BelforFx Forex Review

Introduction

BelforFx is a reputed broker that was founded in 2012 and it has its headquarters based in London and New Zealand. It is regulated by Financial Services Provider Register in New Zealand with number FSP245245. Although it is a relatively new broker, but it has been offering its services to people all across the globe. It has a wide array of investment solutions which is suited to anyone who wants to trade in the online world of Forex market. It has a clean website which is known for its easy to use navigation features. The broker is ideally suited for both novice as well as experienced traders and it offers the best payout in the market. The leverage ratio is available at 400:1 with spreads starting from 3 pips. It is a Market Maker broker which offers its customer ECN accounts. At present, BelforFx does not entertain traders from the USA.

Assets Coverage & Account Type

Although BelforFx is a relatively new broker in the FX market, but it offers an extensive assets index which comprises of 51 currency pairs, 167 equities, 57 CFDs and trade in precious metals and oils. The account currency is available in USD and the trading conditions depend on the market conditions and underlying instruments.  It offers demo account to all types of customers with no limit on time and full access to different types of trade platforms and underlying assets.

BelforFx offers different types of perks in order to entice the prospective clients and other customers. It caters to the needs of ordinary traders by offering a Standard Account that requires just $100 to maintain an account. Apart from that, the broker offers other types of account whose details are mentioned under the following headings:

• Silver: Requires $500 to sign up
• Gold: Minimum trade account should be $2500 and it offers 24×7 technical assistance
• Platinum: $5000 minimum includes 2 pips EUR/US trade
• VIP: $25,000 minimum offers personalised agent for customer service

Trading Platform and Features

BelforFx offers both real money and demo accounts to its fellow traders. Each of these types of accounts offers to trade in precious metals, Forex, CFD etc. At the present time, it does not offer any type of web client, but it does offer 3 state-of-the-art trading platforms that are known for their fantastic downloads. A brief overview of each of the different types of trading platform offered by the broker is discussed under the following headings:

(a) Metatrader 4: It is an award winning trading platform that is known for its great industry standards and good access to the market. It is a very dependable trade platform which is flexible and is one of the most sought after platforms amongst traders. Professionals have been using it for a very long time and offer the best financial instruments and technical tools. As a trader one can use Metatrader 4 for developing one’s EAs and indicators. Some of the different features offered by MT4 include a multi-lingual interface, better window configuration and strategy tester. As a trader, you will never have to consult representatives of any type of guidance because BelforFx offers a comprehensive user guide on how to use its trade platform for FX trade. It is to be noted that MT4 is a Windows based application and if you are someone who uses a Mac OS, then you will need to use WinBottler app that allows one to run any Windows application easily on Mac based PC.

(b) Smartphones & Tablet Platform: The broker understands the importance of smartphones and mobile devices because of its overall popularity in online trade. For this very reason, BelforFx provides its own application in Google Play and Apple Store for Android and iOS operating system respectively. It is to be noted that the app is tested by the experts and it is easy to use, navigate and operated without any hindrance. The interface is quite intuitive that allows traders to browse across historical and real-time charts for better market analysis. It offers live market data on Indices, Stocks, CFD, Commodities and Stocks. One can even see their closed trade positions and get complete information regarding trade account balance. If you are someone who is always on the go, then you just need to install the app of BelforFx on your smartphone and then you can do hassle-free trading without the actual need for any PC or laptop.

(c) Social Trading: This is a very popular trading platform that BelforFx has incorporated recently in June 2014. It has a friendly interface and includes SocialFX which is a powerful plug-in that allows the traders to choose from different types of expert traders in the market who will do the trading on your behalf.  This platform can be used by any type of trader regardless of different account types offered by BelforFx. Before using this very platform, one needs to talk to the support team at BelforFx and tell them that you are a TraderAsset trader. Once the request has been acknowledged, you will be granted access to this new social trading platform within a day or so.

Bonus and Promotions

BelforFx offers different types of bonus and other special promotions so as to allow its customers to earn easy money. It offers a free welcome bonus of $25 to all its new customers who register for the first time with this merchant. The special promotions are ephemeral and are limited. One needs to visit the official website of BelforFx to know more about the bonus policies and how to claim the bonus amounts.

Deposits and Withdrawals

Traders can fund their account through different types of payment options like for instance Credit/Debit cards, Electronic Wire Transfer, FinalPay, Skrill, EntroPay, CashU, AlgoCharge, SafeCharge etc. One must use the same payment method for deposits as well as withdrawal. Deposits are acknowledged immediately while the withdrawals can take as much as 5 days to arrive in the bank account. Bank wire transfer can take around 10 days owing to bank regulation policy and other verification procedures.

Spread and Trading Specifications

One can trade in precious metals, stocks, indices, CFDs and currencies. Apart from that trading can be done in other diverse products like natural gas and corn. The broker charges a fixed spread of 3.0 pips on EUR/USD trade and the spreads are variable for GBP/USD trading. One can choose from different types of account if looking for lower spreads.

Education and Support Service

BelforFx is very committed to making its clients and customers knowledgeable in the field of Forex trading which in turn can be instrumental in their overall success. It offers basic training so that one can operate the online trade platforms easily without any problems. In terms of educational support, the merchant offers video journals, different types of Forex strategies, video courses for different levels and in-depth market analysis to every trader. At any point in time if the trader requires any type of information, they are free to contact the chat representatives through the following telephone numbers:

• 1-646-213-1673 for the USA
• 44-20-3150-1563 for the UK
• 34-518-88-83-18 for Spain
• 33-1-70-72-65-30 for France

Customer Support Program

One of the best reasons, if you are looking to trade with BelforFx, is its overall customer service. It is rated one of the best in the industry with 24 hours access to staff representatives all seven days a week. One can contact the professionals at BelforFx through live chats by which one can talk to experts and get instant solution to their pressing problems. The broker has a dedicated FAQ section on its website where people can find a solution to the common problems pertaining to FX trade. At the present time, customer support is available in English, German, French and Spanish with more to come in the near future.

Pros

• Trading in commodity futures, stock CFD and Forex
• Attractive bonus and special promotions available
• No interest Islamic account is available
• One can trade across myriad funding options
• Leverage ratio is flexible
• 6% interest rate is available on deposits

Cons

• People from the United States are not eligible to open trading account
• Limited options for depositing money into the trading account

Final Verdict

Traders from all walks of life whether they are novice or expert should consider BelforFx if they want to make a lucrative career in Forex trade. It requires just $100 to fund the account and the money is not very high rather affordable on everyone’s part. Multiple deposit options are available which means that traders can deposit money in a matter of few seconds. The trading platform is reliable and robust with handy tools that keep the traders abreast with the market news and an updated economic calendar. This is a no-nonsense and straightforward merchant that can make your every penny worth spending for.

We would recommend that you open a demo BelforFx demo account and in this way, you will be able to explore the different features and other services offered by this broker. In this way, you will be informed and you will be able to decide for yourself whether you need to opt for this merchant or move along and find someone better for FX trading. Based on past experience and market reviews, lots of traders have rated BelforFx with favourable ratings and it can really boost one’s trading career by opening a trading account with this broker. So sign up today and get ready to experience a new world of online trading with BelforFx!