BelFX Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this BelFX Review.
BelFX Review
BelFX offers its three account types: two commission-free ones and a VIP account with raw spreads that features commission fees. All accounts offer leverage up to 1:500, variable spreads and the opportunity to trade micro lots on the MetaTrader 4 platform.
In addition, Islamic accounts are also available to investors of Islamic belief.
BelFX warns that it does not provide services to residents of the USA, Russia, Belize, Japan and Canada.
The Company. Security of Funds
The Company Country Regulation
BelFX Limited Belize IFSC
BelFX is a forex broker with extensive product portfolio, which includes more than 40 forex pairs, CFDs on commodities, shares, bonds and equity indices, as well as several cryptocurrencies (Ethereum and Bitcoin) on the MT4 platforms. Behind the brand is a company “licensed” in Belize, a fanmous offshore zone.
According to the information on the broker’s website, the firm also owns the European company OLOFX limited, which is allegedly incorporated under the Laws of the Republic of Cyprus. Nonetheless, it is not regulated by the Cyprus Securities and Exchange Commission (CySEC). So, it looks like BelFX Limited operates another forex brokerage brand, OloFx. Indeed, the offerings of the latter and BelFX appear very similar.
We checked and BelFX Limited is indeed present in the List of licensed service providers for trading in securities in the register of Belize’s Financial Services Commission (IFSC). Unlike with the FCA and other EU regulators, the IFSC places little emphasis on compliance-checking and supervision and licensed brokers are not required to report transactions. Basically, it provides no protection to the investor.
The truth is, offshore zones do not really regulate forex and binary options brokers, although company registered there often claim quite the opposite, in an attempt to present themselves as credible intermediaries.
You’d better find yourself a reputable and well-regulated brokerages licensed in UK, Cyprus, or Australia for instance, where traders have certain level of protection and financial watchdogs apply strict requirements to financial providers.
Trading Conditions
Minimum Initial Deposit
Traders are required to deposit at least $500 with BelFX, which is a comparatively high amount, especially for a broker registered offshore. Many well-regulated brokers require less. For example, one can open an account with leading FCA-regulated broker IG with just $1.
Average Spreads & Commissions
Typical spreads on both BelFX’s Standard and VIP account types are well above 2 pips for the EUR/USD pair, which is not a competitive pricing. In comparison, IG offers spread averaged 0.6 pips for this pair and no commission applies.
For further information and comparison, you may look up the real-time spreads of 15 major brokers here.
Leverage
BelFX offers leverage up to 1:500, which is a relatively high ratio, but then most offshore brokers provide similarly high leverage levels. More forex brokers offering leverage equal to or exceeding 1:500 can be views here.
We always advise traders to exercise caution with leverage and preferably not use the maxumum ratios provided by brokers, as such involve significant risk of losses.
Trading Platform
As most brokers, BelFX supports the most widely used trading software in the forex industry – MetaTrader 4 (MT4), desktop, web and mobile versions available.
The MT4 is a perfectly equipped trading terminal that is also customizable and easy to use. The platform provides top notch charting, wide range of technical analysis tool, back-testing options and also allows users to create and use automated trading strategies (Expert Advisors).
Methods of Payment
Payment methods with BelFX are limited to Bank Transfer, Credit Card and e-wallets Skrill and Neteller.
Withdrawals with this broker allegedly take up to 3 business days.
BelFX is an offshore broker that provides online trading in wide range of financial instruments on the MT4 platform. However, we find the initial deposit it requires comparatively high, its spreads – far from competitive, and what is worse, it is not regulated.
The Broker is not a safe forex broker, Instead you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
BelFX Review Conclusion
For more information about currency trading brokers visit TopForexBrokers.com forex brokers comparison website, Tip ForexSQ.com foreign exchange trading experts please by share this article about BelFX Review.