WikiFX Broker Assessment Series | Is BFX reliable?

In this article, we will talk about the characteristics of this broker from several aspects, providing you with simple and organized information.

About BFX

BFX was incorporated in London, UK in 2017. The company is mainly engaged in the forex and CFD business. BFX provides investors with a variety of financial instruments to trade. One of the key offerings is trading in approximately 37 currency pairs, allowing traders to participate in the forex market and take advantage of currency fluctuations. In addition, BFX offers CFDs on commodities, providing access to markets such as crude oil, natural gas, gold, silver, and other precious metals. However, WikiFX has given this broker a low score of 1.54/10.

Is BFX Legit？

As BFXs website is currently unavailable, it raises concerns about the legitimacy and safety of the broker. Additionally, the unauthorized National Futures Association (NFA, License No. 0508893) license further adds to the lack of credibility. It is advisable to exercise caution and refrain from trading with unregulated brokers, as they may pose higher risks to your funds and investments.

Users Feedback

On WikiFX, registered traders are allowed to make comments on certain brokers. We can see that most of the comments related to BFX are negative.

Spreads & Commissions

The spreads for EUR/USD start at 2 pips, but there is no way to verify their authenticity due to its unavailable website. Additionally, there is no available information regarding the commissions charged by BFX.

Spreads and commissions play a significant role in the overall trading costs for traders, as narrower spreads and lower commissions can result in more cost-effective trading. Without clear and transparent information about BFXs spreads and commissions, it becomes difficult for traders to accurately assess the trading costs associated with this brokerage.

Trading Platforms

BFX offers its clients access to the worlds financial markets through the Metatrader4 (MT4) platform. MT4 is widely recognized and utilized by traders around the world for its user-friendly interface, comprehensive charting capabilities, and advanced trading features.

Deposits & Withdrawals

BFX supports multiple ways to deposit/withdraw funds, including credit or debit cards, bank wire transfers, and e-wallets (such as Skrill and Neteller). These payment methods provide flexibility and accessibility, allowing traders to easily fund their accounts and make withdrawals when needed.

Customer Service

BFX provides customer support to assist traders with their inquiries and concerns. Traders can reach out to the companys customer service team via phone at 442035142242 and email at info@brotherforex.com.

Leverage

BFX offers traders a leverage of up to 1:400, providing them with the opportunity to amplify their trading positions. Leverage allows traders to control a larger position in the market with a smaller amount of capital. With leverage of 1:400, traders can potentially increase their potential profits, as even small price movements can have a significant impact on their positions.

Conclusion

We advise you to do more research before deciding to invest in this broker. A low-score broker without a license number may not be a wise option. If you want more information about certain brokers' reliability, you can open our website. Or you can download the WikiFX App to find your most trusted broker.