de | cn | ru

B.I.C. Markets (BICFX) Review - is it scam or safe?

B.I.C. Markets (BICFX) Review - is bicfx.com scam or good forex broker?

RATING: 2.2 / 0 REVIEWS B.I.C. Markets (BICFX)
FIND BETTER FOREX BROKER

RECOMMENDED FOREX BROKERS


Trading Accounts and Conditions

 

Trading account  Minimum deposit Min. trade size Maximum leverage Spread (& Commission)
Premium  $100 0.01 1:400 N/A + $30 / lot
Zero Commission $1 000  0.01 1:400 N/A

 

B.I.C. Markets (BICFX) is a Cambodian forex and CFD broker that offers trading on the MetaTrader 4 platform. Its clients are also offered a choice of the two account types described above, plus MAM and PAMM ones.

 

In the present review, we have highlighted the possible benefits of using BICFX’s services, as well as the disadvantages of this broker.

 

 

B.I.C. Markets Advantages          

 

Licensed in Cambodia

The strongest selling point of BICFX is the fact that it is licensed in the country of its operation. B.I.C. Markets (BICFX) is a trading name of B.I.C. Markets Co., Ltd., a company registered in Cambodia and licensed by the Securities and Exchange Commission of Cambodia. We checked in the online registers of the commission and actually found the above-mentioned firm, as well as the broker’s domain, in SECC’s list of securities firms and investment advisors.

 

The broker also claims that all clients’ funds are kept in segregated client trust accounts with the Bank for Investment and Development of Cambodia (BIDC).

 

MT4 supported

Clients of BICFX have access to the MetaTrader4 (MT4) which is by far the foremost platform in use. It can be accessed through almost any web browser, as well as mobile devices and has great charting and useful functionalities. One such option is the MQL5 programming language through which traders can alter or design their own auto-trading bots or run ready-made ones. 

 

 

>> Check out the best MT4 brokers <<

 

 

Reasonable initial deposit, high leverage

BICFX requires an initial investment of $100, which is not a high amount to start with. Besides, the leverage levels provided by this broker are rather high, reaching 1:400. Keep in mind that higher leverage enables opening larger positions with a small initial deposit, but also brings along bigger risks.

 

 

B.I.C. Markets Disadvantages

 

Light-touch regulation

Cambodia is a newly-regulated financial market (since 2016), where the body in charge of the licensing and oversight of financial services providers is the Securities Exchange Commission of Cambodia (SECC). Although Cambodian forex brokers have to meet certain requirements, such as for capital adequacy (amounting to $250 000) and client account segregation, the local licensing regime cannot be compared to those in the UK, US or Australia.

 

Spreads not mentioned on website, demo ones too high

Unlike most decent brokers who present clearly their pricing and trading conditions, B.I.C. Markets has not mentioned any reference spreads on its website.

 

 

BICFX’ demo web MT4. Click to zoom in.

 

So, we tried out BICFX’ MT4 web in demo mode and found the benchmark EUR/USD spread floating around 2.6 pips, which is two times higher than the industry’s average.

 

 

>> Compare the real-time spreads of top forex brokers <<

 

 

No CFDs on stocks, cryptocurrencies

Another thing we noticed while testing the broker’s MT4 is that some popular financial instruments are not present in BICFX’ product portfolio. It seems that the broker offers trading in forex pairs, CFDs on precious metals, several commodities and 7 indices. Other brokers offer more CFDs and most have included stocks and cryptocurrency CFDs in their offer.

 

 

Conclusion

 

Cambodian forex broker B.I.C. Markets (BICFX) has left us with mixed feelings. On the one hand, the brokerage is regulated in Cambodia, supports the good old MT4 and provides its clients with high leverage levels. On the other, BICFX is not entirely transparent regarding its pricing and its demo spreads are actually higher than the average in the sector. Besides, regulation in Cambodia seems light-touch and cannot be compared to a license issued by ASIC in Australia or CySEC in Europe.

 

 

>> List of CySEC-regulated forex brokers <<

 

 

For example, clients of CySEC-regulated brokers are under the umbrella of the Investor Compensation Fund (ICF), which provides compensation up to EUR 20 000 in the event of broker insolvency.

 

Here are, in a nutshell, the Pros and Cons regarding B.I.C. Markets

 

Pros Cons
Licensed in Cambodia Light-touch regulation
MT4 supported Spreads not mentioned on website, demo ones too high
Reasonable initial deposit, high leverage No CFDs on stocks, cryptocurrencies

 

Latest news about B.I.C. Markets (BICFX)
No news about B.I.C. Markets (BICFX) . Check back later.
Broker Country Regulation Platform Min Deposit Review
US CFTC, NFA MT4, Web,
in-house
$50 Review Website
US NFA, CFTC MT4 $250 Review Website
Cyprus, UK, Belize CySec, FCA, IFSC MT4, MT5, Web $10 Review Website
Cyprus, Australia CySec, ASIC MT4, Web,
Mobile app
$100 Review Website
Australia ASIC MT4, MT5,
IRESSTrader
$100 Review Website
UK, Cyprus, Australia FCA, CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia FCA, ASIC MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website
Australia ASIC MT4, MT5 $100 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website

Traders` reviews for B.I.C. Markets (BICFX)

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

de | cn | ru