BRFX Trade Review Scam Complaint
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BRFX Trade is an offshore registered forex and CFD broker. It claims to be owned and operated by BR Consulting Group Ltd, which is registered in St. Vincent and the Grenadines. It offers several different types of accounts to its clients, based on the initial minimum deposit they made. All of these account offers fixed spreads with high leverage levels on the trading platform MT5. There is no option of micro tradable lots available with this broker. For thorough details consider the review below.
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About the BRFX Trade:
BRFX Trade is an SVG registered broker that offers 4 types of accounts to its clients. The accounts are Mini, Silver, Gold and Premium. Minimum initial deposit of $250 is required for Mini account, $1000 for Silver account, $5000 for Gold account and $15000 for platinum account. Whereas, usually brokers require minimum deposits in the range of $100-$300 as initial deposit for the start. The brokerages that demand high in initial deposits are usually regulated and well established. That is the reason why the initial requirements of BRFX Trade for opening an account are unjustified. Another shady thing about this broker is that it doesn’t provide a demo account to its users to test its services.
BRFX Trade supports and provides MT5 trading platform instead of MT4, its predecessor, unlike other brokers. There is three versions available on its website for the MT5 trading platform, web based, desktop download and mobile application. The broker offers a comparative high leverage ratio of 1:500 and it is not advisable to use this high leverage if you are a new bee in the trading world as high ratio leads to high risk of losses if one is not professional or experienced trader. To lure more clients it offers various types of bonuses, on deposit welcome bonus ranging from 30- 100% to the clients who deposit more than $500. But, in order to withdraw profit bonuses from the account one has to trade 20 lots per $100 of the bonus which ultimately leads to additional risks of losses.
Is BRFX Trade legit or scam?
BRFX Trade is an unregulated forex broker that is registered in St Vincent and the Grenadines which is the hotspot for the scam brokers. BRFX Trade has got the warning from Swedish Financial Supervisory Authority which is an official warning against the broker. Therefore, the broker is a scam and keeping your money safe from them is advised.