BFOREX does not have a very transparent company structure and it is not clear where the company is domiciled.
A Quick Overview of our BForex Review:
- ✔️Who is BFOREX?
- ✔️Safe or Scam?
- ✔️Pros and Cons
- Leverage
- Accounts
- Market Instruments
- Fees
- Deposit and Withdrawal
- Trading Platforms
- How to open an account
- Customer Support
- Education
BFOREX’s website contains an address in the UK, but it is not authorized with or regulated by the Financial Conduct Authority in the UK.
Who is BFOREX?
According to research in South Africa BFOREX is a Forex broker, with offices in 18 locations including London, UK, and Limassol, Cyprus. It was founded in 2007.
BFOREX’s offering of FX pairs, CFDs for stocks, indices, as well as gold, silver and oil, makes it a good all-around trading solution for traders worldwide and it has won several awards for Forex trading in 2010.
Safe or Scam?
One of the best benchmarks to measure the safety of a broker like BFOREX is to establish which regulating authorities are watchdogs over its actions.
BFOREX’s website contains an address in the UK, but it is not authorized with or regulated by the Financial Conduct Authority in the UK and is not permitted to carry on regulated activities as defined by the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 in the UK.
BFOREX does however cover some bases of regulation, maintaining separate licenses from several of their different locations. They claim to be regulated in Australia under ASIC, Banco Central del Uruguay in Uruguay and CNVM in Romania. CYSEC regulates its Cyprus activities.
Pros and Cons
| PROS | CONS |
| 1. Wide choice of assets | 1. Vague registration |
| 2. Good educational material | 2. One account only |
Leverage
Leverage is a facility that enables you to get a much larger exposure to the market you are trading than the amount you deposited to open the trade. Leveraged products, such as forex trading, magnify your potential profit – but also increase your potential loss.
Leverage amount is expressed as a ratio, for instance, 50:1, 100:1, or 500:1. Assuming that you have $1,000 in your trading account and you trade ticket sizes of 500,000 USD/JPY, your leverage will equate to 500:1.
Margin is the amount of collateral to cover any credit risks that may arise during your trading operations. It is expressed as the percentage of position size (e.g. 5% or 1%), and you have to have funds in your trading account to ensure sufficient margin.
For example, on a 1% margin, a position of $1,000,000 will require a deposit of $10,000. The margin level in a trading account needs to be equal or more than 100% to be able to open new trades, otherwise your trading account will be fully hedged.
BFOREX offers a maximum leverage ratio of 1:200.
Accounts
A forex account at BFOREX 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.
BFOREX offers only one standard account for all traders but a demo account is available for new traders to practice before jumping into real trading.
It offers tight fixed spreads, a low margin of only 0.5%, and leverage of up to 1:200. Accounts can be opened with as little as $200 and there are no additional hidden fees or commissions.
Market Instruments
The most popular market instruments available from most brokers for trading include:
Forex:
Forex trading describes the currency exchange market which refers to the global, decentralized marketplace where individuals, companies and financial institutions exchange currencies for one another at floating rates.
Commodity markets offer many investment opportunities for traders. Soft commodities have been traded for centuries and plays a major role in portfolio diversification and risk management. Investing in contract-based tradable goods is a reliable way to mitigate risk during times of economic uncertainty.
Indices:
Equity, or stock indices, are actual stock market indexes that measure the value of a specific section of a stock market. They can represent a specific stock market or a specific set of the largest companies of a nation.
Precious metals:
The trading of gold and other precious metals, along with crude oil, copper or petroleum, are hard commodities that play a major role in the commodities market and are contract-based tradable goods.
Energy:
The typical feature of energy prices is high volatility due to the influence of political and environmental factors, supply and demand, extreme weather conditions and global economic growth.
BFOREX offers trade from over 45 currency pairs. Commodities such as oil and gold, and CFDs are also available.
Fees
Cost depends on different factors, like spread and margins, and BFOREX clients may also experience different fee structures according to their country or place of residence.
