BelForFX

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BelforFX Review

There are numerous options for traders to invest in the Forex markets without worrying about the safety and security of their deposits. BelforFX is a relatively new Forex broker that has been around since 2020. The company claims to have its offices in London, Bulgaria, New Zealand, and the Caribbean, but there are no mentions of any representative offices or official addresses. It would not be wise to deal with any company that is not transparent about its broker locations and contact addresses, especially in the financial markets where clients trust their brokers to offer a safe and secure trading environment. In this detailed BelforFX broker review, we will give you more information about the organization’s Forex products and services, which should serve as a reference point in your quest to find a reliable trading partner.

Are Traders Assured Of A Sound BelforFX Regulatory Status?

Forex, Metals, CFDs

www.belforfx.com Other Brokers

BelforFX used to be regulated by the FMA of New Zealand and was a registered entity in NZ’s FSPR. However, as of writing this review, BelforFX is no longer regulated by the FMA, neither does the company has any affiliations or any licenses from known regulatory organizations. At present, BelforFX is a non-regulated Forex broker that operates through its subsidiary branches and partnership with major liquidity providers. We do not recommend trading with any unregulated and unlicensed entities due to various security concerns. It is possible that a non-regulated company may withhold your payments, trade against your positions, and indulge in financial malpractices to trick their customers. A lack of regulation and proactive supervision enables brokers to indulge in a wide variety of scams that are harmful to investors in the long run.
As a Forex broker with more than five years of experience in the market, it is indeed confusing as to why BelforFX hasn’t dedicated its resources to maintaining a stable and reliable regulatory license to offer a sense of confidence and security to its traders. Even some of the new brokers with a significantly lower operating capital make it a priority to get regulated by a reputable regulatory agency, which does help companies to display their commitment towards ensuring a transparent environment for its investors. Therefore, as a trader, you should always choose a regulated entity that can guarantee the safety of your funds against any type of malpractice.

What Are The BelforFX Account Specifications?

BelforFX offers the option of opening either a regular market maker account, or a dedicated ECN account via its partnership with some of the leading liquidity providers and banks such as UBS, Goldman Sachs, Barclays, Bank of America, Credit Suisse, COMMERZBANK, and FX SpotStream. Both types of accounts are accessible through the MT4 trading platform, which uses a dedicated ECN bridge for accessing the liquidity pool and direct market access trading. The market maker account is a conventional automated dealing desk protocol that matches orders internally, which also poses a massive conflict of interest between the broker and the trader.
A market maker broker has the option of opening positions against their traders, or tamper with the price feeds to make trading less favorable for clients. Market maker brokers are also among the ever-increasing list of non-compliant scam brokers that follow illegal means of broker practices for gaining an unfair advantage over their customers. Hence, it is certainly a good option for traders to choose an ECN account as often as possible, which will reduce the conflict of interest by a significant margin.
Nevertheless, a trader can choose from three different types of accounts, which are categorized according to the initial deposit. The Standard account option is the most basic account package that starts with a $500 minimum account balance, which provides access to a maximum BelforFX leverage of 1:400. Clients do receive a periodic technical analysis of the markets, but the BelforFX spreads start from a whopping 3 pips on the EUR/USD. Although the EUR/USD pair has been known to have the lowest spreads in the currency markets, 3 pips spreads are certainly way too high, even for a regular market maker account. Unless you choose a regular ECN account, the BelforFX is certainly not a wise choice due to the high spreads.
For the same trading conditions and few additional account features, traders can choose between the Gold and Platinum accounts. The Gold account is available for a minimum deposit of $2500, which grants access to trading signals, and other features such as IsocialFX and GetFunded, while the Platinum account offers access to a dedicated trading desk and an account manager for an initial minimum deposit of $5000. All accounts can be accessed through the MT4 terminal, which is available for both desktop and mobile devices. BelforFX mobile traders can also take advantage of the dedicated BelforFX mobile apps for iOS, Android, and Windows operating systems, which makes it a breeze to trade on smartphones and tablets.

