BudsFX Review Is Budsfx.com Legit Offshore Broker Revelation!

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BudsFX Review: Is Budsfx.com Legit? Offshore Broker Revelation!

Budsfx.com Review: this is the website of a Forex broker that is located in Seychelles. Is it safe to trade with BudsFX? Read this review to discover the dangers of investing funds in an offshore-based Forex brokerage.

The most vital part of our reviews is the uncovering of if a company or Forex broker is properly licensed or not. To do this, we first establish the location or region where it claims to be based. Then we check with the commission or authority regulating trade there whether it is listed among regulated companies or not.

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After going through the official page, we found that BudsFX is operated by CUBIC Services Ltd, a company in Seychelles. It is dangerous to trade with this kind of brokerage because of the following reasons. Forex trading goes on without proper regulation in this kind of location making it a choice base for scam companies.

Trading with a Forex broker that is unlicensed poses many dangers to traders’ funds. Misappropriated funds may not be recoverable by the government as well. Unlicensed brokerages are not under any rules of traders and this puts traders in more risk than they will be in if they had chosen properly licensed ones.

Advantages of BudsFX

There are some enticing things promised to traders on the website of Buds FX. The page promises that clients become better traders when they choose the broker and they get to use the most profitable currency pairs. Personal advisors and account managers are also offered along with solid strategies and assistance. There are also educational materials to be gained from.

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.

BudsFX Trading Platform

The trading platform made available for clients of BudsFX is the Sirix platform. It is quite a good terminal designed by Leverate. However, readers and traders are advised to always look out for the MT4 or MT5 platforms. The MetaTrader platforms are commonly used because they allow the use of trading robots.

Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.

These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating systems. All can be used on desktops, Linus, Windows, iOS, and Android.

Tools that come 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 lots of currency pairs, and CFDs on commodities, precious metals, indices, and cryptocurrencies. 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.

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The maximum leverage offered to clients is 1:200 and while this may seem generous, it is not advisable for beginners. High leverages can lead to huge loss of funds even when you know the market very well. Spreads are 2.6 pips which are high.

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 BudsFX

The means of making deposits and withdrawals with this broker are VISA, MasterCard, SEPA, Bank Wire Transfer and Swift. We are discouraged that e-wallets are not named because standard and legit brokers make deposits and withdrawals available via Visa, MasterCard, and Wire Transfer. Many offer e-wallets like Skrill, Neteller, UnionPay, FasaPay, and so on.

The minimum deposit required to trade with the BudsFX Forex broker is not disclosed. It makes it impossible to tell if the required amount is within the average of $100 – $250 common among legit brokers or not. Withdrawal fees for Bank Wire Transfers are between 25 EUR – 50 EUR. There is also mention of the broker having the right to charge some other fees.

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.

Blacklisted in Spain

We found that the company operating the broker has been mentioned as a possible scam outfit by the Spanish regulator, the CNMV.

Is BudsFX Licensed?

No. BudsFX is not a properly licensed and registered broker. Even if anyone comes across a mention of licensing from this firm, so long as it is based in the offshore location, it is not likely to be a trustworthy one.

Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.

Support

To contact the broker or a representative of its customer care, send an email to [email protected] or fill the online message request form.

Conclusion

BudsFX turned out to be an unlicensed firm and also one that has been blacklisted by a European regulatory commission. It fails to disclose its minimum deposit requirement and uses high spreads, both of which are shady. We find the leverage encouraging but it does not support the MetaTrader trading platform. Transaction methods are also limited and not good enough.

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Fortrade

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

BudsFX Review: Is Budsfx.com Legit? Offshore Broker Revelation!

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BudsFX Review – 5 things you should know budsfx.com

Beware! BudsFX is an offshore broker! Your investment may be at risk.

Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

BudsFX says to be a top- tier provider of CFDs, offering nearly 50 currency pairs, as well as commodities, indices, and shares with a state- of- the- art trading platform, a choice of four account types and leverage of up to 1:200.

Unfortunately the broker turned out not to be regulated, and what is even more disturbing, the company behind it appears in the warnings list of the Spanish financial regulator – the CNMV. Before depositing any funds with BudsFX be sure to read the following review.

BudsFX regulation & safety of funds

BudsFX is owned and operated by Cubic Services Ltd, an offshore company based on the Seychelles. And as we noted, not only that they are not regulated by any official financial regulator, that could have given them authorization to offer financial services on regulated market like the European Union, but also Cubic Services Ltd has already been blacklisted by the CNMV in Spain together with their other brand – Global Markets. See for yourself:

As usual in such cases our best advise is to trade only with properly regulated brokers, like the ones, licensed and authorized by well respected financial institutions like the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC), or the Cyprus Securities and Exchange Commission (CySEC).

BudsFX deposit/withdrawal methods and fees

It appears that BudsFX accepts payments with credit cards and bank wire, but not popular e-wallets like Skrill. We mention that because of the new anti scam policy adopted by Skrill. According it the company partner only with properly regulated brokers, and as we already discussed BudsFX does not have a license whatsoever.

Also, be aware that BudsFX will charge your account with a 5% administrative fee if they decide, on their sole discretion, that you have not traded enough. And if that is not enough, they may charge a commission for depositing or withdrawal of funds, while reserving the right to change their existing fees and charges and introduce additional ones at any time. No legit broker will ever set such conditions and fees. See for yourself:

How does the scam work?

If you have ever wondered how so many people get scammed., you should have in mind that scammers are pretty well organized and use lots of resources. For example they employ call centers in places like the Philippines and Ukraine, and partner with the so called robo scam websites like Bitcoin Revival and Bitcoin Profit, which are especially designed to attract gullible investors. For example if you happen to visit such a website, you will be greeted by a well cut video ad, telling you the story of how easily you can get filthy rich, by just joining some innovative trading platform, that will automatically generate profits for you while you sit back and watch.

And if you do leave your e-mail and phone, right away you will be transferred to the web page of a unregulated, offshore scam broker, where with your brand new trading account you will have to deposit about 250 USD.

Now, do not be surprised by how successful your initial trades will be. In reality, your trading account will simply be manipulated so that latter you will be much more easily convinced to deposit a larger amount. And that is exactly what your senior account manager will be telling you – if you really want to make some real cash you surely have to deposit more – like at least 10 000 USD.

And as strange as it may sound, but at that stage many people do invest that kind of money without realizing they have been scammed until the very moment they decide to withdraw some of their cash. Than, out of the blue they are told they have no right to withdraw because of some minimum trade volume requirement, possibly linked to their welcoming bonus. The excuse, of course, might certainly be different, but the end result will always be the same – scammers will not be paying a single dollar back.

What to do if scammed?

Probably your best option to recover your deposit is to file for a charge back with your credit card company. Fortunately, both VISA and MasterCard currently allow their clients to request a charge back within 540 days.

And if under any pretext scammers have managed to get to your personal banking details, like your credit card number or online banking password, immediately change the password and block your credit card.

And do not trust the so called recovery agencies. They will not help you in any way, but simply will charge you some fees in advance without recovering you a single penny.

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