Cyber FX

With an ever-rising number of forex brokers online, choosing to trade on the first site/ broker you come across might not be the best idea. Several online forex brokers, even the ones with comprehensive websites run scams and have been known to defraud clients for some time. In this review, we look at everything known about Cyber FX, and whether or not you should trust the company.

Cyber FX is an online forex broker that offers traders a platform to trade different products/ assets like forex, indices, JSE stocks, cryptocurrencies, metals, and offshore stocks. This brokerage company was incorporated in the Republic of South Africa, and it is operated by the Cyber FX (Pty) Ltd. This company has its head office based in South Africa’s 150 Rivonia Rd, in Morningside, and two other offices in Durban South Africa and Zambia. It has some pretty good reviews too. But, is it all that? Do we trust it as a legitimate trading site? How good is the forex’s trading platform and conditions? Does it offer deposits? And what is the minimum deposit for traders?

Keep reading.


From the website, Cyber FX is registered in South Africa, and it has a registration number to prove it. The broker also claims to be regulated by the Financial Sector Conduct Authority, the FSCA which is the successor of the Financial Services Board.

But, there is one problem: Cyber FX Ltd is not listed in the FSCA list of registered brokers. The registration in South Africa is, however, accurate. And it does not end there, unfortunately. Why? Well, while claiming to be an Investor Compensation Fund member, it is not clear how the broker complies with the regulations of the MiFID or how it is part of the compensation fund, something specific to European brokers only. So, coupling this gaping hole with the fact that the company is not listed by FSCA, it becomes harder to believe this broker. If you are a novice trader considering Cyber FX, you should know that Financial Services Compensation Scheme, FSCS is the body that covers any clients’ funds to a maximum of 50,000 Sterling Pounds, in the event a scam. This scheme is not, however, open to every broker – it is only open to brokers regulated by the UK’s Financial Conduct Authority, the FCA.

All these details show that despite the registration in South Africa, you need to avoid taking big risks with this broker.

Account Types

Mini, Islamic, Standard, and VIP accounts are offered. The broker also offers about 40 pairs of currency for you to trade in, and also offered are CFDs on indices and precious metals.

The lot sizes for the accounts are 0.01 for the Mini and the Islamic Accounts and 0.1 for the standard and the VIP accounts. The spreads are variable for all account types. The minimum deposit is $100, $1000, $1000, and $5000 for the Mini, Islamic, Standard, and the VIP accounts respectively while the instruments accessible range from 300 (mini/Islamic) to 500 (standard), and 700 (VIP).

All the Cyber FX accounts are based on the fact that the broker is a True ECN/STP broker.

While all these accounts feature similar trading conditions, the VIP account gives you a free Cyber Card and you will also receive cyber alerts.

Note that the broker only mentions that the accounts come with variable spreads. However, on the demo account, the spread looks too good to be true at 0.1 pips, with zero commission applied. This is one of the tightest spreads out there.

Trading Platform

Trading on Cyber FX takes place on MetaTrader 4, MT4 platform. MT4 is a popular forex trading platform that is common with high-rated forex brokers. It is user-friendly, and the interface gives you access to various advanced chart tools, all easy to use. It also comes with various technical indicators and Expert Advisors, EAs for automated trading. All the features of the MT4 trading platform can be tested and purchased on the MQL market-place.

MT4 comes in various versions meaning that it is compatible with your PC, as well as Android and iOS.
Trading assets/ instruments

The broker offers a wide range of markets for you to trade on from forex to cryptocurrencies and indices.

Forex comes with leverage, and you can trade in at least 100 currency pairs fast. There is no Dealing Desk for you to worry about. For trades in metals, you can trade in gold and silver, in the advanced platforms and the interesting bit is that the broker doesn’t charge any deposit fees.

For stocks, you can trade stocks listed in the Johannesburg Stock Exchange, and for crypto trading, you can trade in Litecoin, Bitcoin, and Ethereum, among others. Cyber FX also offers trading in offshore stocks.


This broker offers a deposit bonus to every client who deposits at least $250. Once you deposit your funds, the bonus is credited on every qualifying deposit. Unfortunately, you cannot withdraw the bonus, and the deposit bonus is only available on only three of your deposits, every month.

Deposits and Withdrawals

Cyber FX boasts a wide range of payment options that can be used from different parts of the world. While information on deposits and withdrawals is scanty, acceptable payment options include debit/credit cards, Wire transfers, Zapper, and iPay. Compared to top-rated forex brokers, these payment options are limiting and the reason for you to avoid the broker.


Deposit bonus
Four account types
Trading takes place on the MT4 trading platform
Tight spreads


You cannot withdraw the deposit

It is not well-regulated. As mentioned above, the claims of the company’s regulation shouldn’t be trusted since it is not verifiable. So, even though Cyber FX’s Facebook page shows that the broker is registered and regulated by FSCA, you should not trust it. At the same time, the broker lacks a valid license.
While claiming to participate in the international compensation fund on its website and also to offer balance protection, these claims cannot be verified because the broker is not FSCA-registered.
Partial disclosure of trading conditions. The broker fails to mention the actual cost of trading on their website. They also don’t disclose the leverage level that is available to clients which makes the broker shoddier. At the same time, there is the issue of unrealistic spreads – the spreads are too good to be true, and no commission is applicable


Justice Khumalo, on Cyber FX’s website, notes that they couldn’t have asked for a better broker and Janne expresses their satisfaction from using the site.

Unfortunately, the testimonials are too few and too good to be true for a highly-regarded forex broker.

A look at the disadvantages of this broker reveals that this not a broker you should trust with your funds.


Cyber FX offers tight spreads, deposit bonuses, runs on MT4, and it has no commissions. But, the fact that this broker is not well-regulated and lies about it, the absence of its licensing information, and the condition not to withdraw the bonus are some of the reasons why it would not be safe to trade on the platform. There is also the fact that the tight spread is too good to be true.

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