de | cn | ru

BluFX Review - is it scam or safe?

BluFX Review - Is blufx.co.uk scam or good forex broker?

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

RECOMMENDED FOREX BROKERS


Trading Accounts

 

Account type Monthly Subscription Leverage Account Balance Speads
Basic £99 1:3 $25,000 N/A
Standard £199 1:3 $50,000 N/A
Pro £249 1:3 $50,000 N/A

 

BluFX is not a traditional forex broker, in which you deposit your own funds and trade for yourself. Instead, it offers three account types for proprietary forex day trading. 


BluFX Advanatges

 

- The broker offers a 25K trading account

BluFX offers proprietary (or prop) trading, which means that it gives traders the opportunity to trade its capital against a monthly fee. Its Basic account type provides you with the opportunity to trade 25K.

 

- BluFX takes the full risk

Supposedly, the above also means that BluFX takes the full risk (and a part of the potential profit). So, a trader earns half of what he makes, without risking anything more than the monthly fee.

 

- Growth potential (Profit targets)

Standard and Pro account types at BluFX provide the opportunity for future account growth, which seems attractive. Each step of the “Trader’s Path” is achieved after gaining 10% on the account balance and not withdrawing anything.

 


 

 

BluFX disdvantages:

 

- Not regulated

The firm behind BluFX is called Blueprint Capital Ltd., which is based in the United Kingdom. That being the case, they do not claim affiliation with the Financial Conduct Authority (FCA). This immediately raises suspicion, as dealing with an unregulated company always carries counterparty risk.

 

- Spreads not disclosed

The costs of trading with the BluFX platform are not disclosed by the company. Given the fact they only facilitate day trading, a slightly higher spread can greatly impact the bottom line of any trader. Usually forex brokers offer spreads within the range of 1.0 – 1.5 pips for the EUR/USD pair.

 

Don't forget, you can always check the spreads offered by some of the industry-leading forex brokes at our dedicated page.

 

-Monthly fee

In order to get access to the company’s capital one must pay monthly fees specified in the beginning of this review, ranging from £99 to £249, according to the account type.

 

-The profit split

Now, this is related to the fact that the broker takes the full risk. Y=That is why the profit split at BluFX is 50:50.

 

- 10% profit requirement for withdrawals

With BluFX, you can only withdraw funds from your trading account after you have made a 10% profit (your first withdrawal can be $2,500, if you chose one of the latter two account types and have reached an account balance of $55,000).

 

-Low leverage levels
The leverage ratio provided by BluFX is 1:3, while traditional forex brokers offer at least 1:100 or 1:200.

 

-No MT4

 

It is not surprising that this broker, unconventional as it is, does not support the good old MetaTrader4 (MT4) platform. Instead, it offers its proprietary web-based platform that has most of the functionalities the MT4 offers. There are no demo versions available, but the company has a video explaining the basic functionality. The window for opening a new order has the familiar tick-chart, which MT4 utilizes. Here is the company’s video:

 


 
Conclusion


  

BluFX is an unregulated forex proprietary trading firm. Unlike other similar companies, it does not require any previous track record or some form of testing or education. On the other hand, access to the company’s services comes with a monthly fee. While the broker provides clients with at least 25K to trade forex and takes all the risk, there is a monthly fee, the potential profit is split 50:50 and a number of other requirements apply.

 

This business model is rather questionable, and is only suitable for day traders. Here are the pros and cons of BluFX:

 

Pros

Cons

25K trading account

Not regulated

 BluFX takes the full risk (supposedly)

Only suitable for day traders

 Growth potential

Lack of clarity on spreads

 

Questionable business model

 

10% target before being able to withdraw

 

Monthly fee, profit split

 

Low leverage levels

 

 

Latest news about BluFX
No news about BluFX. Check back later.
Broker Country Regulation Platform Min Deposit Review
US CFTC, NFA MT4, Web,
in-house
$50 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 BluFX

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

 

 

Garbage

The business model is a joke. The costs associated with the account is always equal to max drawdown, therefore they only provide leverage. They tried to sell me on the "growth" saying if you make money and only if you keep the money you make in their account do you obtain "growth" tiers. LMAO. So basically if you make money you gain more leverage...same as trading through any offshore broker. The associate didnt even understand that they provide nothing at all.

Adam Simonow 11/17/2018
de | cn | ru