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Belfrics Review - is it scam or safe?

Belfrics Review - Is belfrics.com scam or safe cryptocurrency exchange?

RATING: 1.8 / 2 REVIEWS ForexBrokerz Belfrics

RECOMMENDED BITCOIN BROKERS


Trading Accounts

 

Account type Daily withdrawal limit Leverage Fee
Standard 0.5 BTC N/A 0.50%
2FA set 50 BTC N/A 0.50%

 

Belfrics is a company which provides access to Bitcoin. They appear to have a focus on a few Asian and African countries and (as our experience indicated) one may have a difficult time registering.

 

The company, security of funds

 

Company Country Regulation
Belfrics Global Sdn Bhd Malaysia N/A

 

Belfrics is a trade brand of Belfrics Global Sdn Bhd, a company, based in Malaysia. As we mentioned before, their website has different versions focusing on different countries. The full list includes: Malaysia, Singapore, Dubai, Kenya, Hong Kong, China, Indonesia and India.

 

This exchange accepts fiat currency payments and allows the purchase of Bitcoin. Unlike other services, like BTCDirect, they do provide a wallet, which they claim to be very secure. Cold storage and a multy-signature system guarantee that.

 

Once you click around their website, a couple of things immediately stand out. For instance, the FAQ section is entirely video-based. While this is good all of the speech is done by a “text-to-speech software. This immediately leaves a negative impression. Even if the company doesn’t have employees who speak with a proper British accent and they don’t want to hire a voice actor, recording the explanations in person feels a lot more professional.

 

Other than the exchange itself, Belfrics offers other services, like integrating a POS (point of sale) terminal, which would accept Bitcoin in physical shops. This is not a crucial point for the purposes of this review, but makes us believe the team behind this project knows what they are doing.

 

We couldn’t find many useful user reviews on Belfrics, which is understandable given their relatively limited target customers and the fact they were founded several months before the writing of this review. That being said, this exchange has not been hacked. While this doesn’t mean they wouldn’t be targeted in the future, this is still a nice sing.

 

When trying to register an account with Belfrics, we were rejected due to “our telephone being incorrect”. We believe this may be a measure to limit the number of customers to ones in the focused countries.


Trading conditions

 

Trading instruments (cryptocurrencies)

The only cryptocurrency offered by Belfrics is Bitcoin. This may seem limiting to those who are versed in the world of crypto, but keep in mind this is a beginner friendly service. Other exchanges, like Poloniex offer a variety of altcoins and one can easily order a blockchain transfer.

 

Daily withdrawal limitations 

Belfrics has set a limitation on the maximum Bitcoin, which you can withdraw per day/month. While this may seem a bit frustrating to some, it is done as a security measure. After activating two-factor authentication (receiving a confirmation code on your phone) before a transfer is made, will raise the limit to 50 BTC. Given the current price of Bitcoin, this is more than enough for most users.

 

Leverage

Belfrics does not allow trading on margin. Given the fact they are an entry level service and the volatility of cryptocurrencies this is probably better for clients. 

 

If you are familiar with trading and want to give bitcoin a try, dealing with a forex broker, like FXTM may be a better alternative. They offer trading Contracts For Difference or CFDs, which are financial products, copping the price movements of the underlying asset. However this is only suitable for short term price speculation. For a more detailed explanation click here.


Fees

Belfrics charges 0.50% of the volume of each transaction. While most other exchanges also set volume-based fees, they are usually much lower. Some of the higher levels go around 0.25%, with many companies distinguishing between market makers (traders who provide liquidity) and market takers, who take always liquidity. 

 

We must mention these are trading fees, i.e. fees for trading on the platform. The exchanges who offer purchasing Bitcoin directly via credit card, like Coinbase and Bitstamp usually charge a much more hefty fee for that.

 

Trading platform

 

Two platforms are provided by Belfrics. They are called the “old” and “new” one, although we couldn’t test either. As we mentioned earlier, the account creation process wasn’t very welcoming to us. Here is a preview of how they allegedly look:

 

 

Methods of payment

 

Other than the usual blockchain transfers, Belfrics accepts fiat currencies by bank transfer. The important thing to note is that there may be limitations to the countries which they accept. Their website has the following versions: Malaysia, Singapore, Dubai, Kenya, Hong Kong, China, Indonesia, India.

 

Conclusion

 

Belfrics is a cryptocurrency exchange, which focuses on several markets, including Malaysia, Singapore and China. The company only offers Bitcoin as a trading asset, but accepts fiat currencies. While they are a relatively new player in the field, they seem like a decent way to enter the world of cryptocurrencies. That being said, active traders will want to move to a different exchange, as the trading fees are higher than expected. Here is a summary:

 

Pros Cons
No major hacks yet Focus on a few countries
Bank Transfers accepted Higher than the average trading fees
Wallets offered Problems with account creation page (for us)
  Only Bitcoin supported

 

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Traders` reviews for Belfrics

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worst exchange ever

Belfrics kenya is the worst exchange ever. they take 1day to release your bitcoins after you purchase. Imagine waiting 24 hours to receive btc with the high flactuations in prices. I would not recommend belfics to anyone, for me it's the worst exchange ever.

anonymous 12/13/2018

Belfrics CEO is fraud in India

Scammer Praveen vijay kumar

My self Dipen from Gujarat India, this guy Mr Praveenkumar vijaykumar, CEO and founder Belfrics,
He is fraud guy,in 2012 he chairman of Maya iorn ores Private limited, located in Mumbai, company details below…there are two more partners 1. Mitesh rasaikar and 2. NItin jagtiani, they all make FRAUD with us I have cheque of this company amount Rs. 15,50000 /- its all public deposited fund so be careful before make any deal with guy. If you want more details and proof plz feel free and make contact to me I will provide to you more evidence gains him.

https://i3ms.orissaminerals.gov.in/MIS/PLProfile.aspx?id=3319

Dipen Soni 09/03/2018

Belfrics rip off

Belfrics is a scam and they are ripping traders off. In their website, they claimed 0% Maker fee and 1% Taker fee but they charge 1% flat on all orders executed, particularly in Nigeria.

Anthony 07/28/2018
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