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BestSpreadFX (BSFX) Review - is it scam or safe?

BestSpreadFX (BSFX) Review - Is bestspreadfx.com scam or good forex broker?

RATING: 1.5 / 3 REVIEWS BestSpreadFX (BSFX)
BestSpreadFX (BSFX) is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Trading Accounts & Conditions

 

Account type Minimum deposit Maximum leverage Spread
Mini $100 1:1000 From 0.8 pips
Standard $500 1:1000 From 0.6 pips
TOP $3,000 1:500 From 0.4 pips
VIP $10,000 1:200 From 0.3 pips

 

BestSpreadFX (BSFX) is a forex and CFD broker. The company’s offering may seem amazing, on paper, but once you delve into it, the situation becomes slightly different. 

 

BestSpreadFX (BSFX) Advantages

 

Very tight spreads 

With a name such as this, this should obviously be one of the main attractions of the broker. We must mention the levels mentioned in the table above are only the broker’s claims. That being said our test with the demo platform confirmed them, at least when it comes to EUR/USD.

 

 

MetaTrader4 trading

The trading platform provided by BestSpreadFX is one of the best in the industry. MT4 is a software, which most veterans are familiar with – it has been around for quite some time, but some of its “golden features” haven’t changed. The charts are still top-notch, while the speed of order execution is very fast. Additionally, there are mobile and web-based versions for situations when you are on the go. 

 


What you get when downloading MT4 form BestSpreadFX

 

>>MT4 Brokers<<

 

Very high leverage 

The ratios provided by this broker vary depending on the account type, but are more than sufficient for all of them. The 1:1000 ratio offered to smaller traders borders with insanity and allows you to go for an “all-in” approach. This isn’t what those who are successful in the long run usually do. We would advise you to take a more serious approach to your investment and at least learn the core risk management fundamentals.

 

$100 minimum deposit 

This is very acceptable requirement, which will allow many people to open an account with this broker. While some have set the bar higher and others even lower, the key thing to remember is to never risk more than what you are willing to loose.

 

New payment methods supported

BSFX provides access to some of the most innovative payment solutions available up to date, Skrill, Neteller and Cryptocurrencies, alongside the more traditional Bank Transfer. The crypto offering is not limited to Bitcoin, but also features Ethereum, Ripple, Litecoin and Monero. 

 

BestSpreadFX Disadvantages

 

Offshore company, not regulated 

BestSpreadFX is owned by SafePay PHP Ltd., which shouldn’t be confused with a the well-known payment provider. This entity is registered in Antigua and does not claim to be connected to any financial regulatory agency. This is a big concern, which will outweigh all the positives mentioned before.

 

Spreads are slightly misleading

The EUR/USD spread we saw with this broker’s demo account matches the bold claims made on the website. That being said, neither of the other major currency pairs were ever under 1 pip. This may be a way smaller issue than the previous one, but simply doesn’t look good.

 

 

>>Verified, real-time spreads from some of the top brokers<<

 

No support for Credit Cards

Oddly enough, BSFX supports some of the newest payment methods available (cryptocurrencies), but doesn’t handle the most popular one. Credit Cards combine an instant payment with a very high level of security.

 

 

Conclusion

 

BestSpreadFX (or BSFX) is an unregulated forex broker based in Antigua. These two factors are enough for us to not recommend them as a trading partner, despite the otherwise excellent trading conditions.  

 

To further underline this point we will state it as bluntly as possible – there is no guarantee you will ever see your funds, or a portion of them, if you deposit with this company. This is the reality of online trading – there are a lot of scammers, who are willing to create an amazing website to lure unwary investors. Luckily, financial regulation exists – brokers who are registered with a reputable regulatory agency will always pay back their clients. The United Kingdom’s Financial Conduct Authority (FCA) is a watchdog we frequently like to give as an example.

 

>>FCA regulated Brokers<<

 

Every forex broker registered with them must keep client funds separated (the technical term is segregated) from their own. This prevents the most obvious form of scam, which we alluded to before. Furthermore, the Financial Services Compensation Scheme (FSCS) is in place. This is a mechanism, which will cover you, in case your broker goes bankrupt. Such systems are common in Europe and also frequently cover the banking sector. The FSCS guarantees up to £50,000 per trader.

