BUX Forex – Are They a Scam?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
BUX Forex - DO NOT TRADE WITH THIS PROVIDER
2.6/10
$100
Minimum Depositupdated 2022
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://buxforex.com
Founded: 2022
Regulations: No Regulation
Languages: English
Deposit Methods: Cryptocurrencies: Bitcoin, USDT (ERC20), USDT (TRC20)
Minimum Deposit: Unknown
Free Demo Account: No
Number of Assets: N/A
Types of Assets: Forex, Indices, Commodity
Trading Accounts and Conditions
BUX Forex does not give us any details about their trading accounts and trading conditions. We do not know if this broker has multiple types of trading accounts or simply a single trading account for all customers.
There is no information about the minimum deposit requirement or spreads. We do know that the leverage is maxed at 1:100 (after we registered for an account and accessed their client area). There is no mention of commissions or fee or even order execution methods.
BUX Forex – Advantages
There are no advantages to trading with BUX Forex.
BUX Forex – Disadvantages
Listed below are all the red flags that tell us that BUX Forex is a scammer:
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Unregulated Clone Firm
BUX Forex states that their trading name is BUX Financial Services Limited. The broker also claims that this – their parent – company is based in the United Kingdom. They also claim that they are regulated by the UK’s financial regulator, the Financial Conduct Authority.
Upon checking the regulator’s database, we did find a company by this name. However, this company owns a brokerage by the brand name BUX Markets and their domain name is www.buxmarkets.com. This company does not have anything to do with this broker – www.buxforex.com.
What this tells us is that we are dealing with a scammer of the worst kind – a clone firm. Clone firms steal a licensed company’s identity and pass it off as their own. This is done in order to give themselves an air of credibility so that they can scam traders more easily.
Thus, BUX Forex, unlike BUX Markets, is not a regulated broker. Furthermore, we do not know anything about the real entity behind this brokerage, which means that we are dealing with an anonymous clone broker.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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No Legal Documents
Another proof of this broker’s dishonesty is the fact that they do not have any legal documents in place. There are no Terms and Conditions, Privacy Policy, KYC, User Agreement, and so on anywhere on their website.
Remember, legally operating brokers need to present these legal documents. These documents are the contract between the two of you. They will tell you exactly what you can expect from your broker – the cost of trading with them, what they offer, how much they will charge for their services and so on.
If you sign up with a broker without going through their legal conditions, you are leaving yourself vulnerable to being scammed.
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No Trading Platform
BUX Forex claims that they have the MT4 trading platform on offer for their clients. Indeed, there is an installation file of this software available for download on their website. However, as soon as you begin the installation, you will realize that the file is broken – there is no way that you will be able to complete the download. This file actually belongs to the legitimate BUX Markets broker, so when you try to use this scammer’s credentials, you cannot access the platform at all.
All you get to see is the demo account which doesn’t function at all.
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No Trading Conditions
After the trading platform, the most important service a broker has to offer their trading conditions. These conditions tell a trader whether it would be advantageous to trade with that broker or not.
This is why legitimate brokers ensure that all their trading conditions are clearly spelled out on their website.
They also ensure that they have live demo accounts where traders can check out the trading conditions before the invest money with them.
With scammers like BUX Forex, there are no trading conditions. We do not know something as basic as the minimum deposit requirement with this broker. We don’t even know the list of tradeable financial instruments available. Or, for that matter, the spreads, swaps, commissions and so on.
There is mention of leverage ratios being at 1:100. When you register for an account with this broker, the first piece of information that is displayed is the broker’s leverage ratio.
All this serves to do is highlight the fact that we are dealing with a scammer. Brokers in the UK are not allowed to offer retail traders a leverage of more than 1:30. Therefore, a leverage of 1:100 is not only risky, it is also illegal in this country. So, there is no way that BUX Forex is based in the UK – a scammer through and through.
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Lies About Funding Methods
Yet another lie that this broker tells is about their range of funding methods. On their website, BUX Forex states that they offer the following types funding options: Visa, MasterCard, UnionPay, POLI Internet Banking, Skrill, Neteller, Alipay, Bank/Wire Transfer, FasaPay, Internet Banking CNY.
After registering for an account, we checked this broker’s deposit options. Here is what you actually get: Bitcoin, USDT (ERC20) and USDT (TRC20). That’s it.
So, the only way that you can carry out transactions with this broker is via cryptocurrencies. Another typical scam tactic. Cryptocurrencies as a payment option is a favorite with scammers because such transactions are anonymous and permanent. This means that once you have made a payment via cryptos, there is no way to trace that money – or get it back. And this is why scammers usually provide only cryptocurrencies as their sole payment option.
They can do away with your money and there will be no way for you to get your funds back.
Conclusion
BUX Forex is a clone firm – a scammer that uses a legitimate firm’s identity in order to con people out of their money. It is not safe to do business with this broker.
BUX Forex
Pros
- None
Cons
- Unregulated Clone Firm
- No Legal Documents
- No Trading Platform
- No Trading Conditions
- Lies About Funding Methods
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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