Belfrics Forex Broker provides real users with * positive reviews, * neutral reviews and 1 exposure review!
Risk Control
License
LFSA Regulated 
I would like to request assistant from you on the pending withdrawal of a crypto exchange.My partner has made a deposit of 22 Bitcoins into the Belfrics crypto exchange in the year 2019, the month of May. He tried to withdraw the bitcoin in this year 2020 month of March, 16th but the withdrawal still pending.
Belfrics, a cryptocurrency exchange based in Malaysia, has garnered mixed reviews from users and experts alike. While some users appreciate its user-friendly interface and innovative features, many others express significant concerns regarding customer support, withdrawal issues, and overall reliability. This review provides a comprehensive analysis of the strengths and weaknesses of Belfrics, drawing insights from various sources.
Note: Its important to recognize that Belfrics operates through different entities across regions, which may affect user experience and service availability. This review aims to present a fair and accurate assessment based on the available data.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 5 |
| Tools and Resources | 6 |
| Customer Service and Support | 4 |
| Trading Setup | 5 |
| Trustworthiness | 5 |
| User Experience | 6 |
How We Rate Brokers: Our ratings are based on user feedback, expert opinions, and factual data regarding services and features.
Founded in 2017, Belfrics operates as a centralized cryptocurrency exchange, primarily focusing on Bitcoin transactions. The platform is known for its proprietary trading interface, which caters to both novice and experienced traders. Belfrics is regulated by the Labuan Financial Services Authority (LFSA) in Malaysia, providing a level of trustworthiness in its operations. However, it is important to note that the exchange has faced scrutiny regarding its regulatory status in other regions, which could impact user confidence.
Regulated Geographic Areas: Belfrics is primarily regulated in Malaysia, but it also operates in several other countries, including Singapore, Kenya, and India. However, users have reported issues with account registration in certain regions, which may indicate a restrictive approach to customer onboarding.
Deposit/Withdrawal Options: Users can deposit and withdraw funds through bank transfers and standard blockchain transfers. However, many reviews highlight significant delays and issues with the withdrawal process, leading to frustration among users. For instance, one user reported being unable to withdraw their funds for several years, raising concerns about the platform's reliability.
Minimum Deposit: Information on the minimum deposit required to open an account with Belfrics is not explicitly stated in the reviews, suggesting that it may vary based on the user's location and account type.
Bonuses/Promotions: There is limited information available regarding bonuses or promotional offers from Belfrics, which may be a drawback compared to other exchanges that actively promote such incentives.
Tradeable Asset Classes: Belfrics primarily offers Bitcoin for trading, which may be limiting for users looking to diversify their cryptocurrency portfolios. While some reviews mention that Belfrics has begun to support additional cryptocurrencies, the selection remains relatively small compared to other exchanges.
Costs (Spreads, Fees, Commissions): Belfrics charges a trading fee of 0.50% for makers and 1.00% for takers, which is notably higher than the industry average. Users have expressed dissatisfaction with these fees, especially in light of the withdrawal fees, which are also above average at 0.0008 BTC per withdrawal.
Leverage: The platform does not offer margin trading, which may appeal to novice traders but could deter more experienced users seeking higher risk/reward opportunities.
Allowed Trading Platforms: Belfrics operates its proprietary trading platform, which is designed for high-frequency trading. However, the lack of integration with popular platforms like MT4 or MT5 may limit its appeal to seasoned traders accustomed to those environments.
Restricted Regions: While Belfrics operates in several countries, users from certain regions may face restrictions or limited service availability due to regulatory compliance issues.
Available Customer Support Languages: Customer support is available in English and possibly other languages, but user reviews indicate that reaching customer service can be challenging, with many complaints about unresponsive support.
Account Conditions (5/10): Users report mixed experiences with account setup and maintenance. While some find the process straightforward, others encounter significant hurdles, particularly in withdrawal requests.
Tools and Resources (6/10): The platform offers basic trading tools, but lacks advanced features that experienced traders might expect. The educational resources available are also limited, which could hinder new users.
Customer Service and Support (4/10): Customer service is a significant pain point for many users. Complaints about slow response times and unresolved issues are prevalent, leading to a low rating in this category.
Trading Setup (5/10): The trading interface is generally user-friendly, but the lack of advanced trading options may deter more experienced traders.
Trustworthiness (5/10): While the regulatory oversight by LFSA provides some level of assurance, ongoing user complaints about withdrawals and customer service raise red flags regarding the platform's overall trustworthiness.
User Experience (6/10): User experiences vary widely, with some praising the platform's ease of use, while others express frustration over transaction delays and customer support issues.
In conclusion, the Belfrics review reveals a platform that has potential but is marred by significant user complaints regarding service reliability and support. While it offers a basic entry point into cryptocurrency trading, potential users should weigh these concerns carefully against their trading needs and expectations.
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