BCM Forex Broker

Aspect Information Company Name BCM (Begin Capital Markets) Registered Country/Area Cyprus Founded Year 2005 Tradable Assets Forex, Commodities, Indices, Stocks, Cryptocurrencies Account Types Mini, Standard Minimum Deposit $100 Maximum Leverage 1:500 Spreads From 1.0 pip Trading Platforms MetaTrader 5 Demo Account Yes Customer Support Phone Number:+357 25 030 565 Customer Service Email Address:INFO@BEGINCAPITALMARKETS.COM Overview of BCM Established in 2005, Begin Capital Markets (BCM) is a Cyprus-based online trading platform offering Forex, Commodities, Indices, Stocks, and Cryptocurrencies. With account types ranging from Mini to Standard and a minimum deposit of $100, BCM provides flexibility to a global clientele. The platform, powered by MetaTrader 5, features competitive spreads starting from 1.0 pip and a maximum leverage of 1:500. BCM offers a demo account for skill development. However, BCM Begin Capital Markets CY Ltd (BCM) has terminated its operations and no longer provides any services. Regulatory Authority The broker is regulated by the Cyprus Securities and Exchange Commission (CYSEC), a recognized regulatory body. The broker holds a CYSEC regulation number 274/15, indicating compliance with the regulatory standards set by this body. This status means the broker's operations are closely monitored and it needs to adhere to the guidelines outlined by the CYSEC, thereby offering a level of protection for the traders. Furthermore, the broker operates under the license name “Straight Through Processing (STP)”. The STP license type allows for fast and direct trade execution, adding to the broker's transparency in its dealings. Pros and cons Pros Cons Wide range of tradable assets Limited deposit and withdrawal options Famous trading platform (MetaTrader 5) Services no longer provided Low minimum deposit ($100) No 24/7 customer support Maximum leverage up to 1:500 No physical offices for direct contact Regulated by CYSEC No disclosed information about the broker's financial standing Demo account available Pros: 1. Wide Range of Tradable Assets - BCM offers access not only to Forex markets, but also commodities, indices, stocks, and cryptocurrencies. This ensures a more diverse trading experience, allowing traders to take advantages of different market conditions. 2. Low Minimum Deposit - The minimum deposit requirement with BCM for setting up a trading account is reasonably low at just $100. This opens up the opportunity for beginners or low-capital traders to enter and test the market. 3. Maximum Leverage up to 1:500 - BCM provides high withdrawal flexibility, making it easier for traders to participate in the market despite their account balance. 4. Regulated by CYSEC - Being regulated by a renowned regulatory body like the Cyprus Securities and Exchange Commission ensures a certain degree of security and transparency for BCM's clients. 5. Availability of a Demo Account - BCM provides a demo account for traders. This is particularly beneficial for beginners who can practice trading without risking real money. Cons: 1. Limited Deposit and Withdrawal Options - BCM's options for deposit and withdrawal are not as diverse as some other brokers, thereby limiting the ease and flexibility of transactions for some traders. 2. No 24/7 Customer Support - This might be an inconvenience for traders in different time zones or those who prefer trading during the weekends. 3. No Physical Offices for Direct Contact - Some traders prefer in-person assistance, which is not possible due to lack of physical offices. 4. No Disclosed Information about Broker's Financial Standing - This lack of transparency could potentially discourage some traders, especially considering the financial risks inherently associated with trading. Market Instruments BCM boasts quite a broad spectrum of market instruments giving traders a wide array of possibilities. Through forex, it gives access to all major, minor and some exotic currency pairs, offering a fluid and dynamic trading environment. Beyond forex, BCM provides a number of other tradable assets. This comprises the trade of commodities such as gold, silver, oil, and gas among others, thus allowing traders to diversify their portfolio. The trading of indices is another service that BCM provides. This includes top global indices such as Dow Jones, NASDAQ, and FTSE. Additionally, BCM's clients are also given the opportunity to invest in popular stocks from big-name companies. These include multinational corporations from a variety of sectors allowing clients to partake in different markets according to their preference. Account Types BCM offers two distinct account types to cater to various levels and styles of traders - Mini and Standard. 1. Mini Account: Aimed primarily at beginners and those wishing to trade with lower volumes, the Mini Account offers straightforward access to the markets. It requires just a $100 minimum deposit and opens up access to all of BCM's trading platforms and educational resources. However, it may not come with all the personalized services offered in the higher-tier accounts. 2. Standard Account: This account type is designed for more experienced traders. Beyond the access granted with a Mini Account, Standard Account holders may be able to receive additional services such as direct communication lines with BCM's expert analysts or event-driven analysis support. The minimum deposit and other specifics are not explicitly stated and may depend on negotiations between the trader and the broker. In addition, BCM also provides a demo account for familiarizing oneself with the trading platforms and tools, a feature that can be useful to traders across all levels. How to Open an Account of BCM？ 1. Visit the BCM website: Navigate to the official website of Best Capital Markets (BCM). 