Note: At present, the official website of BFS (https://www.bfsforex.com/en) is not operational, making it challenging to obtain direct information from the broker. Consequently, we have relied on internet sources to gather available information about BFS in order to provide an overview of this broker.
What is BFS？
BFS offers a diverse range of trading instruments across multiple asset classes. They provide clients with four distinct account types tailored to suit different trading preferences and investment levels. With a maximum leverage of 1:1000, BFS aims to provide traders with ample opportunities to capitalize on market movements.
However, it is important to note that the regulatory status of BFS is currently abnormal. Furthermore, it is worth mentioning that the official website of BFS is currently inaccessible, raising concerns that the trading platform may have absconded.
In the upcoming article, we will examine and present you with concise and well-structured information about this broker, covering various aspects. If you are interested, please continue reading. To wrap up the article, we will provide a brief conclusion that will give you a quick overview of the brokers characteristics.
Pros & Cons
BFS Alternative Brokers
For the specific requirements and preferences of traders, there are numerous alternative brokers to BFS available. Here are a few well-known choices:
Interstellar FX - A trading platform that utilizes advanced technology to provide traders with a seamless trading experience while offering a diverse selection of financial instruments.
VPFX - An online forex broker that caters to traders globally, offering a wide array of services to meet their trading needs.
eToro - A popular social trading platform that allows traders to follow and copy the trades of other successful traders.
Is BFS Safe or Scam？
Vanuatu VFSC (license number: 300334) - The regulatory status is abnormal, and the official regulatory status has been revoked.
United States NFA (license number: 0520533) - The regulatory status is abnormal, and the official regulatory status is unauthorized. Traders should exercise caution due to the risks involved.
BFS currently lacks valid regulation, meaning that there is no oversight from government or financial authorities concerning their operations. Additionally, the inaccessibility of their official website suggests that the trading platform may have disappeared. These factors heighten the risks associated with investing with BFS.
If you are considering investing with BFS, it is crucial to thoroughly research the broker and carefully assess the potential risks and rewards before making any decisions. In general, it is advisable to opt for well-regulated brokers to ensure the safety and protection of your funds.
Market Instruments
BFS offers a diverse range of trading instruments across various asset classes. These instruments include currency pairs, allowing users to trade different combinations of global currencies. Additionally, BFS provides trading opportunities in precious metals like gold and silver, allowing users to speculate on their price movements.
Furthermore, BFS offers futures contracts, which enable traders to speculate on the future price of commodities, indices, or currencies. This can involve agreements to buy or sell these assets at a predetermined price and date.
Moreover, BFS provides access to Contracts for Difference (CFDs), which allow traders to speculate on the price movements of various financial instruments without owning the underlying assets. CFDs provide a flexible trading option for various asset classes, including stocks, indices, commodities, and currencies.
Account Types
BFS Forex provides clients with four distinct account types designed to suit different trading preferences and investment levels. These account types include the Micro account, the Standard account, the Premium account, and the STP account.
Leverage
BFS provides a maximum leverage of 1:1000, which allows traders to control larger positions in the market with a smaller initial investment. Leverage essentially amplifies both potential profits and losses. It enables traders to potentially generate higher returns on their investments, as even small market movements can result in significant gains. However, it is essential to recognize that high leverage also comes with increased risk.
Trading with high leverage means that even a slight adverse price movement can lead to substantial losses. Therefore, it is crucial for traders to exercise caution when using leverage and assess their risk tolerance and financial stability before deciding on the appropriate leverage ratio to utilize.
Spreads & Commissions
BFS Forex offers different types of accounts with varying spreads and commissions to suit the needs of different traders. Besides, due to the unavailable website, there is no access to find out the commission ofBFS.
Trading Platforms
BFS offers its clients the popular MT4 platform, which is highly regarded and widely utilized in the forex industry. This platform provides a comprehensive set of features and tools that cater to the requirements of both novice and seasoned traders.
The MT4 platform is celebrated for its user-friendly interface, simplifying trade execution and navigation for traders. With this platform, traders gain access to a diverse selection of trading instruments, encompassing forex pairs, commodities, indices, and other assets. This enables traders to conveniently access various markets from a single platform.
Deposits & Withdrawals
BFS provides multiple options for depositing and withdrawing funds, catering to the diverse needs of its clients. Clients can choose from various methods, including bank transfers, credit/debit cards, Perfect Money, and China UnionPay.
Bank transfers are a common and convenient method for depositing and withdrawing funds. Clients can initiate transfers from their bank accounts to their BFS trading accounts or vice versa.
Credit and debit cards are widely used by traders for their convenience and accessibility. BFS accepts deposits and withdrawals made via credit or debit cards, allowing clients to fund their accounts or withdraw funds directly from their card-linked accounts.
Perfect Money is a popular online payment system that enables users to make secure transactions globally.
China UnionPay is a major payment card issuer and operator in China, and BFS accepts deposits and withdrawals through this platform. With China UnionPay, clients in China can conveniently fund their trading accounts or withdraw funds directly through their UnionPay-linked bank accounts.
User Exposure on WikiFX
On our website, you will find instances where traders have reported difficulties in withdrawing funds and encountering scams. It is strongly advised that traders thoroughly evaluate the provided information and take into account the risks associated with trading on an unregulated platform. Before engaging in any trading activities, it is recommended to visit our platform to gather relevant information.
If you come across any fraudulent brokers or have personally experienced any such incidents, we encourage you to inform us through the Exposure section. Your cooperation is greatly appreciated, and our team of experts will make every effort to address the issue and assist you in resolving the problem.
Customer Service
Customers can visit their office or get in touch with customer service line using the information provided below:
Telephone: +60 3 2164 6989
496980921538
QQ: 800037948
Email: sales@BFSforex.com
marketing@bfsforexpro.com
Conclusion
In conclusion, BFS, a forex trading platform, currently faces irregular regulatory status. The official regulatory authorities, such as VFSC and NFA, have either revoked their regulation or deemed it unauthorized. This lack of valid regulation raises concerns about the oversight and accountability of BFS' operations.
Additionally, the inaccessibility of BFS' official website and reports of issues regarding fund withdrawals and potential scams further highlight the risks associated with this platform.
It is strongly advised to seek alternative platforms with robust regulatory oversight and a proven track record in order to ensure the security and reliability of your investments in the forex market.
Frequently Asked Questions (FAQs)
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.
In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.
2022-11-28 17:28
2022-11-27 10:13
