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BPFX Sote Review - Is it scam or safe?

BPFX Sote Review - is bpfxsote.com scam or good forex broker?

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

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Trading Accounts

Account type Minimum deposit  Maximum leverage Spread
Standard $0 1:200 From 10 pips*

 

*This is what is mentioned in one portion of the website, while another claims something different. 

 

BP FX Sote is a forex and CFD broker which provides its services via a single account type. Parts of their website appear to be unfinished (like the trading platform, which is currently unavailable) and trading conditions, which contradict themselves. This may be due to the fact they mostly focus on the Chinese market and probably have not prioritized the English version of the site.

 

The Company. Security of Funds

 

Company Country Regulation
BPGM LTD Vanuatu  VFSC

 

The company behind BP FX Sote is the Vanuatu-registered BPGM LTD. Its activities are overseen by the Vanuatu Financial Services Commission. This may be better than a total lack of regulation, but off-shore zones are something we do not recommend. 

 

Vanuatu has became a magnet for shady forex brokers, as the island has a $2,000 capital requirement, for the registration of a new brokerage. If we compare this with the UK’s Financial Conduct Authority(FCA)’s €730,000 demand, it wouldn’t be hard to realize why we do not recommend off-shore zones. The FCA also enforces the account segregation principle, which forces brokers to keep traders’ funds in special bank accounts, which can not be accessed freely. This prevents most of the simple forms of fraud. Furthermore companies are forced to participate in the Financial Services Compensation Scheme (FSCS). IT serves as an insurance mechanism, which guarantees trading accounts against broker bankruptcy. Up to £50,000 per account are covered, against the unlikely insolvency of an FCA-regulated broker.

 

Trading Conditions

 

Minimum Initial Deposit

BP FX Sote doesn’t have a minimum deposit requirement. In essence, you can create a new account with as little funds as you like. This is becoming more and more common, in the very competitive forex industry. For instance, the FCA-regulated broker and spreadbetting provider IG also don't have a minimum.

 

On the other hand trading with a couple of dollars is something, which is suitable only for beginners, who are willing to see if they will feel the psychological pressure. Experienced traders will tell you, a well-capitalized trading account is just as important as your analytical abilities. 

 

Average spreads & Commissions

Spreads at BP FX Sote are hard to determine. One of the sections of their website claims they start from 10 pips on EUR/USD. This is an absurd level, especially when compared to the current offers by some of the world’s leading brokers. Here is a screen-shot of this section (click to zoom-in):

 

 

 

Another portion of BP FX Sote’s website provides a commission formula, which should be added to an unspecified raw feed. Here is a screenshot of this table:

 

 

If this has to be added to the 10 pips spread, conditions become absurd. On the other hand, if a more reasonable feed is provided, this may be a fairly reasonable situation. Do keep in mind a minimum of $2 per trade, will seriously limit the profit potential for small traders.

 

The overall presentation of the trading conditions is poor. We can’t judge them properly.

 

Leverage

The maximum leverage, provided by BP FX Sote is 1:200. This is a solid level, which should suffice for most traders’ needs. You may very well be under a different impression, if you follow the current state of the industry, as many brokerages provide 1:500 or even more.

 

High leverage can be dangerous. In fact, some researchers see it as the main reason, why most new traders loose money. This is the reason why US regulators have limited the leverage ratio, which is being offered to retail traders, to 1:50.

 

 

Trading Platforms

 

BP FX Sote provides its services through cTrader. This is probably the second most popular forex trading platform, after MetaTrader. It does look slightly more pleasing to the eye, although, this is a subjective thing. 

 

One of its key features is the depth of the market (or level2), which it provides. One may argue, this is something which is irrelevant in a decentralized market like the forex. Tape-reading exchange traded instruments is crucial for day trading in those asset classes, although with the huge volumes and amount of high frequency trading, it is also becoming a bit of an obsolete skill.

 

Another interesting feature, offered by cTrader is the automated trading environment – cAlgo. Although it is lacking behind the MQL marketplace, in terms of number of automated systems available, it has grown over recent years.

Sadly BP FX Sote’s platform is currently not available. This may be a temporary issue, or a more persistent technical problem.

 

Methods of Payment

 

BP FX Sote does not provide any information on the methods of payment prior to opening a real account. This is an unusual policy (or an oversight, when designing the website) as most brokers clearly state what the alternatives are. Those who offer one of several e-wallets, such as Skrill or Neteller are considered to be more convenient for some users.

 

Conclusion

 

BP FX Sote is an off-shore forex broker. The company is regulated in Vanuatu, which is notorious for its low standards. Furthermore, BP FX Sote is targeting the Chinese market and their English website feels unpolished. Trading conditions at this broker are unclear, but appear to be far worse than what you can find with other companies. Here is a summary of what we can tell you about BP FX Sote:

 

Pros Cons
cTrader Platform Off-shore regulation
  Unclear trading conditions
  Possibly very high spreads

 

 

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Traders` reviews for BPFX Sote

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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