BForex Review

About Bforex

Bforex is the forex brokerage brand of the Bforex Corporation. The company has its headquarters in Limassol, Cyprus and a branch office in the UK. The company is regulated by CySEC but is not regulated in the UK by the Financial Conduct Authority.

 

Special Offers and Bonuses

Bonuses and promotions are awarded on Bforex, but these are only made known to individual traders when they sign up for a live account. Bonuses are not uniform, and cannot exceed $10,000.

There is also a Refer-a-Friend bonus which is awarded to those who bring in their friends and acquaintances into the Bforex platform. The bonus given is 100% credit of the account deposit bonus of the referrals. So if a referral deposits $1,500 into a live account, the trader who referred the new trader gets $1,500 bonus, paid into a live account.

 

Types of Trading Accounts

Bforex has two account types:

a)    Bforex PROfit Account: This account comes with a max leverage of 200:1, a minimum deposit of $100 and a lot size minimum of 0.01 lots. This account is traded with the PROfit and WebPROfit platforms.

b)    Bforex MT4 Account: The minimum deposit is $250, with minimum lot size set at 0.01 lots. The maximum leverage is 200:1. The use of EAs as well as hedging and scalping strategies is allowed on the MT4 account.

 

Trading Platform Features

Bfore xprovides the following platforms:

a)    WebPROfit – This platform is the web-based platform from Bforex. Access to this platform is granted through fully encrypted internet connections, and it does not require any software installation.

b)    The MT4 platform is also offered on Bforex.

c)     Mobile Forex Trading – The PROfit trading platform has now gone mobile. Traders can access the PROfit app for the iPhone from the Apple store.

d)    PROfit Platform: This is a downloadable platform which is actually the proprietary trading platform from the stable of Bforex. This platform is said to provide one-click trading, no slippage, no re-quotes and an advanced charting system.

 

Commissions and Spreads

The table of spreads for currency pairs traded on Bforex are given as follows:

Currency Pair Spread
AUD/CAD 10 pips
AUD/CHF 10 pips
AUD/JPY 6 pips
AUD/USD 3 pips
AUD/NZD 20 pips
CAD/CHF 6 pips
CAD/JPY 6 pips
CHF/JPY 6 pips
EUR/AUD 10 pips
EUR/CAD 10 pips
EUR/CHF 3 pips
EUR/DKK 6 pips
EUR/GBP 3 pips
EUR/HUF 22 pips
EUR/JPY 3 pips
EUR/USD 3 pips
EUR/NOK 40 pips
EUR/NZD 10 pips
EUR/PLN 31 pips
EUR/RON 84 pips
EUR/SEK 5 pips
EUR/TRY 10 pips
GBP/AUD 10 pips
GBP/CAD 7 pips
GBP/CHF 6 pips
GBP/JPY 12 pips
GBP/SGD 12 pips
GBP/NZD 10 pips
GBP/USD 3 pips
NZD/CAD 10 pips
NZD/CHF 10 pips
NZD/JPY 10 pips
NZD/USD 3 pips
TRY/JPY 10 pips
USD/CAD 3 pips
USD/CHF 3 pips
USD/HKD 4 pips
USD/HUF 28 pips
USD/JPY 3 pips
USD/MXN 6 pips
USD/PLN 27 pips
USD/RON 56 pips
USD/RUB 22 pips
USD/TRY 10 pips
USD/ZAR 100 pips

 

 

Charting Packages

Bforex offers several charting packages which are advanced in nature and can be obtained from all the trading platforms on offer. The charting package on the WebPROfit platform has been enhanced to improve the user’s trading experience.

 

Education and Demo Accounts

The Bforex Academy provides free educational materials that help new traders get started in the forex market. The learning materials and resources are tailored to both self-learning and instructor-led learning. Tutorials on several topics in technical analysis as well as the basics of how to trade forex are provided on the Bforex website.

Traders can also get access to new and market commentary 24/7, as well as insight as to what the information can do for you in the forex trading arena. There is also a text and video version of the forex glossary, explaining forex terminology to new traders.

The provision of an Economic Calendar, as well as basic tutorials on how to use the PROfit and WebPROfit platforms rounds off the Forex Academy section.

 

Customer Service

The Bforex customer service is available 24 hours a day, from Sunday to Friday through any of the following means:

a)    Live chat

b)    Email – [email protected]

c) Phone – +44 203 514 0458

d) Online contact form

 

Deposit and Withdrawals

The following methods are available to traders to make Deposits and withdrawals on Bforex:

a)    CREDIT CARD: Depositing funds into your trading account is almost instantaneous when using a credit card.

b)    BANK TRANSFER:

c)     EWALLET: Use one of several online payment services to create a virtual bank account. Then quickly and securely transfer the desired amount of funds into your Bforex account. Methods of e-wallet payment used are Neteller, Skrill, OKPay, CashU, Sofort, OneCard, Neosurf, WebMoney, Qiwi, Yandex, DineroMail, OneNaira and Moneta.

 

Deposit Limits

There are no maximum deposit limits. The deposit limits are applied to the minimum that can be put into a forex account at any point in time, and this set at $100 and $250 for the PROfit and MT4 accounts respectively.

 

Withdrawal Limits

There are no minimum or maximum withdrawal limits on Bforex, but these must not be less than the deposited amount. Furthermore, the name listed as the Bforex account must match the name on the domiciliary account where the trading funds originated from (no third party payments are allowed). Withdrawals are only possible to the same account that was originally used to make the deposit.

All credit cards used for transactions must be verified before usage.

 

Conclusion

For traders who would like to use trading platforms that are a bit different from the norm, Bforex provides a suitable alternative. However, traders must consult the Forex Academy page on Bforex in order to fully understand how to use the desktop, web-based and mobile versions of both platforms.

 

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