Looking at the table we provided, you might think the BKFX broker seems quite solid. Better than most of its counterparts, actually.
So, why is our verdict to stay away? Keep reading; our unbiased BKFX review will tell you everything you need to know.
If you access the African domain, you will find another owner, BKFX (Pty) Ltd. It’s allegedly registered in South Africa, with the license number 49288. While this was true in the past, it’s not accurate today. Once you search through the regulatory database, you will find another company with the said number and the provided address. That’s DNKR (Pty) Ltd, owner of another Forex brand, FX-Edge.
Hence, we have no proof that BKFX operates from any of the aforementioned countries, let alone that it does so with appropriate regulation. Does it mean that BKFX is a scam? Let’s continue and see.
As a once-regulated broker, BKFX doesn’t have difficulty maintaining the same appearance. Many reviews out there refer to their old licenses, meaning they can sell the same story they used to sell.
And to be fair, their website seems quite solid and transparent. You can find information about fees, commissions, leverage, and everything else. The company advertises on social media and solicits new clients through its IB program. They’re offering a 55% revenue share for all those who bring new customers, and these actually start trading.
Brokers are usually in touch via phone, email, and apps like WhatsApp and Telegram. The BKFX support department is available via email or the UK phone number. It’s another odd thing, why would they provide a UK number if the office is in SVG and South Africa? This opens the question if BKFX is a legit broker.
Note that they are currently unlicensed and have no approval to solicit investors.
The website is pretty cryptic when it comes to trading platforms. It doesn’t say what you can expect. Once registered, we got access to MT4. It’s quite a pleasant surprise, considering that MetaTrader 4 is one of the best software with the largest number of trading tools.
Additionally, the broker allows connecting to ZuluTrade, a social trading platform. This one enables you to follow other, more experienced investors and copy their trades. Further, you can download EAs and install them to add to your trading software. All in all, trading is smooth and easy.
Another benefit is BKFX login via Android and iOS mobile apps. That way, you can trade on the go, wherever you are. You can quickly check your account and manage your investment without the risk of losing precious time by logging in via a web browser.
You can trade a standard range of five asset classes:
While the range is quite solid, trading terms aren’t. Let’s elaborate more on that.
This broker is on the pricier side of the range. The spread starts with 1.5 pips for the Standard account, which is solid. However, add to that trading commissions and swaps, and you’ll pay quite a lot.
The leverage is relatively high, standing at 1:2000 for Forex pairs. Major Tier 1 regulators, such as FCA, ASIC, and BaFin, have a strict limit of 1:30 due to high risks and market volatility. Allowing clients leverage this high can lead to significant losses you may not recover from. Just like Grand Bit, this broker doesn’t care much about your safety.
You can choose between the following options:
With each of these, the spread is lowering, ranging from 1.8 to 0.0 pips. The contract size is divided by 100 for the Cent account and standard for all other types. From the Premium account, you can access trading academy and other educational materials, while the Raw Spread one brings custom margin calls and stop-out levels.
The minimum deposit is quite solid, but the T&C indicates that if your balance is lower than $100, the company maintains the right to close your account. Meaning you will be pressured to upgrade pretty quickly. Note that all accounts are available as Islamic swap-free, with possibly higher commissions.
According to the legal documents, the company accepts the following payment methods:
The funds will be transferred to the client through the same means of payment of the deposit. Note that you can get 30-100% of the bonus, limiting your withdrawals until you reach the minimum trading volume. Yet, this volume is nowhere to be found, meaning you must contact BKFX support or wait to find out when your payout request is rejected.
If you or someone close to you has any issues with the BKFX broker, you can notify the authorities. Additionally, you can share your story with Global Fraud Protection. Our chargeback experts are ready to hear you out and evaluate your case during a free, non-obligatory consultation.
Don’t wait until it’s too late. Let us know what happened, and let our experts work.
BKFX is an unregulated offshore trading broker with a branch in South Africa. Let us know if you have deposited your money and are experiencing any trouble.
BKFX requires a minimum deposit of $5 for the Cent account.
You can trade both cryptos and other CFDs, such as commodities, indices, and shares.
BKFX is an unregulated offshore trading broker with a branch in South Africa. Let us know if you have deposited your money and are experiencing any trouble.
BKFX requires a minimum deposit of $5 for the Cent account.
You can trade both cryptos and other CFDs, such as commodities, indices, and shares.
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