Making A Deposit & Withdrawal With BelforFX

BelforFX accepts different modes of payments that allow clients to make a deposit through credit/debit cards, bank wire, and online payment processors such as Skrill and Neteller. Every first deposit made to a new trading account provides a deposit bonus of 15% on the deposit amount, which does sound ideal for all new account holders. However, when it comes to withdrawals, BelforFX has some of the most stringent and odd withdrawal conditions on top of their existing bonus terms. BelforFX reserves the right to split up your withdrawals into partial payments, which may be sent as per the broker’s existing policies and guidelines. There is also a hefty withdrawal fee that may charge a significant percentage of the withdrawal amount.
There have also been numerous cases where existing clients have reported a failure in receiving their funds, while traders have also reported about blocked accounts and erroneous account information. The broker is also suspected of manipulating client funds, which is one of the reasons why the FMA and the FSPR of New Zealand canceled the broker’s license in the first place. Therefore, we would recommend exercising extreme caution while dealing with the company.

How Are Customers Treated At BelforFX?

BelforFX has covered all important customer service channels by offering a dedicated 24X6 live chat function, email addresses, web contact forms, and direct phone numbers. New clients will find it easy to get in touch with the customer service department without any issues, but existing customers may face some delays while contacting their respective account managers. The broker is also not as efficient as other regulated brokers in dealing with customer complaints, which are further compounded by the company’s internal policies to prioritize new clients over existing clients.
As a result, BelforFX has been on a steady decline, and the recent regulatory issues are certainly making matters worse for existing customers. BelforFX should consider it a priority to revamp its service offerings and get a valid regulatory license if it is expected to entertain traders in this highly competitive FX trading market. Take a look at other recommended Forex brokers to see if they would be able to offer a better opportunity for your investments.

BelforFx

  • Company BelforFx
  • Founded in 2020
  • Offices in
  • CashU
  • Credit/debit cards
  • EgoPay
  • Neteller
  • paysafecard
  • Skrill
  • Wire transfer
  • Euro
  • Great Britain pound
  • United States dollar
  • FSP (New Zealand), FSP245245
  • English
  • French
  • German
  • Spanish

Account Types:

  • Minimum account size $100
  • Minimum position size 0.01 lot
  • Spread type Fixed
  • Spread on EUR/USD, pips 3
  • Trading instruments
  • MetaTrader 4

Reviews

There are no reviews for BelforFx available for now. But you can add your own review!

Forex trading bears intrinsic risks of loss. You must understand that Forex trading, while potentially profitable, can make you lose your money. Never trade with the money that you cannot afford to lose! Trading with leverage can wipe your account even faster.

CFDs are leveraged products and as such loses may be more than the initial invested capital. Trading in CFDs carry a high level of risk thus may not be appropriate for all investors.

Los mejores corredores de opciones binarias 2020:
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    Binarium

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    Ideal para principiantes! Entrenamiento gratis! Bonos de registro!

  • FinMax
    FinMax

    Broker honesto!

BelforFX Review

BelforFX are a smaller company when compared to some of our other recommended brokers. Belfor Capital Limited, a financial services company based in New Zealand who currently own offices in London and New Zealand, founded BelforFX in 2020. What makes this broker a real contender in this competitive marketplace is that it accepts traders from all territories, including the USA. US Traders can make deposits via Credit Card, Neteller and Skrill.

BelforFX have focused on a simple plan since its launch. They wanted to be successful the old fashioned way, by providing an excellent user experience. They intended to do this by providing their trading audience with technologically advanced platforms, fantastic customer service and a wide range of educational articles and strategies.

Regulatory Information

Traders from all countries are accepted at this truly global broker. This includes US based Forex traders, as BelforFX have no US customer restrictions in place. This does not compromise their regulatory status. If you decide to trade at BelforFX, you will be trading at a legal and licensed Forex Broker.

BelforFX state that the laws and regulations of the UK, New Zealand, British Anguilla and the Seychelles legally constitute their operations. The relevant part of this for online traders is that BelforFX is recognised as a full financial services provider in New Zealand. This status has provided them with the regulatory material necessary to operate as a prime global Forex solution to both retail and institutional clients. You may research this further by looking in the Financial Services Providers Register (FSPR) for record number FSP3932698.

Trading Platform and Features

BelforFX offers their traders both demo and real money accounts. Each of these provides trading with Foreign Exchange, CFD’s and Precious Metals. There is no web client offered at present, however they do offer three fantastic downloadable platforms. These are MetaTrader4, and the proprietary BelforFX Tablet and mobile platforms. Interestingly, they also offer a Social Trading experience through Managed accounts. Please see below for a brief overview of each of these.

