TheBFXtrade Review: 6 Reasons to avoid

TheBFXtrade Review: 6 Reasons to avoid

TheBFXtrade review exposes why broker is a scam. Those who have invested with the broker are now ruing the decision. We have to disclose the red flags found in this detailed review.

Hundreds of complaints were lodged against the broker for blocking withdrawals. As a result, no member can openly withdraw funds. As it happens, the broker is nowhere to respond to withdrawal queries. Find out more in our exclusive THEBFXTRADE REVIEW.

About TheBFXtrade (why is a scam)

The entire homepage is a fraud; some pages don’t even work. Look at the ‘How it Works page, and it doesn’t load. And that’s one of the features making us doubt the platform. The broker is another cryptocurrency scam.

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TheBFXtrade is a classic example of a cryptocurrency scam. Those who have invested in this liquidity provider are now ruing the decision. From what we can see, this broker is up to defrauding the very members who sign up.

TheBFXtrade Pros and Cons

Accessible trading platform

There’s nothing worse than a broker claiming to offer excellent trading platforms and failing to do so. And The BFX trade is such a broker. Instead of furnishing users with a proven and world-class trading terminal, the broker offers a fluke.

Members are trading with a dismal custom-made trading platform. It’s highly unstable and fails to offer members much in terms of advanced tools. Even the chart analysis and technical tools are a joke.

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Accounts TheBFXtrade

TheBFXtrade platform offers one single account for all investment purposes. It remains unclear why the broker claims this is a crypto trading platform. There are no crypto assets for trading which is a requirement for trading.

The broker also fails to mention the available investment amount for the account. Opening an account is easy as members are taken straight to the member dashboard. A deposit option is available, crypto, for members to fund the account.

We have a problem with the verification process, which asks for valuable documents. The broker should use a two-factor authentication process to offer such. Without a privacy policy, we don’t know what the broker plans to do with these documents.

Account features

One of the biggest issues with the accounts is information. Missing information on what the accounts offer to investors is a problem. For example, the broker claims this is a crypto exchange, yet, no leverage and spreads are listed.

You would expect the broker to offer leverage for trading assets. In most cases, leverage for crypto assets can go as high as 1:500. With crypto being a volatile asset, high leverage is a plus for traders.

Spreads are also not listed on the platform. As a result, members do not know whether the broker offers legit fixed or variable spreads. The broker also takes over your investment without warning.

Account balance is often at the mercy of the broker. The broker can decide to invest all your account balance on a single trade. It’s risky as the broker can lead to losses. The broker ends up earning commissions no matter the outcome.

Are funds safe with TheBFXtrade?

Your funds are far from safe, with a broker failing to segregate accounts. The broker also fails to offer insurance cover for deposits made by the public. These are clear trading violations that the broker needs to address.

The platform also lacks DDoS protection and SSL encryption. Third parties can easily take over the fund transaction. Your funds are at risk with your bank account details on the platform. Please avoid the broker who deposits all funds in a single personal account.

Is there Negative balance protection with

No, the broker fails to offer negative balance protection. For those new to trading, negative balance protection is a fundamental right for traders. Instead, the broker will trade on a negative balance putting your funds at risk.

TheBFXtrade Features

Broker’s Rating TheBFXtrade

There’s one reason we have to rate the broker a 1/10. And that’s the withdrawal issue. The broker also doesn’t have a valid license. So we have a broker using false SEC regulation claims to throw off investors.

The experience with this liquidity provider is another reason to stay away from the platform. Those who have invested have been trying to withdraw funds for weeks now. The broker is nowhere to answer email queries.

Client Testimony

Mary Russel is one of the victims who decided to invest $5,000, hoping to start the crypto journey. Weeks went by as she saw her account balance increase tenfold. Then, hell broke loose when she decided to hit the withdraw button.

The broker sent an email claiming her account was under review. These are the same tactics used on all other accounts. The broker finally deletes your account with no record of you signing up with them.

Contact and customer support

Don’t expect any customer support from the platform. We have a broker who is unwilling to comment or respond to emails. Despite having a chat widget, this is a message board where the broker claims to respond shortly.

You will wait for an eternity to withdraw funds from the platform. And that’s why we insist the broker is a scam. You need to invest in a broker who is available 24/7. Brokers who fail to respond to emails have something nasty up their sleeves.

Deposit and withdrawal channels TheBFXtrade

There are several deposit and withdrawal methods available on this platform. These include bank and wire transfers. The broker will, however, insist on crypto transfers thanks to the anonymous nature of transactions.

Withdrawing funds from the platform is a tall task. We haven’t heard or seen any member coming out with withdrawal proof. And that tells it all regarding how the broker operates. So it would be best if you stayed away from such trading terminals.

User Engagement and dashboard interface

Those who have engaged with the broker feel the interface is boring. The dashboard lacks any practical tools to operate the platform. Navigating through the member dashboard is a problem.

It seems there are clickbait tabs with every attempt to contact the broker. All tabs under the member dashboard have clickbait. The member gets directed to other crypto scams affiliated with this broker.

License and Regulation Status TheBFXtrade

TheBFXtrade is not licensed or regulated by any regulatory body. Despite claiming to have a license from the SEC, there are no documents to prove it. We checked with the SEC, and there’s no record of such an existing licensed broker.

The BFX Trade uses all available avenues to fool traders into signing up. First, you need to check with regulators to confirm a broker is indeed regulated. After that, an anonymous and unregulated broker is the last option you need.

What can you do to prevent scam brokers?

You must check with your local regulator to confirm whether a broker is properly licensed. Some top-tier regulators include ASIC, BaFIN, CNMV, CONSOB, CySEC, and the FCA.

Our Summary TheBFXtrade

Please stay away from this broker.


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