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BFXTRADE

China|2-5 years|
Suspicious Scope of Business|High potential risk|

https://bfxtrade.com/en/indexbc14.html?a=home

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https://bfxtrade.com/en/indexbc14.html?a=home

Licenses

No valid regulatory information, please be aware of the risk!

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

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40G

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Broker Information

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Company Name

BFXTRADE

Abbreviation

BFXTRADE

Platform registered country and region

China

Company website

Pyramid scheme complaint

Expose

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Warning: Low score, please stay away! 2
Previous Detection : 2024-07-17
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • The current information shows that this broker does not have a trading software. Please be aware!

WikiFX Verification

BFXTRADE · WikiFX Survey

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BFXTRADE · Company Summary

Note: BFXTRADE official site - https://www.bfxtrade.com/en/indexbc14.html?a=home is currently not functional. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker.

BFXTRADE Review Summary in 4 Points
Founded 5-10 years
Registered Country/Region China
Regulation Unregulated
Customer Support None

What is BFXTRADE?

BFXTRADE

BFXTRADE is an online trading provider that operates in China. However, the current inaccessibility of its website coupled with a lack of regulation raises significant concerns regarding its legitimacy and authenticity.

Through this article, we aim to offer a detailed review of BFXTRADE covering various facets of its services. If you're considering engaging with this service, we suggest reading on for a complete understanding. The article wraps up with a summarizing snapshot that underscores the key features of this platform for easy reference.

Pros & Cons

Pros Cons
None • Unregulated
• Website inaccessible
• Lack of transparency
• Scam case reported from their customers
Pros:

Upon critical evaluation, no pros or advantages could be identified at this time with the platform lacking transparency and regulatory oversight along with having a track record of scam reports. Users are advised to proceed with caution.

Cons:

Unregulated: BFXTRADE does not come under the purview of any known regulating authority. This raises serious concerns about the legitimacy of the platform and security of customers' funds.

Website Unavailable: The platform's website being inaccessible heightens the suspicion and makes it impossible to validate their credibility or gain insights about their services.

Lack of Transparency: BFXTRADE's non-transparent practices, where details about the company and its operations are obscure, is a serious cause for concern.

Scam Cases Reported: There has been a report from their customers claiming they were scammed by this platform, which raises further red flags about its overall reliability.

Is BFXTRADE Safe or Scam?

When considering the safety of a brokerage like BFXTRADE or any other platform, it's important to conduct thorough research and consider various factors. Here are some steps you can take to assess the credibility and safety of a brokerage:

  • Regulatory sight: At the moment, this broker operates without any valid regulatory control, raising significant worries about its legitimacy and dependability. These concerns are further heightened due to the unavailability of the broker's website.

No license
  • User feedback: A report of scam registered on WikiFX severely question the brokers liquidity and advise caution for those contemplating its services, emphasizing the value of using trustworthy and user-friendly platforms.

  • Security measures: Currently, there is no publicly available information regarding the security measures implemented by this broker.

In the end, the decision to trade with BFXTRADE is a personal one that requires a thorough assessment of the advantages and disadvantages before making a final decision.

User Exposure on WikiFX

On WikiFX, it's noteworthy that there is one recorded scam report, acting as a warning signal. We strongly recommend that traders carefully scrutinize all relevant information. Our platform is another useful reference point before starting your trading journey. If you encounter any fraudulent brokers, or if you have been victimized by any such behavior, please report this under our “Exposure” section. Your contribution would be immensely effective in supporting our mission, and our expert team will strive to promptly resolve the issue.

User Exposure on WikiFX

Customer Service

BFXTRADE does not offer any customer support channels, a considerable red flag when evaluating its trustworthiness.

The absence of support not only inhibits resolution of potential issues and queries but it also lacks significant evidence of the platform's commitment to customer service. It's particularly worrisome for new traders who often require assistance.

This absence hampers user experience and can contribute to potential financial risk. When investing, prompt and reliable customer support is crucial, especially amidst market volatility.

Therefore, it's highly advised that traders proceed with caution when considering platforms such as BFXTRADE that provide no customer support.

Conclusion

BFXTRADE presents itself as a China-based online trading platform, but a multitude of warning signs, including their unregulated status, raise serious questions about its authenticity. This lack of regulation creates a risky scenario for traders due to possible breaches of usual financial norms. Furthermore, problems with website accessibility, a negative review on WikiFX, and a glaring lack of customer support indicate an unprofessional approach that can negatively affect the trader's experience.

Therefore, those considering trading with BFXTRADE should proceed with maximum caution. It's essential to consider the importance of transparency and compliance with regulations and thus, it is always recommended to opt for platforms that adhere to these standardized norms.

Frequently Asked Questions (FAQs)

Q 1: Is BFXTRADE regulated?
A 1: No. It has been verified that this broker currently under no valid regulation.
Q 2: Is BFXTRADE a good broker for beginners?
A 2: No. It is not a good choice for beginners. Not only because of its unregulated condition, but also because of its unavailable website, absence of customer support and negative customer feedback.

Risk Warning

Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.

In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.

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T68314
more than one year
I came across BFXTRADE broker on Instagram ads, and it seemed decent. So, I contacted their customer service, and initially, everything seemed normal. However, after depositing R200 and being asked to invest an additional R500, I got concerned about the possibility of a scam. I requested a withdrawal, but their attitude suddenly changed. They informed me that it didn't comply with the process and rejected my withdrawal request.
2024-01-12 17:47
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