Bex Options is a UK based broker who presents itself as one of the most reliable brokers to offer all types of financial products for trading whether Forex, Binary Options, Crypto currencies you name it. However, this broker does not tell us what their trading conditions look like. We need to know what spreads they are charging for their Forex products, leverage and payouts for their binary options product. Moreover, we feel that Bex Options is trying very hard to deceive its prospective clients by telling them on their website that they are a regulated broker. The truth is that Bex Options is not regulated by any financial watchdog in any country.
If you came across this brokerage and are wondering whether or not they can be trusted, this Bex Options review is for you. First, we will start with the potential benefits that this broker is parading and then we will go ahead and list the negatives and our opinions too. In the end, it is your decision whether to choose to trade with a reliable broker or a broker who is not authorized to provide any financial product to the masses.
The website of Bex Options appears to be presenting a wide range of investment opportunities including mining of Crypto currencies as well. This is unusual because nearly 99% of brokers out there do not offer mining of Crypto currencies since there is a special category of websites that do this kind of task. Your broker’s job should be to provide you with a means to access the financial markets, period. That is what they are licensed for. So when a broker provides additional services like mining of Crypto currencies, it looks suspicious.
But anyway, Bex Options is providing various financial products like Forex, Stocks, Crypto currencies and mining. According to the statements on their website, this broker is providing trading in MetaQuotes platforms, the MT4 and the MT5 respectively. These are leading trading platforms in the industry. They are commonly found with most modern Forex brokers in the world.
Now, it is unfortunate that these advantages are in the sphere of possibilities as we cannot independently verify any of the claims being made by this website. This is therefore a serious red flag and you need to find out what could go wrong if you sent your funds to this broker.
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Bex Options claims that they are based in London and are authorized by the UK financial watchdog. The website even provides their company registration number on their website. But according to the FCA, this reg number belongs to a company called Bex Trading Limited which is not related to Bex options at all. So this means that Bex Options is a clone company that is trying to use the reg details of a genuine company to confuse traders.
It is very wrong for a company to operate under the false pretense of another legit company which is actually registered with the FCA. It is a criminal offense. We know that this is a common trick nowadays. It is used by scammers to pretend that their business is registered and that they are always engaging in legit business operations where providing trading services to the masses is concerned.
The FCA has made it mandatory that for any broker operating in the UK to provide tradeable assets like Forex and CFDs in general, they must first seek the license of the FCA. As for binary options, the EU banned them some time ago and therefore no company will be able to legally provide binary options within any country falling in the EU jurisdiction.
This broker does not provide sufficient information about what they are offering. Instead, they use generic numbers to portray the weekly returns that traders can supposedly earn from their platform. They have not told us about their spreads, leverage and even payouts. If they truly offer Forex trading, then it should be clear that a broker who is providing this type of service is also telling their customers what type of trading conditions to expect.
Still on Forex trading, any broker who offers Forex trading must have a demo account in place. Otherwise, how would we know that this broker’s platform is one of the best or then poorest?
When a broker has no demo in place, you should steer clear of their services because this is a serious red flag. You can’t ignore the fact that Bex Options does not have a demo account in place. Bex Options has proved that they are neither transparent nor honest about their pricing.
Nevertheless, we were determined to find out how the platform looked like from the inside. So we tried it by creating a live account. We got access to some strange trading platform where the only option available was to deposit money.
There was no MT4 or MT5 platforms. In fact, this platform looked like that which is used to trade Binary options. But even then, it lacked a number of features which can actually help a serious trader make money.
First of all, Bex Options needs an unreasonable minimum deposit to start trading. This minimum is set at $1000 for their basic account which is obviously too high. You can’t gamble your money on this platform after all the red flags have been made obvious by the platform itself.
Most Forex and binary options brokers require anywhere between $50 to $250 as their minimum deposit. These scammers on the other hand require a minimum of $1000 and yet they are unlicensed and not reputable at all.
This brokerage is a scam because each withdrawal is charged 20% fee. This is high and unacceptable.
You need to stay away from Bex Options at all cost because they are obviously a scam. If you need the services of a good broker, click this link.
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