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BECFD Review - is it scam or safe?

BECFD Review - is becfd.com scam or good forex broker?

RATING: 1 / 8 REVIEWS
BECFD is an offshore broker. Your money is not safe.

Trading Accounts & Conditions

 

Account type

Minimum deposit

Minimum trade size Max leverage Average spread
Standard Undisclosed 0.01 1:200 3.0 pips

 

We could not get information about different account types on BECFD’s website, so we will assume that it offers a single account type.  This account is commission-free, with leverage up to 1:200, and fixed spreads.

 

BECFD’s website, which is not very informative regarding the broker’s trading conditions, is available in English, German, Italian and Russian.

  

The Company. Security of Funds

 

Company
Country
Regulation
BECFD Limited
Marshall Islands
N/A

 

BECFD claims to be a pure STP broker, but it most likely is not, considering that it offers fixed spreads. Otherwise, judging by the information on its website, BECFD seems to offer wide range of financial instruments for trade, including many forex pairs, and CFDs on indices, commodities and stocks.

 

The brand is operated by a company registered in the Marshall Islands, an offshore zone when brokers are in fact not regulated, nor supervised.

 

>> The risks of trading with an offshore forex broker <<

 

We keep reiterating that doing business with offshore brokers is not recommended, as clients have no protection, if something goes wrong. Such brokers can manipulate trading platforms and do whatever they like with your money actually, and there is not much you can do about it. Many of these companies are pure scams, and BECFD may be one of them. It does not offer demo accounts and much of the relevant information about its trading conditions is missing, which raises a red flag.   

You’d better select among brokers licensed by FCA in the UK, or CySEC in Cyprus for example.

 

Trading conditions

 

Minimum initial deposit

BECFD has not specified what is the minimum investment it requires by investors. Most brokers demand $100-$250, and some, like easyMarkets, even less. You can open an account with the letter by depositing just 5 bucks.

 

Spreads and Commission

According to the live price feeds on the broker’s website, the spread on EUR/USD is fixed at 3 pips, which is           a very high value.

 

 

By comparison, most fixed-spread brokers offer spreads of 2 pips for this pair, and some, like CySEC-regulated easyMarkets, even lower.

 

Accepted currencies: USD, EUR, GBP, TRY, DKK, SEK, and NOK.

 

Leverage

BECFD offers leverage up to 1:200, which is an average ratio. If you are willing to take the risk to use higher leverage levels, a number of brokers offer leverage of 1:500 or even higher. However, make sure you are aware of the dangers margin trading involves – high leverage may multiply both your profits and your losses.

 

Trading Platform

 

Like most forex brokers, BECFD offers MetaTrader4 (MT4), however we could not download and test it, although we opted for a demo account.

 

Although it was launched more than 10 years ago, it seems that MT4 is still the traders’ favorite platform. This is probably due to its ease of use, top-notch charting and wide range of indicators, Expert Advisors (EAs) and the option to create such of your own.  

 

Besides, MT4 offers many risk management tools including stop loss, take profit and order entry, as well as embedded tick charts, alerts and signals. It also allows you to easily manage multiple open positions and switch instantly between assets and markets.

 

Methods of Payment

 

BECFD offers its clients the following payments methods: bank wire transfer, credit/debit cards, e-Wallet Skrill, Neteller, Web Money, Qiwi, AstroPay, and Yandex. PaySafeCard is also available.

 

Conclusion

 

BECFD is a forex broker supporting the MT4 platform whose website is not very informative.  In our view the main concern with this broker is the fact that it is registered offshore and that it might be a scam, as relevant trading information is not available on its website and also it does not offer demo accounts. Besides, its spreads are too wide. Here are, in a nutshell, the pros and cons with regards to this broker:

 

Pros

Cons

MT4 offered  

Registered offshore

 

High spreads

 

No demo accounts

 

Relevant trading information missing on website

 

Latest news about BECFD
Forex
Broker Country Regulation Platform Min Deposit Review
Cyprus CySec, FCA MT4, MT5, Web $5 Review Website
Cyprus, Australia CySec, ASIC MT4, Web $100 Review Website
UK, Cyprus, Hong Kong FCA, CySEC, SFC MT4, Web,
PrimeTrader
$100 Review Website
UK, Cyprus FCA, CySec MT4, MT5 $5 Review Website
UK, Australia FCA, ASIC MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus CySEC in-house mobile
app
$50 Review Website
Seychelles FinaCom MT4, Web $10 Review Website

