BuzzFX offers its clients two basic account types, depending on the way in which the broker gets remuneration through its services – through the spread or via charging commission fees. Otherwise, both account types are accessible with an investment of $200, offer variable spreads, and leverage up to 1:400.
Discounts on spread/commission are available for clients trading in high volumes (above 100 lots per month). They can get spread as low as 1 pips on EUR/USD or commission amounting to $6 per lot round trip.
Overall, the trading conditions of BuzzFX are reasonable – the minimum initial deposit required and maximum leverage provided are standard for the FX market. The spreads offered by this broker are also average, starting from 1.2 pips for the EUR/USD. Minimum trading costs on the Commission account are the same – spread of 0.4 pips plus a commission of $8 round trip. For further information and comparison, you may look up the real-time spreads of 15 leading brokers here.
The Company. Security of Funds
Buzz FX Limited
BuzzFX is a young offshore brokerage that offers trading in more than 50 currency pairs, CFDs on13 indices, oil and precious metals through the MetaTrader 4 (MT4) platform.
It claims to be a STP/ECN broker and says that keep client money in segregated accounts. However, we cannot be sure, as the company behind the BuzzFX brand, Buzz FX Limited, is a Vanuatu registered IBC.
Vanuatu is an offshore tax-free destination, where registration procedure for forex and binary brokers is fast and low cost. Minimum capital requirements are very low, even compared to other offshore destinations, such as Mauritius and Belize: only $2000.
We advise traders to avoid non-regulated and offshore brokers and to select a forex broker licensed in UK, Cyprus, or Australia for instance, where traders have certain level of protection and where financial watchdogs exercise supervision over financial services providers.
BuzzFX offers its clients the most popular forex trading platform, MetaTrader 4 (MT4). It is easy to use and offers all a trader needs: a number of analysis indicators, extensive back-testing options, advanced charting tools, and wide range of Expert Advisors (EA), allowing clients to fully automate their trades. It comes in desktop, and mobile versions with this broker.
VPS service is also available with this broker (from $35 per month).
Methods of Payment
BuzzFX offers its clients the following payment modes: credit/debit card, bank wire transfer, and e-wallets Alipay, WeChatPay, China UnionPay, and ecoPayz.
BuzzFX is a new offshore forex and CFDs broker that uses the standard MT4 and claims to offer pure NDD environment. In our view, the main problem with this broker is that it is not regulated. Also, there aren’t any user reviews available for this broker.
BuzzFX Review Conclusion
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