  • MetaTrader 4 (MT4) – The award winning MT4 platform is the industry standard for Forex trading, and is how BelforFX provide access the markets. If you are unfamiliar with MT4, let us begin by saying that this is one of the most dependable, flexible and widely accepted platforms in online financial trading. It is used by professionals and provides numerous features including a number of technical analysis tools and financial instruments. MT4 provides more experienced traders with access to their proprietary MetaQuotes 4 programming language, which allows traders to develop their own indicators and EAs (Expert Advisors). MT4 has numerous other features including the strategy tester, multi-window configuration and a multi-language interface. Complete user guides are available directly from BelforFX and please don’t hesitate to ask their support team for help or guidance at anytime. Please note that MT4 is a windows application. Mac users will have to use the readily available and free-to-use, WineBottler application, which allows user to run Windows applications on OSX.
  • Social Trading – This is a TradersAsset exclusive! BelforFX don’t yet publicise that they offer social trading, yet they re-launched their broker website with a more user-friendly interface in June 2020. They also added SocialFX, a powerful managed accounts plugin at the same time. This feature allows traders to choose from a selection of expert traders, who will then trade on your behalf. There are a number of traders to choose from and numerous stats to use when comparing them. This is normally exclusive to their Gold, Platinum and VIP account holders, but if you would like to explore this feature regardless of account type, simply speak to the BelforFX support team and tell them you’re a TradersAsset trader. You’ll then be granted full access to this new social trading feature.
  • Mobile and Tablet Platforms – BelforFX understand how powerful mobile devices are for traders on the go. They offer app in both the Apple App Store and Google Play, therefore both IOS and Android devices are catered for. We’ve tested the apps and can confirm that they are easy to operate and navigate. The intuitive interface includes live market data on Forex, Commodities, CFD’s, Stocks, Indices, and allow you to browse interactive real-time and historical charts for better market analysis. The app allows traders to browse their closed positions and displays your account balance and details. It is a good solution for traders to observe their trading progress on the go.

Support and Services

BelforFX is a simple broker. They don’t try to overcomplicate matters and are simply dedicated to providing an excellent user experience to encourage loyalty in their customers. A large part of providing a fantastic user experience is having a highly capable support team, and they did not let us down here.

The BelforFX support team is available via email, an online support/query form, phone and Livechat. They are available 24hrs a day, 7 days a week, and are highly responsive at all times. The team are also very personable and one that we consider as the very best. A recent chat with BelforFX has even revealed that they are in the process of increasing the size of their support team. This will no doubt lead to an even better user experience and we support this wholeheartedly.

Banking Options

As a highly regulated broker, BelforFX are able to offer multiple deposit methods, most notably, the Neteller & Skrill e-wallets. Their minimum deposit amount is $100 and they offer leverages between 100:1 and 400:1, depending on account type. Other online deposit methods include EgoPay and the prepaid cards by PaySafeCard. BelforFX also accept all popular Credit and Debit cards, including Visa, Mastercard, American Express and Diners Club. As with all regulated brokers, they also allow you to Wire Transfer funds into your trading account. You are not going to be restricted when it comes to the banking options when funding your BelforFX trading account. Simply contact support if you wish to check a deposit method not mentioned here. It’s worth mentioning that credit card, Neteller & Skrill are the recommended deposit method for US traders.

Please be aware that BelforFX will request you to send in some identification documents to get your trading account fully verified, however this will only need doing once. Having your account fully verified will enable you to benefit from much quicker withdrawals. Payouts are never held for long processing periods at BelforFX. You may request a withdrawal at anytime. Your request will be processed within a maximum of 48 hours and credited to the deposit method used originally.

Why Trade at BelforFX

Traders of all levels should truly consider BelforFX as a preferred broker. You are able to fund your trading account with as little as $100 by using multiple deposit methods and allow you to trade within seconds. The MT4 trading platform is robust and reliable, and BelforFX offer a range of handy tools such as up-to-the-minute financial market news stories and an economic calendar. These features make this reliable and straightforward broker hugely attractive to traders looking for a no-nonsense and straightforward solution and get them the status of being an “Approved TradersAsset Broker”.

We recommend that you open a demo account at BelforFX and explore this broker and their features for yourself. By doing so, you will be able to make your own informed decision on whether they are a suitable broker for you. If you are looking to open a real money trading account, please note that BelforFX do not offer a signup bonus at the time of writing this review. They have offered signup incentives in the past and if these are important to you, please contact their support team for an update on current offers and promotions.

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Los mejores corredores de opciones binarias 2020:
  • Binarium
    Binarium

    1er lugar! El mejor broker de opciones binarias!
    Ideal para principiantes! Entrenamiento gratis! Bonos de registro!

  • FinMax
    FinMax

    Broker honesto!

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