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BCFX Review - Is it scam or safe?


RATING: 1.8 / 0 REVIEWS BCFX
BCFX is not regulated. We cannot guarantee your money is safe.

Trading Accounts

 

Account type Minimum deposit Minimum trade size Maximum leverage Average Spreads (& Commission)
Micro $100 0.01 1:200 2.2 pips
Standard $1 000 0.1 1:100 0.9 pips + commission
Professional $10 000 0.1 1:100 0.5 pips + commission

 

BCFX offers its clients a choice of three basic account types to trade in around 70 currency pairs as well as silver & gold on the popular MetaTrader 4 platform. The Micro account is commission-free, while the other two accounts include commission fees for the ECN environment.

 

In addition, this broker provides Dynamic MAM account services.

 

The Company. Security of Funds

 

Company

Country

Regulation

Best Choice FBC ltd.

Cyprus

License suspended

 

BCFX is a Cypriot fore broker, whose CIF license was suspended by the Cyprus Securities and Exchange Commission (CySEC) in December 2016. Since then, the company behind the brand, Best Choice FBC ltd. is not authorized to provide any investment services until the commission decides whether to withdraw its license. Although BCFX is required to mention on its websites that its CIF license has been suspended, we didn’t notice any such warning.

 

Speaking of websites, we noticed some inconsistencies on bcfxbroker.com – it says the broker offers MT4 platform. However, when we clicked on the Download button, it turned out to be MetaTrader 5. What is more, we could not log in and try out the broker services.

 

In April 2015, Best Choice FBC ltd. acquired FinFX - an unregulated forex broker, domiciled in Finland, which was under severe pressure from the U.S. regulatory authorities for targeting US customers. However, we couldn’t find a functioning website of FinFX, probably it shut down.

 

Taking into account the current situation with BCFX’s CIF license, we do not recommend this broker. You’d better check out a list of forex brokers regulated in Cyprus whose licenses are valid.

 

Trading Conditions

 

Minimum Initial Deposit

In order to open an account with BCFX, traders have to invest a minimum of $100. Such minimum initial amount is considered average; however, other Cyprus-based brokers whose licenses are active, require less. For instance, FXTM demands just $ 5 from its clients as a start.

 

Spreads & Commissions

BCFX offers floating spreads, varying by account type. The typical ones on the commission-free Micro account are rather high, averaged 2.2 pips on EUR/USD. ECN spreads, on the other hand, offer competitive spreads, but involve commission fees, the amount of which is unknown. According to the information on the broker’s website, there is a multi-level commission structure.

 

For purposes of comparison, FXTM provides variable spreads averaged 1.8 pips on majors on its commission-free Standard accounts accessible with an initial investment of $100. For further information, you may look up real-time spreads of 15 leading brokers here.

 

Leverage

The maximum leverage level offered by BCFX is 1:200, which is an average ratio. If you need higher leverage levels, many Cypriot brokers offer such - for example, FXTM provides leverage up to 1:500. You may check out a list of brokers offering leverage equal to or exceeding 1:500 here.

 

Trading Platform

 

This broker says it offers MetaTrader4 (MT4), but it turns out it supports the MetaTrader 5 (MT5) instead.

 

MT4 has established itself as the industry standard. It combines an intuitive user interface with a customizable feature-rich environment, and provides everything a trader needs to chart assets, place orders, manage and monitor positions and automate trades via EAs.

 

MT4’s successor - MetaTrader 5 - offers retail forex traders many features that were previously only available on institutional level platforms. Besides, through MT5 you can also trade in stocks.  It uses MQL5 programming language and also offers automated trading.

 

Methods of Payment

 

The following payment methods are available to BCFX clients: credit/debit, bank wire transfer and e-wallet payment systems Skrill, and Neteller.

 

Accepted currencies: EUR, USD, GBP, CHF.

 

Conclusion

 

BCFX is Cypriot forex broker whose license is suspended. That is the main reason we do not recommend it. On top of that its spreads on commission-free accounts are high, and there is no clarity about the amounts of commission fees on ECN accounts. To sum up the above, here are the advantages and drawbacks with regards to this broker:

 

Pros   Cons
MT5 available   CySEC license suspended
ECN/STP environment offered High spreads on Micro account
  No indices and commodities CFDs

 

Latest news about BCFX
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Traders` reviews for BCFX

Spread

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Price feed

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