Bforex is one of many average Forex brokers on the internet. Unlike many Forex brokers, it does not serve traders in the US, UK, Greece, Brazil or Switzerland which sets it at a great disadvantage. It does have a semi-regularly updated YouTube channel which provides weekly market analysis in multiple languages but not every trader wants to sit through a video each time he needs market updates.
Founded in: 2007
Maximum leverage: 1:200
Minimum deposit: $100
Minimum lot size: 0.1 lot
Languages available: English, Arabic, French, Spanish, Turkish
Openning Profit Account in bforex (Click image to enlarge)
The first thing that any trader should consider before choosing a Forex broker is the trading platforms available.bforex offers the usual platforms such as MetaTrader4 platform and the PROfit platform, both of which are available for live trading and in a demo version. The website is available in only five languages, although the trading platform is available in 12 languages, including English, German, Turkish, Arabic, French, Hebrew, Spanish and more. Additional charting features are definitely needed in the first presentation of the platform in order to facilitate an adequate selection of charting tools.
Like most Forex brokers which offer regular market updates on their websites or via email, bforex sets the bar higher by providing daily technical and fundamental analyses on their website and weekly market watch videos on their YouTube channel, and directly in their trading platform.
The broker’s most prominent feature, however, is its trading academy, which offers the only video glossary we’ve ever seen. Each video is under one minute long and allows traders to quickly understand the concept or term that they’re questioning.
Fee-free withdrawals are standard with bforex, though withdrawals typically take 4-5 days to be processed. Withdrawals can be made via credit card or wire transfer only.
During the scope of this bforex review we tested the company’s email and chat support. We were surprisingly disillusioned with the service that we received. Although it was sufficiently fast, we found the representatives to be curt, and the email support to be entirely unresponsive. On one occasion the chat representative we spoke to promised to provide a follow up email, which we never received. On another, we emailed the company independently, and we did not receive a response at all.
Chat with bForex (Click image to enlarge)
Also missing on bforex’s website was a search feature, so we were unable to look for answer to our questions independently.
Ease of Use
Bforex’s website isn’t as intuitive as those of other top Forex brokers, and it takes some time for traders to be able to find the information that they’re looking for. The company offers fixed spreads for over 40 currency pairs, which are listed clearly on the website. However, the spreads haven’t been updated since early 2010, leaving us to wonder if they were still valid.
Despite a somewhat confusing website, the broker’s platforms are much easier to use, as noted above. Likewise, bforex does a good job of explaining its Forex trading competitions, and we were impressed by the prizes and the fact that the competitions are open to all traders.
An iPhone app is available for traders who wish to trade on the go.
bforex is a decent Forex brokerage as long as traders don’t have high homes for top notch services or support. Traders who are a bit more experienced should have an easier time getting situation with bforex, and traders at all levels will appreciate fee-free withdrawals.