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BronzeFX review – Is bronze-fx.com scam or good forex broker?
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BronzeFX says to be a forex and CFD broker offering a variety of trading instruments with three account types, leverage as high as 1:500 and the MetaTrader5 platform.
|Account type||Min. deposit||Max. leverage||Spread s|
|Premium Account||$25 000||1:500||n/a|
Unfortunately the broker is not regulated and has some rather unusual withdraw conditions in its Client Agreement, so if you are thinking about trading with them better read this review first.
One of the possible advantages about BronzeFX is the fact that they offer MetaTrader5 – a highly reliable trading platform with various features, among which over 50 integrated market indicators and even trading robots that may easily help you run algorithmic trading sessions. Unfortunately we were not able to test the platform with a demo account.
On top of that it turned out the BronzeFX platform is provided by a third party – BR Consulting Group Ltd., which is not a common practice.
Still here you may check our list of brokers offering MetaTrader5 as well:
The company behind BronzeFX is called TRS Investments Ltd. and is based offshore in St. Vincent and the Grenadines. Unfortunately, as we already noted they are not regulated by any official financial watchdog such as the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC).
That also means BronzeFX does not have legal right to offer its services on regulated markets like the European Union or Australia. The more important issue here, however, is the fact that unregulated brokers in general are virtually unaccountable for the way they manage your money, and quite too often are simply involved in scam. So our best advise is to avid such brokers altogether.
And besides, with a FCA broker your funds will even be insured for up to 85 000 GBP. Here you may check our list of brokers regulated in the UK:
Unspecified additional fees and charges
BronzeFX says they may charge a commission for depositing and withdrawal of funds, may introduce additional fees and charges, and may change the existing fees and charges at any time.
Also, in case BronzeFX decides that you have not traded enough or that the your deposit is not sufficient, they will charge you a 25% administrative fee. See fore yourself:
If you accept a trading bonus by BronzeFX you should be aware that you will not be allowed to request a withdraw unless you trade over 2 million USD for every 100 USD you have received as a bonus. That condition however is not final as BronzeFX reserves the right to change their bonus policy whenever they feel like to.
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Now you see why trading bonuses are one of the favorite techniques scammers use to decline your withdraw requests.
Finally you should be aware that the company acts as a market maker. They acknowledge this in their Terms and Conditions and this means that they make money whenever traders lose. So if they offer to manage your account for example that will be a conflict of interest.
Skrill not accepted as a payment method
Although BronzeFX accepts payments with VISA, MasterCard, wire transfer and some crypto coins like Bitcoin, Litecoin, Ethereum and Ripple, they do not accept payments with Skrill, and that is worth mentioning, because of the new anti scam policy adopted by the money transfer company. For almost a year now Skrill partners only with properly licensed brokers. As we already noted, BronzeFX is not a licensed broker.
No demo account
Legit brokers usually offer their clients a demo account, where one can taste the trading conditions first hand. We were not able to open a demo account with BronzeFX so we can not comment on their spreads. In any case here you may check our list of brokers offering tighter spreads:
The lack of regulation combined with the rather strange withdraw, bonus and fee policies that we saws in BronzeFX terms and Conditions make us believe that here we are dealing with a typical scam broker. So our advice as usual is to trade only with trusted brokers, regulated by reliable institutions such as the he Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) and the Cyprus Securities and Exchange Commission (CySEC).
FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.
XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.
FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.
FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.
FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.
FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.
HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.
Bronze-fx.com Review: Is BronzeFX A Scam Forex Broker?
BronzeFX Review: this is the name of a Forex and CFD broker that is located in the offshore region of St. Vincent and the Grenadines. Is bronze-fx.com a legit Forex broker or a scam?
The location of the brokerage gives us immediate concern as we have found that the address has been used by many other brokers that turned out to be scams. Citizens of Japan, USA, Russia, Ukraine and Canada are restricted from using the service.
