Editor’s Verdict
BluFX is a UK-based proprietary Forex prop firm and claims 90,000+ traders from 140+ countries. The profit share is a relatively low 50%, and traders must pay monthly membership fees, while withdrawals are only available in 5% blocks. There is no evaluation or verification phase, and BluFX ran into operational difficulties reminiscent of a pyramid scheme. Is BluFX a trustworthy Forex prop firm or a scam?
The Pros & Cons of BluFX
Traders should consider the pros and cons of BluFX. I have summarized the ones I found stood out the most during my review.
Overview
Instant funding with a low profit share from a company with operational difficulties.
Headquarters | United Kingdom |
|---|---|
Year Established | 2015 |
Trading Platform(s) | cTrader |
I cannot recommend the prop trading accounts at BluFX, as they are subscription-based, two of the four do not scale, and the profit share is only 50%. Traders can only use the cTrader platform, and despite its operational history, it feels more like a pyramid scheme than a prop trading firm.
BluFX Trustworthiness & Reputation
Trading with a Forex prop firm, which is an unregulated business, requires traders to ensure that a trusted brokerage manages all accounts, and that the Forex prop firm maintains an excellent reputation among its prop traders.
Is BluFX Legit and Safe?
UK-headquartered BluFX lacks transparency but started in 2015 on solid footing. It has a 4.0 out of 5.0 rating on Trustpilot based on 1,073 reviews. I must highlight the current operational issues BluFX faces. They began the past few months, which it acknowledged in response to criticism on Trustpilot while continuing to onboard clients. The past few dozen reviews highlight the issues, and BluFX received the lowest ratings and scam accusations. Therefore, I urge interested traders to approach this company cautiously, as I cannot recommend them.
BluFX Features
BluFX offers a rare-subscription-based approach and waives any evaluation or verification process.
The most notable features at BluFX are:
- Expensive monthly subscriptions
- A low profit share of 50%
- Only the cTrader trading platform.
- 5% profit target
- 10% trailing drawdown limit
- Daily payouts, but traders can only withdraw in 5% blocks.
- Only 29 assets consisting of CHF, USD, GBP, EUR, JPY, CAD, AUD, NZD, and XAU
- Maximum leverage between 1:5 and 1:30
- Only US Dollar trading accounts, but GBP profit share withdrawals, forcing currency conversions on each transaction.
- Two of the four funded accounts do not scale.
- Monthly subscriptions from $99 to $1,099
Evaluation Fees & Profit-Share
BluFX does not have an evaluation period and claims traders get live trading accounts after they pay the monthly subscription fee and verify their identity. The 50% BluFX profit share places BluFX at the bottom of the industry range, resulting in the lowest compensation for its prop traders.
Minimum Evaluation Fee | $0 |
|---|---|
Maximum Evaluation Fee | $0 |
Profit-share | 50% |
The monthly subscription fees at BluFX are:
Monthly Subscription | Account Size |
|---|---|
$99 ($129 swap-free) | $10,000 (does not scale) |
$159 ($219 swap-free) | $25,000 (does not scale) |
$369 ($489 swap-free) | $50,000 (scales to $1,000,000) |
$1,099 ($1,239 swap-free) | $100,000 (scales to $1,000,000) |
Noteworthy:
- The BluFX monthly fees amount to taking a loan from a bank at a 12% interest rate (using a simplified example).
- Most prop traders can get a loan with cheaper financing from their bank and get to keep 100% of their profits.
Account Types
BluFX offers its standard account and a swap-free alternative with four subscription-based funding options. Two do not scale, making them pointless for real prop traders, as they cannot advance, only get 50% of profits, and pay a higher monthly fee than getting a bank loan. The costs will prevent many retail traders from applying, which is the only positive aspect, as they have no business trading prop funds. Regrettably, the low payout fees and high subscriptions make it uncompetitive.
For example, if a prop trader earns 2% monthly for an annual gain of 24% in a $50,000 account, the gross profit is $1,000. After the 50% profit share, gross earnings are $500, and traders paid $369 for the subscription. It leaves them with a gross profit of only $131, which decreases once traders consider taxes. 25% capital gains tax drops earnings to below $99. It also lowers the actual profit share from 50% to 13.1% in this example, or less than 10% for the net profit, and traders unable to earn 2% should not consider it. Traders with monthly profits below 1.476% face a realized trading loss after profit share and subscription.
