BogoFinance Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this BogoFinance Review.
Clients of BogoFinance can sign up for a Classic account with fixed spreads, no commission fees and leverage up to 1:100. There are no micro lots available for trade to those unwilling to put much art stake. According to its website, the broker also offers Executive and Premium account types with presumably better conditions, however no further information is available.
What is more, Portfolio Management services are also available with BogoFinance.
The Company. Security of Funds
Central Bank of Lebanon (CBL)
Bogofinance Capital Markets Ltd.
Established back in 2006, Bogofinance is a Lebanese broker offering trading in Forex, CFDs, Stocks, options and commodities on the widely used MetaTrader 4 platform.
The company behind the brand, Bogofinance S.A.L., is a Lebanese financial institution regulated by the Central Bank of Lebanon (“Banque Du Liban BDL”). It is licensed as a first category financial institution in which it conducts financial brokerage business for the sale and purchase of currencies and other money market instruments, providing investment management services including asset management services and discretionary portfolio management services.
The Central Bank of Lebanon’s key objectives include protecting consumers and safeguarding monetary and economic stability, among other things. All financial firms and local and international brokers are required to be approved and registered with the CBL. There are also fairly high capital requirements for the brokers and tight regulation.
Besides, in April 2017, Bogofinance was granted a license by the Cyprus Securities and Exchange Commission (CySEC). Cyprus is probably the most popular jurisdiction for forex brokerages due to the well-balanced regulation there.
CySEC-licensed brokerages must hold at least €730 000, report their trades on a regular basis, and keep client money in segregated accounts, among other things.
Furthermore, the Cypriot financial watchdog applies a compensation scheme as additional guarantee to clients’ funds. All CySEC-regulated companies are members of the Investor Compensation Fund, which is able to pay compensation to a maximum of 20,000 EUR to its covered clients, If something goes wrong.
Minimum Initial Deposit
At the time of writing of this review, we could not find information about the minimum initial amount, required by BogoFinance.
Spreads & Commissions
As we have already pointed out above, this broker offers fixed spreads, and as most fixed-spread brokers, it does not charge commission fees. Unfortunately, BogoFinance’s spreads are high amounting to 3 pips on EUR/USD, as most fixed-spread brokers offer spreads around 2 pips for this pair and some even less. For example, easyMarkets’ spreads are fixed at 1 pips for EUR/USD.
The maximum leverage with BogoFinance is 1:100, which is comparatively low ratio. Most brokers usually offer higher leverage levels, unless any restrictions apply. For example, easyMarkets offers leverage up to 1:400, and XM – up to 1:888.
While it is true that such leverage may multiply your earnings on a small deposit, one should keep in mind that there is also another side to it: The higher the leverage, the higher the risk of losses.
Like most FX brokers, BogoFinance supports the MetaTrader 4 (MT4), which comes in desktop, and mobile versions.
The MT4 is a perfectly equipped trading terminal with all the tools traders need. It offers advanced charting package, numerous technical analysis indicators, back-testing capabilities, different order options, and the chance to create and use automated trading strategies (Expert Advisors). Besides. It is easy to use and intuitive, which makes it attractive to newbies.
Methods of Payment
BogoFinance’s clients can make deposits to and withdrawals from their accounts via the following payment methods: credit cards, bank wire transfer, Check and BOB-Finance cash. Popular ewallets such as Skrill and PayPal are not available with this broker.
BogoFinance is a Lebanese MT4 broker regulated by the CBL which recently also got a CySEC license. Its trading conditions however, are not very attractive – both its spreads and the initial deposit required are high, and also, we suspect that it utilizes a Market Maker model.
Instead of the forex broker you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
BogoFinance Review Conclusion
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