The spread of a currency pair is the difference between the bid and the asking rate. A pip represents the smallest increment that an exchange rate can move.
Margin is the amount of money required in your account in order to open a position. Margin is calculated based on the current price of the base currency against USD, the size (volume) of the position and the leverage applied to your trading account.
BFOREX offers tight fixed spreads, a low margin of only 0.5%, and leverage of up to 1:200. Accounts can be opened with as little as $200 and there are no additional hidden fees or commissions.
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.
In the case of BFOREX accounts can be opened with as little as $200 and the following methods can be used:
CashU, Credit/debit cards, Neteller, OKPAY, Paysafecard, QIWI, Skrill (Moneybookers), SOFORT, WebMoney, Wire transfer and Yandex.Money.
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Trading Platforms
The forex trading platform provided by BFOREX to its clients is in essence the software to carry out their trades. Some brokers provide only one, 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.
BFOREX provides two state-of-the-art trading platforms, the WebPROfit trading platform and Mobile trading platform, developed by a technical team at BFOREX.
WebProfit
It is simple to use online trading platform allowing traders to trade whenever and from anywhere with its cutting-edge technology with real time customisable graphical representation of the market trends.
PROfit Platform
This platform is developed for professional and amateur traders. It offers all the tools, support and news trader need to increase successful trades.
BFOREX also has developed an iPhone version of trading platform for clients’ convenience.
MetaTrader 4
BFOREX also offers the MetaTrader 4 platform, one of the most popular trading platforms used by Forex brokers throughout the industry.
How to open an account
Similar to a bank, to register a forex trading account with BFOREX for the first time, you will be required to go through a basic “know your customer” process, which will allow BFOREX to ascertain that your submitted details and ensure the safety of your funds and account details.
Customer Support
Potential traders need to make sure the broker company they chose will offer sufficient support whenever they need it.
In the case of BFOREX customers signing up for an account are immediately assigned a personal forexpert who is available for assistance 24 hours a day, seven days a week. The forexpert becomes the trader’s personal account manager who can discuss trading concepts and strategies and personalize them.
A live chat, a call back function and email can also be used to contact the support team.
Education
Before starting to trade, potential clients of BFOREX should avail themselves of all possible information and trading skills needed to be successful in the world of forex and commodity trading.
BFOREX offers webinars. New customers have the option of registering for a live webinar or watching previous webinars. The live webinars include a question and answer session with a highly-skilled Forex expert.
Furthermore, there is a Learn the Basics section on the website and customers can watch hundreds of videos from a Video Glossary to improve their knowledge and skills before starting to trade on Forex.
Research
To be able to trade with confidence, traders should do as much as possible research about this kind of speculative trading before commencing, but also preceding every daring deal to ensure that they don’t lose money unnecessarily and trade as profitable as possible.
With BFOREX they have access to:
Daily Analysis
Currency Charts
Weekly Video Analysis
Awards
Being an awarded company instills extra confidence by traders. BFOREX can show several awards although the last awards listed were from 2010 and include:
Best Financial Derivative Trading Provider 2010
Best FX Broker 2010 Australia, and Best FX Broker 2010 Latin America, all by World Finance Magazine
Conclusion
BFOREX can be described as a company with several good qualities. Their educational offerings are diverse and provide vital information to novice and experienced traders.
The site is user-friendly and opening an account is quick and easy. Transparency is somewhat of an issue that may detract from all the other features offered by BFOREX.
You might also like: BFOREX Account Types Overview
You might also like: BFOREX Demo Account – Step by Step
You might also like: BFOREX Fees and Spreads
You might also like: BFOREX Islamic Account Overview
You might also like: BFOREX Minimum Deposit
You might also like: BFOREX Sign up Bonus
Disclaimer
BFOREX 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 BFOREX, 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.
BFOREX 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 BFOREX cannot guarantee a maximum loss that a trader may suffer, according to research in South Africa.
