- Large choice of assets
- Good educational material
- Vague registration
- One type of account only
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bforex is ranked #72 of 267 Forex Brokers.
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Bforex.com is a Forex broker, with offices in 18 locations including London, UK and Limassol, Cyprus. Bforex’s large mix 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 who are interested in trading various and diverse markets. Bforex.com has won several awards for Forex trading in addition to derivatives trading in 2010 The same year, they were awarded the “Best FX Broker 2010” for Australia and Latin America.
Founded in: 2007
Headquarters: United Kingdom
Maximum leverage: 1:200
Minimum deposit: $200
Languages available: English, French, Arabic, Turkish, Spanish, Russian
Bforex does not have a very transparent company structure and it is never clear exactly where the company is domiciled. In addition, certain information seems to be omitted from its site. Bforex’s website contains an address in the UK, accompanied by a disclaimer says that” BForex 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.” It would seem that bforex has nothing to do with the UK despite a London, UK telephone number mentioned in the contact section of the site. When doing this bforex review, I was hard pressed to find any registration details mentioned on the website.
Regardless of this, there are many desirable features at bforex and both the novice and experienced Forex traders don’t seem to have a problem with trading with bforex.
Traders signing up for an account at bforex can select to trade from over 45 currency pairs. Commodities such as oil and gold are also available as are CFDs. CFDs, or Contracts of Difference, are arrangements made in a futures contract whereby differences in settlement are made as cash payments in place of the delivery of physical goods or securities.
There seems to be only one standard account for all traders but a demo account is also available for new traders wishing to practice before jumping into real trading.
Bforex offers its clients some of the most competitive spreads in the market, providing traders optimal trading conditions that will help them make a profit. 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.
A unique feature at bforex is its “Forexperts,” a concept created by bforex in order to offer traders an opportunity to directly interact with the Forex Company. This bridge provides the users a point of contact whereby they can discuss Forex-related concerns and questions. Anyone signing up for an account at bforex is immediately assigned a personal forexpert who is available for assistance 24 hours a day 7 days a week. The forexpert becomes the trader’s personal account manager but more importantly, he/she is someone who can discuss trading concepts and strategies and personalize them at whatever level a trader is trading at.
Bforex offers a welcome bonus but the specifics of this program are only available by contacting a bforex agent. At the time of this review, a refer-a-friend promotion was also being offered, whereby traders receive 100% credit of up to $5000 if a ‘friend’ makes a deposit. For example, if a friend deposits $1000 the account holder will receive $1000.
Bforex offers investors advanced and innovative online trading systems and technology. Traders can select from two independent state-of-the-art trading platforms, both of which are easy to navigate. The choice is the innovative PROfit trading platform or the WebPROfit trading platform developed by the technical team at Bforex.
The WebPROfit trading platform is a simple to use online platform which allows traders to make trades at anytime from anywhere they find themselves. This platform is based on cutting-edge trading technology which has been designed with the user in mind. It offers a real time graphic representation of the market movements and of your trades.
WebPROfit offers a host of trading tools, news feeds and support directly from the platform. Financial news is streamed directly to the platform and real time charts and analysis appear on the website. Both beginners and experienced traders can use this trading platform by easily adjusting its customizable features to their specific needs. WebPROfit is compatible with all major browsers, including Chrome, Firefox and Internet Explorer.
The PROfit platform is unique to Bforex and is designed to suit the needs of experienced and new traders alike. Downloading the PROfit platform takes only a few minutes. Trading with PROfit gives beginner traders a sense of comfort and a variety of features.
Bforex’s also offers an iPhone application which gives traders access to the PROfit platform on their mobiles. Trading with their mobile applications works the same way as with the desktop platform and traders can receive live currency quotes, view graphs, edit their positions and even place trades. Having access to PROfit from a mobile phone and tablet is a definite convenience and is available to all account holders at bforex.
Bforex has recently started offering the MetaTrader4 platform, one of the most popular trading platforms used by Forex brokers throughout the industry.
Through the bforex Academy, traders can participate in several instructional activities. A short video introduces the Forex Glossary A-Z, which is long and informative. The economic calendar lists economic events and indicators, including charts of each event and descriptions of how the event may affect the market. This is an interesting supplement to economic calendars offered by most brokers. Webinars can be viewed live after completing online registration and archived webinars are available to all account holders at any time.
There is plenty to learn from the bforex website itself, which offers textual lessons on a variety of subjects that would interest both new and advanced traders. Besides the basic concepts of Forex trading, some of the topics covered include trading tools and terms such as leverage, margin trading, lots and pips. Each topic is explained in detail and examples are given to further enhance the trader’s understanding.
Technical analysis and chart reading is another topic that is covered in detail on the bforex website. Since charts and graphs provide important information about the exchange rate, equity prices, debt and derivative instruments, they teach traders about market trends in general and how to observe signs of reversal or continuation of a trend. This helps traders make correct predictions about what is happening in the market.
An important subject covered on the site is the concept of support resistance which occurs when more people are buying rather than selling or selling rather than buying both of which cause the currency price to fluctuate up and down.
Up-to-date technical and fundamental analysis appears daily on the site and the news is reported live via video from the landing page. As an added feature, Spanish traders can also take advantage of the bforex tutorials that are given on YouTube in Spanish.
Bforex seems to cover all bases with its regulation, maintaining separate licenses from several of their different locations. They are regulated in Australia under ASIC. Banco Central del Uruguay is the regulatory agency for their office in Uruguay and in Romania it is CNVM. CYSEC regulates their Cyprus activities and is certainly the most well-known of their regulatory bodies.
Customer support is provided 24 hours a day from Sunday-Friday by phone and can be accessed from English, Arabic and Spanish numbers. Live chat, call back and email are also available.
There are many good qualities at bforex. Their educational offerings are diverse and provide vital information to both novice and experienced traders.
The site is user-friendly and opening an account is quick and easy. The question of transparency is a somewhat of an issue but that doesn’t seem to detract from all their other features offered by bforex.
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