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BforFinance Review - is it scam or safe?

BforFinance Review - is bforfinance.com scam or good crypto cfd broker?

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

RECOMMENDED FOREX BROKERS


Trading Accounts and Conditions

 

Trading account Min. deposit Max. leverage Bitcoin Spread
Standard  N/A N/A €20 on BTC/EUR

 

BforFinance presents itself as a virtual platform for earning money on cryptocurrencies. One might think that it is a cryptocurrency exchange, but in fact what they offer is trading in digital assets in the form of CFDs. The problem is that BforFinance has not shared any essential trading conditions on its website, and what is worse, it does not hold a legit forex broker license.

 

Here are our impressions of this broker, after we made a thorough research on the company and tested its platform. Make sure you read it prior to investing with BforFinance:

 

 

BforFinance Advantages

 

Trading in wide range of cryptocurrency CFDs

The only possible advantage of BforFinance we could think of is the huge selection of coins available for trade in the form of Contracts for Difference.  They are traded against fiat currencies and other digital assets.

 

 

BforFinance Disadvantages

 

No company name, no license

BforFinance does not mention anything about license, nor financial regulation. What is worse, its website does not feature even the name of the company operating the brand. There is only an address and contact number of the broker’s customer support.

 

 

This means that BforFinance’s services and website are basically anonymous, and whichever the company behind the brand, it is not regulated. Doing business with unregulated broker is risky, and investing with an anonymous one basically means throwing your money in the trash.

 

Blacklisted by the French financial regulator

Besides, we found out that the supervisory authority of France, Authorité des Marchés Financiers has included BforFinance in its list of unauthorised online investment offering or providing services in France for derivatives whose underlying assets include cryptocurrencies. This is another major flag regarding this crypto broker.

 

 

Zero clarity on trading conditions

BforFinance’s website lacks information on the most important details of its offer, such as the reference spreads, maximum leverage levels provided, account types, etc. Free testing service is also unavailable, so we can safely conclude that the broker is not transparent with its services and pricing, which is also very typical of scam brokers.

 

Unproven web platform

We signed up with BforFinance (without depositing any money) in order to sneak peek into its platform and take a look at what it actually offers. As a result, we got access to some unproven web interface, which is oversimplified and would better suit a binary options trading venuew. Here is a preview:

 

Click on the image to view full size.

 

Most traders prefer trading on the good old MetaTrader4 (MT4), which has proved to be an intuitive and reliable platform. The MT4 is popular for its great charting, support for automated trading via Expert Advisors, the MQL marketplace, easy customization, and more.

 

 

>> Check out the best MetaTrader4 brokers <<

 

 

No forex trading, nor CFDs on indices, stocks, precious metals

While BforFinance offers trading in wide range of cryptocurrencies, you cannot trade in “traditional” currency pairs like EUR/USD, commodities, indices and stock CFDs, which are quite popular among traders.

 

 

Conclusion

 

BforFinance is an unregulated broker blacklisted by the French financial watchdog, which is surrounded by uncertainty both regarding its corporate background and trading conditions. In other words, this cryptocurrency CFD broker has all the trappings of a scam, and you’d better not risk a single buck with it.

 

The forex and cryptocurrency markets are unfortunately full of con-artists and scammers seeking to swindle misinformed traders on every turn. This is why regulation is so crucial as it is the most clear-cut indicator of legitimacy and the best trust-creator in the business. So, if you are into digital assets like Bitcoin, you’d better trade them on a regulated crypto-exchange, or with a licensed forex broker.

 

 

>> Licensed Bitcoin forex brokers <<

 

 

And finally, here are the highlights of the present review of BforFinance:

 

Pros Cons
Wide range of crypto CFDs Limited company info, no financial regulation
  Blacklisted by the AMF
  Zero clarity on trading conditions
  Unproven web platform
  No forex trading, nor CFDs on indices, stocks, precious metals

 

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Traders` reviews for BforFinance

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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