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BIC MARKETS

Cambodia|5-10 years|
Suspicious Regulatory License|Suspicious Scope of Business|Suspicious Overrun|High potential risk|

https://www.bicfx.com

Website

Rating Index

Influence

Influence

D

Influence index NO.1

Cambodia 2.44

Surpassed 100.00% brokers

Biz AreaSearch StatisticsAdvertisingSocial Media Index

Contact

+855 023 966 669
info@bicfx.com
https://www.bicfx.com
Phum 13, Tonle Basak, Chamkar Mon, Phnom Penh 12301, Cambodia

Licenses

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

Single Core

1G

40G

Open Now

Disclosure

Danger

ID BAPPEBTI
2022-02-02
Ministry of Trade Blocks 1,222 Illegal Commodity Futures Trading Websites
BIC MARKETS
Brokereo
MRG LTD

Contact number

English

+855 023 966 669

Broker Information

More

Company Name

B.I.C. Markets Co., Ltd

Company Abbreviation

BIC MARKETS

Platform registered country and region

Cambodia

Company website
Facebook
  • facebook.com/bicfx.com.kh

Pyramid scheme complaint

Expose

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Warning: Low score, please stay away! 2
Previous Detection : 2024-03-19
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • The CambodiaSERC regulation (license number: Unreleased) claimed by this broker is suspected to be clone. Please be aware of the risk!

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BIC MARKETS · Company Summary

Aspect Information
Company Name BIC MARKETS
Registered Country/Area Cambodia
Founded year 2018
Regulation Identified as a Suspicious Clone
Market Instruments Forex, Metals, Energy & Indices
Account Types Zero Commission Account, PRO Account
Minimum Deposit $100
Maximum Leverage 1:100 (Zero Commission Account), 1:400 (PRO Account)
Spreads Starting from 0 pips
Trading Platforms MetaTrader 4, WebTrader and Mobile Trading
Customer Support Phone: +855-023 966 669, Email: info@bicfx.com, Social Media
Deposit & Withdrawal Bank Transfer, Credit/Debit Cards, Online Payment Processors
Educational Resources Articles, Videos, Webinars

Overview of BIC MARKETS

Founded in Cambodia in 2018, BIC MARKETS offers a variety of trading assets including Forex, Metals, Energy, and Indices. The platform provides traders with access to the MetaTrader 4 trading platform, offering advanced charting tools and execution capabilities.

However, BIC MARKETS faces regulatory scrutiny, being identified as a Suspicious Clone by authorities, which raises questions about its regulatory status and reliability. Despite this, the platform offers advantages such as a wide range of assets and responsive customer support, but potential drawbacks include high minimum deposit requirements for certain account types.

Overview of BIC MARKETS

Is BIC MARKETS legit or a scam?

BIC MARKETS is not regulated, but rather identified as a Suspicious Clone.

This classification as a Suspicious Clone by the regulatory authority significantly impacts traders, highlighting potential risks associated with conducting financial activities through BIC MARKETS. Consequently, traders are advised to exercise caution and adopt a vigilant approach when engaging in transactions on the platform, considering the regulatory ambiguity surrounding its operations under the SERC's suspicious clone designation.

Is BIC MARKETS legit or a scam?

What are Clone Brokers?

The prevalence of clone brokers is increasingly risk, as fraudulent entities exploit reputable company names to deceive clients into believing they're trading with regulated forex firms. They even manipulate license numbers of legitimate brokers to further mislead traders into opening accounts.

To safeguard against these scams, maintaining constant vigilance is paramount. These deceptive firms often resort to aggressive tactics, like high-pressure sales techniques, to coerce clients into opening accounts or depositing more funds. As the adage goes, if an offer sounds too good to be true, it likely is. Investors must remain cautious and skeptical to protect themselves from falling victim to such fraudulent schemes.

Pros and Cons

Pros Cons
Various Asset Selection Including Forex, Metals, Energy, and Indices Identified as a Suspicious Clone.
MT4 Trading Platfrom High Minimum Deposit Requirements
Market Analysis Tools
Educational Resources
Responsive Customer Support

Pros:

  • Various Asset Selection: BIC MARKETS offers a wide range of trading assets, including Forex, Metals, Energy, and Indices. This diversity allows traders to choose from different markets and instruments based on their preferences and trading strategies.

