Clients of BNFX are offered a choice of 3 account types, two STP and one ECN. All of them offer variable spreads and micro tradeable lots with leverage up to 1:100 on two trading platforms – the MetaTrader 4 and xStation.
Overall, BNFX’s offerings seem attractive: STP/ECN environment with reasonable leverage levels and comparatively low minimum initial deposit. The spreads offered by this broker are not bad either – the ones on the STP mini account are above the average, though. The best spreads are of course available on the ECN account: averaged 0.4 pips on EUR/USD. If we add the applicable commission of $8 per standard lot round trip trading costs amount to around 1.2 pips per lot, which is an attractive offer. The problem is that in order to get theses ECN spreads, you have to deposit at least $1000 with a non-regulated broker, which is not the wisest thing to do.
By comparison, FX Choice (licensed by Belize’s IFSC) offers spreads averaged 0.5 pips on EUR/USD on its ECN accounts, involving a commission of $7 per lot and the minimum initial deposit required is $100. For further information and comparison, you may check out real-time spreads of 15 leading brokers here.
The Company. Security of Funds
Established back in 2010, BNFX is a forex and CFD brokerage, offering online trading on two robust platforms with pure STP/ECN execution. The brand is owned and operated by BNFX Capital Limited, a company that used to be licensed in New Zealand, however, but was deregistered from NZ FSPR in September, 2012 and currently it is not regulated by any authority.
Investing in an unregulated broker is a risky business and we generally advise traders to stay away from such companies and to choose among companies licensed by reputable regulators such as FCA or ASIC, for example.
As we have already mentioned, BNFX supports the MetaTrader 4, as well as xStation, developed by XOpen Hub.
Based on open-API XOH Trader, xStation is an intuitive multi-functional software that also features one-click trading and the ability to deal straight from the chart. The platform is equipped with various technical analysis tools and advanced charting package.
MT4 offers a number of technical indicators, extensive back-testing environment, advanced charting tools and offers trading automatization options with the most commonly used trading robots (EAs), as well as with options to create new ones.
Methods of Payment
BNFX offers only bank wire transfer and credit/debit cards large number as payments. Popular e-wallets Skrill, Neteller, or PayPal are not available with this broker.
Overall, BNFX’s trading conditions seem good, but its product portfolio is somewhat limited. However, in our view the main problem with this broker is the lack of regulation.
BNFX Review Conclusion
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