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BrightWin Review - Is it scam or safe?

BrightWin Review - is brightwinsecurities.com scam or good forex broker?

RATING: 2 / 2 REVIEWS BrightWin
BrightWin is an offshore broker. Your money is not safe.

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Trading Accounts

 

Account type

Minimum deposit

Minimum trade size

Maximum leverage 

Average Spreads

Trading platform 

Standard

$200

0.01

1:100

1.0 pips

MT4/Sirix

 

BrightWin provides several trading accounts that offer variable spreads, leverage up to 1:100 and a choice of two popular trading platforms. What is more, micro lots are available for trade. Besides the Standard account, there is also ECN one, Biz Plan accounts for Affiliate and Social Trading communities, as well as Premium accounts for those willing to deposit more.

 

The Company. Security of Funds

 

Company

Country

Regulation

BrightWin Securities and Finance Ltd.

New Zealand

FMA

 

Established in 2013, BrightWin offers trading in Forex and pairs and Contract for Difference (CFDs) on commodities, indices, and equities through MetaTrader 4 and Sirix Web Trader. The broker operates on a Straight-through- Processing (STP) policy.

 

The company behind the brand, BrightWin Securities and Finance Ltd., is based in New Zealand, registered in the Financial Service Provider Register (FSPR) and as such regulated by the Financial Markets Authority (FMA). 

 

Forex brokers regulated in New Zealand must adhere to a set of standards. Under the FMA client money rules, they are required to segregate all retail client funds from their operational ones. What is more, they have to follow anti-money laundering regulations.

 

Besides, FMA releases periodic updates and press releases about the state of financial markets and the warnings about potential scams, unregistered business, and deregistered brokers.

 

Trading Conditions

 

Minimum Initial Deposit

The minimum initial deposit required by BrightWin is $200. This is a reasonable amount to start trading with, however other brokers, like IG and CMC Markets (initially UK brokerages that also hold licenses with FMA), does not require any minimum deposit.

 

Commission & Spreads

This broker offers commission-free trading and variable spreads, averaged 1.0 pips for the EUR/USD pair, which is a competitive pricing. Most brokers offer spreads within the range of 1.0 – 1.5 pips for this pair.

 

In comparison, IG provides spreads averaged 0.8 pips on EUR/USD on its commission-free accounts. You may check out and compare real-time spreads of 15 leading brokers here.

 

Leverage

The maximum leverage level offered by BrightWin is 1:100, which is relatively low, as most brokers usually offer leverage ratios between 1:200 – 1:400. IG, for instance, provides leverage up to 1:200. If you prefer to use higher leverage levels, you may check out a list of forex brokers offering leverage levels equal to or exceeding 1:500.

 

Keep in mind, however, that the higher the leverage, the greater the risk of losses, which may even exceed initial investments.

 

Trading Platforms

 

As we have mentioned above, BrightWin offers the good old MetaTrader 4 (MT4), as well as the Sirix web-based platform.

 

MT4 is globally popular for its innovative, on the go trading capabilities, variety of built-in indicators, advanced charting, automated trade options (EAs) and extensive back-testing environment. Here is a list of more forex brokers offering MT4 platform.

 

The Sirix platform is also equipped with built-in advanced indicators and charting options. Charts can be displayed in various timeframes and traders can add their own lines, measures and annotations. It also enables users to copy other traders’ actions, as it offers a social trading feed.

 

BrightWin’s Sirix web platform. Click to enlarge.

 

Methods of Payment

 

BrightWin’ clients are offered the following modes of payment: Credit/debit cards (Visa, Visa Electron, Maestro and MasterCard accepted), and bank wire transfer.

 

Conclusion

 

BrightWin is looks like a decent broker operating under the licensing and regulation requirements of New Zealand. Its offerings are attractive with their low cost of trading and two trading platform options. To sum up the above:

 

Pros Cons 
Low spreads Limited payment methods 
Choice of trading platforms, MT4 available  
No commission fees  

 

Latest news about BrightWin
No news about BrightWin . Check back later.
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Traders` reviews for BrightWin

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

 

 

Withdrawal option

The dashboard have the withdrawal option and the Internal transfer Option.

Jerome 12/04/2018

Not showing some option on the client dash board

They do not show an option of withdraw.,or internal transfer in their dash board only deposit option,so they are not trusted

Musonda Zulu 09/21/2018
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