We could not get information about different account types on BECFD’s website, so we will assume that it offers a single account type. This account is commission-free, with leverage up to 1:200, and fixed spreads.
BECFD’s website, which is not very informative regarding the broker’s trading conditions, is available in English, German, Italian and Russian.
The Company. Security of Funds
BECFD claims to be a pure STP broker, but it most likely is not, considering that it offers fixed spreads. Otherwise, judging by the information on its website, BECFD seems to offer wide range of financial instruments for trade, including many forex pairs, and CFDs on indices, commodities and stocks.
The brand is operated by a company registered in the Marshall Islands, an offshore zone when brokers are in fact not regulated, nor supervised.
We keep reiterating that doing business with offshore brokers is not recommended, as clients have no protection, if something goes wrong. Such brokers can manipulate trading platforms and do whatever they like with your money actually, and there is not much you can do about it. Many of these companies are pure scams, and BECFD may be one of them. It does not offer demo accounts and much of the relevant information about its trading conditions is missing, which raises a red flag.
You’d better select among brokers licensed by FCA in the UK, or CySEC in Cyprus for example.
Minimum initial deposit
BECFD has not specified what is the minimum investment it requires by investors. Most brokers demand $100-$250, and some, like easyMarkets, even less. You can open an account with the letter by depositing just 5 bucks.
Spreads and Commission
According to the live price feeds on the broker’s website, the spread on EUR/USD is fixed at 3 pips, which is a very high value.
By comparison, most fixed-spread brokers offer spreads of 2 pips for this pair, and some, like CySEC-regulated easyMarkets, even lower.
Accepted currencies: USD, EUR, GBP, TRY, DKK, SEK, and NOK.
BECFD offers leverage up to 1:200, which is an average ratio. If you are willing to take the risk to use higher leverage levels, a number of brokers offer leverage of 1:500 or even higher. However, make sure you are aware of the dangers margin trading involves – high leverage may multiply both your profits and your losses.
Like most forex brokers, BECFD offers MetaTrader4 (MT4), however we could not download and test it, although we opted for a demo account.
Although it was launched more than 10 years ago, it seems that MT4 is still the traders’ favorite platform. This is probably due to its ease of use, top-notch charting and wide range of indicators, Expert Advisors (EAs) and the option to create such of your own.
Besides, MT4 offers many risk management tools including stop loss, take profit and order entry, as well as embedded tick charts, alerts and signals. It also allows you to easily manage multiple open positions and switch instantly between assets and markets.
Methods of Payment
BECFD offers its clients the following payments methods: bank wire transfer, credit/debit cards, e-Wallet Skrill, Neteller, Web Money, Qiwi, AstroPay, and Yandex. PaySafeCard is also available.
BECFD is a forex broker supporting the MT4 platform whose website is not very informative. In our view the main concern with this broker is the fact that it is registered offshore and that it might be a scam, as relevant trading information is not available on its website and also it does not offer demo accounts. Besides, its spreads are too wide.
BECFD Review Conclusion
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