BCS Forex Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this BCS Forex Review.
BCS Forex Review
BCS-Forex offers five types of live trading accounts. The main differences among them are the trading platform, the type of execution (exchange, market and instant) and the spreads. It must be kept in mind that the NDD accounts offer trading only in forex (41 pairs) and have a commission. There is also a free demo account on MT4.
The broker has an asset portfolio of over 300 instruments: forex and CFDs. There is also the option to trade in binary options.
BCS-Forex allows scalping.
The Company. Security of Funds
Company Country Regulation
BCS-Forex Limited SVG No
BCS-Forex is a forex broker focused on the Russian market, owned by the company BCS-Forex Limited, which is registered in the offshore zone Saint Vincent and the Grenadines. As of recently the broker applied for a Russian forex license.
BCS-Forex is part of the Russian BCS Financial Group (Финансовая Группа БКС) it includes АО БКС Банк, licensed as a bank in Russia; the BCS Prime Brokerage Limited, which falsely claims to be registered and regulated by UK’s FCA, BrokerCreditService (Cyprus) Limited – a CySEC-licensed forex broker and the aforementioned BCS-Forex Limited.
It seems BCS-Forex is well-established in the Russian market and has been around for a while, but, nevertheless, it is advisable to avoid unregulated brokers.
BCS-Forex offers trading in the most popular trading platforms: MetaTrader 4 (MT4) and MetaTrader 5 (MT5).
MT4 is still the more popular trading platform than its successor, but MT5 is gaining popularity, especially after the introduction of the hedging option in the spring of 2016.
MT5 is more advanced than MT4, but has most of the well-familiar and loved features of its predecessor. Additionally, MT5 allows trading in futures, options and shares, in addition to CFDs and forex.
MT4’s popularity is not waning either and would most likely remain a favorite for a while, despite MetaQuotes’ efforts to promote its successor.
BCS-Forex has a type of promotion for VIP clients that offers flyer miles, which can be exchange for a plane ticket.
Methods of payment
BCS-Forex accepts payments through bank transfers and credit/debit cards. Another option are the Russian online banking systems BCS Online, Alfa Click, Sberbank Online and Promsvyazbank. Clients can also make deposits through the online payment portals Qiwi, Yandex Money and Moneta.ru.
Like we already said, it seems BCS-Forex is a serious forex broker, despite not being regulated. On one hand, it has just applied for a Russian license, but on the other – another subsidiary in the BCS financial group is falsely claiming to be regulated by the FCA, when it is no longer the case. It could be just an innocent oversight or done on purpose. We will never know.
Anyways, to a certain extent BCS-Forex has pretty good trading conditions, especially in terms of spreads on some types of accounts. The $1 deposit requirement, despite being just a token, also makes the broker look good. So does the offering of both MT4 and MT5.
The Broker is not a safe forex broker, Instead you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
BCS Forex Review Conclusion
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