BSFX Forex Broker

Aspect Information Registered Country/Area United States Founded Year 5-10 years ago Company Name Boisil Group Limited Regulation Not regulated; lacks valid license Minimum Deposit USD 100 Maximum Leverage Forex: 1:500; Cryptocurrencies: 1:100; Stocks: 1:50 Spreads Variable spreads, starting from 0.5 pips on major pairs for standard accounts; tighter spreads for Pro and Prime accounts starting from 0.2 pips on major pairs Trading Platforms MetaTrader 4 (MT4) Tradable Assets CFDs (stocks, commodities, indices, currencies), Forex, Stocks, Indices, Commodities Account Types Standard, Pro, Prime Demo Account Available for Standard accounts Islamic Account Information not provided Customer Support Email: cs@bsfx.com, Phone: 4008005301 Payment Methods Bank wire transfers, credit/debit cards, cryptocurrencies Overview of BSFX BSFX, operated by Boisil Group Limited in the United States and with 5-10 years of existence, operates as an unauthorized broker without regulatory oversight from entities like the National Futures Association (NFA) or the Australia Securities & Investment Commission (ASIC). This lack of regulation raises significant concerns about its legitimacy and the potential risks it poses to investors. Recent complaints further highlight the need for caution when considering BSFX as a trading option. BSFX offers a variety of market instruments, including Contracts for Difference (CFDs) covering assets like stocks, commodities, indices, and currencies. The Forex market is also available with a range of currency pairs, along with access to global stocks, indices, and commodities. Despite the breadth of market offerings, the lack of regulation remains a key drawback. Account types at BSFX include Standard, Pro, and Prime accounts, catering to traders with varying levels of experience and account sizes. Leverage is available on select instruments, and spreads vary by account type. The minimum deposit requirement for all accounts is USD 100, and the broker supports multiple deposit and withdrawal methods, though withdrawal fees may apply. The trading platform offered is MetaTrader 4 (MT4), known for its user-friendly interface and technical analysis tools. BSFX's customer support can be reached via email and phone, but negative reviews and complaints on platforms like WikiFX raise concerns about the reliability and integrity of the broker. These reports include allegations of scams, manipulative activities, and fund misappropriation, emphasizing the importance of careful consideration before choosing BSFX as a trading platform. Pros and Cons BSFX offers a diverse range of market instruments and provides high leverage options for traders. It utilizes the MetaTrader 4 platform and supports multiple deposit methods. However, the broker faces a significant drawback due to a lack of regulatory oversight, which raises concerns about its reliability. Additionally, there have been numerous complaints and reports of scams associated with BSFX, and the availability of account types is limited. Furthermore, the main website is currently inaccessible, which may pose difficulties for potential clients. Lastly, there are withdrawal fees associated with certain methods. Pros Cons Diverse range of market instruments Lack of regulatory oversight High leverage options available Numerous complaints and scams Utilizes MetaTrader 4 platform Limited account types Multiple deposit methods Main website is currently down Withdrawal fees for some methods Is BSFX Legit？ BSFX is not regulated by any official regulatory agency, making it an unauthorized broker. It lacks a valid license and operates without oversight from entities like the National Futures Association (NFA) in the United States or the Australia Securities & Investment Commission (ASIC). This lack of regulation poses a significant risk to potential investors, as there is no official oversight to ensure fair and legal business practices. Additionally, there have been complaints about BSFX in the past three months, further underscoring the importance of exercising caution when considering this broker. Market Instruments CFDs: BSFX provides Contracts for Difference (CFDs) that allow traders to speculate on the price movement of various assets without owning them. These CFDs cover a wide range of assets, including stocks (e.g., Apple, Microsoft, Amazon), commodities (e.g., oil, gold, silver), indices (e.g., S&P 500, FTSE 100, Nikkei 225), and currencies (e.g., EUR/USD, USD/JPY, GBP/USD). Forex: The Forex market, the largest and most liquid in the world, is available on BSFX. Traders can engage in Forex trading with a diverse selection of currency pairs, including major pairs (e.g., EUR/USD, USD/JPY, GBP/USD), minor pairs (e.g., AUD/USD, NZD/USD, CAD/USD), and exotic pairs (e.g., TRY/USD, RUB/USD, PLN/USD). Stocks: BSFX offers access to a comprehensive range of global stocks. These stocks can be traded on various international exchanges, including the New York Stock Exchange (NYSE), Nasdaq, and London Stock Exchange (LSE). Examples of tradable stocks include US stocks (e.g., Apple, Microsoft, Amazon), European stocks (e.g., SAP, Siemens, Volkswagen), and Asian stocks (e.g., Alibaba, Tencent, Samsung). Indices: Traders can access indices on BSFX, which represent baskets of stocks tracking specific market segments or sectors. The selection includes major indices like the S&P 500, FTSE 100, Nasdaq 100, and Dow Jones Industrial Average. These indices offer exposure to various segments of the global economy. Commodities: BSFX facilitates trading in commodities, which encompass physical goods traded on commodity exchanges. Traders can participate in the commodity market with assets such as energy (e.g., Brent crude oil, WTI crude oil), metals (e.g., physical gold, gold futures contracts), and agricultural products (e.g., hard red winter wheat, soft red winter wheat). This diversity allows traders to explore different commodity markets. Pros Cons Diverse range of tradable assets (CFDs, Forex, stocks, indices, commodities) Lack of regulatory oversight Access to the largest and most liquid Forex market Lack of transparency regarding pricing and liquidity Exposure to global stock markets and indices Account Types STANDARD ACCOUNT Standard accounts are suitable for non-professional traders with small account sizes. These accounts offer limited trading features and are often used by beginners or those looking to get started in trading. Examples of standard accounts include demo accounts and basic accounts. PRO ACCOUNT Pro accounts cater to professional traders with larger account sizes. These accounts provide access to advanced trading features and tools, making them ideal for experienced individuals in the trading world. Examples of pro accounts include active trader accounts and premium trader accounts. PRIME ACCOUNT Prime accounts are designed for high-volume and institutional traders. These accounts typically come with an account manager who can provide specialized support. Prime accounts are suitable for those who require a high level of service and expertise. Examples of prime accounts include execution-only accounts and full-service accounts. Pros Cons Suitable for various trader levels Limited trading features in Standard accounts Advanced features for professional traders Higher account size required for Pro accounts May not be cost-effective for smaller traders Leverage BSFX offers leverage up to 1:500 on forex pairs, 1:100 on cryptocurrencies, and 1:50 on stocks. Spreads & Commissions BSFX offers variable spreads on its forex accounts, with spreads starting from 0.5 pips on major pairs for standard accounts. Pro and Prime accounts offer tighter spreads, starting from 0.2 pips on major pairs. Minimum Deposit BSFX's minimum deposit for all account types is USD 100. Deposit & Withdrawal BSFX offers a variety of deposit and withdrawal methods, including bank wire transfers, credit and debit cards, and cryptocurrencies. There are no deposit fees, but withdrawal fees vary depending on the method used. For example, bank wire withdrawals incur a fee of $25 USD. Credit and debit card withdrawals are subject to a processing fee of 2.99%. Pros Cons Multiple deposit methods Withdrawal fees vary by method No deposit fees Bank wire withdrawals incur a $25 USD fee Variety of withdrawal options Credit and debit card withdrawals have a 2.99% processing fee Trading Platforms MT4: BSFX offers the MetaTrader 4 (MT4) trading platform. MT4 is a widely recognized and used platform in the industry known for its user-friendly interface and comprehensive charting tools. It allows traders to access various financial markets, including Forex and CFDs, and execute trades efficiently. The platform provides technical analysis tools, customizable charts, and automated trading capabilities through Expert Advisors (EAs). Pros Cons Utilizes widely recognized MT4 platform No specific mention of other platform options User-friendly interface Limited information on platform customization Offers comprehensive charting tools Lack of information on platform stability Customer Support BSFX's customer support can be reached via email at cs@bsfx.com or by phone at 4008005301. These contact options provide traders with channels to get in touch with the company for inquiries or assistance. Reviews BSFX has received a total of five exposure reports on WikiFX, with numerous complaints of scams and manipulative activities. Traders have reported being deceived through pyramid schemes and false promises of profits. Some individuals claimed that BSFX manipulated their accounts resulting in significant losses. There are allegations of fund misappropriation and unauthorized access to accounts, leading to substantial financial losses for traders. These negative reviews and complaints raise concerns about the reliability and integrity of BSFX as a trading platform. Conclusion In conclusion, BSFX, operated by Boisil Group Limited, presents both advantages and disadvantages. On the positive side, it offers a wide range of market instruments, including CFDs, Forex, stocks, indices, and commodities. The availability of different account types, from standard to prime, caters to various trader profiles. Leverage options are provided, with low spreads on certain account types. Additionally, multiple deposit and withdrawal methods are available. However, BSFX's lack of regulation poses a significant risk to investors, as it operates without oversight from regulatory authorities. Recent complaints and negative reviews about deceptive practices, scams, and fund misappropriation further raise concerns about the platform's reliability and integrity. Traders should exercise caution and carefully consider these factors before engaging with BSFX. FAQs Q1: Is BSFX a regulated broker？ A1: No, BSFX is not regulated by any official regulatory agency, making it an unauthorized broker. Q2: What market instruments does BSFX offer？ A2: BSFX provides Contracts for Difference (CFDs), Forex trading, stocks, indices, and commodities. Q3: What are the different types of accounts available on BSFX？ A3: BSFX offers Standard, Pro, and Prime accounts, catering to traders with various experience levels and account sizes. Q4: What is the leverage offered by BSFX？ A4: BSFX offers leverage up to 1:500 on forex pairs, 1:100 on cryptocurrencies, and 1:50 on stocks. Q5: How can I reach BSFX's customer support？ A5: You can contact BSFX's customer support via email at cs@bsfx.com or by phone at 4008005301.