  • MT4 Trading Platform: The MetaTrader 4 platform provided by BIC MARKETS is a widely used and trusted trading platform in the industry. It offers advanced charting tools, technical indicators, and automated trading capabilities, providing traders with a robust and user-friendly interface for executing trades.

  • Market Analysis Tools: BIC MARKETS provides traders with access to various market analysis tools, including real-time charts, technical analysis indicators, and economic calendars. These tools empower traders to conduct comprehensive market analysis and make informed trading decisions.

  • Educational Resources: The platform offers educational resources such as articles, videos, and webinars to help traders enhance their trading knowledge and skills.

  • Responsive Customer Support: BIC MARKETS offers responsive customer support through multiple channels, including phone, email, and social media. Traders can reach out to the support team for assistance with account-related inquiries, technical issues, or general questions, ensuring a smooth trading experience.

Cons:

  • Identified as a Suspicious Clone: BIC MARKETS has been identified as a Suspicious Clone by regulatory authorities, raising risks about its legitimacy and reliability as a trading platform.

  • High Minimum Deposit Requirements: Some account types on BIC MARKETS have high minimum deposit requirements, which poses a barrier to entry for traders with limited capital or those looking to start trading with smaller amounts. This could potentially exclude certain segments of traders from accessing the platform's services.

Market Instruments

BIC MARKETS offers a wide range of trading assets.

Forex stands as a cornerstone asset, encompassing major currency pairs like EUR/USD, GBP/USD, and USD/JPY, along with minor and exotic currency pairs.

Additionally, traders can engage in trading Metals such as gold, silver, platinum, and palladium, providing opportunities for diversification and hedging strategies.

The platform also features Energy assets, including crude oil and natural gas, allowing traders to capitalize on fluctuations in global energy markets.

Furthermore, BIC MARKETS offers a selection of Indices, representing baskets of stocks from different industries and regions, such as the S&P 500, FTSE 100, and Nikkei 225, enabling traders to speculate on broader market trends.

Account Types

The ZERO Commission Account offered by BIC MARKETS is suitable for traders seeking a straightforward trading experience with no commission charges. With access to the MetaTrader 4 platform via desktop, web, and mobile, users can engage in trading Forex, Metals, Energy, and Indices, all with the added precision of fifth decimal trading.

This account type provides leverage up to 1:100, making it suitable for traders looking for moderate leverage levels. With a minimum opening deposit of USD $100 and minimum trade size of 0.01 lot, it offers accessibility to traders of varying experience levels. The absence of commission fees and the provision of Market Execution contribute to a cost-effective and efficient trading environment.

This account type may appeal to retail traders seeking a cost-effective and user-friendly trading solution without the burden of commission charges.

On the other hand, the PRO Account serves traders who require higher leverage and are willing to meet a higher minimum opening deposit. With leverage of up to 1:400, this account type allows for more significant exposure to the markets. Like the ZERO Commission Account, it provides access to the MetaTrader 4 platform across various devices, offering trading opportunities in Forex, Metals, Energy, and Indices with fifth decimal precision.

The PRO Account requires a minimum opening deposit of USD $5,000, making it suitable for more experienced or high-net-worth traders. Despite the absence of commission charges, this account type offers enhanced trading conditions such as Market Execution and starting limit and stop levels from 2 points.

With a maximum total trade size of 50 standard lots per position and support for up to 300 simultaneous open orders, the PRO Account provides flexibility and scalability for traders with larger trading volumes and more complex strategies. This account type is suitable for professional traders or institutional investors seeking access to advanced trading features and higher leverage options.

Account Type ZERO Commission Account PRO Account
Trading Platform MetaTrader 4, WebTrader and Mobile Trading MetaTrader 4, WebTrader and Mobile Trading
Trading Instruments Forex, Metals, Energy & Indices Forex, Metals, Energy & Indices
Fifth Decimal Yes Yes
Leverage 1:100 1:400
Execution Market Execution Market Execution
Minimum opening deposit USD $100 USD $5,000
Minimum trade size 0.01 lot 0.01 lot
Trade size increment 0.01 lot 0.01 lot
Maximum Total Trade Size 50 Standard lots per position 50 Standard lots per position
Maximum Simultaneous Open Orders 300 300
Margin Call / Stop out level 80% / 50% 80% / 50%
Account Currency USD USD
Commission No Zero Commission
Limit and Stop Levels Starting from 2 points Starting from 2 points
Account Types
Account Types

How to Open an Account?

