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BRFX Trade Review - is it scam or safe?

BRFX Trade Review - is brfxtrade.com scam or good forex broker?

RATING: 1 / 11 REVIEWS BRFX Trade
BRFX Trade is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Trading Accounts and Conditions

 

Account type Minimum deposit Minimum trade size Maximum leverage Spreads
Mini $250 0.1 1:500 3 pips, fixed
Silver $1 000 0.1 1:500 2.5 pips, fixed
Gold $5 000 0.1 1:500 2.1 pips, fixed
Platinum $15 000 0.1 1:500 1.5 pips, fixed

 

There are several different account types at BRFX Trade, based on the initial investment made. All of them offer trading with fixed spreads on the MetaTrader 5 platform with high leverage levels. Keep in mind that micro tradeable lots are not available for trade.

 

BRFX Trade Advanatges:

 

- MT5 available

Unlike most brokers, this one supports MetaTrader 5 instead of its predecessor, the MetaTrader 4 platform. BRFX Trade offers the MT5 as a desktop download, web-based version and mobile apps.

 

Developed like a multi-asset trading platform, MT5 has many of the highly praised features of MT4, such as the advanced charting package. However, custom technical indicators and Expert Advisors, created for MT4 do not work on the newer version.

 

>>Check out a list of MT4 brokers<<

 

- High leverage

BRFX Trade offers leverage up to 1:500, which is a very high ratio. We would not advice you to use leverage levels that high, unless you fully understand how margin trading works and the risks involved in it.

 

- Bonuses available

By the time of writing of the present review, BRFX Trade offers on-deposit welcome bonus from 30% to 100% to all clients who deposit more than $500. However, in order to withdraw potential profits from bonus funds, clients have to trade 20 Lots per $100 of the bonus, which creates additional risks of losses.

 

BRFX Trade disdvantages:

 

- Registered offshore, regulatory warning against it

The company owning and operating this brokerage, BR Consulting Group Ltd., is registered offshore, in Saint Vincent and the Grenadines. Forex brokers operating from offshore destinations are not overseen by any regulatory agency, and therefore are not recommended. All the more so, considering that Swedish Financial Supervisory Authority has issued an official warning against  BRFX Trade.

 

- High fixed spreads

BRFX Trade offers only fixed spreads, which are very high on almost all account types, fixed at 3 or 2.5 pips on EUR/USD. By comparison, most fixed-spread brokers provide 2 pips spread for this pair, and some even less. For example, easyMarkets offers trading with a 1 pips spread on EUR/USD, if you deposit more than $250.

 

- Market Maker model

In its Terms and Conditions the broker admits it might act as a counter party to clients’trades. This creates great potential of conflict of interest and that is why most traders prefer to use brokers that utilize ECN execution.

 

>>Check out a list of ECN brokers here<<

 

-No demo accounts

Unlike most brokers, BRFX Trade does not allow users to test their services via a free demo account, which makes it even more shadier.

 

- Relatively high initial deposit required

Usually brokerages require something in the range of $100 - $200 as a start. Companies that demand higher initial deposits are usually regulated and target professional players. That is why we consider the $250 required by BRFX Trade for opening an account a relatively high investment. By comparison, one can open an account with top-tier global brokerage FxPro by depositing just $100.


Conclusion

 

BRFX Trade offers online trading in forex, as well as CFDs on commodities, indices and stocks on the robust MT5 platform. The company behind the brand, BR Consulting Group Ltd., is registered offshore and is not regulated. According to us, this is its main disadvantage, as trading with a unregulated brokers is very risky.

 

Judging by the languages supported by BRFX Trade’s website (English, Italian and Norwegian), it targets mainly European investors. As you probably know, all EU countries have well-developed legislative frameworks regarding financial service providers. So, for residents of the EU it is best to select among brokers regulated by Cyprus’ CySEC, UK’s FCA, or another reliable government agency, instead of risking your funds with offshore brokers. In both Cyprus and UK apply certain requirements for forex brokers regarding their capital adequacy, transaction reporting, client account segregation, etc. Besides, compensation schemes apply in the event of broker insolvency.

 

>>Looking for a well-regulated broker?<<

 

Another thing we don’t like about BRFX Trade is the fact that it offers only fixed spreads, which are very wide. In fact, you have to invest 15 thousand bucks to get decent spreads with this broker, and we would not advise you to do that, as there is no guarantee you will ever see your money again.

 

The fact that BRFX Trade does not offer demo accounts makes this broker seem even more suspicious to us.