2. Locate the “Open Account” Button: This button will be typically located prominently on the home page. Click on it. 3. Fill Out the Registration Form: You will be redirected to a registration form which you need to fill out. This usually includes contact information, like your name, email, phone number, and some personal details. 4. Choose Your Account Type: Select one of the offered account types: Mini, Standard, or VIP. Each has different characteristics and services, so choose according to what suits your trading style and requirements. 5. Read and Accept the Terms and Conditions: Before you finish registration, ensure you read and understand the terms and conditions. Remember, by clicking on 'accept', you agree to abide by all the rules and regulations stipulated by BCM. 6. Complete the KYC (Know Your Customer) Process: BCM will require official documents to verify your identity and address. This typically includes submitting a photo of your ID or passport and a utility bill or bank statement showing your address. 7. Make Your First Deposit: Upon successful account verification, you will need to deposit funds into your account. Depending on the account type you chose, this deposit may be a minimum of $100. 8. Set Up Your Trading Platform: Finally, set up your desired trading platform: either MetaTrader 4, MetaTrader 5, or BCM WebTrader. You‘ll also need to decide whether you’re setting up a real or demo account. Leverage The maximum leverage offered by BCM is 1:500. This high leverage ratio allows traders to hold a position up to 500 times their account balance. It provides traders with the opportunity to potentially earn higher profits. However, it's worth noting that while high leverage can magnify profits, it can equally magnify losses. Traders should use leverage wisely and consider their risk management strategy. Spreads & Commissions BCM works on a model where spreads are one of the primary components of trading costs. BCM offers competitive spreads starting from as low as 1.0 pip. This is relatively attractive when compared to other brokers in the industry. However, specific spread costs may vary based on the type of account a trader has and the market conditions prevailing at any given time. The exact spreads for individual currency pairs or other tradable assets are not specified, but traders can view real-time spreads via their trading platform. As for commissions, no information about whether BCM charges any commission on trades. However, the industry standard for brokers like BCM, which offer STP (Straight Through Processing) accounts, is to either incorporate their costs into the spread or charge a commission per trade. Trading Platform BCM offers its clients MetaTrader 5, which is built on the features that made MT4 popular. MT5 offers advanced trading capabilities and superior tools for comprehensive price analysis. It supports additional order types and provides in-depth market depth. MT5's embedded community chat and enhanced strategy tester for algorithms are advantageous for traders. Deposit & Withdrawal BCM accepts various deposit and withdrawal methods to cater to its global client base. These include Bank Wire Transfers, Credit/Debit Cards (like Visa, MasterCard etc.), and E-wallet services such as Skrill and Neteller. Displaying adaptability towards diverse client needs, BCM ensures the transfer procedures are comfortable and prompt for its clients. Customer Support BCM (Begin Capital Markets) provides the following contact information for customers: Phone Number:+357 25 030 565 Customer Service Email Address:INFO@BEGINCAPITALMARKETS.COM Customers can use the provided phone number to reach out to the company for inquiries or assistance. Additionally, the email address is designated for customer service, allowing customers to contact BCM via email for support, information, or any other related matters. Conclusion BCM stands out as a forex broker that offers a diverse array of trading assets, competitive leverage up to 1:500, a wide range of trading platforms, and an impressive catalog of educational resources. Besides, they provide a reasonably low minimum deposit footprint, making it accessible for beginners. On the downside, BCM has some drawbacks, such as limited deposit and withdrawal options, unavailability in certain countries, higher than industry-average spreads, absence of 24/7 customer support, lack of physical offices, and non-disclosure of the broker's financial standing, which could potentially give some traders pause. FAQs Q: What different types of accounts does BCM offer？ A: BCM provides three account types: Mini, Standard, and VIP. Q: What is the maximum leverage provided by BCM？ A: BCM offers a leverage ratio up to 1:500. This is, however, a double-edged sword - the potential for gains is high, but so is the risk of losses. Q: What kind of trading platforms does BCM offer its traders？ A: Traders at BCM have access to the popular MetaTrader 5 platform. Q: What methods can traders use to deposit and withdraw funds with BCM？ A: Traders can use various methods, including bank wire transfers, credit/debit cards, and e-wallet services like Skrill and Neteller for both deposits and withdrawals. Q: What breadth of trading assets does BCM offer？ A: BCM offers a wide variety of trading assets including forex pairs, commodities, indices, stocks, and cryptocurrencies. This offers traders the freedom to diversify their portfolio. Risk Warning Online trading poses substantial risks, with the potential for complete loss of invested capital, rendering it unsuitable for all traders. It is imperative to comprehend the inherent risks and acknowledge that the information provided in this review is subject to change due to continuous updates in the company's services and policies. Additionally, the review's generation date is a critical consideration, as information may have evolved since then. Readers are strongly advised to verify updated details directly with the company before making any decisions, as the responsibility for utilizing the information herein rests solely with the reader.