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BFX Review - is it scam or safe?

BFX review - Is brotherforex.com scam or good forex broker?

RATING: 1.1 / 1 REVIEWS BFX
BFX is an offshore broker. Your money is not safe.

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BFX is a forex and CFD broker, focused mainly on the Chinese market. If you are about to open an account with them be sure to read this review first.

 

Account type Min. deposit Max. leverage Spreads
Standard Account n/a n/a n/a

 

BFX Advantages:

 

Leverage of up to 1:400

 

With a leverage of up to 1:400, as offered by BFX, you can implement even the most aggressive trading strategy. Still, keep in mind that while good leverage may help you score good profit with a relatively small deposit, it can also vaporise your funds in a matter of minutes, in case the market fluctuation is more substantial. Professional traders know that well and rarely trade with leverage exceeding 1:100.

 

MetaTrader4 supported

 

In it presentation BFX says to be offering MetaTrader4 – a perfect choice for experienced and beginner traders alike. MT4 is light and intuitive and can support automated trading sessions with the help of specially designed, customizable trading bots – Exper Advisors. The platform also sports more than 50 in-build market indicators and nice looking charts.

 

MetaTrader4 is used by more than 80% of traders around the globe. Here you may want to check our list of brokers, offering MT4 as well:

 

>>Find other MT4 brokers here<<

 

BFX Disadvantages:

 

No license

 

The companies behind BFX (Brother Forex) are three - Guangzhou Tian Tian Software Technology Co. Ltd., Guangzhou Sky Software Technology Co. Ltd. and Ying Ming Technology. We are not sure how they are interconnected, but what strikes us here is that they do not bother to provide a contact address or even a phone. Not to mention that there is not a single word about the regulatory status of the broker in the presentation. There is a section on the web site, titled “Regulatory Information”and its empty.

 

 

Investing with unregulated brokers involves an implicit risk of loosing your money to scammers, so our best advise is to invest with properly licensed brokers only. 

 

Well established financial institutions such as the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC) and even the Bulgarian FSC require all licensed brokers to maintain certain level of operational capital, as well as to keep all clients funds in a segregated, protected form creditors account.  In some cases brokers are even obliged to insure traders money.

 

FCA and CySEC brokers for example have to participate in client compensation schemes. Under the FCA backed Financial Services Compensation Scheme traders can receive back up to 50 000 GBP of their capital in case their broker goes insolvent, while under a similar insurance mechanism, traders with CySEC brokers can receive back up to 20 000 EUR. Here you can check our list of brokers licensed by the CySEC:

 

>>Forex brokers in Cyprus<<

 

No demo account

 

BFX  says it is offering some 37 currency pairs, as well as CFDs on commodities and precious metals. As we were not able to test the trading conditions with a demo account, we can not verify the spreads that are said to start at 2 pips with the EURUSD pair. Have in mind that traders expect spreads starting below 1,5 pips. Here you may check our list of brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

No information about the minimum deposit requirement

 

BFX does not disclose what is their minimum deposit requirement. Have in mind that with most brokers you can open a trading account with less than 250 USD, while with some big players like FBS and IG you can start trading with just 5 USD or less.

 

No information about the payment methods either

 

With most brokers you can deposit or withdraw funds with all major credit or debit cards, bank wire and e-wallets, such as Skrill and Neteller. There is no information on the BFX website about the payment methods they accept, so here you may check our list of brokers, accepting payments with Bitcoins:

 

>>Forex Brokers Accepting Bitcoin<<

 

Conclusion:

 

BFX is an unregulated broker, which does not bother to leave a contact address. As we discussed above, any investment with unregulated entities comes with an implied risk of loosing your funds to scammers.

Latest news about BFX
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Traders` reviews for BFX

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bfxinternational es estafa

hola bfxinternational son estafadores ami me estafo diciendo queme iba asesorar y nada

bfxinternational is scam

hi bfxinternational are scammers ami scam me saying that I was going to advise and nothing

eber levi honorio morales 06/14/2019
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