Furthermore, since BluFX prop traders must withdraw 5% tranches, using our example, they must have $2,500 in withdrawable capital. Earning 2% each month would require 20 months of trading before the first withdrawal, making it unsustainable.
While leverage will influence the above example and can skew it more favorably, traders will never trade the maximum of $150,000. Therefore, potential profit calculation derives from the unleveraged account balance unless scammers create an improved profit picture to justify their fees.
Noteworthy:
- BluFX introduced an anniversary package where traders can pay a one-time fee of $429 ($549 for swap-free accounts) for a $20,000, scalable account.
- A 10-stage system can scale it to a maximum of $200,000.
- BluFX waives the monthly subscription for all traders who complete the 10% challenge three times.
What are the Trading Rules at BluFX?
Since BluFX claims to fund traders directly rather than use demo accounts, a fact my review was unable to confirm, the trading rules consist of only two primary factors. Violating them results in a cancellation of the agreement, but traders who pay the subscription fee and an undisclosed refinancing fee can restart.
The trading rules for the BluFX Challenge are:
- 10% trailing drawdown limit
- No minimum trading days
Trading Platforms
BluFX only offers the cTrader trading platform, and the maximum leverage is 1:30. Traders are prohibited from using algorithmic and copy trading strategies.
MT4 | |
|---|---|
MT5 | |
cTrader | |
Proprietary Platform |
Education
BluFX does not offer educational content, as it does not cater to retail traders. I appreciate that BluFX seeks seasoned traders. A BluFX blog exists, but it did not load at the time of my review.
Customer Support
BluFX offers 24/7 customer support in 17 languages via e-mail, live chat, and WhatsApp, while phone support is available Monday through Friday from 9 a.m. to 5 p.m. (CEST). The FAQ section answers many questions, and I doubt most traders will require assistance.
Support Hours | M-F / 9 a.m. - 5:30 p.m. |
|---|---|
Website Languages |  |
How to Get Started with BluFX
Traders must start by selecting their monthly subscription plan and clicking “Get funded.” The registration form only asks traders for a name, e-mail, and desired password. Traders may also use their Google or Facebook IDs to register. Account verification is mandatory.
I want to once again caution against BluFX amid its operational issues and regulatory attention.
Minimum Evaluation Fee
BluFX has no evaluation fee but a subscription-based model with monthly costs between $99 and $1,099.
Payment Methods
BluFX supports credit/debit cards, Coinbase, Perfect Money, WebMoney, and local bank transfers in Nigeria, India, Pakistan, and Indonesia.
Accepted Countries
BluFX claims traders resident in 140+ countries and only lists the US as a restricted country.
How to Pay the Evaluation Fee?
BluFX prop traders can pay their evaluation fee via credit/debit cards, Coinbase, Perfect Money, WebMoney, and local bank transfers in Nigeria, India, Pakistan, and Indonesia.
The Bottom Line - Is BluFX a Good Forex Prop Firm?
Due to its operational issues and regulatory attention, I cannot recommend BluFX to potential prop traders. It received dozens of scam allegations in 2023, and BluFX confirms it has problems but continues to accept new traders. Therefore, it operates more like a pyramid scheme than a prop trading firm.
The subscription-based model features high monthly fees, and the payouts are the lowest in the industry at 50%. Traders must withdraw in 5% tranches, further complicating the trader-firm relationship. I appreciate that BluFX never catered to retail traders, but it presents uncompetitive trading conditions. I realize they work for some traders, but banning algorithmic trading is counterproductive.
There are no details about which brokers BluFX uses. The FAQ section lists different withdrawal payment processors than for paying the subscriptions, but some match. All accounts are US Dollar accounts, but withdrawals are always in British Pounds, and only cTrader is available.
I urge caution when considering BluFX and advise serious prop traders to do their due diligence, including the math based on what they can achieve monthly, as profits below 1.476% result in a loss in the $50,000 account. The BluFX monthly subscription during my review ranged between $99 and $1,099. The BluFX profit split is an industry-low 50%, which drops after traders consider the high monthly subscriptions. BluFX is a real company, but it has had operational issues, regulatory attention, and scam allegations since the beginning of 2023. BluFX has an expensive subscription-based model and the lowest profit-share industry-wide. Leverage is uncompetitive, algorithmic trading is banned, and scam allegations and regulatory attention soared in 2023. The asset list remains limited, BluFX may trade against its clients, and it operates more like a pyramid scheme than a prop trading firm.FAQs
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