General Information
Founded in: 2007
Headquarters: Cyprus
Maximum leverage: 1:200
Minimum deposit: $100
Minimum lot size: 0.1 lot
Languages available: English, Arabic, French, Spanish, Turkish
Trading Platform
The first thing that any trader should consider before choosing a Forex broker is the trading platforms available. Traders using bforex can choose between the MetaTrader4 platform and the PROfit platform, both of which are downloadable. For the purposes of this bforex review we chose to focus on the PROfit platform, primarily because the MT4 platform is prevalent throughout the Forex world, while the PROfit platform is the broker’s proprietary software. Nevertheless, it’s worth noting that both platforms are available for live trading and in a demo version that comes with $100,000 of practice funding.
Upon our first login we noticed that though the website is available in only five languages, the trading platform is available in 12 languages, including English, German, Turkish, Arabic, French, Hebrew, Spanish and more. One unique feature in the PROfit platform is the tutorial that launched automatically when opening the demo platform. Likewise, small question mark symbols dotted the platform, providing unobtrusive yet welcome assistance. We found these elements to be extremely helpful in introducing the software and ensuring that we understood exactly how it worked.
The bforex PROfit platform has real-time news streaming directly onto the screen, which is tucked smartly onto the right side so that it’s present, but not distracting from the trading features.
The platform’s design matches the company’s website, with a sleek black background which provides a dramatic contrast for the trading mechanisms. Trades were easy to execute, as was setting the stop-loss and take-profit. Execution was reasonably fast and we experienced little slippage.
We would have appreciated if more charting features were present in the first presentation of the platform, but once we familiarized ourselves with the platform, we found an adequate selection of charting tools.
Features
While most Forex brokers offer regular market updates on their websites or via email, bforex sets the bar higher by providing daily technical and fundamental analyses on their website and weekly market watch videos on their YouTube channel, and directly in their trading platform.
The broker’s most prominent feature, however, is its trading academy, which offers the only video glossary we’ve ever seen. Each video is under one minute long and allows traders to quickly understand the concept or term that they’re questioning.
Fee-free withdrawals are standard with bforex, though withdrawals typically take 4-5 days to be processed. Withdrawals can be made via credit card or wire transfer only.
Customer Service
During the scope of this bforex review we tested the company’s email and chat support. We were surprisingly disillusioned with the service that we received. Although it was sufficiently fast, we found the representatives to be curt, and the email support to be entirely unresponsive. On one occasion the chat representative we spoke to promised to provide a follow up email, which we never received. On another, we emailed the company independently, and we did not receive a response at all.
Also missing on bforex’s website was a search feature, so we were unable to look for answer to our questions independently.
Ease of Use
Bforex’s website isn’t as intuitive as those of other top Forex brokers, but with a bit of perseverance, traders should be able to find the information that they’re looking for. The company offers fixed spreads for over 40 currency pairs, which are listed clearly on the website. However, the spreads haven’t been updated since early 2010, leaving us to wonder if they were still valid.
Despite a somewhat confusing website, the broker’s platforms are much easier to use, as noted above. Likewise, bforex does a good job of explaining its Forex trading competitions, and we were impressed by the prizes and the fact that the competitions are open to all traders.
An iPhone app is available for traders who wish to trade on the go.
Final Thoughts
New traders will appreciate the tutorials and uncluttered design of bforex’s website and PROfit platform, as long as they can be satisfied with chat support and aren’t reliant on email support. Traders who are a bit more experienced should have an easier time getting situation with bforex, and traders at all levels will appreciate fee-free withdrawals.
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