 

Pros Cons
MT5 available

Registered offshore

High leverage levels

High fixed spreads

Bonuses offered

No demo accounts

 

Market Maker model

  Relatively high initial deposit required

 

Latest news about BRFX Trade
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Traders` reviews for BRFX Trade

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

 

 

Investment

Hi I have invested two years ago and no reply of my investment. i have send emails and the address don't work. i think is not right of brokers to steal your money it is very bad



Deon Mckie 01/22/2019

Its a scam

Its a pyramid selling scheme, a scam. your money will grow fast as long as you put in more and more. When you stops or try to get your money back, the thing that was so easy when you signed in they drain your account. I lost 20 000, not a lot perhaps but a lot for me. now its gone. They should be in jail.

stefan 11/21/2018

BRFX Trade a big scam

This is a scam trade , I opened an account last year , they er smart to convince you to trade more and more, they call you day round , in this period many other trader call my day after day , and a different person , with one of them I told her at I come to call the police !I didnt know was same trader,next day they send me this message!

[email protected]>:
Good afternoon Ms. Eiden,

How dare you speak to my colleague Julia the way you did. You think that you are going to get anywhere with a garbage pail for a mouth.

You're lucky I'm not telling the Accounting Department to take your money and give Julia a bonus for putting up with you.

If you ever swear again at any of my colleagues or at me, you will wait 5 years to see any of your money.

How do you claim that no one has been in touch with you? I've sent you three emails: 8-1-18, 15-2-18 and 26-2-18. You even answered one of them.

You told me that you were away and you told me the date you were returning. On 26-2-18 I sent you an email asking if you had returned home and I haven't heard at thing.

Perhaps I should call you on the phone, yell and scream at you like an animal, because you didn't return my emails.

This is your last chance. If you wish to see your money any time soon, I suggest you agree to speak with me and you better send an apology to Julia.

I'm available on Wednesday and Thursday. I apolagiesand after some weeks the mony was [email protected]

Nicoleta Folea Eiden 10/24/2018

Never can get to withdraw 1 coin

I have invest first 1000 Euro, and then they call more time every day, and the get me to invest more 5000 Euro, last year in December, and fro january thes year I have ask for withdraw every month, but they allways have new exquise, and if I insitst, they give me a new dealer. Now they try to get more money from me.

Niels Peter Aggerholm 10/02/2018

bitcoin investment

Invested for the purchase of bitcoins since february of this year, and as of then, have not received any information of account movement. When I started, I receive daily telephone calls for me to deposit. After having transferred, I received a call from the lady in charge of my account (Emily Winter), asking me to invest more. When I told her that I would wait until I saw results, have not hear from her, even thou I have sent her several e-mails.

bernardino rodriguez 05/03/2018

Brfx defenitely a scam!

According to my account, I have app. 36000 euro in my account. Impossible to get any money out. They don't anawer any more, after they understand you are not interested in paying in any more. I have been stupid, pls advise others not to do likewise!

Truls Berg 03/01/2018

Scam

This joint is a scam for sure! I opened an account in december last year to trade crytocurrencies im december last year. I decided to close my account and tried to get my money back. But after many requests I heard nothing from them. It's completely silent. I don't think I'll ever see my money again.

Poon fu yim 01/15/2018

BRFX is a Scam

I have very bitter experience with this company. They are nice when opening account and subsequent follow up call to top up the money with 30 to 40% interest on every USD. You will see the promised amount credited in your name under the BRFX trade. I have traded under this platform and experience was bad resulting in loosing roughly 100 K USD.

Be aware of

1. They do not return neither the capital, nor the profit you have earned by taking high risk trading
2. The fixed interest they gave initially as DEALS will be considered as Bonus, although they say initially these are not bonuses and you can withdraw any time you want
3. Finally, I had to agree to their firm 20 Lots for every 100 USD you have earned as fixed interest
4. The increased the Buy and selling rate with out any notification e.g. They increased the rate to 750 USD per lot of BTC (Bit Coin) from 50 USD without notification
5. When you about to reach the target of 20 Lots for every 100 USD, they revoke the trade button so that we will not be able to trade and the money is gone !
6. They do not answer calls after that
7. The relationship manger disappears and never answer calls

And i lost 100 K . One of my friend lost a cool million Euros. Please contact me in my email address for more details such as screen print, voice recording of my conversation with the relationship manager etc

Ganesh Kumar 01/14/2018

I will not receive a answer for withdrawals of my money

I have been in the same situation. They promised from the beginning that I could take out my money at any time. After 1 month, I wanted my invested money, they have been silent not responding to my mail and phone calls. How have you done, you who have been in the same situation? Thank you for contacting me.

Hasmin 12/10/2017

Do I get my money in account to brfx

I invest 10.000 euro and now I have 36.000 - they say it should around 1 mounth before I get the money - can I believe that? I can not choice a withdraw on there page - they say so - can not
So what can I do????

klaus nichum 12/06/2017

No withdraw

They did not let me withdraw my deposit. I made a mistake by depositing on their platform so wanted to withdraw my money. They didn't let me

shmulik 12/06/2017
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