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BCR Review - is it scam or safe?

BCR Review - Is bcrcorp.com.au scam or good forex broker?

RATING: 3.2 / 0 REVIEWS BCR
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BCR is an Australian forex and CFD broker, offering a variety of trading instruments with a leverage of up to 1:400 on the MetaTrader4 platform. Here you may find more details about the trading conditions they offer.

 

Account type Min. deposit Max. leverage Spreads
Standard Account     1,7 pips*
Pro Account     1,1 pips*
Alpha Account     0,1 pips*
*commission
 
 

 

 

BCR Advantages:

 

Sound regulation

 

BCR is a registered business name of Bacera Co Pty Ltd, which is licensed and regulated by the Australian Securities and Investments Commission – one of the most respected financial authorities worldwide.

 

ASIC regulated brokers have to follow strict code of financial and ethical rules, among which to keep all clients funds in a segregated, protected form creditors account. Further more all ASIC brokers should maintain a minimum operational capital of 1 000 000 AUD.

 

ASIC, along with other well established institutions, such as the Cyprus Securities and Exchange Commission (CySEC) and the Financial Conduct Authority (FCA) in the UK, provides reasonable security for investors.

 

On the other hand unregulated brokers have very low credibility and often deliberately run scams. Here you can check our list of brokers, also regulated by ASIC:

 

>>Australian forex brokers<<

 

Leverage of up to 1:400

 

BCR offers leverage of up to 1:400 with all account types and that is more than enough to fit any trading strategy. Still, keeping in mind that with higher leverage you risk to loose your money much faster, you may want to check our list of brokers, offering leverage of up to 1:500 and above:

 

>>Forex Brokers Offering 500:1 Leverage<<

 

MetaTrader4 supported

 

BCR offers its clients the  industry’s standard MetaTrader4 – a lend mark platform, preferred by expert and beginner traders alike. MT4 has user friendly interface, interactive charting tools and more than 50 integrated market indicators. Its best known feature, however, is the algorithmic trading option, where you can run automated sessions with the help of Expert Advisors – automated trading bots, which you can easily modify and even compile on a proprietary scripting language – the MQL4. Here you may also check our list of brokers offering the MetaTrader4:

 

>>Find other MT4 brokers here<<

 

Various payment methods

 

Payment methods with BCR include Visa, MasterCard and American Express, the UnionPay e-wallet as well as bank wire. However, no crypto currencies are accepted, so here you may check our list of brokers, accepting Bitcoins:

 

>>Forex Brokers Accepting Bitcoin<<

 

BCR Disadvantages:

 

Few currency pairs

 

Running a Demo account we counted 29 forex pairs, with the Chinese Yuan the only exotic currency in the list. The broker also offers CFDs on spot metals like gold, silver and copper, oil, indices, stocks and commodities, including soybean, corn and wheat. However, we miss the crypto CFDs, so here you may check our list of brokers, offering Bitcoin CFD trade:

 

>>Bitcoin Forex Brokers<<

 

Confusing presentation of the account types

 

With a Standard Account, which you can open after depositing 500 AUD, you get spreads starting form 1,7 pips, which is exactly what we got for the EURUSD pair, when we tested the trading platform with a Demo Account. BCR says they are taking commission on the trade, but as tested no commission was taken.

 

Then we have the Pro Account, with spreads advertised to start form 1,1 pips and again the broker says there is some commission, without specifying what.

 

And finally we have the Alpha Account, where spreads should start as low as 0,1 pips but  with the 8 AUD or roughly 6 USD commission per lot, we end up with a nominal spread of 0,7 pips, if the USD is the second currency in the pair. Have in mind that one standard lot is 100 000 base currency units.

 

What confuses us here is that to open an Alpha Account you need to invest 500 AUD – the same amount as with the Standard Account, while for a Pro Account, which offers less favorable trading conditions, you have to invest 20 000 AUD.

 

 

Here you may also want to check our list of brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Conclusion:

 

BCR is an Australian forex and CFD broker with sound regulation by the  Australian Securities and Investments Commission. Apart form that the broker offers relatively competitive spreads with great leverage on the MetaTrader4 platform. 

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Traders` reviews for BCR

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