Opening an account with BIC MARKETS involves a straightforward process. Here are the steps:

  1. Visit the BIC MARKETS Website: Navigate to the official website of BIC MARKETS using a web browser.

  2. Account Registration: Locate the “Open an account” button on the website's homepage and click on it. You will be directed to a registration form where you'll need to provide personal information such as your full name, email address, phone number, and country of residence.

  3. Account Type Selection: Choose the type of account you wish to open based on your trading preferences and requirements. BIC MARKETS typically offers different account types with varying features and minimum deposit requirements. Select the account type that best suits your needs.

  4. Complete Verification: After filling out the registration form, you may be required to verify your identity and address by providing supporting documents. This step is essential for compliance with regulatory requirements and to ensure the security of your account.

  5. Deposit Funds: Once your account registration and verification are complete, you can proceed to fund your account. BIC MARKETS usually offers multiple deposit methods such as bank transfer, credit/debit cards, and online payment processors. Choose the most convenient option for you and follow the instructions to deposit funds into your trading account.

  6. Start Trading: With your account funded and verified, you're now ready to start trading. Log in to your account using the credentials provided during registration and access the trading platform offered by BIC MARKETS. Familiarize yourself with the platform's features, analyze the markets, and execute your trades according to your trading strategy.

How to Open an Account?

Leverage

BIC MARKETS offers varying maximum leverage ratios based on the account type chosen. The ZERO Commission Account provides a maximum leverage of 1:100, allowing traders to control larger positions with a relatively smaller amount of capital. On the other hand, the PRO Account offers a higher maximum leverage of 1:400, enabling traders to amplify their exposure to the financial markets further.

Spreads & Commissions

BIC MARKETS offers two distinct account types, each with its own fee structure.

The ZERO Commission Account, as the name suggests, does not charge any commission fees on trades. Instead, it typically offers variable spreads, which are the difference between the bid and ask prices, starting from as low as 0.5 pips for major currency pairs.

Conversely, the PRO Account, while also featuring zero commission charges, tends to have tighter spreads, typically starting from 0 pips for major currency pairs. However, to access these tighter spreads, traders are required to meet a higher minimum opening deposit of USD $5,000 compared to USD $100 for the ZERO Commission Account. This account type may be more suitable for experienced traders or those with larger trading volumes who prioritize tighter spreads and are willing to commit a higher initial investment.

On the other hand, the ZERO Commission Account could be more appealing to retail traders or those starting with smaller capital, as it offers commission-free trading with relatively competitive spreads. Both account types provide access to the same trading instruments and execution methods across the MetaTrader 4 platform, ensuring consistency in trading experience regardless of the chosen account type.

Trading Platform

BIC MARKET offers a wide range of trading platforms across desktop, web, tablet, and mobile devices.

Among these options is the BIC FX MT4 WebTrader, a web-based platform for convenient trading directly from a web browser, eliminating the need for additional software downloads. The platform boasts user-friendliness and efficiency as its key features.

Additionally, BIC FX provides the BIC FX iPad Platform, offering clients easy-to-download software tailored to utilize advanced features of the iPad device.

For traders who prioritize mobility, the BIC FX MT4 Mobile platform allows access to trading accounts and execution of trades via smartphones and tablets, providing full functionality comparable to the desktop version.

Furthermore, BIC MARKET supports MT4 for macOS, offering traders the flexibility to manage multiple orders and trade various assets across different trading styles.

These platforms collectively provide traders with accessible and feature-rich tools for engaging in financial markets.

Trading Platform

Deposit & Withdrawal

BIC MARKETS offers a variety of payment methods to facilitate deposits, providing flexibility for traders to fund their accounts conveniently. Commonly accepted payment methods include bank transfers, credit/debit cards, and online payment processors.

When it comes to the minimum deposit requirement, BIC MARKETS sets different thresholds depending on the chosen account type. For the ZERO Commission Account, the minimum opening deposit is typically set at USD $100. This lower minimum deposit requirement makes the account accessible to a broader range of traders, including those with smaller capital to invest.

