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Bondex Review - is it scam or safe?

Bondex review - Is bondexfx.com scam or good forex broker?

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

RECOMMENDED FOREX BROKERS


Bondex is a forex and CFD broker, offering three account types on the MetaTrader4 platform. If you are considering opening an account with them be sure to read this review first.

 

Account type Min. deposit Max. leverage Spreads
Standard Account $500 1:200 1,6 pips, floating
Professional Account $10 000 1:200 0,1 pips, floating*
Clearing Account $50 000 1:200 n/a

*commission

 

Bondex Advantages:

 

Over 50 forex pairs, including some exotic currencies

 

Bondex offers its clients a choice of more than 50 forex pairs, including some exotic currencies like Mexican Peso, Singapore Dollar, Norwegian Krone, Chinese Yuan, Hong Kong Dollar, South African Rand, Turkish Lira and Swedish Krona. The broker also offers CFDs on spot metals like silver, gold, platinum and palladium, energy commodities like oil and 10 major indices. Still, as trading crypto assets is getting more and more popular, here you may check our list of brokers offering Bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Leverage of up to 1:200

 

Trading with leverage of up to 1:200 is surely enough to accommodate even the most aggressive trading style. And while higher leverage may help traders score relatively good profit with a minimal investment, you should not forget that leverage is also a two edged knife – with higher leverage the risk of loosing your funds in a matter of minutes grows exponentially. Professional traders know that well and rarely trade with leverage exceeding 1:100.

 

MetaTrader4 available

 

Bondex offers a choice of a web based platform and MetaTrader4. MetaTrader4 is a well known platform – light and intuitive, with nice looking charts and lots of in-build market indicators. With MT4 you can also run automated trading sessions with the help of specially designed trading bots – Expert Advisros, which you can also easily modify on a proprietary scripting language – the MQL4. Here you may check our list of brokers also supporting the MetaTrader4:

 

>>Find other MT4 brokers here<<

 

Bondex Disadvantages:

 

Lack of regulation

 

Bondex Global Limited is based in Belize and says nothing about its regulatory status in its presentation. So we diligently checked the registers of the International Financial Services Commission (IFSC)  - the local regulatory organ, but unfortunately the broker was not among the licensed companies there. 

 

We should note that trading with properly licensed brokers is crucial for the safety of any investment. Have in mind that most often than not unregulated brokers are involved in scam. Properly licensed companies on the other hand do provide sufficient security for their clients and abide by strict financial and ethical rules.

 

Brokers with well respected institutions like the  Financial Conduct Authority (FCA) in the UK, CySEC in Cyprus are even obliged to insure some of the trading capital. 

 

With the FCA backed Financial Services Compensation Scheme for instance, in case the broker is insolvent, traders can receive back up to 50 000 GBP. With a similar compensation scheme with CySEC, traders can receive back of up to 20 000 EUR of their investment. Here you may check our list of CySEC brokers:

 

>>Forex brokers in Cyprus<<

 

Uncompetitive spreads with the Standard Account

 

Spreads starting as high as 1,6 pips with the Bondex Standard Account are uncompetitive compared to the market average. Keep in mind that with an opening account traders expect spreads to start below 1,5 pips. Here you may check our list of brokers offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Unreasonably high minimum deposit requirement

 

To start trading with Bondex you should invest at least 500 USD and that in our view is excessive, as with most brokers you can open a starting account with less than 250 USD, while with some big players like FBS and IG you can start trading with 1 USD or so. 

 

Just for the record to open a Professional Account with  Bondex you need 10 000 USD, while for the Clearing Account you will have to cash in the stunning 50 000 USD.

 

No e-wallets or crypto coins accepted as a payment method

 

With most brokers you can deposit or withdraw funds in a variety of ways – form major credit cards and a bank wire to e-wallets like SkrillNeteller and PayPal and even Bitcoins. With Bondex you can pay only with VISA, MasterCard and a bank transfer, so here you may want to check our list of brokers accepting Bitcoins:

 

>>Forex Brokers Accepting Bitcoin<<

 

Conclusion:

 

Bondex is an unregulated, offshore broker with very limited credibility. Apart form that, the trading conditions are far from impressive and the minimum deposit requirement is excessive. 

 

However, our main concern remains the lack of regulation. As we already discussed, investing with unregulated web sites comes with a significant risk of loosing your money to scammers.

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Traders` reviews for Bondex

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