Is BCFXBroker A Regulated Company? We Give You The True Facts In This BCFXBroker Review
BCFXBroker is a Forex broker that has its corporate office in Limassol, Cyprus, which is one of the major investment destinations for a number of popular Forex brokers and other financial companies. The Cyprus Securities and Exchanges Commission (CySEC) is responsible for regulating and supervising financial entities according to the guidelines and derivatives issued by the European MiFID.
Cyprus joined the European Union during the mid-2000s and had ever since been an integral part of the European Economy and its financial markets. Therefore, brokers located in Cyprus are free to conduct their business in any part of Europe through their CySEC license under the EEA agreement. BCFXBroker is also bound by the rules and regulations imposed by the CySEC for having a valid Cypriot license. Therefore, it is safe to mention that BCFXBroker is regulated by the CySEC under the brand name Best Choice FBC Ltd. Regardless; there has been recent news that the CySEC had suspended the broker’s license due to non-conformity with the rules mentioned by the CySEC.
- A broker for money managers
- Up to 1:200 leverage
Contact Info
- Website: bcfxbroker.com
- Support: +357 25722436
- SEAT: Amathountas Avenue, Marina Beach, Block SB, Ayios Tyxonas, Limassol, 4532, Cyprus
The broker is suspected to have violated several rules that apply to CIF companies, and there are also reports of arrests being made by the Cypriot authorities. It is alleged that some prominent figures from the BCFXBroker’s administrative team are facing criminal prosecution, which may spell disaster for existing clients. The broker has also officially announced the suspension of its license on its official website, which is indeed an excellent initiative by the company, to be honest about its regulatory status to existing as well as new clients. Under the CySEC’s executive orders, BCFXBroker is legally banned from accepting new traders, and the broker should make all attempts to close their clients’ orders and reimburse traders according to their account equity, along with any profits that they are due. Regardless, most regulatory issues are sorted after a brief amount of time, and there is a chance that the company may return to offer its services under the CySEC license. Therefore, in this BCFXBroker review, we will take a close look at the broker’s services to find out all the information related to opening an account and trading with the company.
BCFXBroker Trading Accounts
BCFXBroker offers three types of trading accounts, the Micro account, the Standard Account, and the Professional Account. The Micro account is the smallest account offering in terms of account size and trading conditions, which start from $100 minimum deposit and a minimum of 0.01 lots. The Micro account, as always, is a market maker account that has higher spreads and inferior trading conditions to the more advanced ECN account. BCFXBroker spreads for the Micro account start from 1.1 pips, while the maximum BCFXBroker leverage is 1:200. Although we do not recommend a higher leverage for trading, 1:200 and a higher minimum deposit may not be suitable for smaller retail traders. There are plenty of options that allow traders to open an account at any other broker for far fewer deposit requirements and higher leverage. The Standard and Professional accounts are complete ECN accounts that start from minimum deposit requirements of $1000, and $10,000 respectively. The maximum leverage for both accounts is restricted to 1:100, with minimum order sizes, starting from 0.1 lots. The Standard account does have a higher spread when compared to the Professional account since the broker wanted to offer different products for different deposit requirements. Even though such a strategy has proved popular for other brokers, the minimum deposit requirement is too large to make any significant impact on the BCFXBroker’s bottom line. Nevertheless, the Standard account spreads start from 0.5 pips, while the Professional account spreads start from 0.1 pips. You should also account for commissions, which are an integral part of ECN trading.
BCFXBroker Trading Platforms & Promotions
MT4 is the standard BCFXBroker platform for all three different types of accounts. The MT4 terminal offers access to more than 75 different instruments and is connected to ECN liquidity providers through ECN bridges. BCFXBroker also offers mobile access for traders through the MT4 apps designed for iOS and Android devices. BCFXBroker mobile interfaces are not as advanced or as effective as the desktop platforms, but they do get the job done for trading on the go.
BCFXBroker proudly advertises its Web Office online interface as the next big thing in the financial markets. Upon closer investigation, we found out that the Web Office interface is simply a client interactive dashboard that allows traders to open and manage multiple accounts, add e-wallets for payments and withdrawals, and create trading/financial reports all through a single interface. Numerous brokers offer a dedicated dashboard for their clients, and it is not to be considered as a novelty feature. If you are looking for an incentive or reward of any kind for opening an account, you should realize that there isn’t any BCFXBroker bonus or promotions. The broker is very intent on providing affiliate bonuses and commissions for spreading the word, which does seem to be a popular advertising strategy to increase the company’s visibility in the global financial markets.
Should I Trade With BCFXBroker At This Time?
In the present situation, it is not advisable for you to invest in the company, especially since the CySEC has been explicit about its policies on trading with BCFXBroker. The broker has been asked to settle its debts with its clients, and it is not suitable for a new trader to open an account and make a deposit, which may not receive any protection from the CySEC. You can choose from a number of other brokers in our recommendations list, which should help you to trade the markets according to your preferences.
