BForFinance Review: Scam Alert!

• Website URL: https://bforfinance.com/
• Founded: 2019
• Regulations: No
• Languages: English, French
• Deposit Methods: Bank wire, Visa, MasterCard
• Free Demo Account: No
• of Assets: N/A
• Types of Assets: cryptocurrencies

Overview

BForFinance is an online brokerage that claims that it is based out of the UK. The address given on its website is 30 Cannon Street, London, EC4M6XH.

The brokerage offers its customers a web-based trading platform, however, trading conditions are not specified, so there is little clarity about details such as minimum required deposits, spreads and so on.

BForFinance: Advantages

There do not seem to be any discernable advantages to trading on BForFinance.

BForFinance: Disadvantages

No Information about Company

BForFinance’s website gives no information about the company that owns and operates it. This is a huge cause for concern. While its address is in London in the UK, there is not further information given about the company.

Websites that do not provide enough information about the corporate entity that controls it are considered to be no-go zones by traders. Which means that they are in all probability scam sites.

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Regulations and Safety of Funds

There is no information on BForFinance’s website with regard to regulatory oversight.

All brokerages in the UK fall under the jurisdiction of the FCA (Financial Conduct Authority). They are governed by stringent laws that ensure that trader interests are protected and that they cannot commit fraud or scam their customers.

The fact that there is no company name given, and there is also no information with regard to its registration and licenses, it can be concluded that BForFinance is operating illegally in the UK.

The online broker has also been flagged off as a possible scam site by the AMF (Autorité des marches financiers), the regulatory authority of France.

These are all clear-cut indications that BForFinance is not a site to be trusted. We would advise all traders to not invest with unregulated brokerages.

When a brokerage is regulated by reputed agencies such as the FCA of the UK or the CySEC of Cyprus, then traders know that their funds are safe and that chances of them being defrauded are minimal.

This is because such regulators ensure the enforcement of stringent laws that protect investors from scammers and frauds. These laws require brokers to segregate company funds from customers’, so that in the event of insolvency or fraud, traders’ money will be protected.

Added to that, brokers are also required to offer some form of insurance so that their customers can get compensation in case the company goes bankrupt or has other financial problems. In fact, the FCA gives a compensation of up to £85,000 to traders who were impacted by a regulated broker going bankrupt, while the CySEC offers up to €20,000 per person for similar circumstances.

Demo Account

The website offers no demo account, which makes it impossible to assess trading conditions, especially spreads. When the attempt was made to register a demo account, a page not found message appeared on the screen.

This is a huge disadvantage, since demo accounts allow traders to assess the trading conditions offered by a brokerage, and allows for a relationship of trust to be created between the trader and the broker.

Deposit and Withdrawal Methods & Fees

There is no information available about payment methods on BForFinance. Usually, brokers will give at least basic information about payment methods, such as Visa or MasterCard. However, on this broker’s website, there is absolutely no information about which methods traders can use to make payments or withdraw their funds.

With regard to fees, there are some alarming provisos in the terms and conditions. BForFinance states that you will be charged a 5% fee for the withdrawal of funds if there has been no trading activity on your account. This is not unusual in itself, since many brokerages insert this proviso in order to promote trading on their website. However, the continuation of that condition is – in addition to all other fees. The challenge is that these fees have not been mentioned at all anywhere on the website.

Unfortunately, many unregulated brokers hit their unsuspecting customers with surprise fees and extra charges once they have already invested their money with them.

The strongest piece of advice that can be given to traders is that you should never invest more than the minimum deposit amount when you register with a new online brokerage. Once you have deposited your funds, attempt to withdraw a small amount. If there are unexpected delays or surprise fees, this is a clear indication that the broker is a scammer.

Conditions of Bonus Withdrawal

The bonus provision is also another cause for concern. Unscrupulous brokers tie their bonuses to unrealistic trading requirements that are all but impossible to fulfil.

In BForFinance’s case, it requires a trader to execute 1 trading lot for every $5 of the bonus. This is a ridiculously high amount and most traders will not be able to meet this condition for withdrawal. Which means the broker gets to keep all the trader’s funds.

No legitimate broker has such clauses for withdrawal, since they are unscrupulous methods of gaining funds.

The fact that BForFinance has such terms and conditions means that this broker is, in all probability, a scam site.

Conclusion

BForFinance is an online broker that is barely 6 months old. While its website looks very glamorous, with a gold and black theme, looks can be deceiving. There is very little information given on this website with regard to the broker’s operations and identity.

The AMF has also warned French traders against using this website. There is no evidence of any regulation on BForFinance. There also isn’t any information whatsoever about trading conditions.

This is not a website you should trust. We would strongly advise you to stay away from BForFinance as it has all the features of a scammer. Your money would definitely not be safe with this broker.

BForFinance

2.1

User Experience

3.5/10

Payment Options

1.8/10

Security

1.5/10

Support

1.8/10

Reputation

2.1/10

Pros

• Minimum Deposit Requirements on Par with Industry Average
• Supports MT5
• Wide Range of Trading Instruments
• Account can be opened in any one of 4 different currencies
• Supports MT5

Cons

• Not registered, licensed or regulated despite operating in the EU
• Skrill not available as a payment option
• No Demo Account
• Strange Withdrawal Conditions that are not fair to traders