BFX Forex Broker provides real users with 1 positive reviews, * neutral reviews and * exposure review!
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BFX, I hate to say this, but you have lost my trust. My withdrawal has not been proceeded all the time, but this broker does not give me any reason… Talking to their staff is like talking to a dead person…
The BFX broker has garnered significant negative feedback from users and experts alike, primarily due to its unregulated status and lack of transparency. Key concerns include the broker's inaccessible website, unauthorized licensing, and high spreads. While it does offer a trading platform (MT4) and a range of financial instruments, the overall sentiment suggests that traders should exercise caution when considering this broker.
Note: It is essential to recognize that different entities operate under the BFX name, which may lead to confusion regarding their regulatory status. This review aims for fairness and accuracy by considering multiple sources.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 3 |
| Tools and Resources | 4 |
| Customer Service and Support | 2 |
| Trading Setup (Experience) | 3 |
| Trustworthiness | 1 |
| User Experience | 2 |
We assess brokers based on user feedback, regulatory information, and available features.
Founded in 2017, BFX, officially known as Brother Forex International Limited, operates primarily in the forex and CFD markets. Despite being registered in the United Kingdom, it lacks valid regulatory oversight, which raises significant concerns regarding fund safety and operational legitimacy. The broker offers the popular MetaTrader 4 (MT4) trading platform, enabling users to trade approximately 37 currency pairs and CFDs on commodities and precious metals.
BFX is unregulated, with its National Futures Association (NFA) license marked as unauthorized. This status raises red flags about the safety of client funds and adherence to trading standards. According to multiple sources, including WikiFX, the absence of regulatory oversight is a crucial factor for potential investors to consider.
The broker supports various deposit and withdrawal methods, including credit cards and bank transfers. However, the lack of detailed information regarding e-wallets like Skrill and Neteller is concerning. Additionally, the absence of a clear minimum deposit requirement further complicates the evaluation process.
While the minimum deposit requirement is not explicitly stated, some reports indicate that it may range from $300 to $2,500, which is notably higher than many competitors. This lack of transparency can deter potential traders from engaging with the platform.
BFX does not appear to offer any significant bonuses or promotions, which is a common practice among many brokers to attract new clients. This absence may suggest a lack of competitive edge in the highly saturated forex market.
BFX provides access to a limited selection of financial instruments, including 37 currency pairs and CFDs on commodities such as gold and oil. While this range may suffice for some traders, it is considerably narrower compared to other brokers that offer a more extensive array of trading instruments.
The spreads for the EUR/USD pair reportedly start at 2 pips, which is relatively high compared to industry standards. Some sources indicate that spreads can reach up to 3 pips, further increasing trading costs for users. There is no clear information regarding additional fees or commissions, making it challenging for traders to assess the overall cost of trading with BFX.
BFX offers leverage of up to 1:400, which may appeal to traders looking to amplify their positions. However, this high leverage also comes with increased risk, particularly for novice traders who may not fully understand the implications of trading with such leverage.
BFX exclusively uses the MetaTrader 4 platform, which is widely recognized for its user-friendly interface and robust analytical tools. While MT4 is a popular choice among traders, the lack of newer platforms like MT5 may limit the trading experience for some users.
The broker's website does not specify any restricted regions, but given its unregulated status, it is advisable for traders from heavily regulated jurisdictions to avoid engaging with BFX.
BFX provides customer support primarily in Chinese, with limited English support available. Reports indicate that response times can be lengthy, and the absence of live chat options may hinder effective communication for users seeking assistance.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 3 |
| Tools and Resources | 4 |
| Customer Service and Support | 2 |
| Trading Setup (Experience) | 3 |
| Trustworthiness | 1 |
| User Experience | 2 |
Account Conditions (3/10): The lack of transparency regarding minimum deposits and account types is a significant drawback. While some sources mention a minimum deposit range, the absence of clear guidelines can deter potential clients.
Tools and Resources (4/10): BFX offers the MT4 platform, which provides essential trading tools. However, the lack of educational resources or a demo account limits the support for novice traders.
Customer Service and Support (2/10): Reports suggest that customer service response times are slow, and the limited support languages may hinder effective communication with international clients.
Trading Setup (3/10): The trading experience is marred by high spreads and limited asset classes, which can negatively impact profitability for traders.
Trustworthiness (1/10): The unregulated status and lack of transparency raise significant concerns about the safety of funds, with many experts advising against trading with BFX.
User Experience (2/10): User reviews highlight frustrations with the broker's lack of accessibility and transparency, contributing to an overall negative trading experience.
In conclusion, while BFX offers certain trading functionalities, the overall sentiment is overwhelmingly negative due to its unregulated status, high trading costs, and lack of transparency. Traders are strongly advised to consider more reputable, regulated alternatives to safeguard their investments.
