BKS Fintech foreign exchange brokers specializing in providing foreign exchange trading services, the company's official website https://crm.bksfintech.com/regist-real, about the company's legal and temporary regulatory information, the company's address .
BKS Fintech Forex Broker
Basic Information
United Kingdom
2-5 years Suspicious Regulatory License Suspicious Scope of Business High potential riskCompany profile
Rating Index
BKS Fintech Forex Broker - Complete Information Guide
1. Overview of the Broker
BKS Fintech, officially known as BKS Fintech Co., Ltd, is a relatively new player in the online trading arena, having been established on March 24, 2021. The company's headquarters is located in Canada, and it operates primarily as a private entity. BKS Fintech aims to serve a diverse clientele, including retail traders and institutional investors, by providing access to various financial instruments across multiple markets.
Since its inception, BKS Fintech has focused on offering a wide range of trading products, including foreign exchange (forex), contracts for difference (CFDs) on commodities, indices, stocks, bonds, and cryptocurrencies. The broker employs a business model that caters to both retail and institutional clients, positioning itself as a comprehensive trading platform. However, the company has faced challenges regarding its regulatory status, which has been a significant concern for potential investors.
BKS Fintech operates under several corporate entities, each regulated by different authorities. This includes its operations in Australia, Canada, and Saint Vincent and the Grenadines. Despite its promising start, the broker has encountered scrutiny over its regulatory compliance and operational practices, which is crucial for its long-term credibility and trustworthiness in the financial markets.
2. Regulatory and Compliance Information
BKS Fintech's regulatory framework is complex and somewhat concerning. The broker claims to be registered with the Financial Services Authority of Saint Vincent and the Grenadines (SVG FSA), holding registration number 3040 LLC 2023. However, it is essential to note that the SVG FSA does not regulate forex trading activities, which raises significant questions about the broker's compliance with international standards.
Additionally, BKS Fintech previously held an Australian Financial Services License (AFSL) under the entity BKS Markets Pty Ltd, with license number 001304072. Unfortunately, this license expired on August 21, 2023, and the company has not since obtained a new license from the Australian Securities and Investments Commission (ASIC). Furthermore, it is registered as a non-member entity with the National Futures Association (NFA) in the United States, with NFA ID 0466949, but this registration does not provide effective regulatory oversight.
Due to these factors, BKS Fintech essentially operates in an unregulated environment, exposing clients to additional risks. The lack of regulatory supervision means that traders may face difficulties in recovering funds or addressing grievances. The company claims to implement Know Your Customer (KYC) and Anti-Money Laundering (AML) measures; however, the effectiveness of these measures is questionable without proper regulatory oversight.
3. Trading Products and Services
BKS Fintech offers a broad spectrum of trading products to its clients. The broker provides access to 61 forex currency pairs, allowing traders to engage in a variety of trading strategies. In addition to forex, BKS Fintech offers CFDs on several asset classes, including:
- Commodities: 24 products
- Stocks: Over 2000 products
- Indices: 25 products
- Bonds: 11 products
- Digital Currencies: 21 products
The broker continuously updates its product offerings, although specific details on the frequency and types of new products introduced are not readily available. BKS Fintech caters to both retail and institutional clients, providing a range of services tailored to different trading needs.
The broker does not currently offer white label solutions or asset management services, which might limit its appeal to institutional clients seeking comprehensive financial services. However, the diversity of tradable assets enables retail traders to implement various trading strategies effectively.
4. Trading Platforms and Technology
BKS Fintech supports the MetaTrader 5 (MT5) trading platform, which is renowned for its advanced features and user-friendly interface. The broker also offers compatibility with MetaTrader 4 (MT4), although the primary focus appears to be on MT5. Users can access the trading platform via desktop, web, and mobile applications, ensuring that traders can manage their accounts conveniently from any location.
The broker employs an Electronic Communication Network (ECN) model, which allows for direct market access and competitive pricing. This execution model is beneficial for traders who require fast order execution and low latency, as BKS Fintech claims to achieve average execution speeds of under 40 milliseconds.
BKS Fintech's server infrastructure is strategically located in New York, which enhances the speed and reliability of trade execution. The broker also supports API access for automated trading, catering to algorithmic traders and those utilizing trading bots.
5. Account Types and Trading Conditions
BKS Fintech offers various account types to accommodate different trading preferences and requirements. The main account types include:
Standard Account:
Minimum Deposit: $200
Spread: Starting from 1.0 pips
Commission: $0 per lot per side
ECN Account:
Minimum Deposit: $200
Spread: Starting from 0.1 pips
Commission: $7 per lot per side
Additionally, BKS Fintech provides a demo account, allowing traders to practice their strategies without financial risk. The broker offers leverage up to 1:400, which can amplify both potential gains and losses. The minimum trade size is typically 0.01 lots, enabling traders to manage their risk effectively.
The broker implements overnight fees (swap rates) for positions held beyond the trading day, which vary based on the asset class and the direction of the trade.
6. Fund Management
BKS Fintech supports a variety of deposit methods, including bank transfers, credit cards, and electronic wallets. The minimum deposit requirement is $200 for both the standard and ECN accounts. Deposits are processed quickly, allowing traders to fund their accounts and begin trading promptly.
Withdrawal methods include bank transfers and electronic wallets, although specific details regarding withdrawal limits and processing times are not clearly outlined. BKS Fintech claims to offer fast withdrawal processing, but users have reported delays in the past. The broker does not charge deposit fees, but it is advisable for clients to review any potential fees associated with their chosen payment method.
7. Customer Support and Educational Resources
BKS Fintech provides several channels for customer support, including email and live chat. The support team is available 24/7, ensuring that traders can receive assistance at any time. The broker supports multiple languages, including English and Simplified Chinese, catering to a diverse client base.
Educational resources include webinars, tutorials, and eBooks, aimed at helping traders improve their skills and understanding of the markets. Additionally, BKS Fintech offers market analysis services, including daily reports and research updates, to keep clients informed about market trends and opportunities.
8. Regional Coverage and Restrictions
BKS Fintech primarily serves clients in Canada, Australia, and Saint Vincent and the Grenadines, reflecting its operational base. However, the broker does not accept clients from certain jurisdictions, including the United States, due to regulatory restrictions. Specific details regarding the regions from which clients are not accepted are not explicitly stated, but potential clients should verify their eligibility before opening an account.
In conclusion, while BKS Fintech presents a range of trading products and competitive conditions, the lack of regulatory oversight raises significant concerns for potential clients. It is crucial for traders to conduct thorough due diligence and consider their risk tolerance before engaging with this broker.
Oasis
Hong Kong
After many communications, the platform promised to withdraw funds, but currently it does not even withdraw the principal.
Exposure
2024-02-17