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BoltFX Review - is it scam or safe?

BoltFX Review - is scam or good forex broker?

BoltFX is an offshore broker. Your money is not safe.


Trading Accounts and Conditions


Trading account Min. deposit  Max. leverage Spread
Basic  $250  1:100 N/A
Advanced  $5 000 1:200 N/A
Premium  $25 000 N/A N/A
Diamond  $25 000 N/A N/A


Clients of BoltFX are offered the above account types and access to the MetaTrader 5, but cannot trade in demo mode. Besides, the broker’s website does not disclose one of the most essential trading specifics – the trading cost.


Read on to get all the details regarding BoltFX and why we would not recommend them as a trading partner.



BoltFX Advantages


Trading on the MT5

As we mentioned in the beginning, BoltFX uses the MetaTrader5 platform (MT5), which is always good news. The latest MetaQuotes’ software is highly praised by the trading community for its ease of use and useful features: the top-notch charting, the support for automated trading via Expert Advisors, easy customization and more. Besides, the MT5 enables traders to execute trades on different financial markets (including exchange-traded stocks) through a single account, which is its main advantage over the MT4. 


That being said, we have to mention that we could not try out BoltFX` MT5, as the broker does not offer free testing service.



>> Check out the best MT5 brokers <<



Solid leverage

The maximum leverage offered by this broker is quite solid, ranging up to 1:200. Such ratio will suit most trading styles and yet is not dangerously high.


Note that a higher leverage ratio isn’t always beneficial – it only allows you to take a greater level of risk, which can lead to quick and serious losses.



BoltFX Disadvantages


Registered offshore

BoltFX is allegedly owned and operated by ESS-Capital LTD., a company registered in St. Vincent and the Grenadines. Companies in this offshore zone just have to follow a simple and inexpensive registration procedure with the Financial Services Authority (FSA), which has explicitly stated that there is no licensing regime for financial services providers.


This mean that BoltFX is not allowed to operate on any regulated financial market, and that their clients are open to all kinds of risks. For example, they might never get to withdraw any money – a problem that is unfortunately not rare with offshore forex brokers, most of which are engaged in some sort of fraudulent activities. That is why we keep reiterating the importance of financial regulation in our reviews as the most important factor for the security of your investment. 


Spreads not announced on website

BoltFX` website lacks information on the most important details of its offer - the spreads, and that is another negative, which is very common among shady offshore brokerages. Investors have the right to know what are the prices of the services provided to them, which means typical spreads, commission fees (if any), roll-over, etc.



>> Compare the spreads of top forex brokers <<



No demo accounts

Our efforts to trade in demo environment with BoltFX proved out to be fruitless, which is always a worrisome sign.


Click on the image to zoom in.


A test-drive of the trading platform is a great advantage and shows that the brokerage is transparent with its service and trading conditions.


Related to other dubious brokers

As you can see from the image in the previous point, the downloadable MT5 offered by BoltFX is provided by a third party - BR Consulting group ltd. This company is not unknown to us, as it operates scam broker BRFX Trade, and was blacklisted by Sweden’s financial regulator (Finansinspektionen).


The MT5 of BR Consulting group ltd. is also used by FXM Capital, which also seems like a scam broker, if you care to read the user complaints submitted as comments to our review of the broker.


High withdrawal and inactivity fees

We also have to highlight that there is a minimum withdrawal amount of $100 at BoltFX and that the broker charges some pretty salty withdrawal fees amounting to $30/€30. On top of that, dormant accounts are charges a fee equivalent to 25% of the deposit amount.





Overall, BoltFX is an unregulated offshore broker that has all the trappings of a typical forex scam – it is not transparent with its services and pricing and various sources suggest links to companies that have turned out to be fraudsters.


As usual, our best advice to investors is to deal only with brokers licensed by reputable financial agencies like CySEC in Cyprus or ASIC in Australia. These companies are subjected to a number of requirements and strict supervision, which provide significant assurance and guarantees to their clients.



>> Trade with a CySEC-regulated broker <<



Let’s sum up our review of BoltFX in a few words:


Pros Cons
MT5 available No financial regulation
Solid leverage Related to other shady brokers
  Spreads not disclosed, no demo
  High withdrawal and inactivity fees


Latest news about BoltFX
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$50 Review Website
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Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
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