FOREXBANK LATAM has been flagged by Comisión para el Mercado Financiero (Financial Market Commission) for "Unregistered/Unlicensed entity offering financial products or services". This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm.
Their execution during news is terrible. I had limit orders in place. When the news hit, my orders were not filled at the limit price - they were filled much worse. FOREXBANK LATAM said it was market conditions. Same news, another broker filled me properly. They are not honest.
Pros: Regular platform improvements|Fast execution|Automated trading options|Market news feed
Cons: Would like more payment methods|Wish they had more educational resources
I referred a friend to FOREXBANK LATAM after seeing their ad online. We both deposited. The referral bonus never arrived. Support said we did not meet the terms. When we asked which terms they pointed to a clause that was added after we signed up. Shady.
Pros: Easy withdrawals|Multi-device support|Stable platform
Cons: Some tools only available on higher tiers|Wait times can be long during peak hours
I wanted to transfer my portfolio from another broker to FOREXBANK LATAM. They said they do not accept in-kind transfers for my asset type. I had to sell, withdraw, deposit, and rebuy - incurring taxes and spread costs. They did not tell me this before I signed up.
Pros: Helpful community forum|Good mobile app|Regular platform improvements|Fast execution
Cons: No crypto staking|Currency conversion fee exists
I was about to invest with FOREXBANK LATAM but decided to check their regulatory status first. They claim to be regulated but I could not find them on any official register. Comisión para el Mercado Financiero (Financial... has actually issued a warning about this firm. Thank goodness I checked before sending any money.
Pros: Website looks legitimate on the surface
Cons: Flagged by Comisión para el Mercado Financiero (Financial...|Cannot verify credentials