A Clone Firm Failing in All of its Claims
CBFX Global Options is a forex broker company that deals in precious metals, commodities, cryptocurrencies, etc. It is owned by CBFX Global Options Group Limited. The address of the company is 70, Kyrillou Loukareos street, Kakos Premier Tower,4156, Limassol, Cyprus which is found to be fake.
Cloned Address
The same address is registered with a different company named JFD Group Limited. Any two companies cannot operate from a single address and that too a bank and a trading company.
Duplicate Registration Number
It is not only the address but the registration number of both the entities that are the same also. The registration number HE282265 is not the registration number of the company. According to the Cyprus Corporate Registers, this is the registration number of the JFD Brokers, which is a part of the JFD Group, a renowned CySEC certified company. It has two businesses with the name of JFD Brokers and JFD Bank. The same can be verified at the link of the corporate register of Cyprus.
Identical Websites
Two websites with https://www.jfdbank.com/en and with https://cbfxglobaloptions.com/ are identical to each other. As already established that CBFX Global Options is not registered in Cyprus, the website is also copied as that of JFD Group.
Further, the JFD Bank has also clarified on its website about the illegal twinning of its realistic website.
CBFX Global Operations has, thus, not only copied the address and the registration number of another regulated company but has copied their entire website also. The same claim is verified by the original entity. This is duplicity which is done intentionally to fetch the clients with fake details.
Fake Domain Registration
The company has a disclaimer at the end of the web page that the domain has been registered in the year 2011.
This is another fake claim as the domain of the company is bought in the year 2018. The buyer has not disclosed his details and has kept them hidden using paid services.
As far as now, it is already concluded that the company has intentionally mentioned a fake address, a fake registration number, and has a fake website as well. The real owner and the real team of the company have not mentioned their details anywhere in the processes to escape the gallows of the law.
False Risk Disclosure Claims
CBFX Global Options has mentioned in its risk disclosure that the company is regulated by the CySEC, and the Vanuatu Financial Services Commission. So these regional laws apply to legal issues.
Bogus CySEC License
The Cyprus Securities Exchange Commission (CySEC) has the details faking the claims of the company. We found out that the company has mentioned a fake license number which belongs to the JFD Group. There is no mention of the CBFX Global Options with the license number 150/11
Counterfeit VFSC License
When the CBFX Global Options review looked for the registration of the company with the reputed Vanuatu Financial Service Commission (VFSC). license number 17933 belongs to the JFD Overseas Limited.
Fictitious Registrations
My CBFX Global Options review has also uncovered the fake registrations of the company with the FCA, the BaFin, the ACPR, and the CONSOB.
The UK’s Financial Conduct Authority has registered a company named JFD group with the number 580193.
The Federal Financial Supervisory Authority of Germany or the BaFin when searched for the registration number 126399 does not have details of the CBFX Global Options. Moreover, they are not registered with BaFin.
The French Prudential Supervision and Resolution Authority (ACPR), when searched for databases, have no data with the name of CBFX or with the registration number 74013.
The Commissione Nazionale per le Societa e la Borsa (CONSOB) registration number is also concocted. The Italian regulatory authority has not registered or regulated the CBFX Global Options under its jurisdiction.
CBFX is an offshore unregulated and not registered at any of the claimed locations. All the licenses of the company are found to be fake. It is a criminal forgery activity that draws a flake from the financial regulatory bodies around the globe.
Services and Trading Accounts
There is no availability of the actual choice of accounts to the traders. CBFX Global Options has not specified the trading conditions while working on forex, CFD’s, and commodities. The leverage ratio and spread are not defined by the company. It is stated that the terms and conditions related to the live trading accounts are mentioned in the agreement. Surprisingly, nothing is mentioned in the agreement as well. The trader will get to know the details, once the money has been deposited and the account is opened. No doubt that after this, there is no way out for the trader.
The four types of accounts are classified based on the minimum initial investment required. These are
- Mini Account: It needs a minimum initial investment of $500. There is no clarification over the leverage and the spreads.
- Standard Account: The minimum initial investment is set to $1000. There are no details about the special services which are provided in this account than the mini account.
- Elite Account: An enormous initial investment of $3,000 will land you into the elite account of the company. No clarity over the trading conditions is mentioned
- VIP Account: Have you ever heard of a VIP account without any special services attached to it? Yes, it is with the CBFX Global Options. An initial minimum amount of $5,000 with no mention of the services as a VIP member of the company account.
The fabricated account types with no details are a clear indication of a clone case. The differentiation is done based on the minimum first deposit required. The leverage ratio and spread are not mentioned in any of the agreements or with the trading accounts. There is no availability of demo accounts also. So there is no way in any case that how can a trader get the idea on the market? It has increased the gripe of the customers over the lack of information provided and the sham information shared to them.
Trading platforms
CBFX Global Options claims to be available on MetaTrader. The MT4 and MT5 platforms by the software experts of MetaQuotes Software Corporation Limited are the best trading platforms incorporated so far. With all the availability of technical tools at the ease of traders, it has managed to keep itself at the first choice in the trading industry. Trading experts, technical analysis tools, algorithmic trading, compatible for mobile trading, and customized trading systems are some of the main advantages of using MetaTrader.
Non-disclosure of Payment Methods
The CBFX Global Options have not mentioned any details about the payment fee. The minimum deposit, the methods of depositing the funds, the fee associated with transactions are not provided to the traders. The withdrawal methods and minimum withdrawal amount are also not cleared. The company has mentioned a list of logos of the payment partners is a clone to the original website. It cannot be trusted to be the modes of payment of the company as there is no description of them in the terms and conditions policy.
CBFX Global Options pretends to be the professionals in trading but does not have an active presence on social media. There are no details of the company on social media like Facebook, Twitter, etc. The weak social media presence of the company hints at the weak brand of the company and also at the negative customer reviews.
Strong technical support with the options of live chat, regional phone numbers with a regional linguistic team of experts, email-id support is a far-flung story for the company. A Canada based number is provided for a contact whose authentication cannot be made. This all adds to the annoyance of the traders.
Final opinion
Duplicity by error is different from intentional cloning done to fool traders. CBFX Global Options does not have an office or address of its own. The company has just simply copied the details of another well-reputed brokerage group. It has failed to provide details of the trading conditions and accounts.
References
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