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BFX review – Is brotherforex.com scam or good forex broker?
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BFX is a forex and CFD broker, focused mainly on the Chinese market. If you are about to open an account with them be sure to read this review first.
|Account type||Min. deposit||Max. leverage||Spread s|
Leverage of up to 1:400
With a leverage of up to 1:400, as offered by BFX, you can implement even the most aggressive trading strategy. Still, keep in mind that while good leverage may help you score good profit with a relatively small deposit, it can also vaporise your funds in a matter of minutes, in case the market fluctuation is more substantial. Professional traders know that well and rarely trade with leverage exceeding 1:100.
In it presentation BFX says to be offering MetaTrader4 – a perfect choice for experienced and beginner traders alike. MT4 is light and intuitive and can support automated trading sessions with the help of specially designed, customizable trading bots – Exper Advisors. The platform also sports more than 50 in-build market indicators and nice looking charts.
MetaTrader4 is used by more than 80% of traders around the globe. Here you may want to check our list of brokers, offering MT4 as well:
The companies behind BFX (Brother Forex) are three – Guangzhou Tian Tian Software Technology Co. Ltd., Guangzhou Sky Software Technology Co. Ltd. and Ying Ming Technology. We are not sure how they are interconnected, but what strikes us here is that they do not bother to provide a contact address or even a phone. Not to mention that there is not a single word about the regulatory status of the broker in the presentation. There is a section on the web site, titled “Regulatory Information”and its empty.
Investing with unregulated brokers involves an implicit risk of loosing your money to scammers, so our best advise is to invest with properly licensed brokers only.
Well established financial institutions such as the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC) and even the Bulgarian FSC require all licensed brokers to maintain certain level of operational capital, as well as to keep all clients funds in a segregated, protected form creditors account. In some cases brokers are even obliged to insure traders money.
FCA and CySEC brokers for example have to participate in client compensation schemes. Under the FCA backed Financial Services Compensation Scheme traders can receive back up to 50 000 GBP of their capital in case their broker goes insolvent, while under a similar insurance mechanism, traders with CySEC brokers can receive back up to 20 000 EUR. Here you can check our list of brokers licensed by the CySEC:
BFX is an unregulated broker, which does not bother to leave a contact address. As we discussed above, any investment with unregulated entities comes with an implied risk of loosing your funds to scammers.
FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.
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XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.
FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.
FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.
FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.
FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.
HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.
BFX Review: Is BFX a Scam or a Legit Broker?
BFX is a forex broker registered to Capital EM Ltd. The brokerage has an address in the Marshall Islands. It promises to equip traders with much needed education on forex trading. The educational steps include: basic term and intro to forex, fundamental and tech analysis, indicators, strategies and then VIP clubs. Security of information is promised to put the mind of investors at ease.
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The BFX official page, bfxinternational.com, mentions five packages: discovery, silver, gold, premium and VIP. Each of these packages come with their own advantages and they are discussed on the website. With this brokerage, clients are assured of getting tutorial. They would be helped with exchange and an automated calculator.
BFX Trading Platform
The BFX Trading Software makes use of the MetaTrader 4. It is the most common trading platform and it can be downloaded from the page. A web version is also available for trading tests. The products available are FX Pairs, stocks, indices and commodities.
Deposits and Withdrawals
Deposits and withdrawals can be done via credit cards, wire, local bank transactions and more. Visa and MasterCard are supported on BFX. It is not stated what the minimum deposit requirements are and no mention is made of charges.
This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine if this is a legit brokerage or not.
Is BFX Licensed?
Because BFX is registered address is in an offshore location, it cannot own a legit license. Investors should be wary as offshore locations are becoming the hub of scam brokers.
There are several contact phone numbers on the page: +44-203-514-0606, +41-41-588-1309, +34-51-888-0288, +65-31-592-735. Other means of reaching a BFX care agent are these email addresses: [email protected], [email protected], [email protected]
BFX International is in an offshore location where forex trades are not regulated. The lack of minimum deposits is fishy as well. The educational strategies look good and the options on the packages are also tempting.
COMPARE WITH A TRUSTED BROKER
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide.. visit their official website
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