX claims to provide various protective measures for traders, such as authoritative market quotations, swift transaction execution, support for ultra-short-term trading, segregation of funds in company accounts, and strict confidentiality of information and data.
However, it is worth noting that there are suspicions that the purported regulation by China Hong Kong CGSE (license number: 079) could be a counterfeit. This highlights the importance of being aware of the potential risks involved.
If you are considering investing with TD Markets, it is crucial to conduct thorough research and carefully evaluate the potential risks and rewards before making any decisions. In general, it is advisable to invest with brokers that are well-regulated to ensure the safety and protection of your funds.
Trading Products
BIBFX specializes in electronic trading of London gold and London silver. This means that the primary trading instruments offered by BIBFX are gold and silver contracts that are based on the London market prices.
* 5:00 a.m. - 6:00 a.m. in U.S. summer time (6:00 a.m. - 7:00 a.m. in U.S. winter time) is settlement time and no trade can be made. If there is any sporadic price fluctuation at settlement time, it will not affect the profit and loss of the trading order. After settlement time, the market opens at 6:01 a.m. in summer time (7:01 a.m. in winter time).
London Gold refers to gold contracts that are traded based on the price of gold set by the London Bullion Market Association (LBMA). The LBMA is an international organization that sets the market standards for the wholesale gold market. Trading London gold allows investors to speculate on the price movements of gold and potentially benefit from price fluctuations.
Similarly, London Silver refers to silver contracts that are traded based on the price of silver set by the LBMA. Trading London silver provides investors with an opportunity to engage in the silver market and capitalize on price changes in silver.
Accounts
BIBFX provides a simple process for traders to open an account, offering both online and face-to-face options to accommodate traders preferences and needs.
To open an online account, traders can visit the BIBFX website and follow the instructions to complete the account opening process. The website provides clear and detailed instructions on the steps to open an account, including the required documents and information needed to complete the process.
Alternatively, traders can choose to open an account face-to-face by visiting BIBFXs offices. The company provides details on its website regarding its operating hours and locations, making it easy for interested traders to plan their visit accordingly.
Trading Platforms
BIBFX provides its clients with the MT4 trading platform, which is an all-in-one online electronic trading software. Developed by MetaQuotes Software Inc., the MT4 platform integrates market charts, technical analysis, and trading functions, making it a professional and excellent trading software.
The software is user-friendly, has a low computer footprint, runs fast, and allows users to download historical data and charts, making it a popular choice among international investment firms and individual investors. The platform is equipped with 18 types of lines, real-time quotes, and 9 trading session chart options, along with 30 popular international technical indicators and sound alerts.
Using the MT4 platform, users can place orders, close positions, limit orders, stop loss, take profit, and check real-time news, announcements, and alerts. The platform also allows users to view reports, analyze and process data, and perform powerful chart analysis.
Deposits & Withdrawals
For Deposit:
For Withdrawal:
If a single cash withdrawal is less than $50, BIBFX will charge a handling fee of $3.
If the trading lot does not reach 1/2500 of the deposited funds, or if a customer does not open or close a position after the last deposit, BIBFX will charge a handling fee of 6% of the withdrawal amount.
Withdrawal requests can be made at any time between 00:00 and 24:00.
The arrival time of funds depends on the country and region:
Withdrawals from Industrial and Commercial Bank of China, Agricultural Bank of China, China Construction Bank, or China Merchants Bank can be received within 2 hours, around the clock.
All Chinese mainland banks, except the four banks mentioned above, can receive 24-hour withdrawals.
Banks in other regions will remit funds within 1-2 business days after the withdrawal is processed, depending on the speed of the bank.
User Exposure on WikiFX
On our website, you will find reports of users experiencing difficulties in withdrawing funds and encountering scams while trading. We strongly advise traders to thoroughly review the available information and carefully consider the risks associated with trading on an unregulated platform. Before initiating any trades, we recommend checking our platform for relevant information. Additionally, if you have come across any fraudulent brokers or have personally been a victim of such practices, we kindly request you to share your experience in the Exposure section. Our team of experts will diligently work towards addressing and resolving any issues you encounter.
Customer Service
BIBFX offers live chat. Live chat is a convenient way for customers to contact the company in real-time and receive immediate assistance.
Customers can visit their office or get in touch with customer service line using the information provided below:
Telephone: (852)2383-3388
Fax: (852) 2114-0122
QQ: 800177079
Email: cs@79gold.com
Conclusion
In conclusion, BIBFX is not a good choice for beginners. There are concerns and suspicions regarding the legitimacy of their regulatory claims and license. Additionally, there are reports of difficulties with fund withdrawals and incidents of scams associated with BIBFX. Given these concerns, it is recommended to exercise caution and conduct thorough research before engaging with BIBFX. It is important to verify the credibility and regulatory status of any forex broker before entrusting them with funds or engaging in trading activities.
Frequently Asked Questions (FAQs)
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.
In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.
2022-12-13 15:17
