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BogoFinance Review - Is it scam or safe?

BogoFinance Review - is bogofinance.com scam or good forex broker?

RATING: 3.2 / 0 REVIEWS BogoFinance
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Trading Accounts

 

Account type  Minimum deposit Minimum trade size Maximum leverage Spreads
Micro $100 0.1 1:100 From 1.4 pips
Classic $2,000 0.1 1:100
From 1.2 pips
Executive $10,000 0.1 1:50
From 1.0 pips
Premium $50.000 0.1 1:50
From 0.8 pips

 


There are multiple account types available at BogoFinance. Our biggest issue with the lineup is the huge jump between the investment requirements for the first two. Additionally leverage is severely limited for the bigger clients, but this is not that big of a problem.

What is more, Portfolio Management services are also available with BogoFinance.

 

The Company. Security of Funds

 

Company

Country

Regulation

Bogofinance S.A.L

Lebanon

Central Bank of Lebanon (CBL)

Bogofinance Capital Markets Ltd.

Cyprus

CySEC

 

Established back in 2006, Bogofinance is a Lebanese broker offering trading in Forex, CFDs, Stocks, options and commodities on the widely used MetaTrader 4 platform.

 

The company behind the brand, Bogofinance S.A.L., is a Lebanese financial institution regulated by the Central Bank of Lebanon ("Banque Du Liban BDL"). It is licensed as a first category financial institution in which it conducts financial brokerage business for the sale and purchase of currencies and other money market instruments, providing investment management services including asset management services and discretionary portfolio management services.

 

The Central Bank of Lebanon's key objectives include protecting consumers and safeguarding monetary and economic stability, among other things. All financial firms and local and international brokers are required to be approved and registered with the CBL. There are also fairly high capital requirements for the brokers and tight regulation.

 

Besides, in April 2017, Bogofinance was granted a license by the Cyprus Securities and Exchange Commission (CySEC). Cyprus is probably the most popular jurisdiction for forex brokerages due to the well-balanced regulation there.

 

CySEC-licensed brokerages must hold at least €730 000, report their trades on a regular basis, and keep client money in segregated accounts, among other things.

 

Furthermore, the Cypriot financial watchdog applies a compensation scheme as additional guarantee to clients’ funds. All CySEC-regulated companies are members of the Investor Compensation Fund, which is able to pay compensation to a maximum of 20,000 EUR to its covered clients, If something goes wrong.

 

Trading Conditions

 

Minimum Initial Deposit

The minimum deposit of $100 is pretty much the current industry average. That being said, some brokers have an even lower requirement. For instance, it is set at only $50 at FXCM.
 

 

Spreads & Commissions

The spreads provided by BogoFinance are in-line with the current state of the industry. That being said, we wished they would offer slightly better ones even for smaller clients. Nonetheless, there are brokers which provide even tighter spreads. For more details be sure to check our special platform, where you can compare the levels provided by some of the best brokers in real time.

 

Leverage

The maximum leverage with BogoFinance is 1:100, which is comparatively low ratio. Most brokers usually offer higher leverage levels, unless any restrictions apply. For example, easyMarkets offers leverage up to 1:400, and XM - up to 1:888.

 

While it is true that such leverage may multiply your earnings on a small deposit, one should keep in mind that there is also another side to it: The higher the leverage, the higher the risk of losses.

 

Trading Platform

 

BogoFinance supports the MetaTrader 5 (MT5), which comes in desktop, and mobile versions.
 
MT5 is a perfectly equipped trading terminal with all the tools traders need. It offers advanced charting package, numerous technical analysis indicators, back-testing capabilities, different order options, and the chance to create and use automated trading strategies (Expert Advisors). Besides, it is easy to use and intuitive, which makes it attractive to newbies.


The platfoprm provided by BogoFinance. Click to zoom-in

 

Methods of Payment

 

BogoFinance’s clients can make deposits to and withdrawals from their accounts via the following payment methods: credit cards, bank wire transfer, Check and BOB-Finance cash. Popular ewallets such as Skrill and PayPal are not available with this broker.

 

Conclusion

 

BogoFinance is a Lebanese MT5 broker regulated by the CBL which recently also got a CySEC license. The trading conditions are pretty much average – not bad, but also nothing special. The tighter spreads come with the better account types, which is to be expected. To sum up the above, here are the advantages and drawbacks with regards to this broker:
 
 

Pros Cons
Regulated Big deposit requirement for the better account types
No commission fees
No choice of trading platforms
Relatively nice spreads    
MT5 available  
More than 10 years of experience 
 
 
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Traders` reviews for BogoFinance

Spread

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Slippage

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Requotes

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Price feed

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Cons

 

 

Platform

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Cons

 

 

Deposit/Withdraw

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Cons

 

 

Customer service

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Summary

Pros

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