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BlackStone Futures Review - Is it scam or safe?

Blackstone Futures Review - is blackstonefutures.co.za scam or good forex broker?

RATING: 2.5 / 3 REVIEWS BlackStone Futures
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Trading Accounts

 

Account type/Platform Minimum deposit  Minimum trade size Maximum leverage Spreads           
MT4 R5 000 (~$357) 0.01 1:100 1 pips, fixed
CloudTrade R5 000 (~$357) 0.01 1:100 2 pips, fixed

 

Blackstone Futures offers its clients two trading accounts, depending on which platform you choose: MetaTrader 4 or the broker’s proprietary cloud-based platform. Both accounts offer commission-free trading, fixed spreads, leverage up to 1:100, as well as the option to trade in micro lots.

 

The Company. Security of Funds

 

BlackStone Futures is a South African brokerage, offering trading in forex, global equities, commodities and stock indices on two platforms. The brand is operated by BlackStone Futures (Pty) Ltd., a company which is licensed to provide investment and brokerage services by the Financial Services Board (FSB).

 

The FSB is in charge of the licensing process and oversees the non-banking financial services industry in the country, which includes the activity of financial service providers. What is more, licensed brokers must keep all client funds in segregated trust accounts in a recognized bank in South Africa.

 

Although regulation in South Africa is not among the strictest and most reputable ones (such as the one in US or UK, for example), it provides a certain level of reliability.

 

Trading Conditions

 

Minimum Initial Deposit

In order to open an account with BLACKSTONE FUTURES, traders have to invest a minimum of R5 000 which is around $357. Such minimum initial amount is average for the forex market. In comparison, Alfa Financials, which is also licensed by FSB,  requires $1 000 as a start.

 

Spreads & Commissions

BlackStone Futures`s sole account provides only fixed spreads. The ones available on the MT4 platform are quite good, amounting to 1 pips on EUR/USD, while those on the proprietary platform are average – 2 pips for this pair. As most fixed-spread brokers, this one also does not charge commission, as it gets its remuneration through the spread.

               

For purposes of comparison, Cypriot broker Markets.com, which recently got a license from FSB, offers fixed spreads of 2.0 pips on the EUR/USD.

 

For more information, you may look up real-time spreads of 15 leading brokers here.

 

Leverage

The maximum leverage level offered by BlackStone Futures is 1:100, which is considered a mediocre ratio, since most brokers provide more. Here is a list of brokers offering leverage equal to or exceeding 1:500.

 

Keep in mind, however, that the higher the leverage, the greater the risk.

 

Trading Platforms

 

BlackStone Futures supports the renown MetaTrader 4 (MT4), as well as its in-house CloudTrade platform.

 

As its name suggests, CloudTrade is a cloud-based trading platform. It is easy to use and provides relatively fast and reliable performance, allowing for instant execution of market orders and several pending order types. Thera are also CloudTrade apps available to download on android and apple.

 

 

However, we find that its charting package is quite limited and it lacks many of the advanced functionalities offered by MetaQuotes’s platforms, such as Expert Advisors (EAs).

 

So, it is a good thing that BlackStone Futures also supports the powerful MetaTrader 4, which is highly regarded by the online trading community mostly because it allows users to fully automate their trades by choosing from a wide range of EAs. What is more, it offers a number of technical indicators, extensive back-testing environment and advanced charting package. Here is a list of more forex brokers offering MT4 platform.

 

In fact, we find that the information on this broker’s website is rather scarce. Nothing is mentioned about account management services, VPS hosting or signals trading.

 

Methods of Payment

 

Clients of BlackStone Futures are able to use only bank wire transfers a payment method.

 

Conclusion

 

BlackStone Futures is a relatively young South African broker that offers trading in a number of financial instruments on its in-house web platform CloudTrade, and on MT4. The main thing that bothers us with this broker is that it does not offer ECN environment with variable spreads (it may be a MM). To sum up the above:

 

Pros

 Cons

Regulated

No choice of payment methods

Choice of trading platforms, MT4 available

No variable spreads, no ECN environment

Commission-free trading

 

Low fixed spreads on MT4

 

 

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Traders` reviews for BlackStone Futures

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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TRADE AGAINST THEIR CLIENTS

Blackstone futures are partnered with Finsa bank/markets in the UK. Although Blackstone claim that they dont trade against their clients. However, there partners Finsa Markets do trade against you. Be WARNED blackstone futures is just FINSA Markets but in SA. I would stay clear of this broker.

Craig 08/18/2017

Great Broker

I have been using Blackstone Futures for the past year and i have never had any issues with them, to deposit money is quik and easy and to withdraw normally happens within 2 business days they are very easy to get hold of and very quik to respond to emails and questions. they are straight foward and theres no "funny business" as with many other brokers i have used in the past.

Zulfiqr Patton 04/28/2017

Great Service

They have advanced the offering a great deal. One thing I like is they are not market makers. They get liquidity from a London and only earn commission on the trades that are executed on the platform ... rare in this industry! They do have a card funding facility. They also have a resident analyst that puts out daily videos and commentary which is very helpful. If you are a novice they are also happy to provide basic training which certainly assisted me get started. All in all, the best forex broker I have found in SA. Keep up the good work.

Nick 01/24/2017
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