BCS Forex-Some important Details about This Broker

BASIC INFORMATION

BCS Forex is an online broker offering over 420 tradeable instruments, including currencies, commodities, stocks, and indices. BCS-Forex Ltd was founded in 2004 and is registered under BCS Markets Ltd, in Saint Vincent and the Grenadines. Its partner company FG BCS Ltd is based in Nicosia, Cyprus.

REGULATORY INFROMATION: LICENSE

No valid regulatory information

Please be aware of the risk!

MARKETS

BCS Forex offers multiple financial instruments:

· Currencies – Trade 35+ spot currency pairs, including EUR/GBP, USD/GBP, and AUD/USD

· Indices – Trade eight of the worlds leading indices including the FTSE 100 and US 500, as well as two Russian indices MOEX and RTS

· Stocks – Access over 40 US stocks including Tesla, IBM, and Facebook, plus over 30 Russian stocks

· Commodities – Trade precious metals plus oil and natural gas

· Cryptocurrency – Trade on Bitcoin USD

Spreads & Commissions

Spreads vary depending on the account type. With the Direct account, spreads start from 0.7 pips on major currency pairs, such as the EUR/USD. With the NDD and Global accounts, spreads start from 0.2 points and 1 point respectively. Note that spreads are fixed on the Pro account and start at 1 pip for the EUR/USD. Spreads on major indices such as the US 500 start at around 8 points and average around 40 for the FTSE and DAX. Other costs include a rollover or swap fee charged on positions held overnight, as well as a $100 monthly inactivity fee charged to accounts left dormant for six months.

Leverage

BCS Forex offers fairly high leverage limits compared to competitors. The maximum leverage across all account types is 1:200. For specific assets, maximum leverage and minimum required margin levels vary as follows:

· Currencies – 1:200 leverage. 0.5% margin

· US stocks – 1:10 leverage. 10% margin

· RU stocks – 1:20 leverage. 5% margin

· Metals – 1:100 leverage. 1% margin

· Indexes – 1:17 leverage. 6% margin

· Energy – 1:9 leverage. 12% margin

· Bonds – 1:50 leverage. 2% margin

· Softs – 1:12 leverage. 9% margin

ACCOUNT TYPES

BCS Forex offers four account types, which all use either MT4 or MT5 and require an initial deposit of $1. Leverage limits remain the same across all four options at 1:200 and the minimum position size is 0.01 lots.

The main differences between the accounts are; the instruments traded, the spreads offered, the execution type, and additional features, such as demo account availability. The Pro and Direct accounts both offer demo accounts and would be the preferred choice for beginners.

· NDD (non-dealing desk) – Uses MT4 & MT5. Trade on FX only

· Global – Uses MT5. Trade on FX, CFDs & cryptocurrency

· Direct – Uses MT5. Trade on FX, CFDs & cryptocurrency

· Pro – Uses MT4. Trade on FX & CFDs

PAYMENT METHODS

Deposits

BCS Forex offers several free deposit options, including bank transfers in EUR and USD, cards in USD, EUR, and RUB, e-wallets (QIWI and Yandex Monday) only in RUB, and internal transfer between accounts in USD, EUR or RUB.

Bank transfers take 2 to 3 working days, whilst e-wallet, card, and internal transfer options are instant. All methods are free, though there may be external fees for credit cards.

Withdrawals

Withdrawals can be made using the same options as above, but commission rates will apply. For bank transfers in EUR and USD, the commission is €40 and $35 respectively. Card payments and e-wallets are charged at 2.5%, while for Qiwi Wallet and Yandex Money the rate is 3.5%. Internal transfers are free.

Processing times also vary. E-wallets and internal transfers are instant, card payments take 1 to 3 days, and bank transfers take 2 to 3 working days.

Note that internal transfers between accounts are only possible within one trading platform (MT4 or MT5), not between both.

TRADING PLATFORMS

· MetaTrader 4

· MetaTrader 5

TRADING HOURS

Trading hours vary depending on the market and account type. These are laid out on the Contract Specifications page. For FX, hours for the Pro, Global, and Direct accounts are 24/5 (0:00 Monday to 23:55 Friday EET) and for the NDD account, trading hours are 24/5 (00:05 Monday to 23:55 Friday EET).

For gold, silver, and platinum, markets open on Monday at 01:00 and close on Friday at 23:55 EET.

Specific hours for stocks and other markets can be viewed on the brokers website

CUSTOMER SUPPORT

The BCS Forex customer support service is available Monday to Friday from 9:00 am to 9:00 pm GMT+3. There is no telephone number, however, they can be contacted via email at support@bcsmarkets.com or by using the call-back request form.