You have a considerable grasp of forex trading basics and thus feel ready to venture into the market, right? But wait, have you considered the possibility of being scammed out of your hard-earned money by illicit brokers? Unfortunately, scamming incidents are increasingly common, putting investors at high risk. Billion FX Asia is an excellent example of a broker in such a dishonest business. This broker masquerades as an award-winning brokerage company, providing optimal financial services.

Billion FX Asia uses the mantra of easy, fast, and safe. However, we can confirm that there is nothing easy about the forex market or trading. Indeed, making worthwhile returns requires patience and extensive skills mastery. Moreover, the market is highly volatile, which makes it pretty risky even for veteran investors, much less amateurs. Subsequently, we find the broker’s safe claims a bit misguided unless the broker is referring to its platform, which is not.

Such unrealistic claims are typical of phony brokers. To avoid falling prey to such antics, investors must be diligent in their search for licensed forex brokers. One way to achieve this is to do a background search on a broker you intend to invest with. While at it, pay attention to regulation standing, trading terms, and trading platforms. To help you with this, we will share the standards which should act as a reference framework. Read on:

Billionfx.asia Review

The broker repeatedly mentions Billion FX Asia LTD, but it’s unclear whether this is the company behind the broker. We had to confirm its operational history with the whois, which revealed the broker registered its domain on 22 June 2021. The broker also claims that over 1 million clients attest to its credible services. With barely one and a half years in the market, we highly doubt the broker could clinch such a clientele base.

The available trading instruments are reportedly forex, commodities, indices, stocks, and cryptos. Billion FX Asia traders allegedly enjoy speedy executions, deep liquidity, low spreads, diverse payment and withdrawal methods, and funds safety. Additionally, traders access optimal trading environment and financial consultancy services. Nonetheless, we suggest you take these perks for what they are-unvalidated claims.

Contact Details

Billion FX Asia is allegedly in the British Virgin Islands (BVI), and a corporate address has been listed as proof. However, we cannot confirm the location as telephone contact, which would give more clues(country code) is missing. The broker is virtually anonymous since we know nothing about the company’s owner, registration number, and team.

Despite its claim to provide 24/5 customer service, the details on its website suggest otherwise. Here the broker asks you to email them, and they will get back to you as soon as possible. As you already know, this ASAP is not good enough, not when you are in an investment space requiring hands-on and instant assistance. In contrast, telephone reach is more convenient as you can request urgent help. Avoid this broker.

Billion FX Asia Deposit & Withdrawal Rules

The website claims accepted deposit options include major e-wallets like Neteller, Skrill, PayPal, UnionPay, and PerfectMoney. Also, investors can use cryptocurrencies for deposits and withdrawals without incurring fees. However, the credit card payment option was, at the time of writing, disabled and had a high deposit fee of 11 percent.

The other option is either through a direct bank transfer to a personal account at a Japanese bank or through some anonymous and dubious third-party payment processor – cash-virtualpay.biz. The fact that Billion FX Asia doesn’t accept the payment methods it claims to accept is more proof of its shiftiness.

Since the credit card method is out of the question, you can bet chargebacks are not possible. Also, unless you are dealing with legit brokers, depositing via the crypto options the broker is suggesting would be unwise. This is because crypto transactions are anonymous, meaning you cannot take legal action against the funds’ recipient.

Funds Security

Billion FX Asia promises state-of-the-art security measures to secure clients’ data and funds. The broker claims to use data encryption and two-factor authentication (2FA) here. The deposits are also segregated with large financial institutions in Japan and Britain, which act as liquidity providers. 

Additionally, these deposits are immune from standard bankruptcy. However, we have issues with the above claims. First, this broker is a hoax, which means it does not comply with the regulation that requires brokers to contribute to the compensation scheme. This means that investors are not covered from eventualities such as insolvency despite the broker’s allegations. Additionally, there is no proof that the broker segregated funds as it only makes a vague reference to “largest financial institutions.”   

Billion FX Asia Trading Conditions

Visit the website of a reputable broker, and you’ll find detailed descriptions of trading parameters like minimum deposit, order execution method, tradable financial instruments, leverage, spread, swap, and commissions. You will also find suggestions for varieties of trading accounts to suit the preferences of individual investors. New traders can get started with some of the industry’s top brokers with as little as $5-$10.

Billion FX Asia provides spreads of 1.4 pips and a leverage of 1:1000. Although the 1.4 spread is fair, there are reputable brokers with spreads below 1, and you should engage them instead. However, the broker’s leverage is insanely high. Despite its allure in light of profits, it would only take one wrong speculation for this leverage to decimate your investment.

To avoid such scenarios, most regulatory agencies, such as CySEC (EU), FCA (UK), ASIC (Australia), CFTC (US), and IIROC(Canada), have leverage limits. For instance, ASIC and CySEC impose a 1:30 capping. In contrast, CFTC and IIROC limit leverage to 1:50. These cappings cushion investors from extreme losses that may surface during volatile market episodes.

Trading Platform

According to the website’s front page, Billion FX Asia offers its clients a trading platform accessible via the internet. After signing up for an account, we only accessed the desktop version of the MT5 trading platform. Nonetheless, we discovered it was only a trial edition of Admiral Markets’ platform. It appears that Billion FX Asia cannot provide the services it advertises because it does not have its trading platform.

Billion FX Asia promises you an MT4 platform when all it can offer is a stolen demo version. The link to its web trader is broken too. If this is not audacity, then we don’t know what is. Clearly, the broker has no intention of letting you trade since it has already calculated when to strike-the instant you deposit. Stick to licensed brokers with reliable platforms (MT4/MT5) to avoid frustrations.

Billion FX Asia Licensure & Regulation

Although the broker claims to have a base in an offshore jurisdiction, a regulatory agency is in place. If the broker was indeed in the BVI, it had to be registered with the Financial Service Commission (FSC), or so we thought. However, the broker’s name was conspicuously missing from the agency’s registry. We were finally able to confirm this is an unlicensed offshore broker.

When (not if) this broker swindles you, you will be out of options. For one, you will not be compensated for your losses since the broker is not part of the compensation scheme. Secondly, this broker is not under any financial watchdog, meaning you have no one to push for funds recovery. Thirdly, offshore authorities shield brokers in their jurisdictions from international prosecutions, implying a legal recourse won’t be in the cards. After breaking it down for you, we don’t see any reason to gamble with this broker -not when your investment is at stake.

Verdict

Contrary to its name, Billion FX Asia will fleece your money. The broker’s lack of regulation means it is operating in this market recklessly and uncontained. Consequently, nothing will stop the broker from cheating you out of your money.

If you intend on investing in the forex market, enlist help from licensed forex brokers. These brokers do not sugarcoat the venture, have realistic conditions, and you will gain reasonable returns. These are what you need to boost your investment.

 

 

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