FAQs
TRADING ENVIRONMENT
- How many instruments can I trade with BFOREX?
You can trade different instruments with BFOREX, which include the following:
- 45 currency pairs
- Commodities such as oil and gold, and
- CFDs.
- Which platforms are supported by BFOREX?
BFOREX provides the following popular trading platforms:
- Web-Profit
- Mobile PROfit
- MT4
- Does BFOREX offer leverage?
Yes, BFOREX offers maximum leverage of 1: 200
- What spreads can I expect with BFOREX?
Details on the website are not comprehensive, more information can be obtained from the customer support service.
- Does BFOREX charge commission?
More information on commissions can be obtained from the customer support service.
- Is BFOREX regulated?
BFOREX is regulated by ASIC (Australia), CNVM (Romania), CySec (Cyprus) and Banco Central del Uruguay (Uruguay).
- Is BFOREX a recommended forex trading broker for experts and beginners?
BFOREX offers a fair-trading environment for all types of traders.
- What is the overall rating out of 10 for BFOREX?
6/10
ACCOUNTS
- What is the difference between a demo and live trading account?
A demo account is offered by broker companies and funded with virtual money that enables a prospective customer to experiment with the company’s trading platforms and its features, before setting up a real account funded with the customers actual money.
Does BFOREX offer a demo account?
Yes
- How long is the demo account valid?
Not clearly specified on website
- Which live trading accounts does BFOREX offer?
Only a standard account
- What are the available deposit currencies for a live trading account?
USD, and more.
DEPOSITS AND WITHDRAWALS
- What is the minimum deposit for BFOREX?
$ 100
- How do you make a deposit and withdrawal with BFOREX?
BFOREX offers the following deposit and withdrawal methods:
- CashU
- Credit/debit cards
- Neteller
- OKPAY
- paysafecard
- QIWI
- Skrill (Moneybookers)
- SOFORT
- WebMoney
- Wire transfer
- Yandex.Money
Withdrawals can be done via:
- CashU
- Credit/debit cards
- Neteller
- OKPAY
- paysafecard
- QIWI
- Skrill (Moneybookers)
- SOFORT
- WebMoney
- Wire transfer
- Yandex.Money
- Does BFOREX charge withdrawal fees?
Information on fees could not be found on the company homepage.
- How long does it take to make a withdrawal?
Depending on bank services it may take several days for the money to be available.
BFOREX AT A GLANCE |
|
| Broker’s Name | BFOREX |
| Headquartered | Limassol, Cyprus |
| Year Founded | 2007 |
| Regulating Authorities | ASIC (Australia), CNVM (Romania), CySec (Cyprus) and Banco Central del Uruguay (Uruguay) |
| Countries not accepted for trade | United States, United Kingdom, Brazil, Switzerland, and Greece. |
| Islamic Account (Swap Free) | No |
| Demo Account | Yes |
| Institutional Accounts | No |
| Managed Accounts | Yes |
| Maximum Leverage | 1:200 |
| Minimum Deposit | $100 |
| Deposit Options | CashU, Credit/debit cards, Neteller, OKPAY, paysafecard, QIWI, Skrill (Moneybookers), SOFORT, WebMoney, Wire transfer, Yandex.Money |
| Withdrawal Options | CashU, Credit/debit cards, Neteller, OKPAY, paysafecard, QIWI, Skrill (Moneybookers), SOFORT, WebMoney, Wire transfer, Yandex.Money |
| Platform Types | Web-Profit, Mobile PROfit |
| OS Compatibility | Mobile, Web, iPhone, iPad |
| Tradable Assets | CFDs, Commodities, Metals, Stocks, Oil, Gold, Indices |
| Languages supported on Website | English, Arabic, French, Hindi, Russian, Spanish, Turkish |
| Customer Support Languages | English, Arabic, Spanish |
| Customer Service Hours | Available 24 Hours from Sunday-Friday |
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