Independent rating of Forex broker BNFX

About company

Bestec Networks Foreign Exchange (BNFX) was registered in 2010. The BNFX brand is owned by BNFX Capital Limited, which was previously licensed in New Zealand. However, in September 2012, the company was removed from the NZ FSPR. Nowadays, it is an unregulated company. Therefore, the safety of the client’s funds is a tricky question. Remember when opening an account with an unregulated broker is a risky business. The experience of successful traders demonstrates that it is more reliable to work with companies licensed by reputable regulators.

Trading conditions

• algorithmic cloud-based ECN for Spot Forex trading
• low threshold for access to narrow interbank spreads;
• ECN or STP account types;
• low ECN routing fees;
• opportunity to choose leverage (from 1:1 to 1:100);
• expert advisors and automated trading;
• manual or automated strategies are allowed;
• hedging, scalping;
• fractional pip pricing for all currency pairs.

Trading platform

BNFX offers its clients two online trading platforms – MetaTrader 4 and xStation. xStation is an updated version of professional software for online forex currency trading. BNFX xStation is most often chosen by savvy traders who value high control, customization options, and speed. xStation can be compared with click trading as clients have an opportunity to view the market trends, use a built-in trading calculator, and get a direct connection to the BNFX liquidity database. Many clients choose the time-proven trading platform - MetaTrader 4 (MT4). This trading platform has gained popularity among market participants thanks to a large number of technical indicators, an extensive testing environment, and a wide range of expert advisors (EA) that help clients automate transactions.

Support service

A lot of traders left negative comments about the company's support service. You can contact BNFX only by using the feedback form. The support service has no phone number or live chat.

Traders’ reviews

It is difficult to find either positive or negative reviews about BNFX on the Internet. Most traders describe the broker in a neutral way. Some clients praise the broker for the opportunity to make a profit from various sources as well as a wide array of trading instruments. Others complain about the slow response from the support service and problems with funds withdrawal.

Advantages:

• low commissions;
• favorable VIP trading conditions without conflict of interest;
• large array of trading instruments;
• competitive spreads;
• demo account.

Disadvantages:

• slow response from the support team;
• bugs in trading platforms;
• time-consuming money withdrawal procedure;
• limited ways to make a deposit.