BECFD Review Scam Complaint

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Overview:

BECFD is an unlicensed offshore broker that was established in 2017. The broker’s website is all full of bugs, which sometimes is operational and other times is not. The company is owned and operated under the brand BECFD Ltd which is registered and headquartered in Marshall Islands. Whereas, in their contact details they have provided the contact number in UK and Germany. BECFD doesn’t provide much information about their working and ownership. The found details and facts about the company are discussed in this review so be sure to get through this review before making any investment with this broker.

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About the BECFD:

BECFD offers its clients ‘TraderSoft’ trading platform for forex and CFD trading. The broker provides a Standard Account for trading, which is commission free and provides leverage up to 1:200 with fixed spreads. The minimum initial deposit requirement is not specified. The spread on EUR/USD is fixed at 3 pips which is a high value. There are hundreds of underlying assets available for trading like Crypto, Forex, Stocks, Commodities and Market Indices. The broker gives a choice to traders of using either the web based desktop trading platform TraderSoft, downloading the MetaTrader4 software, or download the newly released mobile trading apps for Android or iOS.

The claim of BECFD is being a pure STP broker, but it most likely is not, considering that it offers fixed spreads. According to the information available on the website of BECFD it can be said that the broker is offering wide range of financial instruments for trade, including many forex pairs, commodities, CFDs on indices,  and stocks. The broker is not regulated from any financial authority and brokers like these can manipulate trading platforms and do whatever they like with their client’s money, and there is not much you can do about it. Even the broker is not offering any demo account and much of the relevant information about its trading which raises a red flag.   

Is BECFD legit or scam?

Many of such offshore zone companies are pure scams, and BECFD may be one of them as it is not licensed from any financial authority and it is even warned by Australian Financial Services. The brokers registered on Marshall Islands are not supervised and hence majorly involves in scams. As BECFD doesn’t hold any prominent feature of a legit broker, it can be said that it’s a scam broker with bad intentions.

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