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It claims to also provide “the newest generation of sophisticated trading robots”. Offers clients the chance to the enter world of trading with these advanced tools. A step towards financial maturity is said to be achieved once a trader joins this broker service.
It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.
However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.
BronzeFX Trading Platform
It is mentioned that BronzeFX trading software is operated on a MetaTrader 5 platform available to all their clients.
Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.
This platform is a very good sign along with MT4, as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, Linus, windows, iOS and Android.
Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.
Trading instruments offered to traders are not stated. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.
Maximum leverages can reach up to 1:500 and while this is generous, it can pose danger as well. High leverages can lead to huge loss of funds as well. Spreads are not stated and traders would not be encouraged with this find.
Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.
Deposit and Withdrawal methods on BronzeFX
The means of making payments and withdrawals with this broker are: MasterCard, Visa, Bank Wire Transfer, Bitcoin, Litecoin, Ripple, and Ethereum. We do not find it encouraging that e-wallets are not in use.
This is because standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on.
Minimum deposit required is placed at $250 which is within the obtainable average of $100 – $250 among brokers. There are withdrawal regulations attached with the trading bonus of this broker that makes it seem shady. And if the broker decides that a trader has not made enough deposit or trades, a charge of 25% will be deducted.
Trading bonuses are offered to clients and we have found that this is a method used by scammers to impose restrictions on clients’ accounts.
This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.
Is BronzeFX Licensed?
No. BronzeFX is not a duly licensed broker. It is located in an offshore location where Forex trades are not regulated. We have warned traders countless times to avoid unlicensed brokers.
Offshore locations are notorious because scam brokers choose to be based and operate from there. It is the same with this broker and they are not under any regulatory commission.
To contact the customer care agents of the broker, clients are directed to fill an online message form.
As we have discovered that BronzeFX is not a licensed broker, it would be unwise to trade with them. Its withdrawal fees and “administrative” ones are also red flags along with the bonus. It does not state spreads and the high leverage could be false. Trading bonuses from unregulated brokers are always bad signs.
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Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide.. visit their official website
BronzeFX review – 5 things you should know about Bronzefx.com
Beware! BronzeFX is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
BronzeFX is an offshore Forex brokerage registered in St. Vincent and the Grenadines. It provides the MT5 trading platform and a generous leverage of up to 1:200. The required minimum deposit is the industry average of $250 but further trading conditions remain undisclosed.
BronzeFX regulation & safety of funds
On the brokers website we read that the broker brand has a registered address in Saint Vincent and the Grenadines which is a well-known offshore zone and a preferred location for shady brokerage. The company is registered under the name “TRS Investments ltd” and a license number is also given in an attempt to evoke some sort of legitimacy. In truth, however, such a license number is meaningless in the case of SVG-based brokers.
We remind readers that the government of SVG has multiple times publicly stated that it does not oversee Forex trading and thus we may safely conclude that not only is the brokerage not regulated. Furthermore, trading with an offshore, unregulated brokerage hides a lot of risk. There may be commingling which means that the brokerage may commingle together the finances of the firm and the finances of the clients. Furthermore, not even mentioning the name of the company is cause for concern since this means that the website is basically anonymous and the people behind it answer to no viable authority. Overall, the lack of regulation inclines us to suspect that potential clients of the brokerage may be open to substantial risk.
Traders needn’t have to worry themselves with such risk if they choose to trade with a brokerage regulated and authorized by a prestigious regulatory agency. Such agencies are the FCA in the UK or CySec in Cyprus which have been leading names in Forex trading for some time now. Their regulatory framework is composed of a number of strict rules which prevent clients from falling victims to fraud. Such rules include the segregation of accounts which assures that commingling with the client’s money is not possible. Furthermore, a license by such a regulatory body entails participation in a financial mechanism by which clients may be compensated if they suffer losses due to fraud or bankruptcy. With the FCA the compensation is up to 85 000 pounds, where as with CySEC it is up to 20 000 euro per person.
