BFX Forex Broker

Note: As of now, BFX's website - http://brotherforex.com/index.php？l=en is no longer available. We can only get a rough idea of the information of the broker from some trader review portals. Risk Warning Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only. General Information BFX Review Summary in 10 Points Founded 2017 Registered Country/Region United Kingdom Regulation NFA (unauthorized) Market Instruments 37 currency pairs and CFDs on commodities and precious metals Demo Account N/A Leverage 1:400 EUR/USD Spread 2 pips Trading Platforms MT4 Minimum deposit N/A Customer Support Phone, email What is BFX？ Brother Forex International Limited (BFX) was incorporated in London, UK in 2017. The company is mainly engaged in the foreign exchange and CFD business. BFX had been granted a Common Financial Service License (No. 0508893) issued by the NFA of the United States, but it should be noted that the license is currently marked as a regulatory anomaly of “Unauthorized”. In the following article, we will analyze the characteristics of this broker from various aspects, providing you with simple and organized information. If you are interested, please read on. At the end of the article, we will also briefly make a conclusion so that you can understand the broker's characteristics at a glance. Pros & Cons Pros Cons • MT4 support • NFA license is unauthorized • Popular payment methods supported • Unavailable website • Lack of transparency • Limited trading instruments • Wide spreads BFX Alternative Brokers There are many alternative brokers to BFX depending on the specific needs and preferences of the trader. Some popular options include: Tickmill - A reputable broker with competitive trading conditions and a wide range of financial instruments, suitable for both novice and experienced traders. FP Markets - A reliable broker offering diverse markets, advanced trading platforms, and excellent customer service, making it a popular choice among traders. Trading 212 - An innovative broker with a user-friendly platform, zero-commission trading, and a wide selection of financial instruments, ideal for beginner traders and investors. Ultimately, the best broker for an individual trader will depend on their specific trading style, preferences, and needs. Is BFX Safe or Scam？ As BFXs website is currently unavailable, it raises concerns about the legitimacy and safety of the broker. Additionally, the unauthorized National Futures Association (NFA, License No. 0508893) license further adds to the lack of credibility. It is advisable to exercise caution and refrain from trading with unregulated brokers, as they may pose higher risks to your funds and investments. It is always recommended to choose regulated brokers that comply with established financial regulations and provide necessary investor protection. Market Instruments BFX provides investors with a variety of financial instruments to trade. One of the key offerings is trading in approximately 37 currency pairs, allowing traders to participate in the foreign exchange market and take advantage of currency fluctuations. In addition, BFX offers CFDs (Contracts for Difference) on commodities, providing access to markets such as crude oil, natural gas, gold, silver, and other precious metals. Leverage BFX offers traders a leverage of up to 1:400, providing them with the opportunity to amplify their trading positions. Leverage allows traders to control a larger position in the market with a smaller amount of capital. With a leverage of 1:400, traders can potentially increase their potential profits, as even small price movements can have a significant impact on their positions. However, it is important to note that while leverage can enhance potential gains, it also magnifies potential losses. Traders should exercise caution and manage their risk effectively when using high leverage to ensure they can withstand adverse market conditions. Spreads & Commissions The spreads for EUR/USD start at 2 pips, but there is no way to verify their authenticity due to its unavailable website. Additionally, there is no available information regarding the commissions charged by BFX. Spreads and commissions play a significant role in the overall trading costs for traders, as narrower spreads and lower commissions can result in more cost-effective trading. Without clear and transparent information about BFX's spreads and commissions, it becomes difficult for traders to accurately assess the trading costs associated with this brokerage. It is advisable for traders to seek brokers that provide transparent information about their spreads and commissions to make informed decisions about their trading activities. Below is a comparison table about spreads and commissions charged by different brokers: Broker EUR/USD Spread Commission BFX 2 pips N/A Note: The information presented in this table may be subject to change and it is always recommended to check with the broker's official website for the latest information on spreads and commissions. Trading Platforms BFX offers its clients access to the world's financial markets through the MetaTrader4 (MT4) platform. MT4 is widely recognized and utilized by traders around the world for its user-friendly interface, comprehensive charting capabilities, and advanced trading features. The platform provides access to a wide range of trading instruments, including currency pairs, commodities, and indices, allowing traders to execute trades with ease. MT4 also offers various technical analysis tools, customizable indicators, and automated trading options through the use of Expert Advisors (EAs). With its robust functionality and reliability, MT4 provides traders with a seamless and efficient trading experience. It is important to note that the availability and performance of the MT4 platform may depend on the specific infrastructure and technology provided by BFX. See the trading platform comparison table below: Broker Trading Platforms BFX MetaTrader 4 Tickmill MetaTrader 4, MetaTrader 5 FP Markets MetaTrader 4, MetaTrader 5 Trading 212 Trading 212 Web, Mobile App Deposits & Withdrawals Like most traders, BFX supports multiple ways to deposit/withdraw funds, including credit or debit cards, bank wire transfers, and e-wallets (such as Skrill and Neteller). These payment methods provide flexibility and accessibility, allowing traders to easily fund their accounts and make withdrawals when needed. It is important for traders to review the specific terms and conditions associated with each payment method, including any potential fees or processing times, as these may vary. BFX minimum deposit vs other brokers BFX Most other Minimum Deposit N/A $100 Customer Service BFX provides customer support to assist traders with their inquiries and concerns. Traders can reach out to the company's customer service team via phone: 442035142242 and email: info@brotherforex.com. Pros Cons • Phone and email support • No 24/7 customer support • No live chat support • No social media support Note: These pros and cons are subjective and may vary depending on the individual's experience with BFX's customer service. Conclusion Based on the available information, the unregulated status and unavailable website raise concerns about the legitimacy and reliability of this broker. Traders are advised to exercise caution and consider the associated risks before engaging with BFX or any unregulated platform. It is recommended to opt for regulated brokers that offer transparency, proper licensing, and a track record of good customer service and security measures. Frequently Asked Questions (FAQs) Q 1: Is BFX regulated？ A 1: No. BFX National Futures Association (NFA, License No. 0508893) license is unauthorized. Q 2: Does BFX offer the industry leading MT4 & MT5？ A 2: Yes. It supports MT4. Q 3: Is BFX a good broker for beginners？ A 3: No. It is not a good choice for beginners. Not only because of its unregulated condition, but also because of its inaccessible website.