Bforex Broker Review
Bforex is a powerful broker that give you access to nearly instantaneous trading, guarantees all stop and limit orders, and even provides traders with a powerful platform to trade on. Unfortunately, unlike most top forex brokers, they aren’t regulated by any agencies. This makes them a bigger risk than other brokers covered in our forex broker reviews and also means the citizens of several countries won’t be able to trade with them, including American citizens.
Bforex is owned by Bforex Holdings Ltd. It was founded in 2007 and is based on the island of Cyprus. It’s not currently regulated and doesn’t allow traders from the United States, Greece, United Kingdom, Brazil, or Switzerland.
The minimum deposit at Bforex is $500 and you can trade with 200:1 leverage. It isn’t the most leverage featured on our forex broker reviews, but the level of leverage is appropriate for most traders. Your initial deposit also qualifies you for bonuses that put more cash in your account. Currently, the bonus is 100% up to $2000.
You also have the option of opening a demo forex account so you can trade and get to learn the interface for free and without sacrificing any of your money in the market.
With your account, you can trade forty-five different currency pairs in the Bforex interface. The spreads on most pairs are fixed and very reasonable. For major currency pairs, EUR/USD, GBP/USD, and USD/JPY, the spread is fixed at three pips.
Within the interface, you can also trade gold, silver, oil, stocks, and indices. With stocks and indices you trade contracts for difference. Contracts for difference (CFDs) are a contract between you and another party where you pay the difference in the price of a security from the current value to its value at the time the contract ends. So if you buy a CFD and the price goes up the seller pays the differential between the original price and the new price. If the price goes down, you pay the differential.
One of the biggest advantages to trading with Bforex is that they are the only broker that guarantees stop and limit orders under all market conditions. You won’t have to worry about slippage anymore, even during the most turbulent markets.
Bforex allows you to trade forex on MetaTrader4, a proprietary platform called PROfit, and on your iPhone.
PROfit, Bforex’s proprietary platform, gives traders of all levels the power that they need to make winning trades. It has a unique drag and drop interface that lets you put the information you need right in front of you, so you can customize the interface to your individual needs. If offers trading tools, news, and support directly in the platform. With the platform you also are guaranteed prices, you won’t have to battle with requotes or slippage. The flexibility makes it a great platform for beginners and professionals alike.
Your other option for a platform with Bforex is MetaTrader4. MetaTrader4 is the industry standard and is supported by nearly all the top forex brokers. It gives you access to an expert charting system, real streaming rates, and lets you view multiple currency charts, all in an award winning user friendly layout.
Finally, if you prefer to trade on the go, registering an account with Bforex also gets you access to a free iPhone app. You can view charts, quotes, and even trade everywhere your phone goes.
Bforex has several good things going for it as a broker. They have a really intuitive platform that is completely customizable to meet all your trading needs. They also are one of the only brokers that guarantees no slippage on stop loss and limit orders. To top it all off, they give you generous first deposit bonuses. However, their lack of regulation and the fact traders from several countries can’t trade with them prevents Bforex from becoming one of the top forex brokers in the industry.