BronzeFX trading software
However, putting all this aside – the brokerage does provide the MetaTrader 5 trading platform which we always consider a huge advantage since it is the foremost trading terminal at the moment equipped with features such as almost a 100 market indicators, as well as customizable trading robots. It is also the preferred choice for more than 80 percent of the traders in Forex. However, we were unable to register for a demo account which is a huge blow for the legitimacy of the brokerage in our view. We have always considered the test-drive to be the most transparent and trust-creating way of getting acquainted with the trading conditions of the broker. Furthermore, BronzeFX does not state any information on the website either and we are left with only guessing the trading cost. We do learn that the extended leverage is at 1:200 which is generous and quite common with such unregulated SVG-registered brokers.
BronzeFX deposit/withdrawal methods and fees
Potential clients of the brokerage may deposit or withdraw via the standard Visa and MasterCard, as well as cryptos such as Bitcoin.
Going through the terms and conditions of the brokerage we did find provisions worth noting. Here is a screenshot:
We first read that if there is no trading activity in an account there would be a 25 percent fee upon withdrawal. Such dormant account fees are common in Forex trading, even among legitimate brokers, as a way to force a client to execute more trades, however, 25 percent is an exceedingly high amount and quite excessive in our view. The minimum withdrawal amount is $100 and all withdrawal amounts lower than that will be charged a $30 fee. As it becomes apparent from the website of the broker there is a bonus promotion available, however, such promotions more often than not in Forex are tied with trading volume requirements.With BronzeFX traders have to execute at least 20 lots in trading for every $100 of the bonus promotion.
Many scammers choose not to disclose such information to would-be clients. Without proper information on the website we cannot be certain whether clients won’t be charged with any unexpected withdrawal or deposit fees once they invest. This is why we advise traders to always put up only the required minimum deposit, instead of risking a bigger amount with no certainty. Afterwards, they may also try to withdraw a small amount in order to check for any unexpected fees or delays. Such fees and delays are usually the signs of a scammer.
How does the scam work?
Even though the forex trading world is extremely large and encompasses millions of people around the globe, the most common scamming is pretty simple and straightforward and as such – it’s not particularly daring to avoid. Here is a quick overview of how it is done:
Through clicking an ad with promises for fast money, you will be redirected to a website such as DaxRobot or CryptoContracts where registration will require you to give your address, email and phone number. After sharing your personal information, you will being receiving calls from brokers, compelling you to invest with them and win big. After a few minutes hearing their pitches, you decide to deposit some $200-250. And just like that – the scammers take a fat commission from this initial deposit.
After they are done with you, senior scammers begin working you into putting even more money. They say it’s the only way to profit from trading even more. After making the mistake of investing even further, you’ll begin wanting to get out of this and withdraw what you have left.
Unfortunately, the con-artists have no such thing in mind. They will now begin persuading you to wait it out and not withdraw right now. The angle here is pretty blunt – traders have a limited time period for filing a chargeback with their bank and get their money back. The “recovery department” will simply want to mislead you into missing thе crucial period and, along the way, losing any chance you might have of getting the money back.
It is important here to take notice that both Visa and MasterCard are taking measures to combat unregulated forex brokerages by classifying all forex transactions as high risk. And with the case Traderia – they are correct in doing so. Furthermore, supporting their intention with clear actions – MasterCard has increased the previous time period of six months for filing a chargeback to a year and a half.
What to do when scammed?
As was mentioned above, scamming is quite the common in the trading world and, sadly, even you might suffer from it. In such an unfortunate case there still may be some available options for you.
You may contact your bank or credit card provider and file a chargeback.
If, however, you have provided the broker with your credit card details, immediately cancel your credit card.
If you have given information regarding your online banking pass – you should switch it asap!
Beware of potential calls from self-described “recovery agencies”! They prey on scammed and vulnerable traders who are desperate to recover their losses. They will require an “up-front” payment to help you, but after paying them, no such help will be coming your way!
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