The Forex industry has a strange dynamics with the many Forex companies who have a hard time to be at their best all the time. Many Forex companies fail to comply with the laws and regulations in place on a continuous basis and have to retreat for a while until they get back on their feet. To keep an impeccable reputation is almost impossible in the Forex market since every trader counts and all of them have different points of view on their broker. You will often come across contradictory feedbacks from different traders. This review focuses on a specific broker who started out well only to be hindered by certain legal obstacles.
This BCFX review will examine the broker’s dealings and scratch under the surface to give you a detailed overview of BCFX. This broker encountered some problems and clashed with its regulator.
The BCFX is the abbreviation of Best Choice FBC Ltd. and entered the Forex scene in 2014. The broker offers the standard Forex, CFDs, and ECN services to its traders. The broker had managed to secure a CySEC license and has operated under the sharp eye of the CySEC commission until recently.
The CySEC Verdict
The broker was recently suspended by CySEC and is not allowed to accept new clients. The BCFX has been given a deadline to reorganize itself and to comply with the CySEC rules. The broker failed to comply with different legal provisions and according to CySEC that could negatively affect the BCFX clients. The precautious measure leaves some time to the broker to remedy the issues and figure things out. Nevertheless, we will give you an overview of the BCFX service package.
BCFX also sided with the majority and offered or still offers the Meta Trader 4 platform which still has the upper hand in the market. The platform is secured with SSL encryption and keeps the personal and financial data safe from any cyber intruders. The platform is majorly popular because it lets traders develop their own trading strategies, as well as set up and customize their own auto-trading options. The platform supports automated and manual features and leaves traders a choice. Brokers recognized the great MT4 potential which reinforces the importance and over-use of the MT4.
The BCFX broker counts to the 99% of brokers who offer the accompanying BCFX mobile app to its traders. Mobile trading has become essential, and nowadays, no platform would make it without the extra feature called the mobile app.
Traders love the variety and the possibility to switch from one account to the next. It is always better when a broker offers different accounts which match the budgets and trading skills of the many traders. BCFX is called Best Choice for a reason when we look at the variety of account types. They are:
- Micro account
- Standard account
- Professional account
- Demo account
The Micro account is for those with minimum experience and those who trade only the smallest trade sizes. The price or deposit of this account is $100 which comes with low pips, e.g. 1.1 pips. The Standard account serves as an ECN account with the entry deposit of $1000. Therefore, you get to trade currencies with extremely low spreads already from 0.5 pips. The leverage is 1:100.
The Professional account is for those who truly regard currency trading as their first or second career choice with a minimum deposit of $10,000. It is also an ECN account with very fast execution, and pips form 0.1 pips. Many market makers use these services since they have the financial means for that. The Demo account is free of any charge and provides traders with virtual money to get a taste of the market.
The broker does not offer regular bonuses, but interesting BCFX promotions are at your disposal. Refer new clients and you will earn or win some cash money. Also, the broker awards points, based on the frequency of your trades. If you turn out to be a loyal trader you will be rewarded with a BCFX bonus.
Wire, Visa, Skrill, and Neteller are the payment methods accepted by BCFX. The broker keeps the methods limited since they only choose the most trustworthy ones. Also, if you use your Visa, you can only make a deposit, but withdrawals are denied via the credit card. Execution time takes 2-3 days. The withdrawal transaction fee is 1% with the listed e-wallets, and $60 with wire transfer. A negative surprise is that the broker also takes a fee upon deposits.
The BCFX support team is available 24/5 and makes sure that no trader is left in the dark. You can either contact the support team via a ready online form on their website or via phone, e-mail or live chat. The customer support represents an important part of the whole business conduct and many brokers try to maintain a highly professional service.