BCR Review

Overall BCR is considered high-risk with an overall Trust Score of 30 out of 100. BCR is registered with ASIC and offers traders the option of several accounts to choose from and high leverage of 1: 400.

BCR at a Glance

BCR Review – 15 Key Point Quick Overview

1. BCR-Overview 
2. BCR Safety or Security
3. BCR Sign-Up Bonus
4. BCR  Accounts Types 
5. How to Open a BCR  Account – Step-by-Step Guide
6. BCR Trading Platforms
7. BCR Fees, Spreads, and Commissions
8. BCR Deposit and Withdrawal
9. BCR Current Popularity Trend
10. BCR vs Etoro vs XM – A Comparison
11. BCR Customer Reviews
12. BCR Pro and Cons
13. Conclusion
14. Disclaimer
15. Frequently Asked Questions

BCR-Overview 

According to research in South Africa BCR is an Australian forex broker company that is based in Sydney.  The company was founded in 2008. The BCR group includes two related companies; BCR AU – located in Australia.

The company’s vision is to provide its investors with the means to cross the divide and reach their financial objectives. They claim that their financial services are a vital tool for either the sophisticated investor or the newcomer just starting out.

BCR Safety or Security

One of the best benchmarks to measure the safety of a broker like BCR is to establish which regulating authorities are watchdogs over its actions. BCR is regulated by both the ASIC (Australian Securities and Investments Commission) and the BVIFSC (BVI Financial Services Commission)

BCR Sign-Up Bonus

No sign-up bonus is offered when opening an account with BCR. Traders who register a real account with BCR are not offered either a deposit bonus, a sign-up bonus, or a welcome bonus. Brokers usually offer these broker bonuses to new traders to draw in more customers and encourage trading activities.

Through the offering of a deposit bonus or welcome bonus, trades have the assurance that they will receive some money back depending on the initial deposit made.

BCR  Accounts Types 

BCR offers its clients several accounts to choose from depending on their skill level:

Standard Account

This account type was designed with beginner traders in mind, it has a minimum deposit requirement of 500/R5 517 AUD ZAR  and a maximum leverage of up to 400:1 with floating spreads that begin at 1.7pips.

  Pro Account

This account type was designed for novice traders, there is a minimum deposit requirement of 500/R5 517 AUD and a maximum leverage of up to 400:1 with a floating spread that begins at 1.1pips.

 Alpha Account

This account type was definitely created for the expert trader as it has a minimum deposit requirement of 20,000/R220 718 AUD, a maximum leverage of 400:1, and spreads that begin at only 0.1pips.

The above account types come standard with the ability to trade in micro lots, scalping is allowed and there is a maximum trade lot size of 10.0.

A forex account at BCR is a trading account that you will hold and that will work similarly to your bank account, but with the difference that it is primarily issued with the purpose of trading on currencies.

Forex Islamic accounts are also known as swap-free accounts as they imply no swap or rollover interest on overnight positions, which is against the Islamic faith.

Often, the number and type of accounts that a trader can open with a broker company differ depending on the country in which it operates and the regulatory authorities under whose jurisdiction it falls.

How to Open a BCR  Account – Step-by-Step Guide

Similarly to a bank, to register a forex trading account with BCR for the first time, you will be required to go through a basic “know your customer” process, which will allow BCR to ascertain your submitted details and ensure the safety of your funds and account details.

To open a live BCR account you only need to follow three simple steps:

Step 1 –Navigate to the demo account registration portal.

Registration – fill in and submit the online account application form on the BCR website

Step 2 – Provide the required information.

Provide identification and authentication of your identity documents

Step 3 – You will be directed to your new demo account.

Fund and activate your trade account through one of the various means

BCR Trading Platforms

The forex trading platform provided by BCR to its clients is in essence the software to carry out their trades. Some brokers provide only one, and others quite a few platforms. A multi-asset trading platform is one that allows clients to trade forex as well as other asset classes. The decision about which platform to choose will usually depend on what a client would like to trade.

BCR offers its clients the use of only one trading platform:

MetaTrader4 desktop and mobile – This is one of the most popular and widely used platforms in the trading industry, MetaTrader4 is known for having a user-friendly interface, excellent educational material, and intuitive research tools that appeal to both beginners and advanced traders.

MetaTrader4 is compatible with several operating systems such as Linux, Mac, Windows, IOS, and Android.

BCR Fees, Spreads, and Commissions

The lowest spread offered by BCR is from 0.1 pip on the Alpha account.

Overall, the spread list and fee schedule offered by BCR is transparent and competitive. Fees, spreads, and commissions that traders can expect when trading with BCR is as follows:

Standard Account spreads start from 1.7 pips.

Pro Account spreads start from 1.1 pips.

Alpha Account spreads start from 0.1 pips.

A rollover or overnight fee is charged on the opened positions overnight – 2.5 % for short and 2.25 % for long positions.

BCR charges a $ 20 commission fee per lot on Stock CFD trades.

BCR Deposit and Withdrawal

Accounts usually require a certain minimum initial deposit, which can be paid in several ways. Withdrawals can usually be done in the same ways, but sometimes differ.

BCR offers the following methods for both deposit and withdrawal;

Wire Transfer, Credit Card, Debit Card, PayPal, Neteller, UnionPay, Skrill, Internal transfer, Local Deposits, and POLi.  The minimum deposit is 500 AUD.

BCR Current Popularity Trend

As According to Google Trends, here is an overview of how frequently the search term – “BCR” is entered into Google’s search engine over a given period of time.

BCR vs Etoro vs XM – A Comparison

BCR Customer Reviews

An optimal experience

I was a client of BCR for a few years, I did not have any unpleasant experiences.
The George application seems to me to be the most developed banking application in Romania.
I decided to move to ING because the fees for euro accounts are much lower.

BCR Pro and Cons

Conclusion

BCR can be described as a company that is a reasonably transparent CFD broker in the way that they make their spreads and commissions quite clear to everyone. The company comes with sound regulation and offers high leverage on the MetaTrader4 platform.

Disclaimer

BCR warns potential customers that Forex and CFDs trading always carries a high risk and may not be suitable for all investors.

Before deciding to trade with BCR, potential traders are advised to carefully consider their investment objectives, financial situation, needs and level of experience before investing money they cannot afford to lose.

BCR warns that margin trading involves the potential for profit as well as the risk of loss and that movements in the price of foreign exchange and commodities are very unpredictable, hence BCR cannot guarantee a maximum loss that a trader may suffer, according to research in South Africa.

You might also like: BCR Account Types Overview

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You might also like: BCR Sign up Bonus

Frequently Asked Questions

How many instruments can I trade with BCR?

You can trade several different instruments with BCR, which include the following:

• Over 35 currency pairs
• 2 Crypto Pairs
• 8 Indice Cash CFDs
• 5 Indice Futures
• 4 Metal Spot CFDs
• 1 Metal Future
• 3 Energy Futures
• 3 Soft Futures
• Over 30 Stock CFDs

Which platforms are supported by BCR?

BCR provides the following popular trading platforms:

• MetaTrader4

Does BCR offer leverage?

Yes, BCR offers maximum leverage of 400:1

Is BCR regulated?

Yes, BCR is regulated by ASIC (Australian Securities and Investments Commission) and the BVIFSC (BVI Financial Services Commission)

Is BCR a recommended forex trading broker for experts and beginners?

Yes, BCR offers a fair trading environment for all types of traders/including beginners/experienced traders.

What is the overall rating out of 10 for BCR?

8/10