Score

1.53 /10
Danger

BOMANFX

Saint Vincent and the Grenadines

5-10 years

Suspicious Regulatory License

Suspicious Scope of Business

High potential risk

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Comparison

Quantity 17

Exposure

Open Account
Website

Score

Regulatory Index0.00

Business Index7.18

Risk Management Index0.00

Software Index4.00

License Index0.00

The WikiFX Score of this broker is reduced because of too many complaints!
Open Account
Website

Licenses

No valid regulatory information, please be aware of the risk

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

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Broker Information

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Company Name

BOMANFX Financial

Company Abbreviation

BOMANFX

Platform registered country and region

Saint Vincent and the Grenadines

Company website

Company summary

Pyramid scheme complaint

Expose

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Warning: Low score, please stay away! 2
Previous Detection : 2024-12-23
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • The number of the complaints received by WikiFX have reached 15 for this broker in the past 3 months. Please be aware of the risk and the potential scam!

WikiFX Verification

Pyramid scheme complaint
Expose
    BOMANFX · Company summary
    BomanFX Basic Information
    Company Name BomanFX
    Founded 2010
    Headquarters Saint Vincent and the Grenadines
    Regulations Not regulated
    Tradable Assets Currency and CFDs trading
    Account Types Demo, Micro, Standard, and VIP accounts
    Minimum Deposit $100
    Maximum Leverage 1:200
    Spreads Starting from 0.9 pips
    Payment Methods Credit/debit cards and bank wire transfers
    Trading Platforms MetaTrader 4(MT4)
    Bonus Offerings $20 welcome bonus
    Customer Support Phone: +852 6158 1808 (Chinese), +1784 3625 8921(English), Email: server@bomfx.com, QQ: 1820596006

    Overview of BomanFX

    BomanFX, founded in 2010 and based in Saint Vincent and the Grenadines, operates as a Forex broker specializing in currency and CFDs trading. The company offers a range of account types, including demo, micro, standard, and VIP accounts, to accommodate various trading preferences and experience levels. Traders can access the markets through the MetaTrader 4 (MT4) platform, renowned for its advanced features and intuitive interface. However, it's crucial to acknowledge that BomanFX operates without regulation from any financial regulatory authority, potentially exposing traders to risks. As such, traders should exercise caution and carefully assess the risks before engaging in trading activities with BomanFX.

    Overview of BomanFX

    Is BomanFX Legit?

    BomanFX is not regulated. It's crucial to highlight that this broker lacks proper regulation, implying it operates without supervision from established financial regulatory bodies. Traders must proceed with caution and recognize the inherent risks when contemplating trading with an unregulated broker like BomanFX. Such brokers may offer limited channels for dispute resolution, raise concerns about the safety and security of funds, and exhibit a lack of transparency in their operational practices. To ensure a safer and more secure trading experience, it's recommended that traders conduct comprehensive research and carefully assess the regulatory standing of a broker before initiating any trading activities.

    Is BomanFX Legit?

    Pros and Cons

    BomanFX offers traders the advantage of utilizing the widely recognized MetaTrader 4 platform, renowned for its comprehensive features and user-friendly interface. Moreover, the broker provides multiple account types, catering to diverse trading preferences and experience levels. However, it's imperative to note that BomanFX operates without regulatory oversight, which may potentially expose traders to risks associated with unregulated trading practices. Additionally, the lack of transparency regarding company policies and procedures, as well as the absence of educational resources, raises concerns about accountability and trader support. Furthermore, unclear information on spreads and commissions adds to the ambiguity surrounding trading conditions. Overall, while BomanFX presents opportunities for trading, traders should exercise caution due to the lack of regulatory supervision and limited support resources, ensuring a safer and more secure trading experience.

    Pros Cons
    • Utilizes the popular MetaTrader 4 platform
    • Operates without regulatory oversight, potentially exposing traders to risks
    • Offers multiple account types
    • The absence of contact information
    • Lack of educational resources or transparency regarding company policies and procedures
    • Unclear information on spreads, commissions

    Trading Instruments

    BomanFX is a Forex broker that offers cryptocurrency pairs and CFDs on different trading assets.

    Account Types

    BomanFX offers three types of live accounts: Micro, Standard, and VIP accounts, in addition to a demo account.

    The Micro account necessitates a minimum deposit of 100 USD, while the Standard account requires 1000 USD, and the VIP account mandates 5000 USD.

    Account Types

    Leverage

    Traders can trade with leverage up to 1:200.

    Leverage

    Spreads

    Regarding spreads, the micro account typically ranges between 1.9 – 2.1 pips, the standard account between 1.5 – 1.7 pips, and the VIP account between 0.9 – 1.1 pips. However, it's important to note that the spreads advertised on the website appear to be significantly higher than these values, which may cause confusion for traders.

    Deposit & Withdraw Methods

    BomanFX exclusively offers credit/debit cards and bank wire transfers as the accepted payment methods. Depositing funds typically takes five business days to reflect in the trading account. Regarding withdrawals, BomanFX processes withdrawal requests within 5-7 business days.

    Deposit & Withdraw Methods

    Trading Platforms

    BomanFX utilizes the MetaTrader 4 (MT4) trading platform, renowned for its robust features and user-friendly interface.

    Trading Platforms

    Customer Support

    BomanFX provides access to the following contact channels:

    • Phone: +852 6158 1808 (Chinese), +1784 3625 8921(English)

    • Email: server@bomfx.com

    • QQ: 1820596006

    Conclusion

    In conclusion, BomanFX offers traders the widely recognized MetaTrader 4 platform and multiple account types, catering to diverse trading preferences. However, it's imperative to note that BomanFX operates without regulatory oversight, potentially exposing traders to risks associated with unregulated trading practices. Additionally, the lack of transparency regarding company policies and procedures, coupled with the absence of educational resources, raises concerns about accountability and trader support. Furthermore, unclear information on spreads and commissions adds to the ambiguity surrounding trading conditions, potentially hindering informed decision-making for traders. Traders should exercise caution and conduct thorough research before engaging with BomanFX to mitigate potential risks and ensure a safer trading experience.

    FAQs

    Q: Is BomanFX regulated?

    A: No, BomanFX operates without regulation, lacking oversight from recognized financial regulatory authorities.

    Q: What trading instruments are available on BomanFX?

    A: BomanFX offers cryptocurrency pairs and CFDs on various trading assets.

    Q: What account types does BomanFX offer?

    A: BomanFX provides three types of live accounts: Micro, Standard, and VIP accounts, along with a demo account, catering to different trading preferences and experience levels.

    Q: How long does it take for deposits and withdrawals to be processed by BomanFX?

    A: Depositing funds typically takes five business days to reflect in the trading account, while withdrawals are processed within 5-7 business days.

    Risk Warning

    Trading online carries substantial risks, including the potential loss of your entire investment. It's essential to recognize that online trading may not be suitable for all traders or investors. Please take the time to fully understand the risks involved before proceeding. Additionally, please be aware that the information provided in this review is subject to change as the company's services and policies evolve over time. It's crucial to verify any information directly with the company before making any decisions or taking action. Ultimately, the responsibility for utilizing the information in this review lies solely with the reader.

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