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BCS Cyprus Review - Is it scam or safe?

BCS Cyprus Review - is www.forex-bcs.com scam or safe forex broker?

RATING: 2.5 / 0 REVIEWS BCS Cyprus
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 Trading Accounts

 

Account type Minimum deposit  Minimum trade size Maximum leverage Spreads           
NDD.MT4 $1 0.01 1:200 Variable, averaged 0.4 pips + 0.003%
PRO.MT4 $1 0.01 1:200 Fixed, 1 pips

 

 

BCS Cyprus offers its clients two trading account options: NDD.MT4 and PRO.MT4. Both accounts provide leverage up to 1:200, micro lots for trade and the options to start with just $1. The NDD.MT4 account holders are offered market execution with tighter spreads, however a commission applies, while the PRO.MT4 account is commission-free with fixed spreads and offers more instruments for trade (CFDs).

 

We find the information on its website scarce and a bit controversial. If you decide to open an account with this broker, make sure that you are contracting the Cypriot company, as BCS group also has units operating offshore. There is no information about swap-free Islamic accounts on BCS Cyprus's website, no PAMM services and there is no active demo account option either. 

 

The Company. Security of Funds

 

BCS Cyprus is a retail forex broker, offering trading in around 40 currency pairs, precious metals and some CFDs on the standard MetaTrader 4 platform.

 

It is a part of BCS Financial Group, which is headquartered in Russia and operates since 1998. The group of companies also includes an offshore unit – SVG-based BCS-Forex Limited, UK subsidiary - BCS Prime Brokerage Limited, which is no longer registered as an Appointed Representative with FCA, and BCS Bank – an Investment Bank based in Novosibirsk, Russia.

 

BCS Cyprus is the trading name of BrokerCreditService (Cyprus) Ltd, a Cypriot Investment Firm (CIF), registered in the European Union and licensed by Cyprus Securities and Exchange Commission (CySEC) since 2004.

 

Currently Cyprus is among the most attractive forex broker destinations and one of the reasons for that is its well-balanced regulation. CySEC applies certain rules and requirements to Cyprus Investment Firms, which are not as stringent as those in the US, for instance, however they provide a certain level of credibility. Cypriot Investment Firms must hold at least €730,000 in order to prove their good financial standing. Besides, they are required to keep customer funds in segregated accounts, separated from the company’s operating funds, and to report to the Commission on a regular basis.

 

As a further guarantee to clients’ funds, all CySEC-regulated companies are members of the Investor Compensation Fund, which is able to pay compensation up to €20,000, If the company is in default.

 

Additionally, every CySEC- regulated investment company is also MiFID compliant and therefore entitled to offer cross-border services within the EU under the MiFID Passporting Regime.

 

Trading Conditions

 

Minimum Initial Deposit

In order to open an account with BCS Cyprus, traders have to invest just $1 – a symbolically low minimum deposit.

 

Spreads & Commissions

BCS Cyprus offers pretty competitive spreads - both fixed and floating, varying by account category. The NDD.MT4 account provides average variable spreads of 0.4 for the EUR/USD pair with a commission of 0.003%, while PRO.MT4 one offers fixed spreads of 1.0 pips on EUR/USD. As you probably know, most fixed spread brokers offer around 2 pips spread.

 

For purposes of comparison, average variable spreads on FXTMECN accounts amount to 0.7 pips on EUR/USD with $2 commission per standard lot.

 

Leverage

The maximum leverage level offered by BCS Cyprus is average, reaching 1:200. Yet, most brokers offer higher ratios. FXTM, for example, provides leverage up to 1:500. Check out a list of brokers, providing leverage equal to or exceeding 1:500 here.

 

Although it is tempting to use higher leverage and be able to operate with larger amounts, we advise traders to be careful, for such leverage levels involve greater risk of heavy losses.  Besides, the CySEC plans to set the default leverage to 1:50, in line with ESMA’s guidelines.

 

Trading Platform

 

This broker supports the standard forex market trading platform MetaTrader4 (MT4), desktop and mobile versions also available.

 

MT4 is an internationally acclaimed trading terminal, offering a full spectrum of trading tools and resources: built-in technical indicators, advanced charting package, a wide range of Expert Advisors (EAs) and extensive back-testing options. Traders can download ready-made or create their own trading robots (EAs) and let the program do all the work, no human emotions involved.

 

MetaTrader 4 is available to clients of BCS Cyprus as desktop and mobile versions. More brokers using the MT4 can be viewed here. http://www.forexbrokerz.com/page/metatrader-mt4-forex-brokers

 

Methods of Payment

 

BCS Cyprus supports the following payment methods: credit/debit cards, and bank wire transfer.

 

Conclusion

 

BCS Cyprus is a MT4 forex broker, part of international financial group stemming from Russia. To sum up the above, here are the advantages and drawbacks with regards to this broker:

 

Pros Cons
CySEC-regulated No choice of trading platforms
Low minimum initial deposit   No demo account
MT4 available  

                         

Latest news about BCS Cyprus
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Traders` reviews for BCS Cyprus

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