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Traders` reviews for BECFD

BECFD seem a fraud

I deposited 1000 euros with BECFD in December 2017 and was on the verge to deposit another 4000 euros in February when a colleague advised me to put them to test. I did by requesting a withdrawal of part of my money on the 23rd January 2017. Since then, I have had five withdrawals rejected, spoken to more than five different workers there, Sarah, Holly, Mohamed etc. I guess they all go by pen names. I have resolved to pursue them in any form because I must get my money back or they go out of business completely. Please be careful in doing business with them.

Sheku Kemoh Mansaray 02/13/2018

Scamers

Dont put money in this company!!!

Thay dont let you withdraw your money i waiting already 2 weeks and there written that in 2 -5 days you can withdraw, when you have 4 day broker calling you and if you dont want trade with him he canceling your withdrew with no reason....dont put money cheaters scammers!!!!

Martins Maleckis 01/11/2018

Scam BECFD

They pester you like lice and when they get your money they finish off with you .You cannot contact them because they block all their lines you cannot get your money back. It is a scam.
They are in Montenegro but route their phone through Switzerland. They tell you they are British with English name but with East European accent. AVOID THEM

Willy 12/19/2017

BeCFD experience

BeCFD Do not go anywhere near this mob. They are confidence tricksters and they will rob you. I have had a bad experience with them and can vouch for their dishonesty.

Louwrens Potgieter 12/11/2017

BECFD: Refund has not been issued

I had opened an account with becfd few months back. Before I had opened the account with them they had promised me all support and training. I opened an account with £500 As soon the account was opened I was shown that if I can add more money I could make fortune with bitcoin. As i had no money I requested them to trade oil and currencies. One trade was made and they showed me a profit of £36. I was not introduced to the platform I could not trade on my own the broker refused to help me unless I put in more money. I asked the co. that if they could not help me they should refund my deposit but despite my repeated requests refund has not been issued.I need advice, please.

rishpal singh 12/07/2017

BECFD take all your money and then they disappear

I invested and my broker told me again and again how much money I made and that I should invest higher. When i asked him to close my account and pay whatever money there is now, he never spoke to me again. I tried to contact the helpline, him by mail, someone by phone - nobody ever reacted anymore. Now they did something so my balance is zero. I invested, the market rose - but still all my money is gone and nobody reacts anymore. This is extremely scam!!!

mirjam 11/25/2017

BECFD Scam: money cannot be withdrawn

I deposited amount of 1500 usd to becfd and let the account manager trade for me using any desk.com because I don’t know How to trade, I don’t have any background in trading. After that it’s difficult for me to contact him, and when he contacted me only when he wants to ask me for additional deposit again for some reasons, and the ending part no profit and almost if my investment was gone and only 200usd was left and I contacted becfd to withdraw the remaining money it cannot be contacted. Account manager only wants the depositors that there money to get wasted and money cannot be withdrawn.. scammer...

Terrence D. Pulvera 10/30/2017

I initially paid € 600

Ich zahlte zunächst € 600 ein, wurde gebeten, weiteres Geld einzuzahlen.Zahlte weitere 3000, dann nochmals 3000, wonach das Geld verspielt war. Damit ich zur Rettung eine Chance hätte, mußte ich nochmals 3000 einzahlen. Jetzt warte ich auf neue Zahlen, habe mitgeteilt, wenn kein Erfolg, Konto aufzulösen.
Das Ganze ist sehr undurchsichtig und riskant. Man könnte Zweifel haben, ob es sich hier nicht um Betrug handelt.

Translated by Google:

I initially paid € 600, was asked to deposit more money. Paid another 3000, then again 3000, after which the money was lost. In order for me to have a chance to rescue, I had to deposit 3000 again. Now I'm waiting for new numbers, I have communicated, if no success, to dissolve account.
The whole thing is very opaque and risky. One could have doubts whether this is not fraud.

Gerhard Bergauer 10/30/2017
Forex
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