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BestSwift Review - is it scam or safe?

BestSwift Review - is bessforex.com scam or good forex broker?

RATING: 1 / 0 REVIEWS BestSwift
BestSwift is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Trading Accounts and Conditions

 

Trading account Min. deposit  Min. trade size  Max. leverage Spread
BS  $100 0.01 1:1000 2.6 pips
Standard  $100 0.01 1:1000 1.8 pips
ECN  $1 000 0.01 1:1000 0.4 pips +$10 /lot
VIP  $20 000 0.01 1:1000 0.4 pips +$6 /lot

 

Forex and CFD broker BestSwift offers the above account types and trading on the popular MetaTrader4 (MT4) platform. Read the full review to see both the strong and weak sides of this broker and why we ultimately gave them this low score.

 

 

BestSwift Advantages

 

Trading on the MT4

BestSwift allows you to access the global financial markets via the ever popular MetaTrader4 (MT4). This platform is preferred by most traders, beginners and professionals alike, because it provides perfect trading environment.  The MT4 software is light, fast, easy to use and reliable. Furthermore, it offers solid charting and is praised for the Expert Advisors – automated trading bots.

 

 

>> Find a better MT4 broker <<

 

 

High leverage provided

Leverage is a bit controversial topic in Forex trading. This is a tool that increases the size of the maximum position that can be opened by a trader. That being said, he ability to trade with 1:1000 leverage at BestSwift is nice in general, but it doesn’t mean that you have to use it to the full, as ratios as high as this significant risk of losses.

 

 

BestSwift Disadvantages

 

Not regulated, despite the claims

BestSwift does not provide a contact number, nor an address, but it seems to be operating out of in Hong Kong. Nonetheless, the broker claims to be licensed by one of the strictest regulators on earth, the National Futures Association (NFA) in the United States. Some investors might be misled, as BestSwift even provides a registration number with a link to NFA’s registration system BASIC.

 

 

As you can see from the above image, BestSwift is registered as a Commodity Pool Operator (CPO). CPOs, and especially exempt ones, cannot be compared to regulated forex brokers in the US, officially known as Futures Commission Merchants (FCMs). We aren’t that familiar with the exact nature of this legal status of Exempt Commodity Pool Operators, but we suppose that they simply have a NFA registration number after the license has been withdrawn.

 

Otherwise, the US regulatory requirements for FCMs are very tough and that is why there are only a couple of brokers legitimately operating there, such as FOREX.com and Oanda. For example, the minimum operational capital requirement for FCMs is 20 mln. USD.

 

 

>> NFA regulated forex brokers <<

 

 

High spreads

We also have to point out that the spreads announced on BestSwift’s website are far from being competitive, at least the ones on the basic account types (BS & Standard). A spread of 2.6 pips on EUR/USD is around two times higher than the average in the sector. For further information and comparison, check out the below link:

 

 

>> Compare the spreads of top brokers in real time <<

 

 

Conclusion

 

BestSwift is a forex and CFD broker with limited credibility. It provides no contact number, nor an address, only a registration number with the US NFA. However, it is not licensed by the latter, nor by any other governmental agency. You should know that trading with unregulated brokers is associated with substantial risk of losing your money to scammers.

 

That being said, you’d better take a look at the link below and choose among forex companies operating legally in the UK – one of the most popular forex destinations globally.


 
>> FCA-licensed forex brokers <<

 

 

To sum up the positive and negative sides of BestSwift:

 

Pros Cons
Supports the MT4 Not regulated, despite the claims
High leverage available High spreads
   

 

Latest news about BestSwift
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Traders` reviews for BestSwift

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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