Note: BluFXs official site - https://blufx.co.uk/ is currently not functional. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker.
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 contained in this article is for general information purposes only.
General Information & Regulation
BluFX is an offshore broker, and the firm behind BluFX is called Blueprint Capital Ltd., which is based in the United Kingdom. That being the case, they do not claim affiliation with the Financial Conduct Authority (FCA). This immediately raises suspicion, as dealing with an unregulated company always carries counterparty risk.
Note: The screenshot date is February 2, 2023. WikiFX gives dynamic scores, which will update in real-time based on the broker's dynamics. So the scores taken at the current time do not represent past and future scores.
Market Instruments
There are only 28 currency pairs as well as Gold available, the currency pairs are EURUSD, EURGBP, EURJPY, EURCAD, EURCHF, USDJPY, USDCAD, USDSCHF, CHFJPY, CADCHF, CADJPY, GBPUSD, GBPJPY, GBPCAD, GBPCHF, EURAUD, EURNZD, GBPAUD, GBPNZD, AUDUSD, AUDNZD, AUDCAD, UADCHF, AUDJPY, NZDUSD, NZDJPY, NZDCHF.
Minimum Deposit
BluFX offers a $25k live Account with a fee of 99€ monthly, and the Profit target is 5% which is 1250$. In the 25k Trading plan, they wont allow you to hold the trading position over the night. Blufx allows you only to trade from 6 AM to 9 PM UK time. So if you take any trade, you have to close it before 9 PM daily. Here comes the scam scheme. If you are an experienced trader, you know that in the forex market, we have to hold some trades over the night or a few days to be in profit because of the volatility. At this moment, limiting your limit, they are trapping you in a big dark hole.
Trading Size
BluFX is giving examples of the $25,000 account and the $50,000 account. The maximum trade size on a $25,000 account is 1 lot, while on a $50,000 account, it is 2 lots. Each currency pair has its maximum trade size based on the margin required when trading it.
Leverage
The leverage ratio provided by BluFX is only 1:3, while traditional forex brokers offer at least 1:100 or 1:200. It is important to keep in mind that the greater the leverage, the greater the risk of losing your deposited capital. The use of leverage can both work in your favour and against you.=
Spreads
The costs of trading with the BluFX platform are not disclosed by the company. Given the fact they only facilitate day trading, a slightly higher spread can greatly impact the bottom line of any trader. Usually, forex brokers offer spreads within the range of 1.0 -1.5 pips for the EUR/USD pair.
Trading Platform
It is not surprising that this broker, unconventional as it is, does not support the good old MetaTrader4 (MT4) platform. Instead, it offers its proprietary web-based platform that has most of the functionalities the MT4 offers. There are no demo versions available.
Deposit & Withdrawal
BluFX currently accepts Credit/Debit cards, PayPal, USDT, Flutterwave, WebMoney and PerfectMoney for their payments. With BluFX, you can only withdraw funds from your trading account after you have made a 10% profit (your first withdrawal can be $2,500 if you chose one of the latter two account types and have reached an account balance of $55,000).
Fees
To get access to BluFXs capital, one must pay a monthly fee specified at the beginning of this review, ranging from £99 to £249, according to the account type.
Customer Support
BluFXs customer support can be reached by email: info@blufx.co.uk. You can also follow this broker on social networks such as Instagram and YouTube. Company address: 1A Old Bond Street, London, W1s4PB; Dubai Silicon Oasis, DDP, Building A, Dubai, United Arab Emirates.
Pros & Cons
Frequently Asked Questions (FAQs)
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