 

The strong and weak points of BSFX, (with one of the cons being vastly more important than all of the rest):

 

 

Pros Cons
Very tight spreads Offshore company, not regulated 
MetaTrader4 trading Spreads are slightly misleading
Very high leverage No support for Credit Cards
$100 minimum deposit   
New payment methods supported  

 

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Traders` reviews for BestSpreadFX (BSFX)

Spread

Pros

Cons

 

 

Slippage

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Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

BestSpreadFX.com is not to be trusted

BestSpreadFX.com is not a broker you would want to deal with. Their customer support is completely lacking and worst of all they engage in an illegal practice of gauging their clients when it come time for withdrawing your winnings. I have deposited $1,016.00 with them for the purpose of trading Forex currencies. They immediately added a bonus of $1,000.00. I promptly emailed them with a request to remove the $1,000.00 bonus because of my preference to seeing actual balance in my account. When I went back to check if my request has been processed, I noticed that they deducted $1,016.00 instead of just $1,000.00. I made no qualms about it thinking that it was a negligible amount to worry about. A few days past, I noticed that they added the bonus back again. I wrote them again to remove the bonus. However, this time, even though I wrote to them another couple of times, they never did and didn't bother to respond to me with a reason why they insisted not to.

A few days later, I noticed that one of my trades, which was executed at 128.338, for reasons unbeknownst to me, was switched to 128.089. I wrote them several emails, such as the one below*, asking them to explain why this happened to which I received not even one reply.

*Urgent reply needed: Trade #12938313 in my account was executed at 128.338 (See Journal entry.) For some reason open price for this trade was recorded as 128.089. Please provide explanation/correction. Please respond asap.

When I saw that they would't even bother to write an explanation, I decided to switch brokers. I went on BestSpreadFX.com back office and requested for my balance, which was $1154.00 at the time, to be withdrawn in the form of bitcoins to coinbase.com. As I awaited the withdrawal in my coinbase account I notice a pending transfer of only $984.52. I quickly went back to BestSpreadFX.com back office to see why out of $1,154.00 they only transferred $984.52 and saw that they charged me a "Cancelled Bonus Fee" of $68.50, a "Change Commission Fee" of $85.60, and another $15.39 for withdrawal.

If anyone reading this review thinks this is fair or to be expected from a legitimate broker, then go ahead and entrust your business to BestSpreadFX.com. I know I wouldn't. They are thieves and completely undeserving of any trader's consideration for a broker!

Nyuzman 11/07/2018

100% Pure scam - do not come near Bestspreadfx

In the coming days I will detail the MANY ways this broker will rip you off EVERY SINGLE DOLLAR POUND FRANC from you VERY VERY FAST.

Highlights Include:
Fake spreads
Horrible support -(worst case scenario, you think of the absolute worst case scenario in your mind then times that NIGHTMARE times 10)
Of the thousands they stole in trading on their FAKE platform THEY NEVER GAVE ME BACK ANY MONEY after multiple request to return any remaining balance I had.
Bonus is a total S*^T Show
Somehow they piled on extra fees even though it didn't matter that they itemized everything in those fees it was pointless because I never saw any money again.
Straight liars in my emails I bought them lying versus what they said previously.
IF YOU GIVE THEM ONE SINGLE DIME AFTER READING THIS YOU ARE A BIGGER IDIOT THAN ME!!!

Don't me that guy JESUS CHRIST you are not special they will absolutely destroy you and your money.

Stay tuned I am only getting warmed up I am adding a full blown domain to show all trades all docs and PRECISELY HOW THEY STEAL MONEY. These guys are such horrible thieves they are sloppy and I will show you a step by step METHOD OF THEFT performed by Bestspreadfx.

FREQ 09/13/2018

It's scam site

Their reaction is very slow. And when you run your account, you will be rewarded with a bonus.

I made a deposit of $ 5,600 and asked for a withdrawal, but they are not paying for their childbirth and have not yet withdrawn.

I answer, but now I do not even answer.

Never use it.

It is a fraudulent site.

My account is 11534, 11536.

If you can help, please help me and do not deal with it because I am misled by the low spread.

Again, it is a perfect fraud site.

yun 08/31/2018
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