BronzeFX Review: this is the name of a Forex and CFD broker that is located in the offshore region of St. Vincent and the Grenadines. Is bronze-fx.com a legit Forex broker or a scam?
The location of the brokerage gives us immediate concern as we have found that the address has been used by many other brokers that turned out to be scams. Citizens of Japan, USA, Russia, Ukraine and Canada are restricted from using the service.
It claims to also provide “the newest generation of sophisticated trading robots”. Offers clients the chance to the enter world of trading with these advanced tools. A step towards financial maturity is said to be achieved once a trader joins this broker service.
It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.
However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.
BronzeFX Trading Platform
It is mentioned that BronzeFX trading software is operated on a MetaTrader 5 platform available to all their clients.
Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.
This platform is a very good sign along with MT4, as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, Linus, windows, iOS and Android.
Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.
Trading instruments offered to traders are not stated. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.
Maximum leverages can reach up to 1:500 and while this is generous, it can pose danger as well. High leverages can lead to huge loss of funds as well. Spreads are not stated and traders would not be encouraged with this find.
Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.
Deposit and Withdrawal methods on BronzeFX
The means of making payments and withdrawals with this broker are: MasterCard, Visa, Bank Wire Transfer, Bitcoin, Litecoin, Ripple, and Ethereum. We do not find it encouraging that e-wallets are not in use.
This is because standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on.
Minimum deposit required is placed at $250 which is within the obtainable average of $100 – $250 among brokers. There are withdrawal regulations attached with the trading bonus of this broker that makes it seem shady. And if the broker decides that a trader has not made enough deposit or trades, a charge of 25% will be deducted.
Trading bonuses are offered to clients and we have found that this is a method used by scammers to impose restrictions on clients’ accounts.
This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.
Is BronzeFX Licensed?
No. BronzeFX is not a duly licensed broker. It is located in an offshore location where Forex trades are not regulated. We have warned traders countless times to avoid unlicensed brokers.
Offshore locations are notorious because scam brokers choose to be based and operate from there. It is the same with this broker and they are not under any regulatory commission.
To contact the customer care agents of the broker, clients are directed to fill an online message form.
As we have discovered that BronzeFX is not a licensed broker, it would be unwise to trade with them. Its withdrawal fees and “administrative” ones are also red flags along with the bonus. It does not state spreads and the high leverage could be false. Trading bonuses from unregulated brokers are always bad signs.
COMPARE WITH A TRUSTED BROKER
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website