BluFX presents itself as a prop firm, offering customers funding to trade. Then, all the profit is split 50-50.
However, there has been a lot of negative fuss about this firm lately, which made us check their operations. It’s all elaborated on in our detailed BluFX review.
Prop firms offer clients their money in exchange for sharing the profit. This type of business is perfectly legal in the UK, where such companies don’t require licenses.
Then, the UK regulator, FCA, received a number of complaints, which resulted in banning the business. According to reviews, once the company has ended up on the FCA warnings list, it has stopped all communication with clients, including allowing payouts.
Let’s learn more about BluFX and its business.
Since we’ve already mentioned FCA several times, here’s the warning they issued against BluFX. It was first published in December 2022, with another update in February 2023.
According to it, BluFX may provide financial services or products in the UK without appropriate authorization. Therefore, the customers should be aware that they cannot file a complaint with the Financial Ombudsman or get money back from FSCS in case of any losses.
BluFX is mainly advertising its services in the following countries:
According to the FCA notice, we can conclude they also solicit UK investors. The company hasn’t had a stellar reputation since they were banned in its own country. Therefore, be quite cautious.
Furthermore, it seems that login and payout are currently unavailable. At the same time, Trustpilot confirmed that the company had received regulatory attention.
BluFX trading platform is quite solid. The company offers its traders cTrader, third-party software with a broad range of features.
cTrader provides traders with a user-friendly interface and a suite of advanced trading tools, including customizable charts, technical indicators, and drawing tools. It also supports automated trading through its cAlgo platform, which allows traders to create and backtest custom trading algorithms.
Since it’s a prop firm, BluFX doesn’t offer many options. In fact, traders can only invest in 29 currency pairs. There are no assets like stocks, indices, crypto, or any other.
It’s quite limiting, especially for those with more significant accounts. While you may be able to specialize in Forex trading and focus on certain assets, it also means that you’re losing profit on all other assets that are far more volatile.
Therefore, we cannot be amazed by this offer.
BluFX offers different subscriptions through which they offer funding. These include:
Note that these amounts are billed monthly and are not refundable. Besides higher amounts at your disposal, each higher account has a higher withdrawal target, a higher max drawdown, and adds more buying power.
The company also has swap-free accounts suitable for clients who trade according to Sharia laws. These include:
As you can tell, the price here is a bit higher as there are no overnight fees. All other perks correspond to those of regular subscriptions.
As a matter of fact, no. BluFX Demo account is not enabled, and the company insists that you stop using Demo and start trading for real. Their main pitch relies on the fact that you can practice your trading strategies forever on a trial account or begin with their funding on a Live one.
However, it means you cannot practice new strategies beforehand, implying that you can quickly reach the daily loss threshold.
Here is the list of viable payment options for BluFX withdrawal, according to the FAQ section:
There’s a limit of 5% of the profit that you can withdraw. If you earn anything above, you need to make several withdrawals in blocks of 5% every time.
According to reviews, the company has quite a lot of withdrawal issues, which is why we recommend you exercise caution. Ask around and verify that you will be able to get a payout before subscribing to any service.
BluFX is a prop firm with a dubious reputation and regulatory warnings. Therefore, if you’ve been unable to get your profit out of the account, it’s time to request your subscription money back.
Our CipherTrace crypto experts and chargeback specialists can look into your case and assist with the matter. Don’t hesitate to share your story and recover what’s rightfully yours!
BluFX is a prop firm with a bad reputation among investors. If you have already paid to trade with them, we might be able to assist you.
BluFX doesn’t offer a Demo account, but only Live ones through a subscription.
BluFX allows traders to invest using the cTrader platform.
BluFX is a prop firm with a bad reputation among investors. If you have already paid to trade with them, we might be able to assist you.
BluFX doesn’t offer a Demo account, but only Live ones through a subscription.
BluFX allows traders to invest using the cTrader platform.
The post Detailed Review of BluFX and Their Trading Business appeared first on Global Fraud Protection.
