de | cn | ru

Bright Smart Securities Review - is it scam or safe?

Bright Smart Securities review - Is bsgroup.com.hk scam or good forex broker?

RATING: 1.1 / 1 REVIEWS ForexBrokerz Bright Smart Securities
Bright Smart Securities is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Bright Smart Securities is a forex and CFD broker, which also says to be offering futures, options and stocks. If you are about to open an account with them be sure to read this review first.

 

Account type Min. deposit Max. leverage Spreads
Standard Account n/a 1:100 0,5 pips, fixed

 

Bright Smart Securities Advantages:

 

Competitive spreads

 

As tested with a Demo account the EURUSD spread, as well as the spreads of six other major currency pairs - USDCHF, GBPUSD, USDJPY, USDCAD, AUDUSD and NZDUSD was fixed at 0,5 pips, which sounds too good to be true. Besides, no commission on the trade was taken.

 

Still here you may check our list of brokers, also offering tight spreads:

 

>> Lowest spread forex brokers<<

 

Good leverage

 

 

Bright Smart Securities offers its clients leverage of up to 1:100, which is basically enough to support any trading style. And while higher leverage gives traders the opportunity to score reasonable profit with relatively small deposits, keep in mind that leverage is a two edged knife. The higher the leverage the higher the risk of losing your funds much quicker. Professional traders, knowing that well, rarely trade with leverage exceeding 1:100.

 

MetaTrader4 supported

 

Bright Smart Securities supports MetaTrader4 – the platform of choice for more than 80 present of all traders around the globe – and that is surely a good news. With its intuitive interface, nice looking charts and numerous market indicators no wonder MetaTrader4 has established a total market dominance for the better part of the last decade. 

 

And last but not least with MetaTrader4 you can run automated trading sessions with the help of specially designed Expert Advisor bots, which by the way, you can easily modify to better fit your trading strategy. Here you may take a look at our list of brokers, also offering the MetaTrader4:

 

>>Find other MT4 brokers here<<

 

Bright Smart Securities Disadvantages:

 

No license

 

Bright Smart Securities & Commodities Group Limited. is based in Hong Kong, where all companies, providing financial services, should be registered by the local Hong Kong Securities and Futures Commission.

 

So we have checked the Public Register of Licensed Persons and Registered Institutions of SFC and Bright Smart Securities were not in the list. That is unfortunate as sound regulation is key for the security of any investment in the sector.

 

The  Hong Kong  SFC as other well respected financial regulators, like the the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) or the Australian Securities and Investments Commission (ASIC) require all licensed brokers to maintain a certain level of operational capital. In the case of SFC that is in the amount of 5 mln. Hong Kong dollars ( 640 000 USD). 

 

In addition SFC licensed brokers are obliged to include a clause in client agreements, allowing investors to claim damages if the intermediary is selling or recommending a financial product that is not reasonably suitable for the client.

 

Another example of the benefits of trading with properly licensed brokers are the client compensation schemes. 

 

FCA and CySEC brokers for instance have to insure all trading capital. Under the FCA backed Financial Services Compensation Scheme traders can receive back up to 50 000 GBP of their capital in case their broker goes insolvent, while under a similar insurance mechanism, traders with CySEC brokers can receive back up to 20 000 EUR. Here you can check our list of brokers licensed by CySEC:

 

>>Forex brokers in Cyprus<<

 

Few trading instruments

 

While Bright Smart Securities says in its presentation to be offering trade with real futures, options and stocks, when we tested their trading platform with a Demo account, we found just seven basic currency pairs as well as CFDs on gold and silver. And that was all. 

 

 

As trading with crypto CFDs is getting more and more popular, here you may check our list of brokers, offering Bitcoin CFD: 

 

>>Bitcoin Forex Brokers<<

 

Just one payment method available

 

With Bright Smart Securities you can deposit or withdraw funds with a direct bank transfer only. They are not taking payments with credit or debit cards or well known e-wallets like Skrill, Neteller or PayPal, as well as UnionPay, which is a pretty popular method of payment in mainland China. However, as payments with crypto coins are getting more and more popular lately, here you may check our list of brokers, accepting bitcoins for deposit:

 

>>Forex Brokers Accepting Bitcoin<<

 

No information on the minimum deposit requirement

 

There is no information on the Bright Smart Securities website about the minimum deposit requirement to open an account. Have in mind that with most brokers you can open an account with less than 250 USD, while some big names like FBS and IG do not have a minimum deposit requirement at all.

 

Conclusion:

 

Bright Smart Securities is an unregulated broker, offering few trading instruments and zero security for potential investors. As we have already discussed, only dealing with properly licensed brokers can guarantee the safety of your capital.

Latest news about Bright Smart Securities
No news about Bright Smart Securities. Check back later.
Forex
Broker Country Regulation Platform Min Deposit Review
US CFTC, NFA MT4, Web,
in-house
$50 Review Website
US NFA, CFTC MT4 $250 Review Website
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
Australia, Cyprus ASIC, CySEC MT4, MT5, Iress $100 Review Website
Cyprus, Australia CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
UK FCA MT5 $5 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website

Traders` reviews for Bright Smart Securities

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

 

 

de | cn | ru