On the other hand, the PRO Account typically requires a higher minimum opening deposit, typically set at USD $5,000. This higher threshold is suitable for more experienced traders or those with larger trading volumes who are willing to commit a higher initial investment.

Customer Support

BIC MARKETS provides customer support via multiple channels, including phone and email. Traders can reach out to the support team by calling +855-023 966 669 or sending an email to info@bicfx.com.

Additionally, the company maintains an active presence on social media platforms like Facebook, Instagram, YouTube, and TikTok, where users can follow for updates and reach out for assistance. Through these various channels, BIC MARKETS offers responsive and accessible customer support to address inquiries, provide assistance, and ensure a positive trading experience for its clients.

Customer Support

Educational Resources

BIC MARKETS provides a range of educational resources to support traders in understanding the complexities of the financial markets.

From foundational knowledge about Forex and Forex trading to more advanced topics like market analysis, the platform offers valuable insights through articles, videos, and seminars.

Additionally, BIC MARKETS hosts events and seminars where traders can learn from industry experts and gain practical insights into market dynamics.

The “BIC Talk Show” is a unique feature that provides a platform for discussions on various trading-related topics, offering perspectives from seasoned traders and professionals.

These educational resources empower traders to make informed decisions and enhance their trading skills, contributing to their overall success in the financial markets.

Educational Resources

Conclusion

In conclusion, BIC MARKETS, founded in Cambodia in 2018, offers traders access to various financial instruments through its MetaTrader 4 platform.

While the platform provides advantages such as a wide range of trading assets, responsive customer support, and educational resources, it faces regulatory scrutiny, being identified as a Suspicious Clone. Additionally, traders should be mindful of potential disadvantages such as high minimum deposit requirements for certain account types and the lack of regulatory clarity.

Despite these drawbacks, BIC MARKETS remains a viable option for traders seeking a wide range of trading opportunities, provided they conduct thorough research and exercise caution when trading on the platform.

FAQs

Q: What trading assets are available on BIC MARKETS?

A: BIC MARKETS offers Forex, Metals, Energy, and Indices for trading.

Q: How can I contact customer support at BIC MARKETS?

A: You can reach BIC MARKETS customer support via phone, email, or through their social media channels.

Q: What is the minimum deposit required to open an account with BIC MARKETS?

A: The minimum deposit varies depending on the account type chosen.

Q: What trading platform does BIC MARKETS offer?

A: BIC MARKETS provides access to the MetaTrader 4 platform, available on desktop, web, and mobile devices.

Q: Does BIC MARKETS charge commission fees on trades?

A: The Zero Commission Account does not charge commission fees, while the PRO Account offers zero commission as well but with potentially tighter spreads.

Q: Is BIC MARKETS regulated?

A: BIC MARKETS has been identified as a Suspicious Clone by regulatory authorities, indicating potential regulatory risks.

User Reviews

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Comments

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Vantage
more than one year
I tried out BIC MARKETS as a trading platform. It was tough getting hold of my broker, and when I finally requested a withdrawal, I suddenly received calls from 10 different people asking me to cancel the request. I decided to give them a chance – and in less than 24 hours, I lost all my money.
2024-03-11 11:57
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0
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差不多先生,
more than one year
Although trading conditions like leverage, minimum deposit and spreads look very attractive, I think the most important thing is safety. If you get cheated out of your money, what's the point of other trading conditions? Judging from the regulatory information, BIC MARKETS is not very safe.
2022-11-28 10:36
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0
0
A21441
more than one year
As a beginner, I occasionally feel BIC MARKETS is too ******** for me. I mean, there are so many options, tables, and indicators… I tend to get confused by all these, and I believe this is only because I’m new to forex trading. They claim to be suitable for all traders, but I don’t feel this way so far. Maybe I should dive deeper into their education resources, who knows?
2022-11-25 14:32
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鲸涛
more than one year
This Cambodia-registered forex broker is simply an unsafe brokerage platform, with simple trading conditions, they tried hard to convince you to make a deposit. Once you put your money here, you will never get that money back. Don’t take that risk!
2022-11-24 19:28
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